On March 10, GEM Co., Ltd. disclosed during an investor exchange event that the company has been strategically positioned in the solid-state battery field for some time. Since 2019, it has been developing high-nickel ternary cathode materials and lithium-rich manganese-based cathode materials specifically for solid-state batteries. Currently, shipments of these material systems have reached ton-level quantities.

Southern Nonferrous Metals Successfully Concludes Large-Scale Metal Tenders Amid Strong Market Demand

[SMM Morning Meeting Minutes: Macro Sentiment-Driven, LME Zinc Center Shifts Lower] Overnight, LME zinc posted a large bearish candlestick, with the upper Bollinger Bands midline forming resistance and the lower 60-day moving average providing support. The Middle East conflict escalated, the US dollar strengthened, oil prices hit a new high since July of the year before last, inflation expectations rose, and the US Fed......

In January 2026, the European Union and India reached a historic Free Trade Agreement (FTA), with the elimination of steel tariffs of up to 22% becoming a major market focus. However, clearing the policy fog of "bilateral exemptions" and analyzing actual export and carbon emission data reveals that the steel industry faces a highly asymmetric trade reshaping. This seemingly fair reduction is actually Europe trading a "capped" ticket for India's "uncapped" massive incremental market.

[SMM Analysis] Persian Gulf Shutdown? The Impact of the U.S.-Iran Conflict on Global Steel Trade On February 28, 2026, the conflict between the United States and Iran escalated into a full-scale outbreak, causing a sudden spike in Middle Eastern geopolitical tensions. As a global chokepoint for energy and bulk commodity maritime transport, the Strait of Hormuz has seen shipping disrupted and routes tightened, directly impacting the nerves of the global supply chain. This "Golden Waterway" is not only a lifeline for oil but also a critical strategic corridor for the global steel import and export trade . Once passage is restricted, it will deliver a comprehensive shock to the international steel trade landscape. Amidst the turmoil of war, what disruptions and restructuring will the global steel trade face? SMM's latest research provides an in-depth analysis. In the short term, the U.S.-Iran conflict poses a risk of stalling steel imports and exports in the Persian Gulf region, putting pressure on China's steel exports. Multiple disruptions along Gulf shipping routes have caused significant delays in exporters' orders. According to SMM research, the current Middle East situation has disrupted multiple ports in the Gulf region. Bahrain has suspended port activities, including pilotage services. Jebel Ali Port has halted all operations due to a fire caused by intercepting airstrike debris. Qatar's Ras Laffan and Messaid ports remain operational but with reduced traffic, GPS signal interference, and the government closure of its airspace. Similarly, new orders and shipments for Chinese exporters have also been significantly hindered. Data Source:SMM Impact Assessment of Core Ports within the Strait of Hormuz Should a physical blockade occur at this strategic chokepoint, the five most directly affected key inner-bay ports experiencing “instant logistics paralysis” would be: Port of Bandar Abbas, Port of Khomeini, Port of Jebel Ali, Port of Khalifa, and King Abdullah Port. Simultaneously, a Strait blockade would threaten to disrupt approximately 10% of global seaborne steel trade (primarily semi-finished products and specialty ores) . Iran's production of direct reduced iron (DRI) also holds significant weight in global supply; any disruption could drive up costs for electric arc furnace steelmaking in the Middle East. Data Source: SMM Ferrous Metal Shipping After the blockade, will goods become completely impossible to transport? While maritime routes will indeed come to a near standstill, the flow of goods won't cease entirely. It will simply become extremely costly, slow, and require complex overland transshipment. For instance, strategic alternative ports outside the strait include Sohar Port, Chabahar Port, and Gwadar Port. Data Source: Compiled by SMM based on publicly available information Trade Chokehold Triggered by Insurance Withdrawals Equally severe as the strait blockade is the withdrawal of war risk insurance. Marine insurers Skuld and Gard have announced they will cancel war risk coverage due to escalating tensions in the Middle East. Local feedback from the UAE indicates most insurers refuse to underwrite war risk insurance for the Red Sea. This means traders must bear multiple uncontrollable factors and assume all consequences, which will significantly impact new orders. Summary: The Hormuz Crisis's “Hedging Effect” on China's Steel Market Leads to Short-Term Export Pressure Short-Term Negative Impact (Suppression of Demand and Logistics): The sudden halt in Gulf shipping routes will cause China's total exports to Middle Eastern