SMM News, March 10: Dealers in Hunan reported that end-use consumption in the e-bike lead-acid battery market was average. After retailers restocked following the holiday, battery sales pulled back somewhat. Current battery inventory is maintained at around half a month, and the wholesale price of the main 48V20Ah model is 400 yuan/set. Manufacturers in Jiangxi reported that demand in the electric lead-acid battery market improved in March. In addition, dealers restocked as usual after the holiday, and finished product orders rebounded significantly compared with February. At present, the operating rate of factory production lines is around 80, with raw material lead mainly procured through long-term contracts. Manufacturers in Zhejiang reported that replacement demand in the electric lead-acid battery market improved relatively, with dealers making purchases based on demand. The current factory operating rate has recovered to above 80. In addition, lead prices lacked upward momentum, and spot supply in circulation was ample, so recent procurement has basically been on a buy-as-needed basis.

[Domestic Iron Ore Brief Commentary: Iron Ore Concentrates Prices in the Tangshan Area May Have Some Room to Move Higher] The Tangshan domestic ore market saw a wait-and-see stance in supply and demand, with environmental protection-related controls constraining beneficiation production; overall iron ore concentrates resources were relatively tight, and beneficiation plants holding cargo showed strong bullish sentiment. The local delivery-to-factory price, tax included, for 66 grade iron ore concentrates (dry basis) was 970-980 yuan/mt. Steel mills, recently affected by production restrictions, saw a noticeable phased decline in overall hot metal, but it is expected to gradually return to normal next week, so demand support for iron ore concentrates remains. In addition, the recent trend in iron ore futures prices

SMM News on March 10: During the day, the most-traded SHFE lead 2604 contract opened at 16,710 yuan/mt. In early trading, the price edged down slightly before fluctuating higher and then pulling back again. During the session, SHFE lead prices fluctuate rangebound within 16,670-16,690 yuan/mt. Affected by weak downstream consumption recovery and persistently sluggish spot transactions at smelters, lead prices rebounded slightly in the afternoon before coming under pressure. Near the close, SHFE lead prices settled at the day’s low of 16,650 yuan/mt. A bearish candlestick without a lower shadow was recorded, down 90 yuan/mt, or 0.54%. After the Lantern Festival, domestic smelters accelerated the pace of resuming operations, but downstream consumption sentiment remained weak. Spot shipments stayed at low levels, and inventories at some enterprises remained persistently high. SMM expects that lead prices will maintain a fluctuating trend in the short term. Data Source Statement: Except for public information, all other data are processed by SMM based on public information and market communication, and generated relying on SMM’s internal database models. They are for reference only and do not constitute decision-making advice.

DCE iron ore futures fell before rising, stabilizing in the afternoon session. The most-traded contract I2605 finally closed at 784 yuan/mt, up 0.26% from the previous session. Meanwhile, spot prices fell 2–5 yuan from the previous trading day. Traders showed average enthusiasm in quoting prices, and steel mills’ purchases were mainly for rigid demand. Overall, the spot market saw scant transactions. According to SMM survey tracking, blast furnace maintenance intensity continued to increase this week, with the impacted volume up 102,100 mt WoW to 1.9892 million mt. Iron ore demand was currently at a relatively low level. As blast furnaces that underwent earlier maintenance resumed production in a concentrated manner, hot metal production was expected to rebound next week, and iron ore demand was likely to improve. On the macro front, the war in the Middle East remained in a stalemate. Surging crude oil prices pushed up the ocean freight rate and the cost of imported iron ore, providing cost support for ore prices. However, due to limited actual transactions, upward momentum showed signs of weakening. Therefore, in the short term, ore prices might mainly see sideways movement within a range.

[SMM Chrome Daily Commentary: Quotes Rose Steadily, Strong Support at the Bottom] News on March 10, 2026: Both ferrochrome and chrome ore quotes rose slightly……

