[SMM Weekly Survey of the Aluminum Downstream Sector: Downstream Aluminum Operating Rate Continued to Rebound to 61.9%, with High Prices Suppressing the Peak "Golden March" Season] This week, the weekly operating rate of leading downstream aluminum processing enterprises in China rose 2.4 percentage points MoM to 61.9%, overall extending the post-holiday recovery trend, with all segments rebounding MoM, and the industry as a whole entering a normal production pace.

[SMM Silicone Weekly Review: Downstream Procurement Sentiment in the Silicone Market Remained Cautious, and New Order Transactions Were Relatively Weak] After completing the price increase last week, quoted prices generally remained stable this week, but actual market transactions were relatively weak. Cost side, affected by geopolitical developments, raw material methanol prices held up well, which also provided some support for silicone DMC prices. However, subsequent impacts and changes still require close attention to the extent of raw material price fluctuations and the duration of their effects.

[SMM Magnesium Weekly Review: Magnesium Market Continued to Consolidate at High Levels, with Cost Support and Demand Stalemate Persisting] This week, the overall magnesium industry chain continued to consolidate at high levels, with prices of all categories remaining largely stable. The raw material dolomite market operated steadily, with differentiated supply across regions but overall stability, while the procurement pace on the demand side remained steady. The magnesium ingot market remained in a supply and demand stalemate, as producers showed strong reluctance to sell, and low circulating inventory supported firm quotations. However, both domestic trade and foreign trade demand appeared weak, transactions were sluggish, and FOB quotations stayed at high levels, though actual deals were limited. The magnesium powder market remained stable with a firm tone, domestic trade demand continued to recover steadily, foreign trade growth was limited, and cost support remained in place. The magnesium alloy market's benchmark price held steady, processing fees remained firm, enterprise operating rates rebounded, and downstream demand gradually recovered, though the pace of growth slowed, with overall transactions remaining mild. Looking ahead, the tug-of-war between cost support and weak demand is expected to continue, and the market may continue to consolidate at high levels.

On March 10, data from the General Administration of Customs showed that China’s cumulative steel exports in January-February 2026 reached 15.591 million mt, down 8.1% YoY, with February steel exports at 7.837 million mt. China’s cumulative steel imports in January-February 2026 were 827,000 mt, down 21.7% YoY. China’s Steel Exports Declined YoY in January-February Against last year’s high base, China’s cumulative steel exports in January-February fell 8.1% YoY, but still remained at a relatively high level for the same period in previous years. The YoY decline in total exports in January-February was attributable, on the one hand, to policy impacts. At the end of 2025, the Ministry of Commerce announced that the export licensing system would take effect on January 1, 2026. As it basically covered all steel export categories, policy uncertainty made some export traders more cautious in taking orders. On the other hand, the appreciation of the yuan weakened the price advantage of exports, which also affected order-taking. In February, despite fewer calendar days, the MoM figure still increased. The reason was that some steel mills engaged in compliant exports actively pursued export orders to ease pressure from domestic sales while traders stayed on the sidelines. Meanwhile, in the early stage of export license implementation, both customs and exporters needed to spend more time adapting to policy changes. As time passed, overall work efficiency improved, and port cargo pick-up also accelerated accordingly. China’s Steel Imports Remained at a Low Level in January-February On the import side, China’s cumulative steel imports in January-February were 827,000 mt, down 21.7% YoY; net steel exports reached 14.764 million mt, down 7.3% YoY. Short-Term Outlook for Steel Exports According to the China Federation of Logistics and Purchasing, the global manufacturing PMI stood at 51.2% in February 2026, up 0.2 percentage points MoM, remaining above 50 for two consecutive months. Asia, Europe, and the Americas all posted MoM increases and all stayed above the threshold, indicating signs of improving recovery in global manufacturing. However, affected by the long Chinese New Year holiday in China, the new export orders index of China’s manufacturing PMI was 45% in February, down 2.8 percentage points MoM. At the same time, geopolitical risks in the Middle East have surged recently, bringing uncertainty to the just-improving global economic recovery. According to monitoring data from the World Steel Association, global crude steel production totaled 147.3 million mt in January 2026, down 6.5% YoY, mainly dragged down by the sharp contraction in China’s production, which fell to 75.3 million mt in the single month, with a YoY decline as high as 13.9%. However, excluding the Chinese market, the rest of the world actually achieved about 3.6% growth against the trend in January, showing localized resilience amid divergence. The continued recovery of global crude steel capacity has brought some suppression to China’s steel exports. As of March 6, 2026, export offers for HRC (FOB) from India, Turkey, and the CIS were $500/mt, $566/mt, and $460/mt, respectively, while China’s HRC export offer (FOB) was $472/mt. At present, China’s HRC export offer was respectively -$28/mt, -$94/mt, and +$12/mt versus those countries. Overall, China’s steel exports still had an absolute price advantage. Figure 1 - HRC Export Offers in Major Global Markets Source: SMM According to SMM’s latest steel mill export scheduling data, the planned HRC export volume for this month was 819,000 mt, down 125,000 mt from last month’s actual exports, with a MoM decline of 13.2%, mainly because major northern mills planned to adjust their export product mix. According to SMM steel export order-taking data, as the impact of export licenses gradually faded, export order-taking gradually recovered in mid-to-late January. Meanwhile, with the long Chinese New Year holiday approaching, most export traders brought sales forward, so overall export order-taking maintained relatively high MoM growth. However, due to shipping disruptions caused by the escalation of the US-Iran conflict, earlier orders would face certain difficulties in shipment. Taking all factors into account, with the support of more calendar days in March, SMM expected a mild MoM rebound in overall export volume, though product divergence remained evident. Subsequent changes in total export volume would likely depend on judgment over the US-Iran conflict. If the conflict ends quickly, the overall impact will be relatively limited. Some domestic export traders have even taken on some semi-finished products orders lost from the Middle East due to the conflict, and Middle East demand has only been delayed rather than disappeared, with expectations of a demand surge after the conflict ends. But if the conflict turns into a protracted war, previously expected Middle East demand may face the risk of reassessment, while uncertainties such as ocean freight rates would also cause part of the demand to turn cautious. Figure 2 - SMM Steel Export Order Intake Source: SMM Data Source Statement: Except for publicly available information, all other data is processed by SMM based on public information, market communication, and SMM’s internal database models, and is for reference only and does not constitute decision-making advice. Note: This article is an original article of this official account. For any reposting, whitelist, or cooperation needs, please contact us. Without permission, it may not be reproduced, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or otherwise disclosed to third parties, nor may any third party be authorized to use it. Otherwise, once discovered, SMM will pursue legal liability for infringement, including but not limited to claims for breach of contract, recovery of unjust enrichment, and compensation for direct and indirect economic losses. Scan the Code to Get Information for Free

