[SMM Flash News] SHFE data showed that on March 10, the total registered volume of cast aluminum alloy warrants was 57,044 mt, down 1,055 mt from the previous trading day. Among them, the total registered volume in Shanghai was 5,260 mt, down 149 mt from the previous trading day; Guangdong was 19,452 mt, down 361 mt; Jiangsu was 7,207 mt, down 212 mt; Zhejiang was 19,084 mt, down 333 mt; Chongqing was 4,234 mt, up 0 mt; and Sichuan was 1,807 mt, up 0 mt.

[SMM Aluminum Alloy Daily Review] Futures, the aluminum alloy 2604 contract bottomed out intraday and then rebounded. After opening lower in the morning session, it quickly dipped to 23,295 yuan/mt before fluctuating upward. In the afternoon, bulls stepped up, and prices rose steadily, pulling back slightly toward the close to end at 23,680 yuan/mt, up 0.04%. Spot cargo, secondary aluminum alloy enterprises generally revised their quotes downward, with most cuts in the 100–300 yuan/mt range. During the week, volatility intensifies in futures and downstream wait-and-see sentiment strengthened, prompting some enterprises to slightly lower quotes to control order-taking risks. Meanwhile, tight supply of aluminum scrap raw materials and elevated procurement costs provided strong support for pr

[SMM Cast Aluminum Alloy Morning Comment: Prices Pull Back as Aluminum Scrap Holders Are Reluctant to Sell; Overall Market Trading Remains Muted] Yesterday, the SMM ADC12 price rose by 500 yuan/mt, with the center of market quotations moving up markedly. Most producers’ price adjustments were concentrated in the 500–600 yuan/mt range. Recently, raw material prices have continued to strengthen, and the cost side has risen quickly, providing a clear lift to enterprise quotations. However, downstream demand has been relatively steady. Most enterprises reported that orders and inquiry activity were generally average, and downstream purchasing remains mainly restocking on an as-needed basis. Supported by cost-driven momentum and market expectations, enterprises have shown a clear willingness to raise prices. In the short term, against the backdrop of cost support and mild supply release, ADC12 prices are expected to hold up well. The medium-term trend will still depend on the recovery of end-use consumption. If die-casting industry orders increase significantly, the price center is expected to move up further; if demand recovery falls short of expectations, coupled with a continued rise in operating rates on the supply side, prices will shift from elevated levels into rangebound consolidation.

[SMM Flash] Today, inventories of secondary aluminum alloy ingots in China’s major consumption hubs fell by 687 mt WoW from last Friday, maintaining a destocking pace after the holiday.

[SMM Cast Aluminum Alloy Morning Comment: Price Pullback Spurs Aluminum Scrap Hoarding; Overall Market Trading Remains Subdued] Overall ADC12 market quotations moved lower, with most cuts in the 200-400 yuan/mt range. The adjustments were mainly driven by a downward shift in the cost center and subdued downstream purchasing. However, against the backdrop of a price pullback, aluminum scrap traders’ reluctance to sell has become pronounced, leaving limited room for raw material costs to fall further. Enterprises have been generally cautious in making price adjustments, and most producers remain bullish on the outlook. In the short term, with cost support and a mild release of supply, ADC12 prices are expected to hold up well. The medium-term trend will still depend on the recovery in end-use consumption. If die-casting industry orders increase significantly, the price center is expected to move further higher; if demand recovery falls short of expectations, coupled with a continued rise in operating rates on the supply side, prices will shift from elevated levels into rangebound consolidation.

[SMM Aluminum Alloy Daily Review] The center of today’s ADC12 market quotations shifted up noticeably, with most producers’ price adjustments concentrated in the 500–600 yuan/mt range. Supported by cost push and market expectations, enterprises showed a relatively clear willingness to raise prices. However, downstream demand remained relatively steady, and most enterprises reported that overall orders and inquiry activity were average, with downstream purchasing still mainly focused on restocking as needed.

Fujian Guangmin Copper Co., Ltd.'s annual 35,000-ton cold-rolled high-precision copper strip project has a total investment of 1 billion yuan. The products are mainly used in areas such as smartphone card connectors, tablet Type-C interfaces, and new energy vehicle plug-in relays. The first phase involves the construction of an annual 20,000-ton high-performance red copper and brass high-precision strip production line and ancillary facilities. The second phase includes the construction of an annual 15,000-ton high-copper alloy high-precision strip production line and ancillary facilities. Upon completion and full operation, the project is expected to achieve an annual operating revenue of 2.5 billion yuan and generate an additional tax revenue of 57.22 million yuan.

[SMM Aluminum Morning Meeting Minutes: Geopolitical Risks in the Middle East Cool Significantly; Aluminum Prices to Fluctuate at Highs in the Short Term] Overall, from a macro perspective, easing geopolitical risks and the continued buildup of domestic social inventory have created bearish pressure on aluminum prices. However, the geopolitical situation in the Middle East remains unclear; if the conflict persists, expectations for a tightening of global aluminum supply are strong, and aluminum prices still have solid upward momentum. In the short term, aluminum prices are still expected to hold up well.