Futures: Overnight, LME lead opened at $1,940/mt and stayed relatively strong during the Asian session, hitting a high of $1,942/mt. Entering the European session, it pulled back to hover near the intraday moving average before sliding to an intraday low of $1,927.5/mt. It edged up slightly before the close and finally settled at $1,931/mt, down $15/mt, or 0.77%. Overnight, the most-traded SHFE lead 2604 contract opened at 16,710 yuan/mt. After rising early to a high of 16,750 yuan/mt, it turned lower and weakened, staying under pressure around 16,700 yuan/mt and moving sideways. It rose slightly late in the session and finally closed at 16,720 yuan/mt, down 35 yuan/mt from yesterday, or 0.21%. On the macro front: US President Trump said at a press conference that the US military action against Iran would end “soon,” but “not” within this week. To address market turbulence caused by the military action and to stabilise international oil prices, Trump announced the cancellation of some oil-related sanctions. National Bureau of Statistics (NBS): In February 2026, the national CPI rose 1.3% YoY. On average in January–February, the national CPI increased 0.8% from the same period a year earlier. The work report of the Standing Committee of the National People’s Congress in 2026 disclosed this year’s legislative “construction blueprint”. Centered on accelerating the building of a strong financial country, China will formulate the Financial Law and the Financial Stability Law this year, and revise the Law of the People’s Bank of China and the Law on Banking Supervision and Administration, to build the top-level design of financial rule of law. Spot fundamentals: In the Shanghai market, Chihong lead was quoted at discounts of -100~0 yuan/mt against the SHFE lead 2604 contract. After SHFE lead probed lower and then rebounded, suppliers quoted in line with the market. As delivery approaches, circulating cargoes increased in Jiangsu, Zhejiang, Shanghai. In addition, cargoes self-picked up from production site at primary lead smelters were mostly shipped at discounts, while some suppliers showed significant divergence in shipments. Mainstream producing areas offered ex-works quotations at discounts of 50 yuan/mt to premiums of 100 yuan/mt against the SMM #1 lead average price. Circulating cargoes in the secondary lead market were limited, and smelters held prices firm for shipments. Secondary refined lead was quoted ex-works at discounts of 50 yuan/mt to premiums of 25 yuan/mt against the SMM #1 lead average price. Meanwhile, quotations for imported crude lead increased. Downstream enterprises showed strong wait-and-see sentiment, with relatively scattered procurement, and spot order market transactions showed no obvious improvement for now. Inventory: As of March 6, LME lead inventory stood at 283,875 mt, down 1,025 mt from the previous day; as of March 9, SMM social inventory of lead ingots across five regions continued to rise. Lead price forecast for today: After the Chinese New Year holiday factor faded, both supply and demand for lead ingots increased, but even if secondary lead enterprises delayed resuming operations, lead ingot inventories at smelters were still being digested slowly. With delivery of the SHFE lead 2603 contract approaching, and considering that the spread between futures and spot prices has recently stayed above 200 yuan/mt, suppliers in the spot market showed strong willingness to transfer inventory and ship to delivery warehouse, gradually moving smelter plant inventories to delivery warehouses. Social inventory of lead ingots is expected to continue rising in the short term, and lead price expectations are expected to remain in the doldrums.

[SMM Stainless Steel Daily Review] Easing Geopolitical Sentiment Supports Base Metals; SS Futures Hold Up Well and Fluctuate Upward SMM News on March 10: SS futures showed a hold-up-well, rangebound pattern. US President Trump said regarding the situation related to Iran that “the war is about to end,” which supported base metals futures and led to signs of strengthening. SS futures also rose in tandem, closing at 14,265 yuan/mt by the midday close. In the spot market, driven by stronger SS futures, traders turned more optimistic and confidence improved, with fewer low-priced supplies in the market. Downstream end-users still mainly made just-in-time procurement, and overall transactions remained steady. The most-traded SS futures contract fluctuated downward. At 10:15 a.m., SS2604 was quoted at 14,310 yuan/mt, up 100 yuan/mt from the previous trading day. In Wuxi, spot premiums for 304/2B were in the 210-410 yuan/mt range. In the spot market, Wuxi cold-rolled 201/2B coils were generally stable; for cold-rolled trimmed-edge 304/2B coils, the average price in Wuxi was stable and the average price in Foshan was stable; cold-rolled 316L/2B coils in Wuxi were stable; hot-rolled 316L/NO.1 coils in Wuxi were quoted stable; and cold-rolled 430/2B coils in both Wuxi and Foshan were stable. As the traditional peak consumption season of “Golden March and Silver April” begins, the stainless steel market is entering a window for demand recovery. Downstream demand is gradually returning as market participants resume work and resume production after the Chinese New Year holiday, but although transactions improved compared with the earlier period, the bustling peak-season momentum has yet to emerge. End-user procurement remains mainly just-in-time, and stockpiling willingness is relatively low. On the futures side, driven by risk aversion triggered by geopolitical conflicts...

SMM News, March 10: Replacement demand in the automotive battery market was moderate. After the holiday, dealers restocked based on demand. The operating rate of production lines at some medium and large enterprises had recovered to 70-90%, with a few even approaching full capacity. However, export-oriented enterprises among them had weak orders, and production was basically based on sales, while procurement of raw material lead was also relatively cautious.

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

[SMM Chrome Daily Review: Costs Become the Core Support, Demand Recovery Is Expected to Be Bullish] News on March 9, 2026: Ferrochrome quotations saw no adjustments for the time being, while spot chrome ore quotations rose slightly…