countries like Saudi Arabia and the UAE to plummet dramatically. Export disruptions may even force resources to flow back into the domestic market, intensifying supply pressure and exerting downward pressure on steel prices. Data Source: SMM, GACC Mid-term outlook: As a major steel supplier, Iran's halted exports will trigger tightening supply of steel billets in Southeast and South Asia. From Construction to Industry: Iran's Steel Export Structure Transformation and the Peak Era Dominated by “Billet” According to data released by the Iranian Steel Producers Association (ISPA), 2025 marked the “peak era” for Iran's steel exports, with its export structure exhibiting an extremely aggressive trend: ① Absolute Dominance of Semi-Finished Products: From March to December 2025, Iran's billet exports reached 4.58 million tons (+37.7% YoY), while slab exports hit 1.54 million tons (+44.6% YoY). This confirms the earlier observation that the current strait blockade will trigger significant “slab panic” among downstream steel mills in Southeast Asia and the Middle East. ② Structural Leap in Flat Products: Finished flat product exports surged from 307,000 tons in the same period last year to 1.03 million tons. Notably, the significant increase in hot-rolled coil (867,000 tons) and coated steel (up 76.7% YoY) indicates Iran's gradual transition from a “construction steel supplier” to an “industrial raw material supplier.” ③ Weakness and contraction in long products: In contrast, exports of finished long products (rebar, wire rod) declined by 9.9%, while structural steel exports plummeted by 27.7%. This trend of “reducing long products while increasing flat products” has, against the backdrop of stalled infrastructure projects, actually heightened the risk of inventory buildup for finished goods. Data Source: ISPA Mid-term positive factors: Cost and substitution support Iran's steel export shortfall of nearly 11 million tons will trigger regional supply tightness, forcing some Southeast Asian and South Asian buyers to shift procurement to China, creating “substitution-driven incremental demand.” Simultaneously, rising crude oil prices may push up costs across the entire industrial chain, providing bottom-up support for steel prices. Although logistics disruptions and project suspensions will suppress export performance in the short term, the reshuffling of the global supply landscape is expected to partially offset the negative impact. Chinese steel may play a key role in filling the global gap. Long-term outlook: Iran's ceasefire may temporarily impact the global steel market Hoarding effect under blockade: Iran's sharply rising mill and port inventory pressures According to the latest global steel statistics report released by the World Steel Association (WSA), Iran's cumulative crude steel production reached 31.8 million tons in 2025, marking a year-on-year increase of approximately 1.4% compared to 2024 and solidifying its position as the world's tenth-largest steel producer. In December 2025, Iran's monthly crude steel output hit 3 million tons, a significant year-on-year increase of 16.2%. This indicates that Iranian steel mills were operating at peak capacity just before the conflict erupted. In January 2026, its crude steel output reached approximately 2.6 million tons, marking a 15.1% year-on-year increase. Against the backdrop of a 6.5% year-on-year decline in global crude steel production during January, Iran demonstrated an “independent trend.” According to SMM research, the high production levels from earlier periods have led to severe inventory backlogs at domestic steel mills. The logistics blockade that began in late February prevented the full shipment of steel produced during this high-output phase out of the Persian Gulf. Consequently, ports and mill warehouses are now stockpiling large quantities of slabs and billets originally intended for export. Once the situation eases, this “low-priced inventory” could flood the market at dumping prices. However, considering Iran's post-ceasefire reconstruction needs and the actual release of these supplies, SMM will continue to monitor developments closely. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. 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PowerChina Jiangxi Electric Power Construction Co., Ltd. has released a negotiation procurement announcement regarding the initiation of procurement for US-standard household energy storage lithium batteries (requiring UL certification) for the Zhixin Household Storage Product Operations Center Project. The procurement covers three package items, specifically: US-standard household energy storage lithium batteries (all requiring UL certification) in three specifications: 5KWh (51.2V 100Ah), 10KWh (51.2V 200Ah), and 16KWh (51.2V 314Ah). The procurement quantities are 5,500 units, 300 units, and 2,000 units respectively, totaling 49.5MWh. The project adopts a batch shipment model, with the delivery location set as Shanghai Port or Shenzhen Port.

