Refined Cobalt: This week, spot refined cobalt prices generally fluctuated around 430,000 yuan/mt. During the week, prices briefly surged on news of procurement by overseas traders and export controls in the DRC, but later pulled back into the fluctuation range as macro sentiment weakened and downstream procurement follow-through proved insufficient. In terms of supply, ex-factory prices at mainstream smelters remained stable, traders' spot-futures price spread quotations were steady, and there were no significant changes in the structure of cargoes circulating in the market. In terms of demand, affected by weak cost pass-through, downstream enterprises still showed low acceptance of high-priced raw materials and only maintained a pace of just-in-time stockpiling, with no significant increase seen in actual transactions. Fundamentally, the DRC's export control policy further increased uncertainty over cobalt intermediate products exports, while the pattern of structural tightness in China's raw material supply remained unchanged, continuing to provide bottom support for cobalt prices. Cobalt Intermediate Products: This week, cobalt intermediate product prices continued to hold steady, and the market remained in a pattern of "prices quoted but no trading." In terms of supply, the impact of the DRC's export control policy continued to unfold, market concerns over whether miners could ship smoothly intensified, suppliers' bullish expectations heated up, and they continued to withhold quotations, leaving extremely scarce spot cargoes available in the market. In terms of demand, although smelters still had willingness to procure raw materials, constrained by cobalt salt prices that struggled to catch up, and with downstream orders yet to become clear, enterprises maintained a cautious wait-and-see stance, and actual transactions remained sluggish. Overall, ongoing disruptions in the DRC's export process continued to cast doubt on the timing of bulk arrivals at port, and the structurally tight raw material situation in China may further intensify. Once downstream orders are gradually finalized and procurement demand restarts, intermediate product prices are still expected to have upward momentum. Close attention should be paid to the progress of DRC exports and the pace of downstream demand recovery. Cobalt Sulphate: This week, spot cobalt sulphate prices continued to remain stable. In terms of supply, supported by tight raw materials, most smelters held firm on quotations in the range of 95,000-98,000 yuan/mt. During the week, the DRC's export control document strengthened traders' expectations for a rise in future cobalt salt prices, and low-priced shipments in the market decreased significantly. In terms of demand, most enterprises remained concerned about future orders, and with their own raw material inventory relatively sufficient, they prioritized inventory consumption and only maintained sporadic just-in-time procurement, mainly at low prices. Overall, the market remained in the inventory digestion stage in the short term, with continued bargaining between sellers and buyers, and prices were mainly driven by rangebound adjustments. However, the DRC raw material supply issue has yet to be resolved, and cost support still exists. Once downstream inventories are depleted and procurement restarts, cobalt sulphate prices are expected to regain upward momentum.

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, after the Two Sessions concluded, operating rates at coke producers increased somewhat, and shipments improved. Inventory pressure eased for most coke producers, with supply remaining stable while increasing slightly. Demand side, blast furnaces in Hebei resumed operations and production, and hot metal production is expected to increase. In addition, steel mill profits improved somewhat, and finished steel shipments picked up, boosting steel mills' production enthusiasm and strengthening their purchase willingness for coke. Overall, coke fundamentals improved, but the market remains in a wait-and-see mode, and the coke market may remain stable in the short term.

SMM, March 19: This week, Chinese aluminum fluoride enterprises mainly focused on order deliveries, with aluminum fluoride prices holding steady. As of now, SMM aluminum fluoride prices closed at 10,180-10,450 yuan/mt; cryolite prices also held steady, with SMM cryolite quoted at 7,000-8,500 yuan/mt. Raw material side: Prices of key raw materials for aluminum fluoride continued to rise. Specifically, the delivery-to-factory price of 97% fluorite powder remained stable, currently concentrated in the range of 3,150-3,450 yuan/mt. During the Two Sessions, mining at northern mines was restricted, leading to a temporary tight supply of fluorite raw ore; some beneficiation plants showed strong sentiment to hold prices firm due to relatively low inventory levels, and downstream hydrofluoric acid enterprises slightly recovered in operating demand after resuming work following the holiday. SMM expected fluorite prices to hold up well in the short term. Aluminum hydroxide prices edged up steadily, with the current SMM weighted average price at 1,673 yuan/mt, up 1.52% WoW. The sulphuric acid market remained firm, and prices continued to rise amid higher costs, tightening supply, and strong demand. Overall, the raw material side of aluminum fluoride moved higher, and production pressure on enterprises increased significantly. Supply side showed a pattern of rigid cost increases, deeply pressured profitability, and weak willingness to operate. Recently, prices of key raw materials such as fluorite, sulphuric acid, and aluminum hydroxide continued to rise, significantly pushing up aluminum fluoride production costs. The industry was caught in a squeeze from both costs and selling prices, with enterprises generally operating at a loss. Production enthusiasm was hit hard, overall industry operating rates remained in the doldrums, and actual supply increases were limited. On the demand side, operating aluminum capacity downstream remained stable, forming a rigid demand base for aluminum fluoride; however, enterprises mainly restocked for rigid demand and purchased as needed, with cautious procurement and insufficient demand elasticity to boost prices. Brief comment: This week, prices of key raw materials such as fluorite and sulphuric acid held up well, and the cost side continued to rise, significantly increasing production pressure on enterprises; in March, the aluminum fluoride tender price of a downstream benchmark enterprise was finalized, down 200-370 yuan/mt MoM, and the spot market also moved in the doldrums under its guidance. At present, the industry is facing a two-way squeeze of rising costs and selling prices under pressure, narrowing profit margins and dampening production enthusiasm. Fundamentally: Cost side: fluorite and sulphuric acid prices remained firm, providing clear bottom support for aluminum fluoride. Supply side: industry operating rates stayed in the doldrums, with no significant increase in production, and overall supply and demand remained subdued. Demand side: rigid demand from aluminum remained stable, but there was no obvious incremental growth, and procurement was mainly as needed. Overall, the strong support effect from fluorite and sulphuric acid on the cost side became more prominent, coupled with low industry operating rates and shrinking supply. Aluminum fluoride's price center is expected to move steadily higher next month, showing a mild strengthening trend. Going forward, close and continuous attention should be paid to dynamic changes on the raw material cost side, as well as marginal adjustments in the procurement pace of downstream aluminum enterprises.

