[Industrial Silicon Prices Fluctuated; Polysilicon Price Sentiment Was Weak]: This week, the silicon metal market fluctuated significantly on news, falling first and then rising. As of March 5, SMM east China oxygen-blown #553 silicon was at 9,000-9,100 yuan/mt, with the transaction center moving down WoW; some suppliers quoted at 9,200 yuan/mt. The futures market fell first and then rose, with large fluctuations; amid disruptions from news such as expectations for Xinjiang electricity prices and environmental protection, futures prices recovered from the bottom. As futures prices rose, trading firms engaging in both spot and futures market raised their quotes accordingly; silicon enterprises held quotes steady or increased them by 100 yuan/mt. Low-priced supply in the market shifted from spot-futures to silicon enterprises, and downstream users purchased as needed, selecting lower-priced offers.

[SMM Cast Aluminum Alloy Morning Comment: Overseas ADC12 Prices Surged to USD 3,200, with Import Losses Expanding Sharply] In the overnight session, the aluminum alloy 2604 contract in the night session moved downwards after a higher opening and fluctuated downward. After opening at 23,295 yuan/mt, it rose to 23,420 yuan/mt, then continued to pull back, dipping to a low of 23,000 yuan/mt, and closed at 23,170 yuan/mt in late trading, down 1.07% from the previous close. Open interest continued to decline, with bulls clearly reducing positions; trading volume edged up, and the price center moved lower.

[SMM Silicone Weekly Review: Silicone Product Prices Increased, New Orders Were Mainly Driven by Rigid Demand] This week, domestic silicone DMC market prices rose, with the quotation range of mainstream quotations raised to 14,000-14,300 yuan/mt, up 250 yuan/mt WoW. By region, monomer enterprises in Shandong quoted 14,000 yuan/mt, up 200 yuan/mt from the previous period, while mainstream monomer enterprises in other regions quoted 14,300 yuan/mt, up 300 yuan/mt from the previous period.

SMM News, March 6: This week, LME lead opened at around $1,962.0/mt. In early trading, amid a tug-of-war between longs and shorts, it saw wide swings around $1,966/mt, hitting a high of $1,981.5/mt. As overseas geopolitical risks intensified, base metals broadly fell during the European session, and the center of LME lead moved down to around $1,943.5/mt, once dipping to the weekly low of $1,927/mt. Sentiment then recovered, and lead prices fluctuated upward but struggled to rebound, failing to break through resistance. It weakened again toward the close and finally settled at $1,948.5/mt, down $11/mt from the start of the week, a decline of about 0.56%. This week, the most-traded SHFE lead contract opened at around 16,805 yuan/mt. Boosted by geopolitical factors, broad gains in the base metals sector drove lead prices to strengthen amid fluctuations, reaching a high of 17,020 yuan/mt. Subsequently, affected by weak supply and demand in the spot market, prices lacked support and pulled back amid fluctuations, dipping to 16,710 yuan/mt. Mid-week, it fluctuated rangebound around the daily moving average. It rebounded slightly toward the close but remained at low levels overall, finally settling at around 16,775 yuan/mt, down about 65 yuan/mt WoW, a decline of about 0.39%. > Subscribe to view SMM historical spot metal prices

[Prices Lack Upward Momentum; Grain-Oriented Silicon Steel Prices May Temporarily Hold Steady Next Week] Steel mill production remained stable, with no significant production cuts or expansion. After the holiday, supplies gradually arrived in the market, and market supply was ample, with no pressure from resource shortages for the time being. Meanwhile, grain-oriented silicon steel has relatively high barriers in production processes, making supply-side rigidity relatively strong; coupled with the benchmark pricing role of leading steel mills, downside room for prices is limited.

[Frequent Supply Disruptions; Imported TCs Continued to Decline]: Weekly data showed that the average weekly TC for SMM Zn50 domestic remained flat at 1,550 yuan/mt in metal content, while the SMM Imported Zinc Concentrate Index fell by $8.37/dmt MoM to $15.38/dmt...

This week, ferrous metals held up well within a narrow range. Over the weekend, turmoil in the Middle East and the escalation of the U.S.-Iran conflict triggered wild swings in the international energy market, sending energy and precious metals sharply higher, while ferrous metals—except coking coal and coke—mostly retreated after rapid rise following the open; mid-week, although there were bullish expectations around the Two Sessions, no new news emerged, the steel market remained relatively stable, and the pattern of raw materials outperforming finished steel products continued; in the latter half of the week, the Two Sessions’ macro conclusions met expectations, but had already been priced in by futures earlier, and high-level fluctuations in international oil prices continued to support raw materials, in turn pushing ferrous metals to edge higher on a steady footing. In the spot market, in the second week after the holiday, the market gradually resumed work and resumed production, but with insufficient momentum from futures, overall willingness to purchase was not high, and transactions were mainly concluded at low prices......

Entering March, as the bullish sentiment in precious metal prices weakened, some lead smelters became less willing to obtain silver-bearing lead concentrates raw materials by paying lower TCs. Although lead concentrate TCs have yet to see a substantive rebound, smelters generally stated that it remained difficult for mainstream lead concentrate TC quotations to rise in March, but the phenomenon of transactions involving scrambling for ore at extremely low prices has disappeared. As the absolute level of silver prices can still enable smelters to obtain relatively substantial profits, in March smelters did not have expectations of negotiating downward the relevant payable indicator.

[SMM Silicon-Based PV Morning Meeting Minutes] Silicon metal: Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,000-9,200 yuan/mt, and 441# silicon was at 9,200-9,500 yuan/mt. Yesterday afternoon, silicon metal futures prices fluctuated sharply due to macro disruptions; the most-traded contract fell below 8,200 yuan/mt at its low and closed at 8,205 yuan/mt in late trading. Some silicon enterprises in northern China lowered their quoted prices, but they still did not match the price advantage of spot-futures traders, and downstream users mainly bought the dip. Polysilicon: N-type recharging polysilicon was quoted at 46-53 yuan/kg, the polysilicon price index was 49.17 yuan/kg, and polysilicon prices have declined significantly recently, mainly due to pressure from wafer price cuts and the impact of related meetings. At present, as the wafer segment has yet to stop falling, market sentiment is weak, and there may still be some downside room going forward.

SMM News on March 6: From February 27, 2026 to March 6, 2026, the weekly operating rate of SMM secondary lead across four provinces was 27.12%, down 2.6 percentage points WoW. Most smelters in Anhui had yet to resume production, while smelters in Henan cut production due to tight raw material supply; workers at smelters in Jiangsu returned to work after the Lantern Festival, and the operating rate increased by about 5 percentage points this week; the operating rate in Inner Mongolia was flat WoW. Affected by factors including environmental protection requirements during the Two Sessions, tight raw material supply, and weak downstream demand, secondary lead smelters’ production resumptions were concentrated at month-end March, and SMM expected relatively small fluctuations in the operating rate next week. > Subscribe to view SMM historical metal spot prices