[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, with costs remaining high, most coke producers saw wider losses and began to push for a coke price hike, but losses remained within an acceptable range, and coke production stayed stable. On the demand side, steel trading improved somewhat, steel mills became more willing to produce, and daily average hot metal production continued to increase, further boosting rigid demand for coke. Overall, coke fundamentals shifted toward tightness, but steel mills showed only average acceptance of higher coke prices, and the coke market may remain generally stable with slight rise in the short term.

Dalian iron ore was generally weak today. The most-traded contract, I2605, finally closed at 806.5 yuan/mt, down 1.83% from the previous trading session. Spot prices fell by about 10-15 yuan from the previous trading day. Traders actively offered quotes, while steel mills mainly made inquiries and purchases based on rigid demand, with cautious inquiries; overall, the spot market trading atmosphere was average. According to the latest SMM survey data, hot metal daily average production reached 2.4049 million mt this week, an increase of 15,000 mt WoW, with demand showing a steady improvement. In terms of supply, some iron ore originally planned for shipment to the Middle East began to be redirected to the Chinese market, including some ore grades used for direct reduced iron (DRI), increasing market supply options and putting some pressure on prices. From a macro perspective, the situation in the Middle East remained tense, and the escalation of war triggered a sharp rise in energy prices, driving up global inflationary pressure. Expectations for US dollar interest rate cuts weakened significantly, leading to a certain pullback in commodity prices, including iron ore prices. Overall, iron ore prices faced strong resistance in the short term, but downside room was limited, and the market is expected to continue moving in a sideways range.

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

[SMM Daily Chrome Commentary: Cost Support Kept Offers Firm, with Limited Recent Market Fluctuations] March 25, 2026: Chrome ore quotations saw no adjustment, while low- and micro-carbon ferrochrome prices were raised somewhat...

[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]

As supply and demand for construction steel were not fully matched across different markets, regional supply-demand mismatches created price differentiation, which in turn drove the cross-regional circulation of steel resources. When the regional price spread gradient was appropriate, regions with surplus construction steel capacity and production often shipped excess resources out, thereby rebalancing construction steel resources across regions.

[SMM Stainless Steel Daily Review] News-Driven Disturbances Pushed SS Futures Higher to Test the Upside, Confidence in the Stainless Steel Spot Market Gradually Recovered SMM News, March 24: SS futures rose strongly. Affected by market fluctuations triggered by news of geopolitical conflict yesterday, SS futures rose sharply in the night session, and the daytime session maintained a fluctuating but relatively strong trend, closing at 14,290 yuan/mt by midday. In the spot market, boosted by the sharp rise in SS futures, market confidence somewhat recovered; although the increase in traders' spot quotations was limited, both inquiries and transactions showed signs of recovery during the week. The current market is heavily disturbed by news factors, and changes in the geopolitical conflict still need close attention. The most-traded SS futures contract strengthened and moved higher. At 10:15 a.m., SS2605 was quoted at 14,305 yuan/mt, up 125 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 115-315 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi rose by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi rose by 50 yuan/mt, while the average price in Foshan was unchanged; cold-rolled 316L/2B coils in Wuxi were unchanged; for hot-rolled 316L/NO.1 coils, Wuxi quotations were unchanged; cold-rolled 430/2B coils in both Wuxi and Foshan were also unchanged. As the market entered the traditional peak consumption season of "Golden March and Silver April," although the stainless steel market ushered in a seasonal recovery window, end-use demand fell short of expectations, downstream wait-and-see sentiment gradually intensified, and the procurement side only maintained a restocking pace for rigid demand, with none of the transaction momentum typically seen in the peak season emerging. The market's view on stainless steel prices...

The latest customs data showed that in February 2026, China’s imports of unwrought silver ingots with a purity of no less than 99.99% reached 206.76 mt, up 499% MoM and surging 5,910% YoY to a multi-year high. The rare opening of the import window drove significant changes in the supply-demand pattern of the domestic silver ingot market.

Futures: Overnight, LME lead opened at $1,909.5/mt. After the opening, prices fell rapidly and touched a low of $1,899/mt, then gradually stabilized and rebounded. Entering the European session, LME lead fluctuated upward and hit a high of $1,920/mt. After repeated tug-of-war at high levels, it pulled back. Near the close, LME lead briefly consolidated at $1,908/mt and finally closed at $1,911.5/mt. It posted a small bullish candlestick, up $13/mt, or 0.68%. Overnight, the most-traded SHFE lead 2605 contract opened at 16,505 yuan/mt. In early trading, SHFE lead fluctuated higher and touched a high of 16,570 yuan/mt. Thereafter, lead prices dived rapidly after 22:30, gradually falling below the key support level of 16,505 yuan/mt. Near the close, it fluctuated rangebound within the 16,490-16,505 yuan/mt range, touching a low of 16,480 yuan/mt, and finally closed at 16,490 yuan/mt. It posted a small bearish candlestick, down 5 yuan/mt, or 0.03%. On the macro front: 1. The US side continued to urge Ukraine to give up Donbas in exchange for security guarantees. 2. The US Secretary of the Interior said that a visit to Venezuela had brought back $100 million worth of physical gold. 3. Putin signed a decree under which Russia will restrict bullion exports starting in May. 4. Iran said that at the current stage, neither a ceasefire nor negotiations was feasible. 5. China accelerated the establishment of a long-term care insurance system. Spot fundamentals: SHFE lead showed a fluctuating rebound trend, and suppliers made shipments in line with the market. Inventory in warehouses across Jiangsu, Zhejiang, Shanghai declined, and circulating cargoes relatively decreased. Meanwhile, quotations for cargoes self-picked up from primary lead smelters were little changed from yesterday, with mainstream producing areas quoted at premiums of 30-120 yuan/mt against the SMM #1 lead price, ex-works; as for secondary lead, market circulating cargoes were limited, and smelters held prices firm for shipments, with secondary refined lead quoted at premiums of 25-75 yuan/mt against the SMM #1 lead average price, ex-works. Downstream enterprises were slightly divided in procurement, with some waiting for lead ingots under new-month long-term contracts and some purchasing as needed, among which some warrant cargoes saw slightly better transactions. Inventory: As of March 25, lead inventory decreased by 200 mt, or 0.07%, to 283,150 mt. As of March 23, SMM social inventory of lead ingots across five regions pulled back from previous high levels. Lead Price Forecast Today: Supply side: Quotations for cargoes self-picked up from primary lead smelters remained stable, with mainstream producing areas at premiums of 30-120 yuan/mt against the SMM #1 lead price; secondary lead smelters held prices firm for shipments, and spot circulating cargoes tightened. Demand side: Downstream procurement sentiment diverged, with both wait-and-see sentiment toward new-month long-term contracts and purchase as needed coexisting, while warrant cargoes were relatively more favored in transactions. SMM expects lead prices to maintain a fluctuating trend in the short term, with downside supported by firm spot prices and limited room for declines; whether prices can break upward will depend on close tracking of downstream procurement and the pace of restocking.

[SMM Daily Review: High-Grade NPI May Still Have Downside Room Under the Dual Pressure of End-Users and Steel Scrap] March 24 News: SMM's upstream sentiment factor for high-grade NPI was 2.88, up 0.01 MoM, while the downstream sentiment factor for high-grade NPI was 1.59, down 0.04 MoM.