Today, the average price of tax-inclusive Bare Bright Wire in Zhejiang was quoted at 93,700 yuan/mt, marking a daily increase of 700 yuan/mt. The deduction (relative to SMM ChangJiang copper prices) remained stable within the range of 300-400 yuan/mt. Due to recent high-level price pullbacks and sharp market volatility, a strong "wait-and-see" sentiment has emerged, leading to sluggish spot trading performance. Industry experts believe the market is currently in a stalemate. However, trading volumes are expected to bottom out and rebound once prices stabilize or regain their upward momentum.

[China Iron Ore Brief Review: Iron Ore in Shandong May Continue to Edge Higher] This week, at mines and beneficiation plants in Shandong, the ex-mine quote for 64 grade alkaline fines on a dry basis, before tax and settled by bank acceptance, was 899, up 17 yuan/mt. Steelmakers raised prices in tandem, most miners maintained normal production, and some mines slightly increased output. Steel mills showed moderate willingness to purchase, mainly under long-term contracts, while shipments from small plants and traders were also relatively good, with overall transactions improving; after a large mine in Zaozhuang resumed production

[Ningbo Steel's Information on Adjustments to the Product Pricing Policy for April 2026] On March 20, Ningbo Steel adjusted the prices of its HRC products for April 2026, with the details as follows: The April ex-factory prices remained flat from March, with Q235B set at 3,800 yuan/mt; the above prices were cash, tax-inclusive prices, effective from April 1, 2026. [SMM Steel]

[China Iron Ore Brief Comment: Iron Ore Concentrates Prices in West Liaoning May Have Some Room to Rise] Domestic iron ore prices in west Liaoning were relatively stable, with the ex-factory prices of locally produced 66-grade iron ore concentrates, wet basis and excluding tax, at 740-750 yuan/mt; some local mines and beneficiation plants were still suspended, and overall iron ore concentrates resources remained relatively tight, providing some support for local iron ore concentrates prices; Demand side, steel mills were mostly operating normally as planned, for local iron

The Ministry of Industry and Information Technology released the Catalog of NEV Models Eligible for Vehicle Purchase Tax Reduction and Exemption (Batch 28), listing multiple car models including the Xiaomi YU7, XPeng GX, and AITO M6EV.

[SMM Silicon-Based PV Morning Meeting Summary: Polysilicon Prices Remained Slightly Weak, While Module Prices Were Overtly Stable but Softened in Practice] Over the weekend, N-type recharging polysilicon was quoted at 39.5-47.5 yuan/kg, the N-type polysilicon price index stood at 43.64 yuan/kg, and granular polysilicon was quoted at 40-43 yuan/kg. Polysilicon prices still appeared slightly weak over the weekend, with reports of some transactions concluded at low prices. Bearish sentiment among upstream and downstream enterprises persisted, and prices were expected to remain weak.

[SMM Nickel Flash] The average price of SMM 10-12% high-grade NPI rose WoW by 0.3 yuan/nickel unit to 1,090.2 yuan/nickel unit (ex-factory, tax included), while the average price of the Indonesian NPI FOB index fell WoW by $0.65/nickel unit to $138.28/nickel unit. This week, the market saw successive declines in stainless steel finished product quotations and nickel prices, and high-grade NPI came under pressure from low-priced sell-offs and panic sentiment, entering a phase of decline.

[China Iron Ore Brief Review: Tangshan Iron Ore Concentrates Prices May Fluctuate Within a Range] Domestic iron ore prices in the Tangshan area remained relatively stable, with the delivery-to-factory price, tax included, for 66-grade iron ore concentrates on a dry basis at 970-975 yuan/mt. Steel mills' procurement pace at high prices slowed down, constraining upward market momentum, but local and nearby ROM resources were tight and costs were high, leaving overall iron ore concentrates resources still relatively tight. Recently, iron ore prices fluctuated relatively sharply, and the market was relatively

American Rare Earths announced that it has been selected to supply raw material to the US Department of Energy (DOE)'s "Minerals to Materials Supply Chain Research Facility" (METALLIC) consortium. The Halleck Creek rare earth project in Wyoming, held by its subsidiary Wyoming Rare, is currently at an advanced exploration stage, with the Phase 1 Cowboy State mine having a 20-year mine life. The latest resource estimate shows that, at a cut-off grade of 1,000 ppm, total rare earth oxides amount to 547.5 million mt, while 18 channel samples collected in 2025 averaged a grade of 5,471 ppm, with the highest reaching 13,816 ppm. The project has an after-tax net present value of $558 million and an internal rate of return of approximately 24.

[SMM Aluminum Express News] The Indonesian Bauxite Association urges all bauxite miners to pay attention to current challenges: global uncertainty, rising diesel prices, increasing operating costs, 2026 RKAB approvals, rising aluminum prices, tax burdens (incl. HPM), and stricter regulations. In response to these challenges, the Chairman of the Indonesian Bauxite Association urge all bauxite mining operators to renegotiate contracts periodically and suggest using the HPM as a benchmark price.