Although the silver market is expected to see a sixth consecutive year of annual supply deficit, one market strategist believes this may not be enough to push silver prices back to their January all-time highs. In his latest report on silver, Mike McGlone, senior market strategist at Bloomberg Intelligence, reiterated his relatively mediocre expectations for the precious metal. He stated that silver prices could "meander for years" between $50 and $100. McGlone made the above comments as silver was struggling to sustain a break above initial resistance at $80. While McGlone did not rule out the possibility of silver retesting the $120 high set in January, he noted that rising prices would lead to a fundamental shift in supply-demand dynamics. He stated: "A key takeaway is that the supply deficit will change due to this parabolic price adjustment, and the market could transition into a phase of high-price-driven demand destruction. " McGlone noted that silver's current trajectory resembles parabolic fluctuations seen in other periods. He explained that silver's rally, which began in mid-2025, reached a premium of 2.6 times its 10-year moving average at its peak, strikingly similar to the last parabolic move in 2011. McGlone stated: "We see parallels. Silver was around $79 on April 15, and silver appears set for a prolonged stagnation between $50 and $100. Given the risk of mean reversion, the probability of silver pulling back toward its 10-year moving average near $33 is greater than the probability of it staying above $100. " Meanwhile, McGlone reminded investors that silver's 180-day volatility is more than five times that of the S&P 500. This reading reached its highest level since 1980, when silver topped just below $50 — a high that was matched in 2011 and not surpassed until 2025. Looking ahead, McGlone believes that if the trend reverses, silver could retrace to $50. McGlone's bearish expectations come as the market digests the Silver Institute's annual report, which forecasts this year's annual silver deficit at 46.3 million ounces. However, as silver consumption in PV solar cell panels is expected to decline by 19%, industrial demand this year is expected to fall by 3% . Metals Focus, the research firm responsible for the survey, expects investment demand to be the biggest driver of the silver market this year. The survey showed that, driven by 30 mt of physical inflows into silver exchange-traded products (ETPs), silver investment demand is expected to grow by 18% this year.

[Loose Pattern Unchanged, GO Silicon Steel Prices Expected to Remain Stable Next Week] Currently, demand in the downstream transformer industry is clearly diverging. Orders for high-end projects such as ultra-high voltage and data center supporting facilities remain stable, underpinning demand for high-grade Hi-B silicon steel. However, orders for ordinary distribution transformers are sluggish, with demand for mid-to-low-grade resources remaining persistently weak. Most transformer enterprises maintain strategies of just-in-time procurement and low inventory operations, resulting in limited market purchasing enthusiasm. The supply side exhibits structural looseness, with ample circulating resources of ordinary CGO grain-oriented silicon steel in the market. Some small and medium-sized traders are offering slight price concessions to accelerate capital turnover. Meanwhile, high-end grade resources such as high magnetic induction and ultra-thin specifications remain tight, with top-tier enterprises holding firm on their quoted prices.

[SMM Titanium Express] LB Group has issued another titanium dioxide price increase notice. Effective April 15, domestic prices will rise by RMB 1,500/ton and international prices by USD 200/ton, marking a significant acceleration in the pace of hikes amid persistent cost pressures and tightening supply-demand dynamics.

Drinda, the parent company of solar cell manufacturer Jietai Solar (JTPV), reported Q1 2026 revenue of RMB 1.69 billion and a net profit of RMB 14.16 million, successfully recovering from a net loss of RMB 105.89 million in the same period last year. Adjusted net losses narrowed by nearly 80% year-on-year. The company attributed the financial turnaround to improving supply-demand dynamics within the PV industry and a recovery in solar cell selling prices.

[SMM Titanium Spot Brief: Titanium Dioxide Prices Rose, Titanium Slag Prices Fell, Titanium Ore Prices Held Steady] On April 10, acid-soluble titanium slag prices fell, while reduced titanium and high-titanium slag prices held steady. Titanium tetrachloride prices rose, and titanium ore prices remained largely stable overall. Titanium dioxide prices saw a broad rise this week, with anatase and rutile grades posting notable gains, while chloride-process titanium dioxide edged up. High-titanium slag prices are expected to hold steady, and titanium concentrate prices are likely to see limited fluctuations.

As of now, the FOB price of Indonesian MHP nickel was $15,341/mt Ni, and the FOB price of Indonesian MHP cobalt was $51,425/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) stood at 86-87, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,623/mt Ni.

India’s steel market in 2026 is expected to remain balanced, with demand slightly outpacing supply. Domestic consumption will absorb most output, while imports decline overall and exports increase modestly as a balancing mechanism. Supported by strong growth and infrastructure investment, India is transitioning toward a demand-led steel market with solid long-term potential.