This article explains the 2026 revision of Vietnam's Mineral Law, including adjustments to mineral classification, optimization of mining permit rules, and enhancements to mineral control. These changes may have a significant impact on mining enterprises, particularly those involved in metallic mining activities in Vietnam, possibly affecting areas such as business operations, policy and tax compliance, upstream mining, and open new opportunities in mineral recycling business.

Refined Cobalt: This week, spot refined cobalt fluctuated rangebound around 430,000 yuan/mt. On the supply side, mainstream smelters slightly lowered ex-factory prices, while traders' spot-futures price spread remained stable: regular brands were at discounts of 2,000 yuan/mt to parity, and high-end brands at premiums of 5,000–8,000 yuan/mt. On the demand side, cost pass-through downstream remained sluggish, with market participants mainly staying on the sidelines. Only sporadic rigid-demand restocking emerged, and transactions had yet to gain volume. Fundamentally, the arrival period for cobalt intermediate products remained unclear, and the structural tightness in raw materials was unchanged, leaving support at the bottom still in place. Looking ahead, as restocking demand is gradually released, refined cobalt prices are still expected to have upside room. Cobalt Intermediate Products: This week, cobalt intermediate product prices continued to hold steady. On the supply side, miners' export progress was slow, holders temporarily held back offers, and spot cargo available for circulation was scarce. On the demand side, raw material shortages at smelters worsened. Although purchase willingness remained, both buyers and sellers stayed cautious due to unstable supply and unclear downstream orders, and the market continued to see "offers but no trades." Overall, export delays cast doubt on the timing of bulk arrivals, and the structural tightness in raw materials in China may worsen further; once downstream orders are finalized and procurement restarts, intermediate product prices are still expected to have upward momentum. Going forward, attention should be paid to export progress in the DRC and the pace of demand recovery. Cobalt Sulphate: This week, spot cobalt sulphate prices held steady. On the supply side, supported by tight raw materials, most smelters kept offers firm in the 95,000–98,000 yuan/mt range; small smelters and traders under capital pressure had already completed cashing out from last week to early this week, and low-price offers in the market narrowed. On the demand side, uncertainty over downstream orders persisted, with most enterprises remaining on the sidelines. Post-holiday stockpiling willingness had yet to start, with only sporadic rigid-demand restocking and priority given to lower-priced cargoes. In the short term, the market remained in a period of social inventory digestion, with rangebound adjustments dominating; however, the raw material supply bottleneck in the DRC remained unresolved, domestic supply tightened periodically, and cost support still existed. After low-priced inventory is depleted, prices are expected to resume their rise.

