Overseas Alumina Transaction: On March 3, 2026, an overseas transaction of 30,000 mt of alumina was concluded at a transaction price of $312/mt FOB Australia, with April or June shipment, with the shipment schedule and port to be selected by the seller.

Alumina Transaction: On March 4, 2026, one overseas alumina transaction was concluded, with a trading volume of either 30,000 mt of Australian alumina or 50,000 mt of Indonesian alumina. The transaction price was $304/mt FOB Western Australia, or $302/mt FOB Eastern Australia, and $311/mt FOB Indonesia. The origin and quantity were at the seller’s option, with April shipment.

US critical minerals producer Energy Fuels said that once its Donald project in Australia comes on stream, it was expected to meet up to 50% of US demand for heavy rare earth elements. The project was expected to supply rare earths to the White Mesa facility in Utah from the end of 2027 to early 2028. In Phase 1, the Donald project could meet about 25% of US heavy rare earth demand, and Phase 2 could increase this to 50%. The project will produce 1,531 mt of Pr-Nd oxide, 168 mt of dysprosium, and 29 mt of terbium per year. After the Phase 2 expansion of the White Mesa facility, dysprosium capacity will reach 288 mt/year and terbium 80 mt/year.

It was reported that recently, large inland areas of South Australia, parts of the Northern Territory, Queensland, and New South Wales were hit by heavy rainfall. The Bureau of Meteorology warned that widespread storms would persist, flood warnings were issued for many areas, and freight traffic was disrupted in some regions. Affected by this, ore transportation in Australia was recently impacted to some extent, and the recovery time is currently unknown.

Although Emirates Global Aluminium's core profit increased by 7% last year due to higher sales, the company suffered a major setback in Guinea—the local government revoked the bauxite concession of its subsidiary Guinea Alumina Corporation (GAC), resulting in an impairment loss of up to $765 million. The UAE opposed this decision, and Emirates Global Aluminium's President Bin Kalban revealed that consultations with Guinean authorities are still ongoing. In response to the supply disruption, Emirates Global Aluminium quickly launched a diversified supply strategy, signing alternative bauxite supply agreements with countries such as Australia and Ghana, which can currently meet over 70% of its raw material needs.

On February 26, 2026, Alien Metals announced a targeted, iron-focused exploration program scheduled for Q2 2026 across its Pilbara portfolio in Australia. The program aims to explore the Vivash Project, which adjoins Fortescue's Vivash Southwest Mineral Resource that holds a 28 million tonne capacity at 58.8% Fe.

Today, the Dalian iron ore futures showed a strong trend, with the most-traded I2605 contract closing at 754.5 yuan/mt, up 0.87% from the previous trading session. Spot prices rose by 4-8 yuan/mt compared to the previous trading day. Traders' enthusiasm for quotations was moderate, and steel mills purchased as needed with limited inquiries. Overall, the spot trading atmosphere was mediocre. From a fundamental perspective, March marks the first full month of post-holiday resumption of work and production, and the recovery in end-use demand will drive a gradual increase in steel consumption. As a result, pig iron production at steel mills is also expected to see some growth. It is worth noting that during the first week after the holiday, the willingness of steel mills to restock was generally weak, focusing mainly on depleting existing in-factory inventory. By entering March, in-factory inventories have dropped to relatively low levels, coupled with an increase in hot metal production, it is expected that overall iron ore demand will show a more noticeable recovery. Macro perspective, with the Two Sessions approaching in early March, as the first major meeting of the '15th Five-Year Plan', there are positive expectations regarding policy direction and monetary arrangements. Market sentiment leans optimistic, which is generally beneficial for iron ore. In terms of news, the escalation of geopolitical tensions in the Middle East brings significant uncertainty and risks. Although the Middle East is not a core production area for iron ore, the rise in crude oil prices is expected to directly translate into higher freight premiums for Brazilian and Australian iron ore arriving in China (CFR), thereby increasing the cost of iron ore imports and supporting prices. However, in the long term, this may drag down steel exports and squeeze steel mill profits, thus weighing on ore prices. Therefore, in the short term, iron ore prices are likely to follow a pattern of rising first and then falling.

[SMM Aluminum Express News] Alcoa agreed to pay AUD 55 million (~USD 36–39M) to remediate unlawful clearing of over 2,000 ha in Western Australia's Northern Jarrah Forest (2019–2025) for bauxite mining, without approvals. Environment Minister Murray Watt granted an 18-month national interest exemption for continued limited clearing while a strategic assessment is completed, ensuring bauxite supply continuity. Alcoa caps annual clearing at 800 ha and will rehabilitate 1,000 ha/year by 2027.

U.S.-based Peabody Energy officially restarted longwall mining at its Centurion coking coal mine (formerly North Goonyella) in Queensland, Australia, after an eight-year shutdown. The mine is expected to contribute significantly to the premium hard coking coal (HCC) market, which has seen prices surge above $250/t this month due to supply tightness.

Artificial intelligence has once again captured traders' attention. Although Nvidia's performance exceeded expectations, its stock price remained sluggish throughout the day, ultimately closing down more than 5%, dampening market sentiment. Influenced by the weak performance of the U.S. semiconductor sector, benchmark index contracts in Japan and South Korea, where technology stocks hold a relatively high weight, declined, while contracts in Australia and Hong Kong saw slight gains. These fluctuations further indicate the market's high sensitivity to AI-related news, as participants strive to comprehend the long-term implications of this rapidly advancing technology. According to Hardika Singh, an analyst at Fundstrat Global Advisors, the market's mediocre reaction to Nvidia's better-than-expected earnings report is partly because investors now take such exceptional performance for granted.