[Tungsten Industry News Flash] SMM, March 5: Ganzhou Tungsten Association’s forecast tungsten market prices for March 2026: 55% black tungsten ore concentrate at 900,000 yuan/standard tonne (65%WO3 basis), up 230,000 yuan/standard tonne MoM from February; ammonium paratungstate at 1.33 million yuan/mt, up 360,000 yuan/mt MoM; medium-grain tungsten powder at 2,200 yuan/kg, up 570 yuan/kg MoM.

[SMM Daily Review: Back-and-Forth Negotiations Between Upstream and Downstream Continued; Tight Supply of High Nickel Unit Cargoes Sustained Premiums] News on March 5: The upstream sentiment factor for SMM high-grade NPI was 2.88, up 0.01 MoM, while the downstream sentiment factor for high-grade NPI was 1.37, up 0.05 MoM.

[SMM Weekly Magnesium Review: The Short-Term Volatile Pattern in the Magnesium Market Remained Unchanged, with Downstream Resumption and Geopolitical Developments Becoming Key Variables] This week, the domestic dolomite market held steady, with the supply side showing regional structural divergence: top-tier enterprises in the Wutai area halted production, while other major producing regions replenished capacity in a timely manner, keeping overall national supply broadly stable. On the demand side, operating rates at primary magnesium enterprises in Shaanxi, Shanxi, and Inner Mongolia remained stable, rigid demand was released in an orderly manner, and raw material inventory was ample, reinforcing the foundation for market stability. The domestic magnesium ingot market consolidated at high levels, the tug-of-war between sellers and buyers intensified, and prices fluctuated rangebound. On the supply side, support came from costs and tight spot cargo, enterprises showed strong reluctance to sell, low-priced supply was scarce, and bargaining room was extremely limited. On the demand side, both domestic and overseas demand were weak: in domestic trade, downstream buyers only restocked for rigid demand and purchasing intensity was relatively weak; in export markets, escalation in the Middle East situation disrupted shipping and pushed up ocean freight rates, export shipments were suspended, overseas purchasing plans were delayed, and amid the supply and demand stalemate, prices lacked momentum for a one-way move. The export market for magnesium ingot was hit by fluctuations in ocean freight rates and international developments, with strong wait-and-see sentiment across the industry, weak transactions, and rising uncertainty. The magnesium powder market, supported by raw materials, stayed stable with slight adjustments, mainly fulfilling earlier orders; new orders were few, and both domestic and export markets remained cautious. The magnesium alloy market held up well: magnesium ingot and aluminum ingot prices reinforced cost support, enterprise operating rates rebounded slightly, and demand recovered as downstream die-casting plants gradually resumed operations. Market transactions were mild, and prices were expected to remain largely stable in the short term.

SMM, March 5: Today, market sentiment in the Foshan A00 spot aluminum market adjusted in the doldrums. Downstream players basically completed the resumption of work after the Lantern Festival, with bullish sentiment spreading. Purchase willingness and buying intensity both increased, and market transactions were in a phase of accelerated recovery. The overall supply-demand pattern changed relatively little. Although overall deliverable cargo in warehouses was ample, pressure from in-transit cargo eased slightly due to the expanded suspension of rail loading in South China. Aluminum prices rose for several consecutive sessions, leaving traders hedging positions relatively passive. Today, mainstream quotes in the South China market were at a discount of 170-180 yuan/mt to the SHFE aluminum 03 contract, with mainstream transactions at a discount of 180 yuan/mt to the SHFE aluminum 03 contract. Aluminum billet: Today, the average processing fee for SMM 6063 aluminum billet (Guangdong) was -50 yuan/mt for Φ90/100, and -100 yuan/mt for Φ120 and above, down 230 yuan/mt from yesterday. As overseas aluminum supply saw renewed turbulence, the base price fluctuated sharply. Aluminum billet processing fees came under pressure, with the discount widening. Downstream players were wary of high prices, mainly purchasing on rigid demand while pushing for lower prices, and overall market trading sentiment was average.

