[SMM Titanium Spot Update: High Costs Drive a Second Titanium Dioxide Price Increase Within the Month, While Diverging Domestic and External Demand Tests the Sustainability of the Hike] In mid-March, titanium dioxide enterprises in China collectively issued a second round of price increase notices within the month, raising domestic prices by 500 yuan/mt and export prices by $100/mt, mainly because elevated sulphuric acid prices forced cost pass-through. At present, enterprises are operating at full capacity, but mediocre domestic demand and foreign trade constrained by geopolitical factors have intensified market divergence. Expectations of tighter sulphuric acid supply still support confidence to hold prices firm, but the sustainability of the price increase remains to be verified by follow-up demand.

March 16, 2026: The average warrant price rose by $1/mt from the previous trading day, closed at $47/mt (price range $42-52/mt); the average B/L price rose by $1/mt from the previous trading day, closed at $46/mt (price range $41-51/mt); the average EQ copper (CIF B/L) price rose by $4/mt from the previous trading day, closed at $25/mt (price range $19-31/mt), with quotations referencing cargoes arriving from late March to mid-April. During the day, a large number of buyers sought EQ and OG copper B/L cargoes arriving in the near term. It was heard that a small volume of pyrometallurgy B/L cargoes arriving in late March was offered at $50-60/mt, QP April; EQ B/L offers for arrivals in late March and early April were quoted at $35/mt, and EQ B/L for arrivals in mid-to-late April was quoted at $35/mt, QP May. General ER copper warrants for delivery within the week were quoted at $50/mt, QP April.

On March 17, the SMM average price of battery-grade nickel sulphate remained unchanged.

Today, the average spot price of #1 copper cathode in North China was reported at a discount of 60 yuan/mt against the front-month contract, down 120 yuan/mt from the previous trading day. The average transaction price was 100,260 yuan/mt, up 1,135 yuan/mt from the previous trading day.

[SMM Stainless Steel Daily Review] SS Futures Fluctuated, Rising First and Then Falling, While Spot Quotes Edged Lower and Transactions Recovered SMM News, March 17: SS futures moved sideways. During the day, SS futures rose first and then fell, overall maintaining a sideways movement pattern, and closed at 14,155 yuan/mt by the midday break. In the spot market, although SS futures were relatively strong in the morning, affected by the previous cuts in guidance prices by major stainless steel mills, trader quotes still edged slightly lower than yesterday. However, market sentiment had stabilized somewhat, and amid the price pullback, both inquiries and transactions increased to some extent. The most-traded SS futures contract fluctuated. As of 10:15 a.m., SS2605 was quoted at 14,220 yuan/mt, up 175 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood at 200-400 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi fell by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi fell by 50 yuan/mt, and the average price in Foshan also fell by 50 yuan/mt; cold-rolled 316L/2B coils in Wuxi were basically stable; hot-rolled 316L/NO.1 coils were quoted basically stable in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan were basically stable. As the traditional peak consumption season of "Golden March and Silver April" began, the stainless steel market entered a window for demand recovery, with downstream end-users gradually recovering. Recently, activity in inquiries and purchases increased markedly, but stainless steel spot prices overall remained basically stable, with no obvious fluctuations. End-user procurement was still mainly driven by rigid demand, and the full bustle of the peak season had yet to emerge, ...

Australia's Lynas Rare Earths signed a binding letter of intent with the US Department of Defense to supply the US side with light and heavy rare earth oxides worth $96 million over four years, with a floor sales price for Pr-Nd of $110/kg. Based on this, the two sides will finalise a definitive agreement and discuss further cooperation on heavy rare earth supply. The agreement followed Lynas's expanded supply arrangement with Japan's JARE. Under the March 10 agreement, JARE will purchase at least 5,000 mt of Pr-Nd oxide annually at a floor price of $110/kg and buy 50% of Lynas's heavy rare earth production. The price floor matched the 10-year price commitment the US made to MP Materials last year, signalling that Western clients were willing to pay a premium for "non-China" rare earths.

[SMM Titanium Express] LB Group issued a price adjustment notice. Effective March 16, prices for all Billions brand TiO₂ products will increase by RMB 500/ton for domestic market and USD 100/ton for overseas market. This marks the second price hike announcement this month, as high raw material costs continue to pressure industry profitability, driving the market upward.

[SMM Nickel Flash] March 16 News: Supply side, upstream cost support still remained. Demand side, downstream spot order procurement mainly focused on cargoes with higher nickel units. Amid declining stainless steel prices, downstream psychological price levels showed a downward trend. Overall, the stage of back-and-forth negotiations between upstream and downstream had not yet ended, and high-grade NPI prices were capped by finished stainless steel products on the upside.

Today， DCE iron ore futures generally strengthened today. The most-traded contract I2605 finally closed at 816.5 yuan/mt, up 1.81% from the previous trading session. Meanwhile, the spot price rose by about 5 yuan from the previous trading day.

[SMM Stainless Steel Daily Review] SS Futures Fell Back as Steel Mill Price Adjustments Dampened Downstream Buying Interest SMM News, March 16: SS futures showed a downward pullback. Although the contract was relatively stable during Friday's night session, Monday's open was dragged lower by a broad decline across the nonferrous metals sector, with SS also pulling back to close at 14,185 yuan/mt by midday. In the spot market, affected by the decline in SS futures and an overall cut of 200 yuan/mt in the morning guidance prices from a major stainless steel mill, retail quotations in the market edged lower. Price fluctuations fueled stronger wait-and-see sentiment among downstream buyers, and intraday transactions were weak. However, market feedback indicated that transactions had been broadly steady earlier, and coupled with relatively strong expectations for the cost side of stainless steel, most market participants had not expected this round of price cuts. Traders' spot quotations fell by less than the reduction in the guidance price. The most-traded SS futures contract pulled back after falling. As of 10:15 a.m., SS2605 was quoted at 14,045 yuan/mt, down 230 yuan/mt from the previous trading day. Spot premiums for Wuxi 304/2B were in the range of 245-445 yuan/mt. In the spot market, Wuxi cold-rolled 201/2B coils were generally stable; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi fell by 50 yuan/mt and the average price in Foshan fell by 50 yuan/mt; Wuxi cold-rolled 316L/2B coils were stable; Wuxi quotations for hot-rolled 316L/NO.1 coils were stable; cold-rolled 430/2B coils in both Wuxi and Foshan were also stable. As the traditional peak consumption season of "Golden March and Silver April" begins, the stainless steel market is entering a window for demand recovery, with downstream end-users gradually resu...