Dalian iron ore futures strengthened during the morning session before paring gains in the afternoon. The most-traded I2605 contract settled at 824 RMB per tonne, representing a 0.55% increase from the prior trading day.

[SMM Analysis:Rare Earth Ore Imports Surge in Early 2026, Exceeding Demand and Causing Surplus] According to the latest data from the General Administration of Customs, from January to February 2026, China’s imports of mixed rare earth carbonate were about 3,013.7 mt, up 321% YoY. Over the same period, imports of unlisted rare earth oxides were about 12,860.4 mt, also posting a sharp increase of 209% YoY.

On March 23 (local time), Toyota announced plans to invest $800 million in its Kentucky plant to prepare for a second battery electric vehicle (BEV) production line and expand capacity for the Camry and RAV4. The company will also invest $200 million across two facilities in Indiana to increase production of the Grand Highlander SUV, while advancing parallel efforts related to battery manufacturing.

[SMM Flash News] SHFE data showed that as of March 24, the total registered volume of cast aluminum alloy warrants was 42,944 mt, a decrease of 2,047 mt from the previous trading day. By region, the total registered volume was Shanghai (2,755 mt, down 422 mt), Guangdong (17,257 mt, down 210 mt), Jiangsu (4,209 mt, down 813 mt), Zhejiang (13,672 mt, down 483 mt), Chongqing (3,723 mt, down 119 mt), and Sichuan (1,327 mt, increase 0 mt).

Today, the average price of tax-inclusive Bare Bright Wire in Zhejiang was quoted at 93,700 yuan/mt, marking a daily increase of 700 yuan/mt. The deduction (relative to SMM ChangJiang copper prices) remained stable within the range of 300-400 yuan/mt. Due to recent high-level price pullbacks and sharp market volatility, a strong "wait-and-see" sentiment has emerged, leading to sluggish spot trading performance. Industry experts believe the market is currently in a stalemate. However, trading volumes are expected to bottom out and rebound once prices stabilize or regain their upward momentum.

Türkiye's cumulative solar capacity reached 25,827 MW by the end of January 2026, representing a 641-fold increase since 2014. Following a 4.7 GW expansion in 2025 and the recent launch of its first major solar-plus-storage project (49.2 MW/34.1 MWh), solar now accounts for nearly 21% of the nation's total power. The government expects 2026 to be another record year, targeting an $80 billion investment pipeline to reach 120 GW of combined solar and wind capacity by 2035.

[SMM Stainless Steel Daily Review] News-Driven Disturbances Pushed SS Futures Higher to Test the Upside, Confidence in the Stainless Steel Spot Market Gradually Recovered SMM News, March 24: SS futures rose strongly. Affected by market fluctuations triggered by news of geopolitical conflict yesterday, SS futures rose sharply in the night session, and the daytime session maintained a fluctuating but relatively strong trend, closing at 14,290 yuan/mt by midday. In the spot market, boosted by the sharp rise in SS futures, market confidence somewhat recovered; although the increase in traders' spot quotations was limited, both inquiries and transactions showed signs of recovery during the week. The current market is heavily disturbed by news factors, and changes in the geopolitical conflict still need close attention. The most-traded SS futures contract strengthened and moved higher. At 10:15 a.m., SS2605 was quoted at 14,305 yuan/mt, up 125 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 115-315 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi rose by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi rose by 50 yuan/mt, while the average price in Foshan was unchanged; cold-rolled 316L/2B coils in Wuxi were unchanged; for hot-rolled 316L/NO.1 coils, Wuxi quotations were unchanged; cold-rolled 430/2B coils in both Wuxi and Foshan were also unchanged. As the market entered the traditional peak consumption season of "Golden March and Silver April," although the stainless steel market ushered in a seasonal recovery window, end-use demand fell short of expectations, downstream wait-and-see sentiment gradually intensified, and the procurement side only maintained a restocking pace for rigid demand, with none of the transaction momentum typically seen in the peak season emerging. The market's view on stainless steel prices...

On 24 March, Haitian Co., Ltd. issued an announcement regarding the signing of a strategic cooperation agreement with Tongwei Solar Co., Ltd. The announcement states that the collaboration aims to strengthen in-depth technical discussions in the field of photovoltaic cells, with a view to achieving continuous technological innovation and enhancing cost efficiency. The scope of the cooperation includes, but is not limited to, the following: both parties have agreed to regard each other as key strategic partners; in future collaborations, Tongwei will give priority to using Haitian’s pastes and other related products, provided that all other conditions are equal. The parties will continuously expand the scope of their cooperation and increase the scale of their collaboration.

Strait of Hormuz disruptions and Iran tensions are driving up aluminum prices and premiums. Aluminium Bahrain and Qatalum have cut output, while feedstock is tight. Rerouting via Port of Sohar or Saudi ports raises costs and delays. Buyers are turning to China, India, Russia, Canada, and scrap to offset risk. Prolonged disruption could reduce Middle East market share and reprice it as higher-risk supply.

As of March 24, titanium dioxide prices continued to rise, with the SMM index up 4.6% since early 2026. Two rounds of price hikes were issued in March amid low inventories. Strong exports and production cuts supported gains, though sustainability post-peak season remains uncertain, hinging on downstream acceptance.