Dalian iron ore futures rose in early trading and pulled back in the afternoon. The most-traded contract, I2605, finally closed at 824 yuan/mt, up 0.55% from the previous trading session. Spot prices rose by about 2-5 yuan from the previous trading day. Traders were relatively active in offering quotes, while steel mills made fewer inquiries and purchased cautiously, with overall transactions in the spot market remaining average. In terms of fundamental data, blast furnace maintenance intensity continued to pull back this week, with maintenance affecting hot metal production by 1.65 million mt, down 206,500 mt WoW. It was expected to decrease by a further 180,000 mt next week to 1.4684 million mt, indicating a gradual improvement on the demand side. In terms of supply, tight supply still persisted in the market, and there was no news of any significant adjustment, which remained supportive for iron ore in the short term. However, some funds, out of concern over downstream risks, tended to stay on the sidelines, and overall wait-and-see sentiment was strong. In summary, iron ore prices were expected to hover at highs in the short term.

Dalian iron ore fluctuated upward today. The most-traded contract, I2605, finally closed at 819 yuan/mt, up 0.92% from the previous trading session. Spot prices rose by about 1-2 yuan from the previous trading day. Traders were moderately active in offering quotations, while steel mills purchased cautiously. At present, transactions in the spot market remained sluggish. In terms of fundamental data, the SMM survey showed that global iron ore shipments reached 33.63 million mt last week, up 5.2% WoW; meanwhile, total iron ore arrivals at Chinese ports were 27.14 million mt, down 3.5% WoW. Combined with the narrower inventory buildup in port inventory in the previous period and the increase in port pick-up volume, the oversupplied situation on the iron ore supply side improved in the short term. At the same time, demand gradually rebounded as blast furnaces resumed production one after another, and iron ore fundamentals gradually turned bullish. On the news front, as long-term contract negotiations remained deadlocked, the unilateral trend in iron ore had yet to become clear, so most funds chose to stay on the sidelines, though overall bullish sentiment remained relatively strong. Therefore, overall, iron ore prices were expected to fluctuate at highs this week.

[China Iron Ore Brief Review: Iron Ore in Shandong May Continue to Edge Higher] This week, at mines and beneficiation plants in Shandong, the ex-mine quote for 64 grade alkaline fines on a dry basis, before tax and settled by bank acceptance, was 899, up 17 yuan/mt. Steelmakers raised prices in tandem, most miners maintained normal production, and some mines slightly increased output. Steel mills showed moderate willingness to purchase, mainly under long-term contracts, while shipments from small plants and traders were also relatively good, with overall transactions improving; after a large mine in Zaozhuang resumed production

[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.

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.

SMM Nickel News, March 24: Macro and Market News: (1) Iran’s Parliament Speaker Qalibaf denied having held talks with the US side and accused fake news of manipulating the financial and oil markets; Iran’s Islamic Revolutionary Guard Corps said it would launch new attacks on US targets and called Trump’s remarks “psychological warfare” (2) Israeli officials said Washington had set April 9 as the target date for ending the war. Talks between Iran and the US were expected to be held later this week in Pakistan, adding that Washington had not yet informed Israel of any contact with Iran’s Parliament Speaker Qalibaf. Spot Market: On March 24, the SMM price of #1 refined nickel fell 1,700 yuan/mt from the previous trading day. In spot premiums, Jinchuan #1 refined nickel averaged 6,250 yuan/mt, down 300 yuan/mt from the previous trading day; China’s mainstream brands of electrodeposited nickel were at -300-400 yuan/mt. Futures Market: After surging sharply in the night session, the most-traded SHFE nickel 2605 contract pulled back in the morning session, closing the morning session at 132,830 yuan/mt, up 0.69%. Current nickel prices were in a stage of intense tug-of-war between macro headwinds and supply risks. Short term, tighter Indonesian RKAB quotas, continued gains in ore prices, and the risk of sulfur supply disruptions provided solid support below, but high inventory and the slow recovery in end-use demand still capped upside room. The core trading range of the most-traded SHFE nickel contract was expected at 130,000-140,000 yuan/mt in the short term.

[SMM Tin Brief Commentary: SHFE Tin Stopped Falling and Rebounded, Closing Up 2.94% as Macro Pressure and Bottom Support Vied Against Each Other]

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.

[SMM Chrome Daily Review: Price Gains Slowed, and the Chrome Market Operated Steadily] March 23, 2026 News: Quotations for chrome ore and ferrochrome remained unchanged for the time being...

Combined for January and February 2026, China’s cumulative chrome ore imports reached 4.0144 million tons, up 13.2% year-on-year. Breakdown by origin: imports from South Africa were 3.2422 million tons (up 6.2% year-on-year), imports from Turkey were 184,700 tons (up 55.8% year-on-year), and imports from Zimbabwe were 400,000 tons (up 70.3% year-on-year).