[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain under pressure. After copper prices jumped, downstream procurement sentiment pulled back, indicating limited acceptance of current price levels. From the market structure perspective, suppliers showed strong willingness to sell, with some brands continuing to offload cargo, putting pressure on discounts. Downstream buyers mostly maintained a wait-and-see stance, with procurement mainly driven by rigid demand and buying on dips. It is worth noting that the price spread between high-quality copper and standard-quality copper narrowed somewhat from the previous period, indicating that the market trading structure has become more rational, with actual consumption demand becoming the dominant force at the current stage. Overall, amid the tug-of-war between suppliers actively selling and downstream buyers purchasing cautiously, spot prices against the 2604 contract are expected to maintain the current discount level tomorrow.

As supply and demand for construction steel were not fully matched across different markets, regional supply-demand mismatches created price differentiation, which in turn drove the cross-regional circulation of steel resources. When the regional price spread gradient was appropriate, regions with surplus construction steel capacity and production often shipped excess resources out, thereby rebalancing construction steel resources across regions.

[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.

[Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain in a tug-of-war. Copper prices declined somewhat during the day, and downstream enterprises showed stronger restocking sentiment, but considering the heavy concentrated purchases already made last week, actual incremental buying was relatively limited. Inventory side, according to SMM, combined social inventory in Shanghai and Jiangsu fell by about 41,600 mt, showing a sharp destocking trend. During the day, supplier quotations were steady at first and then declined, with suppliers actively selling as premiums rebounded, and the sell-off put pressure on spot prices. In addition, some suppliers had already quoted against the SHFE copper 2604 contract using cargoes with invoices dated next month during the day, indirectly reflecting moderate sales volume within the month and strong willingness to sell among suppliers. Overall, amid the tug-of-war between faster destocking and supplier sell-offs, Shanghai spot copper premiums are expected to remain at the current level tomorrow.

As expectations for the peak-season demand in the “Golden March” gradually begin to materialize, galvanizing operating rates are rising. Can downstream consumption sustain its peak-season performance going forward?

HRC futures consolidated at highs today, with the most-traded contract closing at 3,302, down 0.36% for the day. Spot market, prices in most major markets were largely stable. In terms of supply, production resumed in North China, and HRC production rebounded by 30,700 mt WoW this week, with further increases expected later. Demand side, end-users made normal purchases after the holiday, gradually rising to seasonal levels. In terms of raw materials, ongoing disruptions outside China continued to support costs. Overall, HRC remained in a pattern of simultaneous recovery in both supply and demand in the short term. Social inventory fell by 36,300 mt WoW this week, and total inventory also reached an inflection point, in line ....

[SMM Steel] On March 19, 2026, SAIL announced that its Rourkela Steel Plant (RSP) achieved a record annual production of 932,400 mt from its new plate mill, surpassing the previous record of 931,919 mt set in FY25. This milestone was reached with weeks still remaining in the current fiscal year. The output specifically included thinner grades and high-strength plates for critical defense and infrastructure sectors.

HRC futures retreated after a rapid rise today, with the most-traded contract closing at 3,313, up 0.21 for the day. In the spot market, prices in most major markets were generally stable with slight fall. Trading was moderate in the morning session, then weakened afterward. In terms of supply, as the Two Sessions ended, production resumed in north China, and the impact from hot-rolled maintenance declined. The impact from hot-rolled maintenance was 314,900 mt this week, down 99,000 mt WoW. The impact from hot-rolled maintenance next week will be 8.06 mt, down 234,300 mt from this week, and pressure on hot-rolled supply gradually rebounded. On the demand side, end-users resumed normal procurement after the holiday, gradually increasing to seasonal levels. On the raw ....

The latest data from the General Administration of Customs showed that in February 2026, China exported 4.63 million mt of steel sheets & plates, down 12.6% YoY; cumulative exports for January and February totaled 9.33 million mt, down 14.5% YoY. In February, China exported 1.19 million mt of steel bars, down 7.7% YoY; cumulative exports for January and February totaled 2.32 million mt, down 5.9% YoY.

The gold price is currently causing nervousness once again. Since the start of the war involving the USA and Israel against Iran, the precious metal has recorded a daily loss of 4% for the second time.