[SMM Chromium Daily Review: Quotes Continued to Rise, Strong Willingness to Hold Prices Firm] News on March 5, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia rose by 50 yuan/mt (50% metal content) MoM from the previous trading day...

Dalian iron ore futures were mainly rangebound today. The most-traded contract I2605 closed at 759 yuan/mt, up 1.27% from the previous trading session. The spot price rose 5–7 yuan from the previous trading day. Traders were moderately active in quoting, steel mills remained cautious, and inquiries were limited. Overall spot trading was mediocre. Fundamentals saw no major changes at present, and today’s price increase was mainly driven by macro factors and news. On the news front, the market circulated that some popular iron ore grades were expected to face tightness in terms of supply, triggering buying that pushed iron ore prices higher. In addition, on the macro front, policy stimulus emerged, and optimistic market sentiment lifted iron ore prices. However, given that the market is still in a pattern of strong supply and weak demand, and the demand side faces the risk of further weakening, market sentiment cannot support a sustained rise over the long term. Therefore, iron ore prices are expected to maintain a fluctuating trend after a round of gains.

Silver prices moved downwards after a higher opening this week. After the spot-futures price spread narrowed, spot premiums for physical silver ingots declined as expected, but the gap between suppliers’ quotes widened. There were still many large ingots traded directly in the market this week, or processed into small ingots and then re-entered the market for trading. Significant differences in transaction prices persisted for silver ingots across different brands and lot sizes. As of Thursday, Shanghai market quotes for national-standard silver ingots against TD premiums had been lowered to 850-900 yuan/kg, while major-producer ingots were quoted at 900-1,000 yuan/kg, with sellers holding prices firm and reluctant to sell. Downstream buyers actively negotiated and bought the dip. Some smelters or traders lowered prices due to concerns that premiums might continue to decline or because of cash-flow pressure, thereby facilitating transactions. After the Lantern Festival, downstream operating rates gradually increased, and market trading volumes continued to expand. Inventory side, total social inventory of silver declined this week. As spot premiums surged sharply before the holiday, downstream participants generally did not stockpile ahead of the holiday. Therefore, after the holiday, under pressure to fulfill order deliveries, downstream silver users purchased large volumes of physical silver ingots. After SHFE deliveries were completed in February, a large amount of spot cargo also flowed out of warehouses.

[SMM Silicone Weekly Review: Silicone Product Prices Increased, New Orders Were Mainly Driven by Rigid Demand] This week, domestic silicone DMC market prices rose, with the quotation range of mainstream quotations raised to 14,000-14,300 yuan/mt, up 250 yuan/mt WoW. By region, monomer enterprises in Shandong quoted 14,000 yuan/mt, up 200 yuan/mt from the previous period, while mainstream monomer enterprises in other regions quoted 14,300 yuan/mt, up 300 yuan/mt from the previous period.

[Industrial Silicon Prices Fluctuated; Polysilicon Price Sentiment Was Weak]: This week, the silicon metal market fluctuated significantly on news, falling first and then rising. As of March 5, SMM east China oxygen-blown #553 silicon was at 9,000-9,100 yuan/mt, with the transaction center moving down WoW; some suppliers quoted at 9,200 yuan/mt. The futures market fell first and then rose, with large fluctuations; amid disruptions from news such as expectations for Xinjiang electricity prices and environmental protection, futures prices recovered from the bottom. As futures prices rose, trading firms engaging in both spot and futures market raised their quotes accordingly; silicon enterprises held quotes steady or increased them by 100 yuan/mt. Low-priced supply in the market shifted from spot-futures to silicon enterprises, and downstream users purchased as needed, selecting lower-priced offers.

[SMM Rare Earth Weekly Review: Rare Earth Prices Pulled Back, Strong Wait-and-See Sentiment Downstream] Affected by news-related factors, the Pr-Nd oxide market saw heightened wait-and-see sentiment among downstream metal plants, and some traders proactively cut prices to boost shipments. As of today, Pr-Nd oxide prices had pulled back to 845,000-850,000 yuan/mt.