[Heavy Inventory Pressure Continues to Cap Zinc Prices on the Upside] The most-traded SHFE zinc 2605 contract opened at 23,915 yuan/mt. In early trading, as bears reduced positions, SHFE zinc gradually rose to above the daily average line and touched a high of 24,055 yuan/mt. Later, as bears added positions, SHFE zinc gradually fell below the daily average line and hit a low of 23,720 yuan/mt, finally closing down at 23,730 yuan/mt.....

[China Iron Ore Brief Comment: Iron Ore Concentrates Prices in Tangshan Might Have Some Room to Move Higher] Iron ore concentrates prices in Tangshan were relatively stable today, with the ex-factory prices of 66-grade dry-basis iron ore concentrates including tax at 970-980 yuan/mt. The intensity of environmental protection inspections weakened, and steel mills as well as ore beneficiation gradually resumed production, but producers turned cautious in their operations, market inquiries were not active, and beneficiation plants considered costs as well as inventory

Dalian iron ore futures were generally stronger today. The most-traded contract, I2605, eventually closed at 816.5 yuan/mt, up 1.81% from the previous trading session. Meanwhile, the spot price rose by about 5 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills made relatively few inquiries. Overall spot market transactions were limited. The latest SMM survey showed that the impact of blast furnace maintenance on hot metal production was 1.751 million mt, down 250,000 mt WoW. This impact is expected to further decline by 229,800 mt next week to 1.522 million mt. As blast furnace maintenance intensity gradually eases, iron ore demand is expected to show signs of rebounding in the short term. Looking ahead, although current port iron ore inventory has reached 155 million mt, the overhang is mainly concentrated in certain varieties. Overall, market demand for some high-demand varieties has seen a structural shift. In particular, varieties represented by IOCJ fines and PB lumps continued to destock rapidly, while MAC fines and Indian fines saw an inventory buildup. The structural contraction on the supply side is expected to lend favorable support to iron ore fundamentals in the short term. Therefore, iron ore prices are expected to fluctuate at highs or remain relatively strong this week.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 23,930 yuan/mt. In early trading, SHFE zinc briefly rose to a high of 23,970 yuan/mt, then bulls reduced open interest, dragging the price center lower and leaving it in the doldrums. It touched a low of 23,820 yuan/mt during the session and finally closed down at 23,880 yuan/mt, down 25 yuan/mt, or 0.1. Trading volume fell to 29,661 lots, while open interest decreased by 531 lots to 76,786 lots.

[SMM Morning Meeting Summary: Geopolitical Turmoil Resurfaced, LME Zinc Came Under Pressure] Overnight, LME zinc opened at $3,297.5/mt. In early trading, bears increased open interest, dragging the center of LME zinc lower as it fluctuated downward throughout the session, and it hit an intraday low of $3,255/mt during European trading hours. The center then rebounded. Trading was suspended for about three hours due to technical issues during the period. After reopening, LME zinc touched a high of $3,306.5/mt, before the center moved lower again, and it finally closed down at $3,279/mt, down $14.5/mt, a decline of 0.44%. Trading volume increased to 7,502 lots, and open interest rose by 2,947 lots to 218,000 lots.

On March 17, the SMM average price of battery-grade nickel sulphate remained unchanged.

[SMM Tin Midday Review: The Center of the Most-Traded Contract Rebounded Slightly, and Market Transactions Weakened After Downstream Enterprises Restocked]

[China Iron Ore Brief Review: Iron Ore Concentrate Prices in Shandong May Have Some Upside Potential] In Shandong, 64-grade iron ore concentrates at mines and beneficiation plants were quoted at 882 yuan on a dry basis, before tax, with acceptance upon shipment from the mine. Most mines and beneficiation plants maintained normal production, and some mines showed reluctance to sell. Steel mills continued to purchase under long-term contracts and mainly operated with low inventory. Overall transactions were moderate. In the near term, steel mills in Hebei will gradually resume normal production, and some local iron ore concentrate resources will flow to Hebei. Overall local iron ore concentrate supply remains relatively tight, providing support for prices.

[SMM Morning Meeting Summary: US Dollar Strengthened, LME Zinc Came Under Pressure] Last Friday, LME zinc opened at $3,315.5/mt. At the beginning of the session, bulls and bears were intertwined, and LME zinc briefly rose to a high of $3,316.5/mt. Subsequently, bulls reduced their open interest, and LME zinc fluctuated downward, touching a low of $3,270.5/mt during European trading hours. পরে, the center moved up slightly and fluctuated in consolidation along the daily average line, finally closing down at $3,293.5/mt, down $21/mt, or 0.63%. Trading volume fell to 7,065 lots, and open interest decreased by 1,630 lots to 215,000 lots.

Iron ore futures fell first and then rebounded today. The most-traded I2605 contract finally closed at 809 yuan/mt, down 0.74% from the previous trading session. Meanwhile, the spot price fell by about 5 yuan from the previous trading day. Traders were only moderately active in offering quotes, while steel mills made fewer inquiries, with purchases mainly driven by rigid demand. Overall, transactions in the spot market were relatively subdued. Last week, SMM's global iron ore shipments increased by 4.13 million mt WoW to 31.97 million mt, up 14.85%. Meanwhile, total port arrivals in China reached 28.13 million mt, up 5.06 million mt WoW, or 21.93%. The sharp surge in port arrivals further highlighted resistance on the fundamentals side. At the same time, the release of certain iron ore products from ports to some extent weighed on today's spot procurement demand. Together, these two factors curbed bullish sentiment in the iron ore market to a certain extent. Looking ahead, although the supply side was relatively loose this week, blast furnaces that had previously undergone maintenance are expected to resume production in a concentrated manner this week. Therefore, the market is expected to shift into a pattern of both strong supply and strong demand this week. Meanwhile, iron ore has again entered a structurally tight market, while the continued rise in freight rates has also provided cost support for iron ore. Overall, iron ore prices are expected to fluctuate at highs or hold up well in the short term.