SMM News on March 26: According to SMM, starting from March 26, Shandong Humon Smelting Co., Ltd. conducted a public tender sale of its high-purity tellurium head and tail materials. Specifically, according to official information, the quantity was 2,000 kg, the packaging was iron drums, the delivery method was self pick-up by the buyer, freight was borne by the buyer, and the buyer was required to pick up the goods before April 20, 2026. The delivery location was Shandong Humon Smelting Co., Ltd. (No. 11 Jinzheng Street, Shuidao Town, Muping District, Yantai, Shandong Province). Sales contact: Wang Peng Tel: 17616212861 At present, the official side did not provide a starting bid price for the tender; instead, the highest bidder would win. The buyer should fill in the quotation based on its own circumstances. If the buyer's quotation did not reach the seller's reserve price, the seller had the right to refuse the sale. To ensure timely quotations, please send back the inquiry sheet, a copy of the participating party's business license, and invoicing information (stamped with the official seal) to 17616212861@163.com before 11:30 a.m. on March 27, 2026, and contact Humon personnel in a timely manner for collection.

【SMM Steel】The USDOC issued preliminary AD review results for heavy walled rectangular welded carbon steel pipes from South Korea (Sep 1, 2023 - Aug 31, 2024). It found no sales below normal value. Margins: Dong-a-Steel and HiSteel at 0%; Kukje Steel at 35.11% as a non-selected firm. Review for NEXTEEL was partially rescinded. Final results are due within 120 days.

JSL has successfully commissioned a new 1.2 million tonnes per annum (MTPA) stainless steel melt shop (SMS) in Indonesia ahead of schedule through a joint venture. This milestone brings the company's total annual melting capacity to 4.2 MTPA, reinforcing its raw material security and integrated growth strategy. Concurrently, JSL announced a fresh investment of approximately $108 million (₹900 crore) to augment its cold rolling capacities at its Hisar and Kharagpur facilities in India, expected to be operational by Q2 FY28. These combined upstream and downstream expansions are tailored to produce high-value, thinner cold-rolled products, strategically positioning the company to target a global sales volume of 3.5 MTPA by FY29 with a projected double-digit compound annual growth rate.

[SMM Tin Morning Comment: The Most-Traded SHFE Tin Contract Maintained a Fluctuating Trend After Opening Slightly Higher in the Night Session, Spot Market Transactions Showed Mediocre Performance]

Silver has seen one of the sharpest pullbacks in recent years within just a few weeks. From the high of US$97.30 on March 2, the price fell to US$61.21 by March 23, losing around 37%. For the market, this was an abrupt break from the previous momentum.

On March 25, the SMM average price of battery-grade nickel sulphate remained stable.

[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.

[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.

Morocco has published the implementing decree for 'Law 82-21', officially enabling renewable energy self-consumption and surplus sales starting June 9, 2026. PV owners can now inject up to 20% of their annual production into the grid, earning up to MAD 0.21/kWh. To manage grid stability, the government capped total available capacity at 3,886 MW (72% solar). Research suggests this regulatory milestone could help unlock a 28.6 GW distributed solar market to support the country's broader low-carbon transition and future EV charging needs.

In February 2026, sales based on traffic compulsory insurance of new vehicles in China’s passenger vehicle market totaled 1.145 million units, down 13.2% YoY. Notably, this marked the fourth consecutive month since last November that the market posted a decline of more than 10%. Combined sales for January and February reached 2.704 million units, down 14.3% YoY.