Russia’s Solikamsk Magnesium Works recently launched industrialised production of magnesium alloys containing rare earth elements such as neodymium, cerium, and lanthanum. The products combine lightweight properties with high strength and are mainly targeted at sectors including aerospace and automotive manufacturing. The plant accounts for 100% of Russia’s rare earth compound production and 75% of its magnesium capacity, and this capacity expansion further consolidates its position in the strategic metals sector. Meanwhile, the “magnesium-based hydrogen slurry” technology developed by Germany’s Fraunhofer Institute has sparked controversy. Independent analysis indicated that the technology’s overall system efficiency is only about 10, its energy density is comparable to that of lithium batteries, its cost is far higher than expectations, and its recycling chain has yet to form a closed loop. It is only suitable for demonstration scenarios at the hundred-watt level and is unlikely to achieve commercial application. The two pieces of news reflect the different technological pathways and industrialisation prospects of magnesium-based materials in high-end manufacturing and energy storage.

[SMM Weekly Review of the Lithium Battery Electrolyte Market: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.16-3.19)] From March 16 to March 19, 2026, electrolyte prices remained temporarily stable. Considering the overall trend in cost-side changes and the supply-demand pattern, electrolyte prices are expected to remain temporarily stable in the short term.

This week (March 13, 2026–March 19, 2026), multiple enterprises in the solid-state battery sector were active: Dali Times commenced construction of a 2 GWh specialized semi-solid-state battery base; EVE’s Longquan Phase III/IV all-solid-state batteries rolled off the line in Chengdu; Chery released its 600 Wh/kg Rhino all-solid-state battery technology。

On the evening of March 18, 2026, at Chery Automobile Battery Night 2026 in Wuhu, Anhui, Chery unveiled its Rhino all-solid-state battery technology. It had completed the development and pilot production of a 60Ah, 400Wh/kg all-solid-state battery cell and was advancing toward an ultra-high energy density of 600Wh/kg.

[SMM Daily Chrome Commentary: Production Cuts and Maintenance Tightened Supply, While Elevated Costs May Have Led to Losses] March 19, 2026: Chrome ore prices continued to rise, while ferrochrome quotations remained unchanged...

Current manufacturer expectations for this month and April remain cautious, with some companies having already lowered their April production forecasts.

SMM News, March 19: Total inventory in the two major stainless steel markets of Wuxi and Foshan declined further this week, falling from 998,100 mt on March 12, 2026 to 979,300 mt on March 19, down 1.88% WoW. Stainless steel social inventory extended its decline this week, with inventory in the two core markets of Wuxi and Foshan continuing to pull back WoW. Although the market has entered the traditional peak consumption season of "Golden March and Silver April," ongoing geopolitical conflicts continued to disrupt the market this week, while SS futures weakened and came under pressure, leading to a clear lack of market confidence. Overall transactions during the week were weaker than last week; even though the demand-side recovery fell short of expectations, downstream end-users still maintained a just-in-time procurement pace. Supply side, stainless steel mills faced the dual pressure of elevated production schedules and high inventory, and their willingness to ship stayed high; during the week, a major mainstream mill lowered its guidance price, directly boosting market transactions and becoming the core driver behind the slight pullback in inventory. Sentiment in both the spot market and futures was subdued. Coupled with geopolitical conflicts and limited upside in raw material prices, the market's earlier bullish sentiment completely faded, while downstream buyers only maintained just-in-time procurement with no willingness to stockpile, further constraining restocking room. Overall, this week's modest inventory drawdown mainly relied on active shipments by steel mills and support from just-in-time transactions. Current social inventory remained at a high level, and with March production schedule expectations still relatively high, pressure on inventory drawdown remained prominent. Although inventory posted consecutive declines in the short term, constrained by weak market confidence and the absence of downstream stockpiling demand, inventory is unlikely to see a substantial drawdown. Whether inventory can continue to decline steadily will still depend on close monitoring of how the geopolitical situation evolves and the pace of actual downstream demand release.