After the Chinese New Year holiday, the first fundamental indicator to watch post-holiday is undoubtedly inventory! SMM compiles the latest inventory data from three markets (LME, COMEX, SHFE) and the evolving logic for the future outlook.

Australia's Alpha HPA has broken ground on the second phase of what is planned to be the world's largest single-site ultra-high-purity alumina refinery. Located on a 10-hectare site in Gladstone, Australia, the project will utilize proprietary licensed solvent extraction and refining technology to produce alumina products with purity levels as high as 99.99% in commercial quantities, supplying critical raw materials for global industries such as lithium batteries, LED lighting, and semiconductor manufacturing. It is reported that the second phase will build upon the established first-phase operations. The company's initial facilities, already housed in a smaller building at the site, have been producing a range of high-purity alumina and aluminum products on a scaled basis.

In early February, the rhenium market showed a diverging trend of cooling trading activity alongside rising prices. Affected by a mix of factors, supply-demand dynamics in the market have become increasingly competitive, market participants have grown more cautious, and the overall market has displayed distinct phased characteristics. In terms of trading activity, market liquidity for rhenium weakened notably in early February compared with late January, mainly driven by sentiment spillover from the gold and silver markets. Recent price volatility in gold and silver has fostered a wait-and-see mood across the precious metals sector, which indirectly spread to scattered rare metals such as rhenium and slowed overall trading pace. Most market activity consisted of inquiries, with many investors remaining cautious; actual transactions were limited, supported only by small-volume rigid orders. Meanwhile, mild selling by retail investors emerged, reflecting uncertainty over the short-term outlook and further dampening trading sentiment. On the price front, despite weaker trading, rhenium prices remained firm and trended steadily higher, driven primarily by tight supply at the raw material upstream. Ammonium rhenate, the key feedstock for rhenium production, stayed in short supply with prices rising continuously, sharply pushing up raw material costs for downstream smelters. Supported by cost pass-through, end-product prices such as rhenium pellets also moved higher. However, as ammonium rhenate prices kept climbing, downstream smelters faced intense cost pressure. Some producers reported that price adjustments for finished products could not keep up with raw material inflation, squeezing profit margins, and a number of processors planned to raise the proportion of scrap recycling. Looking ahead, the supply picture for ammonium rhenate may see marginal improvement. Attracted by expanding profit margins, many copper‑molybdenum smelters have begun considering recovering ammonium rhenate via smelting by‑processing, which would help ease tight supply to some extent. That said, rhenium is a scattered rare metal present at very low concentrations in copper‑molybdenum ores, and recovery involves technical barriers. Even with increased recovery efforts, output will remain limited, implying a persistent supply deficit in the ammonium rhenate market. In terms of market expectations, the recent failed bidding for 3 tonnes of ammonium rhenate for Sinopec’s catalyst demand indirectly reflected producers’ optimistic outlook. Suppliers widely expect further upside for ammonium rhenate prices and were unwilling to sell in large quantities at current levels, resulting in the unsuccessful tender. Overall, rhenium prices are expected to stay firm in the short term, supported by tight raw material supply and producer reluctance to sell. Over the longer term, rising recovery from copper‑molybdenum smelters may alleviate supply pressure, but a supply gap will persist. The rhenium market is likely to remain high and volatile, with industry profit distribution continuing to shift alongside changes in supply and demand.

This week, the domestic refined cobalt market saw limited overall changes, with spot prices fluctuating at lows. Supply side, affected by the decline in futures prices, mainstream smelters' spot premiums were too high, leading them to lower ex-factory prices; traders were bullish on the market outlook, hedgers raised spot-futures price spread quotes, while some unilateral speculators temporarily suspended quotations to observe the market. Demand side, as prices gradually stabilized, purchase willingness among some end-users recovered, with mainstream transaction prices concentrated in the range of 415,000–420,000 yuan/mt. Fundamentally, this round of price correction in domestic refined cobalt was mainly driven by market capital fluctuations and the broad decline in other metal prices. In the short term, as cobalt intermediate products still cannot arrive at ports in large quantities, the tight supply pattern of upstream raw materials has not fundamentally changed, and refined cobalt prices are expected to remain supported on the downside.