SMM News, March 20: This week, secondary refined lead was mostly quoted at premiums of 0-75 yuan/mt against the SMM #1 lead average price, with some cargoes available for delivered premiums of 50 yuan/mt. Affected by falling lead prices, downstream wait-and-see sentiment, and relatively cautious procurement, suppliers showed weak willingness to sell, and overall market transactions were sluggish. This week, secondary lead smelters lowered scrap battery purchase prices, easing raw material cost pressure, and losses narrowed WoW; as of March 20, 2026, the theoretical comprehensive profit/loss for large-scale enterprises stood at -337 yuan/mt, versus -541 yuan/mt for small and medium-sized enterprises (the model's by-product revenue did not include tin and antimony). As smelters that resumed production continued to release capacity, ample supply weighed on lead prices. Combined with the wide range of cargo types available to downstream enterprises, spot order premiums for secondary refined lead are expected to narrow next week, while actual prices will still depend on changes in raw material costs. > Subscribe to View Historical SMM Metal Spot Prices

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s SiMn exports were 2,539.52 mt in January 2026, down 50.55% MoM and down 31.84% YoY. China’s SiMn imports were 0 mt in January 2026, down 100% MoM and down 100% YoY. By import and export regional structure, SiMn exports were mainly destined for Indonesia.

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s total manganese ore imports were 3.4426 million mt in January 2026, up 5.14% MoM and up 102.98% YoY. January imports by origin were Australia (601,700 mt, up 3.93% MoM), South Africa (1.963 million mt, up 12.1% MoM), Gabon (331,900 mt, down 11.61% MoM), Ghana (265,700 mt, down 21.39% MoM), Brazil (121,400 mt, up 80.69% MoM), and Myanmar (43,500 mt, down 4.56% MoM).

SMM, March 20: The SMM weekly operating rate of secondary lead across four provinces stood at 39.57% from March 13 to March 19, 2026, up 10.42 percentage points WoW. Production at enterprises in Anhui was relatively stable, while the resumption progress at other smelters was slow; raw material inventory among enterprises in Henan diverged, with mixed changes in operating rates; enterprises in Jiangsu, affected by losses, showed intentions to cut or suspend production; and a large secondary lead smelter in Inner Mongolia resumed production, driving a sharp increase in the operating rate this week. Next week, enterprises resuming production will continue to release capacity, and market attention should focus on whether loss-making enterprises will implement production suspensions in the secondary lead operating rate. 》Subscribe to View Historical SMM Metal Spot Prices

Lead concentrate TCs remained stable this week, but it was no longer common in the Chinese market for silver-bearing lead concentrates to be extremely hard to find. As silver prices remained in the doldrums and there were no bullish expectations for lead prices for the time being, smelters also expected a decline in by-product revenue. As a result, smelters no longer accepted bargaining over lower TC quotes. Demand for all types of raw materials, including lead concentrates and silver-bearing lead concentrates, was mainly driven by rigid demand, and actual transactions were relatively muted. Silver prices retreated from highs, but market traders still held certain expectations for a catch-up rally in silver prices over the medium and long term. At present, the payable indicator for silver in lead concentrates with various silver contents remained stable, and neither mines nor smelters intended to adjust prices.

This week, prices of 304 stainless steel scrap off-cuts in east China strengthened to 10,000-10,100 yuan/mt; prices of stainless steel scrap off-cuts of the same specification in Foshan also rose, with the price range at 9,600-9,900 yuan/mt. In terms of raw material production costs, the current cost of producing stainless steel entirely from stainless steel scrap was about 14,098.03 yuan/mt, while the cost of production using only high-grade NPI was 14,786.98 yuan/mt. This week, stainless steel scrap prices fell back, mainly driven by macro sentiment disruptions, weak futures, and pressure on both supply and demand. Escalating geopolitical conflicts, coupled with hawkish remarks from the US Fed, dragged SS futures into the doldrums overall, with the bearish impact directly transmitted to the spot market. Stainless steel finished product prices also pulled back across the board, and market pessimism gradually spread. Prices of substitute raw materials also pulled back, while stainless steel mills showed a strong inclination to push for lower prices. NPI traders turned weaker in sentiment and sold at low prices, and the high-grade NPI market also softened. In addition, Tsingshan's April tender price for high-carbon ferrochrome was set low, not only below previous market expectations but also lower than current retail quotations, limiting room for ferrochrome prices to rise and eliminating the support from substitute raw materials for stainless steel scrap. Currently, inventory at stainless steel scrap yards remained relatively high. Coupled with tight tax invoice availability, stainless steel mills were not active in procurement tenders, and the procurement pace continued to slow down. Amid the resonance of multiple bearish factors, stainless steel scrap prices fell in line with futures and finished products. Although stainless steel scrap still maintained a clear economic advantage over high-grade NPI, under the overall weak market atmosphere, cost support was difficult to translate into price support and failed to reverse the downward price trend. Overall, the stainless steel scrap market this week showed a weak pattern of "futures drag, weaker raw materials, and pressure on supply and demand." In the short term, bearish factors are expected to dominate, and stainless steel scrap prices are expected to remain in the doldrums.

This Week (March 13–March 19), the Operating Rate of Machinery in the Enamelled Wire Industry Rebounded 3.8 Percentage Points WoW to.....

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s total manganese ore imports in February 2026 were 2.3064 million mt, down 33.00% MoM and up 3.24% YoY. Cumulative imports in January-February were 5.749 million mt, up 46.29% YoY from the same period last year. February imports from Australia were 413,100 mt, down 31.35% MoM; South Africa 990,400 mt, down 49.55% MoM; Gabon 375,100 mt, up 13.01% MoM; Ghana 270,400 mt, up 1.78% MoM; Brazil 99,700 mt, down 17.87% MoM; and Myanmar 49,900 mt, up 14.8% MoM.

This week, ferrous metals fluctuated at highs, with raw material ore and coking products outperforming steel. Against the backdrop of the escalating conflict in the Middle East, ore and coking products held up well, supported by higher shipping costs and transmission from coal and coke as energy substitutes. In the second half of the week, supply and demand data for hot-rolled coil and rebar were released. The increase in rebar inventory slowed markedly; however, hot-rolled coil demand was lower than the same period last year, and the pace of post-holiday recovery was relatively slow, leaving steel as a whole with limited upward momentum, while futures retreated after rapid rise. In the spot market, trading in the Chinese market was average this week.....

[Market Participants Became More Rational in Sentiment, and Grain-Oriented Silicon Steel Prices May Fluctuate Rangebound Next Week] In terms of transactions, the procurement pace of end-use industries such as downstream transformers and power equipment slowed down, and purchase willingness remained cautious, with procurement mainly consisting of small-volume, as-needed restocking orders, while large-volume purchasing activity was scarce, resulting in relatively low actual market trading activity. In addition, resources from steel mills’ earlier directed orders arrived successively, and traders’ circulating inventory accumulated steadily. Some merchants offered slight price concessions to accelerate turnover and boost shipments, but the overall room for concessions remained limited and failed to effectively lift transactions.