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The U.S. government has shifted from policy announcements to actively deploying capital, channeling funds through multiple programs to strengthen domestic and allied critical mineral and metal supply chains and related manufacturing. In practice, this financing is delivered through several key agencies: the Department of Energy (especially the Loan Programs Office), the Department of Defense (including Defense Production Act Title III and the Office of Strategic Capital), the Department of Commerce (such as the CHIPS Program Office), USDA Rural Development for select industrial support, and the International Development Finance Corporation for strategic overseas investments, alongside the Export-Import Bank, which plays a major role in funding projects from mining to manufacturing.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain in a stalemate. Supply side, according to SMM, large volumes of non-registered copper are set for concentrated arrivals next week, while actual arrivals still need to be observed further, and near-term supply pressure remains in place. Against the current backdrop of high inventory, circulating spot cargo is relatively ample, and most suppliers have strong willingness to sell, leaving spot discounts continuously under pressure. However, some suppliers have begun to show an inclination to hold prices firm. If discounts widen further, suppliers may choose to ship to delivery warehouses rather than continue selling at deeper discounts, providing some support to the lower end of discounts. Demand side, some downstream enterprises have seen an increase in order intake and shipments for this month, resulting in rigid demand for spot cargoes with invoices dated this month, but such cargo is relatively hard to find in the market. In addition, the price spread between high-quality copper and standard-quality copper remains narrow, indicating that actual consumption demand has become the dominant market driver. Overall, room for spot discounts to fall further is limited, but any upside is also constrained by high inventory and expectations for imported arrivals. Shanghai spot copper against the 2604 contract is expected to maintain the current discount level tomorrow.

[SMM Tin Midday Commentary: As Expectations for a Temporary Easing of the Macro Situation Fade, SHFE Tin Contracts Come Under Pressure Again]

Today, spot prices of #1 copper cathode in North China were reported at discounts of 100 yuan/mt to 40 yuan/mt against the front-month contract, with the average price up 10 yuan/mt from the previous trading day. The average transaction price was 95,355 yuan/mt, down 240 yuan/mt from the previous trading day.

[SMM Zinc Morning Meeting Summary: The Ongoing Middle East Situation Continued to Disrupt the Market, and LME Zinc Fluctuated at Lows]: Overnight, LME zinc opened at $3,053/mt. After the opening, LME zinc fluctuated downward and hit an intraday low of $3,037.5/mt. It then continued to rebound from lows and touched a high of $3,090.5/mt near the close, eventually closing up at $3,081/mt, up $42.5/mt, or 1.4%...

Finance Minister Purbaya Yudhi Sadewa confirmed on Wednesday (March 25) that the government will finalize the specific tariff for a coal export tax and revised 2026 RKAB production targets during a high-level meeting tomorrow, March 26. President Prabowo Subianto has already indicated a specific "target figure" for the tax to capture windfall profits as global coal prices soar above US$135 per ton. Minister Purbaya noted that the government will prioritize fiscal impact over corporate resistance, as coal hits US$135/t. Minister Airlangga confirmed 2026 RKAB production hikes to offset global energy risks, while President Prabowo ordered an immediate shift from diesel (PLTD) to solar energy to counter crude prices breaching US$100/bbl.

[SMM Tin Brief Commentary: Improving Macro Sentiment Boosted the Nonferrous Metals Sector, Tin Prices Rebounded in the Short Term but Support Remained Insufficient]

SMM learned that on March 18, the intelligent capacity enhancement project for lithium/sodium-ion battery pole pieces of Jiangxi Weike Technology was officially filed, with a total investment of 54.81 million yuan. Through technological transformation and the addition of core equipment, the project will build an intelligent pole piece production line. Construction will start in March 2026 and be completed in June 2027, further strengthening the supply capability of core sodium-ion battery components.

Tata Steel and Hindustan Zinc announced on Monday, 25 March 2026, a partnership to incorporate EcoZen, a sustainable and environmentally friendly steel production solution, producing low carbon-zinc. HZL’s EcoZen is manufactured using renewable energy and has a certified carbon footprint of less than 1 tonne of CO₂ equivalent per tonne of zinc, around 75% lower than the global industry average of production. This allows downstream industries to significantly reduce toxic emissions across the value chain.