[China Iron Ore Brief: Iron Ore Concentrates Prices in Tangshan Had Some Room to Move Higher] Iron ore concentrates prices in Tangshan were relatively stable this week, with the ex-factory prices of 66-grade dry-basis, tax-included iron ore concentrates at 970-980 yuan/mt. As the important meeting was about to close, the impact of environmental protection and safety inspections gradually weakened, and some mines and beneficiation plants showed stronger willingness to produce, though overall iron ore concentrates resources remained relatively tight. According to SMM tracking, after the meeting ended, some mines and beneficiation plants that had suspended production earlier

The Premier Academic Event in the Energy Storage Field—the 9th Energy Storage Frontier Technology Conference is expected to open soon. The conference is scheduled to be held from March 31 to April 3, 2026, at the Beijing·Capital International Exhibition & Convention Center, and is hosted by the Institute of Engineering Thermophysics, Chinese Academy of Sciences; the China Energy Research Society; and the Zhongguancun Energy Storage Industry Technology Alliance. This conference features nine major tracks: the Academician Forum, Advanced Energy Storage Materials, Energy Storage Design and System Integration, Grid-Forming ESS , Battery Cells, Hydrogen Energy, Long Duration Energy Storage (LDES), Short-Duration High-Frequency Energy Storage, and Safety and Standards . Led by nine academicians, with more than 50 experts from universities and research institutes and more than 70 representatives from leading enterprises gathering together, the conference will jointly explore frontier technologies, development trends, and future challenges in the ESS sector. Established in 2017, the Energy Storage Frontier Technology Conference is an important academic brand event actively developed by the Energy Storage International Summit and Exhibition (ESIE) . The conference aims to provide a platform for experts and scholars in the ESS sector to share research achievements and discuss frontier technologies. By showcasing the latest advances in energy storage technologies, it stimulates innovative thinking and drives technological breakthroughs; grounded in the integration of academic research and industry needs, it offers new ideas for the innovative development of the energy storage industry. Conference Highlights Led by Academicians, with a Strong Lineup Nine academicians will take the lead, with more than 50 experts from universities and research institutes and more than 70 representatives from leading enterprises gathering together to discuss frontier research achievements and share in-depth industry insights. Focused on the Frontier, Comprehensive Coverage Covering hot topic areas such as advanced energy storage materials, battery cells, hydrogen energy, long duration energy storage (LDES), short-duration high-frequency energy storage, grid-forming ESS, energy storage design and system integration, and safety and standards, it provides a comprehensive interpretation of the current development status and future trends of each technology pathway. Industry–Education Integration, Jointly Seeking Development Building a high-level platform for industry–academia–research exchange and cooperation, promoting the transformation of scientific and technological achievements, and pooling efforts to drive the high-quality development of the energy storage industry. Zhongguancun Energy Storage Industry Technology Alliance Student Registration Channel for Attendance 1、 The main forum and all technical tracks of the 9th Energy Storage Frontier Technology Conference are free of charge for enrolled students. The Zhongguancun Energy Storage Industry Technology Alliance has set up a dedicated student registration channel; attendance is permitted after approval by the organizers. 2、 Registration for the General Public Please contact the organizer Zhao Han 18210188771 Visitor Registration Channel Exhibition Dates: April 1–3, 2026 Exhibition Venue: Beijing·Capital International Exhibition & Convention Center How to Visit: Scan the QR code above to make a free reservation to visit the exhibition The Wind Vane for the Development of China’s Energy Storage Industry The 14th Energy Storage International Summit and Exhibition ESIE 2026 Exhibition Dates: April 1, 2026–April 3, 2026 Summit Dates: March 31, 2026–April 3, 2026 Venue: Beijing·Capital International Exhibition & Convention Center

This week, ternary cathode precursor prices were broadly stable. Raw materials, nickel sulphate prices edged up today, while cobalt sulphate prices and manganese sulphate prices held steady. Discounts, for March orders, as raw material prices were expected to rise to some extent, some producers recently showed willingness to raise nickel discounts. Long-term contracts, as downstream orders remained unclear, acceptance of higher discounts did not improve significantly and was basically flat from February. Spot orders, discounts for some earlier orders had already been finalised before the Chinese New Year, while discounts for the remaining March orders rose slightly from February; production, precursor production schedules in March recovered overall from February, with some leading producers in China and producers with relatively large export orders maintaining high operating rates. Looking ahead, sulphate prices have recently remained generally firm and may provide further support for precursor prices from the cost side.

On the demand side, the EV battery market has seen order contractions compared to earlier expectations, impacted by lackluster new energy vehicle sales both domestically and internationally.