[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.

[SMM Cast Aluminum Alloy Morning Comment: Prices Pull Back as Aluminum Scrap Holders Are Reluctant to Sell; Overall Market Trading Remains Muted] Yesterday, the SMM ADC12 price rose by 500 yuan/mt, with the center of market quotations moving up markedly. Most producers’ price adjustments were concentrated in the 500–600 yuan/mt range. Recently, raw material prices have continued to strengthen, and the cost side has risen quickly, providing a clear lift to enterprise quotations. However, downstream demand has been relatively steady. Most enterprises reported that orders and inquiry activity were generally average, and downstream purchasing remains mainly restocking on an as-needed basis. Supported by cost-driven momentum and market expectations, enterprises have shown a clear willingness to raise prices. In the short term, against the backdrop of cost support and mild supply release, ADC12 prices are expected to hold up well. The medium-term trend will still depend on the recovery of end-use consumption. If die-casting industry orders increase significantly, the price center is expected to move up further; 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.

[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

Southern Nonferrous Metals Successfully Concludes Large-Scale Metal Tenders Amid Strong Market Demand

[Zinc Fundamental Trading Logic Amid the Middle East Conflict: Risk Identification and Opportunity Capture] Global geopolitical conflicts have continued unabated, and news of the recent Middle East conflict has emerged frequently. What impact will this have on the zinc industry? This article provides an analysis from both fundamental and market perspectives:

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, March 9: According to multiple sources from the market, South China Nonferrous recently conducted large-scale tenders for several of its metal products, including substantial volumes of bismuth ingots, cadmium ingots, and indium ingots. The information indicated that the final results were all successfully concluded. At present, according to official information, these metal tenders have indeed smoothly entered the delivery stage, but the authorities are currently unwilling to disclose the specific transaction prices. However, many market participants said that the transaction prices of these metals were close to the market spot prices. Considering such large volumes, this outcome indeed indicates robust trading interest in these metal markets. After the Chinese New Year, end-use demand has also begun to enter an active stockpiling phase. In addition to end-users, market forces including trade and speculation have also been actively taking action; therefore, the market’s recent price trend has been relatively firm.

[SMM Daily Brief Commentary on Coking Coal and Coke] In terms of supply, most coke producers were in a loss-making position, and some coke producers saw inventory buildup, which continued to suppress their production incentives, with coke oven operating rates edging down. Demand side, steel mills’ coke inventory was at a reasonable level, and they were still mainly purchasing as needed; steel mills showed signs of controlling arrivals. In addition, the impact of steel mills’ voluntary production cuts during the Two Sessions led to a decline in the daily average hot metal output, weakening rigid demand for coke. Overall, coke fundamentals remained unoptimistic, and cost support was expected to weaken; in the short term, the coke market may remain in the doldrums.

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