Following review and deliberation, Baosteel hereby announces the adjustments to its domestic sales prices for April 2026 based on March 2026 (unless otherwise specified, all prices are tax-exclusive), as follows: I. Hot-rolled: Base price raised by 200 yuan/mt. II. Plate: Base price raised by 200 yuan/mt. III. Pickling: Base price raised by 200 yuan/mt. IV. Cold-rolled: Base price raised by 200 yuan/mt. V. Hot-dip galvanizing: Base price raised by 200 yuan/mt. VI. Electrogalvanization: Base price raised by 200 yuan/mt. VII. Al-Zn-Al-Mg (medium aluminum): Base price raised by 200 yuan/mt. VIII. Al-Zn-Al-Mg (high aluminum): Base price raised by 200 yuan/mt. IX. Aluzinc: Base price raised by 200 yuan/mt. X. Color-coated: Base price raised by 200 yuan/mt. XI. Non-oriented silicon steel: Base price raised by 200 yuan/mt. XII. Grain-oriented silicon steel: Unchanged. XIII. Seamless pipe: Base price raised by 200 yuan/mt. XIV. Welded pipe: Base price raised by 200 yuan/mt. XV. Wire rod: Base price raised by 200 yuan/mt. XVI. Bar: Base price raised by 200 yuan/mt. XVII. For adjustments to alloy surcharges as well as coating and plating surcharges, please refer to the April 2026 price list. XVIII. The above price adjustment notice shall take effect from the date of publication. XIX. The Marketing Center (Baosteel International) of Baoshan Iron & Steel Co., Ltd. reserves the right of final interpretation of this price adjustment notice. Baoshan Iron & Steel Co., Ltd. Marketing Center (Baosteel International) March 9, 2026

Recently, the Malaysian stainless steel market has been roiled by supply chain disruptions as multiple shipments of cold-rolled stainless steel from Indonesian Tsingshan faced severe customs clearance hurdles. This abrupt "stuck at customs" situation triggered strong concerns among local downstream processors regarding supply stability and spot price volatility. However, a recent gazette issued by the Malaysian Federal Government has finally turned the tide, though the underlying policy chess game is far from over. The Resolution: Official Exemption for Specific Indonesian Entity On March 6, 2026, the Attorney General's Chambers of Malaysia officially published the Customs (Anti-Dumping Duties) Order 2026 (Amendment) Order 2026 under gazette P.U. (A) 120. This document provides a crucial correction to the anti-dumping policy regarding Indonesia. Under the amended schedule for "The Republic of Indonesia," the broad category of "Other producer or exporter" has been redefined to explicitly exclude PT Indonesia Ruipu Nickel and Chrome Alloy (a subsidiary of Tsingshan Holding Group) . Effective Period and Retroactivity: The amendment is backdated, officially effective from January 15, 2026, to April 23, 2026 . Affected Products and HS Codes: The policy applies to cold-rolled stainless steel in coils, sheets, or any other form with a thickness of not more than 6.5 millimeters. The specific Malaysian Harmonized System (HS) Codes are: 7219.31.00 00 7219.32.00 00 7219.33.00 00 7219.34.00 00 7219.35.00 00 7220.20.10 00 7220.20.90 00 (Note: Excludes cold-rolled stainless steel with bright annealed (BA), No. 8 mirror finish, embossed, rigidised, etched, or coloured finishes, or those with a hardness value exceeding 250HV). Historical Trace: Was the "Customs Hold-Up" an Administrative Glitch? SMM's review of historical gazettes reveals that Indonesian Tsingshan had long held a "tax-free shield." Back on April 26, 2021, when Malaysia enacted the Customs (Anti-Dumping Duties) Order 2021 [P.U. (A) 197], which imposed a 5-year anti-dumping duty on cold-rolled stainless steel from Indonesia and Vietnam, PT Indonesia Ruipu Nickel and Chrome Alloy was explicitly exempted from the onset. However, as the policy entered a renewal/transition phase in early 2026 (post-January 15), it appears an administrative oversight occurred. The exemption clause was not automatically carried over, causing incoming shipments to be slapped with the maximum 34.82% duty designated for "Other Indonesian producers," leading to the customs blockage. The retroactive amendment published on March 6 essentially rectifies this glitch, reinstating the company's exemption status and allowing the stranded cargoes to clear customs rapidly. The Ultimate Suspense: The "April 23" Sunset Countdown While the immediate clearance crisis is resolved, SMM notes that a much larger policy countdown is looming. The "April 23" deadline set in the latest gazette is not arbitrary. According to the original 2021 directive, Malaysia's 5-year anti-dumping measure against Indonesian stainless steel has a statutory expiration date of April 23, 2026 . This means the entire Southeast Asian stainless steel trade network will face a critical Sunset Review node in just over a month: Import Rush: With only a month left in this guaranteed "tax-free window," Indonesian exporters will likely expedite shipments. This could result in a short-term flood of Indonesian spot materials into the Malaysian market, pressuring local prices. Policy Reshuffle: Post-April 23, if the Ministry of Investment, Trade and Industry (MITI) does not extend the anti-dumping duties, other Indonesian mills will regain low-cost access to Malaysia. Conversely, given Malaysia's strong protectionist stance—evidenced by the 2023 administrative review [P.U. (A) 225] which levied duties against China, Korea, and Thailand—if MITI extends the measures, can Tsingshan maintain its exclusive exemption in the new cycle? This decision will dictate ASEAN stainless steel pricing dynamics in the second half of the year. SMM will continue to track MITI's upcoming sunset review announcements and customs data to monitor shifts in Southeast Asian stainless steel trade flows.