[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Sharply Higher in the Night Session and Then Rebounded in Volatile Trading, While the Spot Market Will Gradually Cool Down]

[SMM Tungsten Daily Review: Slight Price Collapse in the Scrap Tungsten Market, Ore and Upstream Smelting Products Consolidated Sideways] SMM News, March 23 In the short term, prices across the tungsten industry chain still showed divergence between primary and recycled materials. China was currently in a transition period marked by tightening supply on the raw ore side and a rising utilization rate of recycled materials. Smelters still needed some time to adjust their restocking practices and complete the adaptation and transition from a long-term contract pricing model led by the ore side to a scrap tungsten market procurement model featuring higher-frequency transactions and greater sensitivity to sentiment.

[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...

[SMM Shanghai Spot Copper] Copper prices rose from yesterday, but both buying and selling sentiment pulled back intraday, indicating that downstream acceptance of current price levels remained limited. In terms of market structure, under the current price spread between futures contracts structure, suppliers showed strong willingness to sell, with some offloading cargo, driving overall spot discounts down rapidly, while downstream willingness to make counteroffers was relatively evident. Entering the second trading session, after premiums were cut further, market transactions improved somewhat, but downstream procurement remained generally cautious, mainly focused on restocking on dips, with insufficient willingness to chase higher prices. Overall, amid the tug-of-war between suppliers actively selling and downstream buyers purchasing cautiously, Shanghai spot copper discounts were expected to remain under pressure tomorrow.

Today, aluminum prices extended their decline, and premiums in central China remained in positive territory. Traders' willingness to purchase and stockpile fell from the previous two days. Although downstream processing enterprises showed some willingness to buy the dip, they still did not make large-scale concentrated purchases, and overall market purchase sentiment weakened. In the end, actual quotes and transaction prices in the central China market fell all the way, from a 50-yuan premium over the central China price before the opening to around parity with the central China price, while suppliers showed no clear willingness to hold prices firm. Today, the central China market shipments sentiment index was 2.63, up 0.01 MoM; the buying sentiment index was 2.48, down 0.03 MoM.

SMM, March 23: In early trading, SHFE aluminum 2604 fluctuated upward, while the price center fell sharply from the previous trading day. Affected by the decline in aluminum prices, overall purchase sentiment rose today, prompting sellers to hold prices firm. Today, mainstream transaction prices in the market were concentrated at SHFE aluminum 04 contract +10 yuan/mt to +20 yuan/mt. Today, the east China market shipments sentiment index was 2.72, down 0.58 MoM; the buying sentiment index was 3.3, up 0.07 MoM.

[SMM Nickel Flash] News on March 23: Supply side, supply issues on the ore side continued to support the production cost of high-grade NPI, while nickel prices recovered and the market's low-price sell-off ended. Demand side, steel mills still showed a stronger preference for purchasing steel scrap, and their current willingness to purchase high-grade NPI remained low. Overall, the transaction center of high-grade NPI stabilized, and the market expects a rebound in stainless steel prices to boost the ceiling for raw material prices.

On March 19, Canadian Solar Inc. (CSIQ) disclosed its 2025 results and 2026 outlook. Data shows Q4 2025 module shipments were 4.3GW. Full-year 2025 module shipments reached 24.3GW (with a record 8.1GW delivered to the US market), and energy storage shipments hit 7.8GWp. Regarding overseas capacity, the 5GW module plant in Texas is fully operational and is planned to expand to 10GW in H2 2026; the phase I (2.1GW) HJT cell plant in Indiana expects trial production in April 2026. Looking into 2026, Q1 module shipments are estimated at 2.2-2.4GW, and full-year US market module shipments are projected to reach 6.5-7.0GW.

[SMM Tin Midday Commentary: The Most-Traded SHFE Tin Contract Continued Its Weak Consolidation, and Market Wait-and-See Sentiment Was Strong]

According to the latest data disclosed by the General Administration of Customs, China’s imported copper cathode market, while maintaining the 2025 baseline, is facing dual challenges: the continued rise in the share of EQ copper and whether global supply will continue to be diverted. China’s cumulative copper cathode imports in January-February 2026 totaled 356,900 mt, down 33.13% YoY.