On March 10, to accelerate the comprehensive utilization of electrolytic manganese residue, the Department of Energy Conservation and Comprehensive Utilization of the MIIT held a symposium in Beijing on March 9. The meeting noted that proper utilization of this complex residue is crucial for the high-quality development of the electrolytic manganese industry and regional green growth. The MIIT will conduct in-depth industry research, improve policy and standard systems, and promote advanced technologies to enhance utilization levels.

Futures: Overnight, LME lead opened at $1,940.5/mt. It held up well during the Asian session and touched a high of $1,949/mt. After entering the European session, it fluctuated downward and fell to a low of $1,932.5/mt, then edged up slightly to recover part of the losses, finally closing at $1,938.5/mt, down $6.5/mt, a decline of 0.33%. Overnight, the most-traded SHFE lead contract opened at 16,645 yuan/mt. After falling at the beginning of the session to a low of 16,600 yuan/mt, it rebounded to a high of 16,665 yuan/mt, then weakened slightly and finally closed at 16,655 yuan/mt, up 5 yuan/mt from the previous day, an increase of 0.03%. US core inflation in February unexpectedly slowed, offering slight relief to price pressures before the outbreak of the Iran war. However, as the US and Israel jointly struck Iran and the Strait of Hormuz was closed, international oil prices surged sharply, pushing up the costs of petroleum, gasoline, and fertilizers. The market generally believed that inflation would rebound in March. After the data release, the probability that the US Fed would keep interest rates unchanged next week was as high as 99.4%, while inflation concerns triggered by the war were further delaying the market's expectations for interest rate cuts within the year. MIIT: The "Industrial Data Foundation Action" was officially launched, focusing on breaking through bottlenecks in the "collection," "aggregation," and "application" of industrial data. The action will carry out pilot efforts in building high-quality industry datasets for AI empowerment, with the goal of fostering a number of industry data cooperation consortiums by the end of 2026, creating trusted interconnection platforms for data in key industries, and establishing four major resource banks including industry data and technological research. Spot Fundamentals: In the Shanghai market, Chihong lead was quoted at discounts of 80~0 yuan/mt against the SHFE lead 2604 contract. SHFE lead remained in the doldrums, and its center moved lower. In addition, as some suppliers transferred cargo to delivery warehouses, circulating supply decreased slightly, and some suppliers intended to narrow their quoted discounts. Mainstream producing areas quoted ex-factory prices at discounts of 25 yuan/mt to premiums of 25 yuan/mt against the SMM #1 lead average price. Meanwhile, supply in the secondary lead market was limited, with little circulating cargo available. Smelters held prices firm on shipments, and secondary refined lead was quoted ex-factory around parity against the SMM #1 lead average price. In addition, downstream enterprises maintained purchasing as needed, with some intending to purchase on dips. Enquiry sentiment improved slightly, but spot order market transactions had yet to show significant improvement. In terms of inventory, as of March 11, LME lead inventory stood at 284,875 mt, unchanged again from the previous day; as of March 9, SMM social inventory of lead ingot across five regions continued to accumulate. Lead Price Forecast for Today: As the delivery of the front-month contract approaches, the spot-futures price spread for refined lead spot has made delivery warehouse shipments profitable in the short term. Coupled with increased supply from the resumption of production at some primary lead smelters in Hunan and the arrival of imported lead cargoes, expectations that social inventory of refined lead will continue to build up are expected to become more evident. Secondary refined lead, upstream enterprises showed low willingness to make shipments. Due to firm scrap battery prices, smelters maintained offers with hold prices firm and reluctance to sell, while the downstream preference for just-in-time procurement of primary lead has not yet improved. Although both supply and demand in the lead market increased in early March, supply growth may precede the recovery in consumption. In the short term, lead market fundamentals remained weak, and lead prices were expected to continue a fluctuating trend in the doldrums. Data source statement: Except for public information, all other data is processed and derived 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

Zheng Shanjie, Director of the National Development and Reform Commission (NDRC), noted that the NDRC will work in coordination with the Ministry of Commerce, MIIT, and other relevant departments to roll out a series of policies to expand capacity and improve quality, fully unleashing the enormous potential for high-quality development in the services sector. Looking ahead to the 15th Five-Year Plan period, the scale of the services sector is expected to achieve a new breakthrough, reaching a new level of over 100 trillion yuan. Meanwhile, efforts will continue to advance the BeiDou large-scale application program, with a focus on promoting the vigorous development of the BeiDou industry, striving to push the industry’s scale past the 1 trillion yuan threshold within five years.

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.

At the first “Ministers’ Corridor” of the Fourth Session of the 14th National People’s Congress on March 5, Minister of Industry and Information Technology Li Lecheng stated that Chinese models had gone global; over the past year, China’s open-source model downloads ranked first worldwide. AI tools empowered production: by the end of 2025, the AI application popularization rate among above-designated-size manufacturing enterprises exceeded 30. Smart terminals integrated into daily life, and domestic enterprises released more than 300 humanoid robot products.

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。

On February 28, the Annual Conference on Humanoid Robots and Embodied Intelligence Standardization (HEIS) was held in Beijing. As the inaugural conference since the establishment of the Technical Committee for Humanoid Robots and Embodied Intelligence Standardization under the Ministry of Industry and Information Technology (MIIT) in December 2025, the event brought together government representatives, enterprises, research institutions, and investors to discuss industrial standardization.

[Policy Boosts Intelligent Connectivity, MIIT Issues New Standards] MIIT has proposed the "Artificial Intelligence+" initiative to promote the integration of intelligent connected vehicles with 5G and vehicle-road-cloud integrated technologies. The newly released automotive standards cover areas such as autonomous driving testing and power battery safety, accelerating the high-end development of the industry.

At the press conference held by the State Council Information Office, it was revealed that to ensure stable growth of the industrial economy by 2025, the Ministry of Industry and Information Technology will focus on promoting the implementation and effectiveness of both existing and incremental policies. Efforts will center on three aspects: boosting growth in key industries and regions, expanding effective demand, and optimizing the development environment. Zhang Yunming, Vice Minister of Industry and Information Technology, stated that a new round of work plans for stable growth in ten key industries (steel, non-ferrous metals, petrochemicals, chemicals, building materials, machinery, automobiles, power equipment, light industry, and electronics) will be launched to fully release the effects of their large scale, extensive linkages, and strong driving forces. Support for major industrial provinces and cities will be intensified. Policies and mechanisms to promote orderly industrial relocation will be improved, and local efforts to develop and strengthen distinctive and advantageous industries will be supported to contribute more to industrial economic growth.

[Ministry of Industry and Information Technology (MIIT): Fully Committed to Expanding Domestic Demand and Actively Promoting NEVs, Smart Home Appliances, and Other Products to Townships and Rural Areas] Tao Qing, Director of the Operation Monitoring and Coordination Bureau of the Ministry of Industry and Information Technology, stated at a press conference today that the next step for the Ministry will be to deeply implement the "Three Products" strategy for consumer goods, continuously solidify the supply foundation for the strategy of expanding domestic demand, and further enrich people's consumption experience and sense of gain. Focusing on three major categories—historical classics, contemporary premium products, and trendy innovations—the Ministry aims to accelerate the development of China's renowned consumer brands. Over approximately three years, efforts will be made to cultivate 1,000 high-quality brands and build a group of world-class consumer goods enterprises. The Ministry will actively promote NEVs, smart home appliances, and other products to penetrate townships and rural areas, bringing more high-quality products into ordinary households.