Precious metals are having a moment. Gold and silver surged to record highs in January, benefiting from an alignment of macroeconomic factors, evolving supply-demand dynamics, and renewed industrial demand.

According to SMM data, during the first week of the traditional "Golden March" peak season (March 2 - March 6, 2026), the most-traded stainless steel futures contract (SS2604) exhibited a strong, high-level oscillating trend. This was driven by the resonance of international geopolitical storms and the tone set by China's macroeconomic policies. By the close at 10:15 on March 6, the contract traded higher at 14,235 yuan/mt (approx. $2,063/mt), up 85 yuan/mt (approx. $12/mt) (+0.60%) from last Friday's close of 14,150 yuan/mt (approx. $2,051/mt). The market this week was characterized by "strong expectations but weak reality." A sudden global supply chain crisis and firm raw material costs provided a solid floor for market valuations. However, high spot inventories and the looming pressure of resumed production kept prices cautious when attempting upward breakouts. Macro-Economy: A "Super Macro Week" Defined by Geopolitics and Policy Support On the macroeconomic front, this was undeniably a "super macro week" with exceptionally strong signals from China and the global market. Internationally, a geopolitical "black swan" emerged as Iran claimed the Strait of Hormuz was closed and threatened to strike passing vessels. This extreme event immediately sparked fears of a global supply chain crisis and surging energy expectations. U.S. Federal Reserve officials subsequently voiced concerns over the war's spillover effects and a potential rebound in inflation, significantly cooling expectations for interest rate cuts. However, in the commodities market, trades driven by "inflation hedging" and "supply chain disruptions" boosted the overall premium of the base metals sector. In China, the government work report delivered at the "Two Sessions" set the 2026 economic growth target at 4.5%-5%. It explicitly proposed utilizing capacity regulations and standard-setting to deeply rectify "involutionary" (cut-throat) competition. This policy direction provides strong expectation-driven support for supply-side optimization in traditional Chinese manufacturing. Fundamentals: Inventories Near Peak, Clash of Supply and Demand Imminent Fundamentally, social inventories are showing early signs of peaking, though the market will soon face the test of surging supply. The latest SMM data shows social inventories at 1.0164 million mt this week, a marginal increase of just 300 mt from last week's 1.0161 million mt. The seasonal inventory accumulation around the Spring Festival fully aligns with industry patterns and remains within market expectations. Traders have not resorted to panic selling, keeping short-term inventory pressure manageable. However, a shift is brewing on the supply side. The output reduction caused by concentrated maintenance at Chinese steel mills in February is nearing its end. As mills enter a concentrated resumption phase in March, scheduled production is expected to rise sharply. This surge in supply will clash head-on with recovering demand during the "Golden March and Silver April" period, leading to a phased reshaping of the market's supply-demand dynamics. Costs: Robust Upward Resilience Sets a Solid Floor On the cost side, raw materials continued to show robust upward resilience, establishing a solid baseline for futures prices. Driven by the ongoing fallout from Indonesian nickel ore quotas and premium news, raw material prices rose across the board this week. As of March 6, high-grade nickel pig iron (NPI) quotes climbed to 1,088 yuan/mtu (approx. $158/mtu), and high-carbon ferrochrome prices were adjusted upwards to 8,600 yuan/50 mt (approx. $1,246/50 mt). Although mainstream steel mills currently show low acceptance of high NPI prices and remain cautious in procurement—resulting in sparse actual market transactions—the raw material sector has minimal room to yield on price, dominated by expectations of tight ore supply and bullish sentiment. The steady climb in spot costs has effectively capped the downside risk for stainless steel prices. Outlook and Strategy In conclusion, the stainless steel market this week sought a balance amid the fierce tug-of-war between "geopolitical premiums + cost support" and "million-ton inventories + production resumption expectations." The macroeconomic shifts triggered by the Strait of Hormuz crisis, coupled with China's "Two Sessions" mandate to curb cut-throat competition, have injected immense confidence into the bulls regarding macro sentiment. Looking ahead to next week, the market will deeply enter the reality-check phase of the "Golden March" peak season. The core focus will shift to the actual implementation of steel mill resumptions in March and the pace at which downstream end-users digest substantial orders. In the short term, futures prices are expected to maintain wide fluctuations at high levels, underpinned by the cost line. Industry clients are advised to closely monitor geopolitical developments and the pace of spot inventory destocking, while rationally utilizing futures tools to lock in production margins.

[SMM Analysis: What Impact Does the Middle East Situation Have on the Recycled Copper Raw Materials Market?] Recent turbulence in the Middle East has once again rattled global commodity markets. However, zooming in on the recycled copper raw materials segment, the market has remained remarkably calm. This article examines the trade structure and supply-demand dynamics to explain why the Middle East situation has, in practice, a relatively limited impact on Asia's scrap copper market.