On March 9, the average SMM battery-grade nickel sulphate price was flat WoW from last Friday.

According to SMM, the operating rate of the copper plate/sheet and strip industry was 41.98% in February 2026, down 28.04 percentage points MoM and down 14.49 percentage points YoY. Among them, the operating rate of large enterprises was 47.35%, that of medium-sized enterprises was 35.28%, and that of small enterprises was 31.80%.

Geopolitical conflict in the Middle East led to a blockade of the Strait of Hormuz, cutting off the global sulphur supply chain (China’s import dependence exceeds 50%, with the Middle East accounting for 56%). Sulphur prices surged to 4,395 yuan/mt, directly pushing up phosphate fertiliser costs. Rigid demand from spring ploughing provided support, but China’s policies to ensure supply and stabilise prices curbed phosphate fertiliser gains。

SMM News, March 9: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 90 yuan/mt, up 60 yuan/mt; standard-quality copper was quoted at a discount of 110 yuan/mt, up 60 yuan/mt; SX-EW copper was quoted at a discount of 170 yuan/mt, up 60 yuan/mt. The average price of Guangdong #1 copper cathode was 99,425 yuan/mt, down 1,475 yuan/mt from the previous trading day, while the average price of SX-EW copper was 99,265 yuan/mt, down 1,475 yuan/mt from the previous trading day. Spot market: After the weekend, Guangdong inventory did not continue to increase; instead, destocking occurred, mainly driven by higher warehouse withdrawals. Early in the session, copper prices fell sharply, boosting downstream buyers’ restocking enthusiasm. Suppliers proactively adjusted prices for shipments, and overall trading activity improved significantly. However, as copper prices stopped falling and rebounded, then surged sharply, restocking sentiment pulled back. Today, procurement sentiment for copper cathode in Guangdong was 2.75, up 0.13 from the previous trading day, while shipment sentiment was 3.24, up 0.23 from the previous trading day. (Historical data can be accessed by logging into the database.) Overall, the sharp early-session drop in copper prices stimulated downstream restocking, spot premiums rose sharply, and overall trading was better than last Friday.

[SMM Aluminum Morning Meeting Minutes: Middle East Geopolitical Risks Heighten Supply Concerns; Aluminum Prices to Trend Strongly Higher in the Short Term] Overall, although domestic social inventory continues to build up, the current geopolitical situation in the Middle East is the focus of global attention. If the geopolitical conflict continues, expectations for a tightening in global aluminum supply will remain strong, and aluminum prices will have strong upward momentum. In the short term, aluminum prices are expected to hold up well.

[SMM Tin Morning Brief: Macro Sentiment and Spot Trades in a Tug-of-War; Tin Prices Retreat After Rapid Rise and Enter Consolidation]

[SMM Silicon-Based PV Morning Meeting Minutes: Silicon Metal Prices Recovered Slightly; Module Prices Temporarily Stable] Over the weekend, N-type recharging polysilicon was quoted at 45-53 yuan/kg, the N-type polysilicon price index stood at 48.21 yuan/kg, and granular polysilicon was quoted at 43-45 yuan/kg. Polysilicon prices remained temporarily stable over the weekend. Bearish market sentiment was strong, with limited transactions this weekend. The market focused on subsequent order signings and operating dynamics of top-tier enterprises.

This week, more players entered the solid-state battery industry, with various parties “riding” the hype: Sunstone Development and TONZE stated that their sulphide projects were still in the early R&D stage; QingTao’s Wuhai 2 billion yuan project released its EIA public notice, and a 3.5 GWh production line in Taizhou commenced operations; Suzuki acquired Kanadevia’s solid-state battery business; Yaoshi Lithium Battery completed a 200 million yuan Series A financing round.

[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 News on March 6: This week, secondary lead premiums showed clear regional divergence, with parity prevailing overall, and most suppliers refusing to ship at a discount; only some cargoes in South China and Central China were offered at a discount of 100-50 yuan/mt against the SMM #1 lead average price. In terms of profits, scrap battery prices stayed firm, making it difficult for smelters to reduce costs, and industry losses continued. As of March 6, 2026, the theoretical comprehensive profit/loss for large-scale enterprises was -330 yuan/mt, and -543 yuan/mt for small and medium-sized enterprises (by-product revenue in the model excluded tin and antimony). Looking into next week, SMM expected supply tightness in raw materials to persist, leading the secondary lead operating rate to maintain its downward trend; under loss pressure, suppliers were likely to narrow discounts or keep parity offers, while downstream battery producers still made just-in-time procurement on a wait-and-see basis, resulting in relatively light market transactions. 》Subscribe to view SMM metal spot historical prices