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In 2026, the correction in lithium carbonate prices drove up lithium battery production costs. Coupled with uncertainties in lithium resources supply, cost pressure across the new energy industry became increasingly prominent. Leveraging the advantages of abundant sodium resources, balanced distribution, and controllable costs, sodium-ion batteries have leapt from being a “backup option” for lithium batteries to a key direction for industry breakthrough...

Mar 20, 2026 15:00

[SMM Analysis] 2026 Sodium-Ion Battery Competitive Landscape: Na‑ion Pioneers vs Lithium Battery Giants

【SMM Analysis】Middle East Turmoil Triggers Trade "Mismatch": China Accelerates to Fill 2.3 MT Supply Vacuum in SEA

Middle East tensions have sparked a massive steel trade "mismatch." Iran's blocked exports created a 2.3-million-ton billet vacuum in Southeast Asia, while the Red Sea crisis stalled China's flat steel shipments to the Gulf. Consequently, China and India are rapidly absorbing SEA's diverted billet orders. SMM projects that blocked flat steel returning to China's domestic market, combined with surging overseas billet demand, will accelerate the narrowing of the domestic HRC-rebar spread.

Mar 20, 2026 09:51

Regional Aluminum Premiums Surge May Impact China's Primary Aluminum Net Imports

SMM, March 20: Imports: According to data from the General Administration of Customs, China’s primary aluminum imports were about 189,000 mt in January, down 0.1% MoM and up 17.1% YoY; in February, China’s primary aluminum imports were about 202,000 mt, up 6.6% MoM and up 0.7% YoY. In January-February 2026, China’s cumulative primary aluminum imports totaled about 391,000 mt, up 8.0% YoY. Exports: According to data from the General Administration of Customs, China’s primary aluminum exports were about 13,000 mt in January, down 64.6% MoM and up 56.6% YoY; in February, China’s primary aluminum exports were about 10,000 mt, down 24.6% MoM and up 187.9% YoY. In January-February, cumulative primary aluminum exports totaled about 23,000 mt, up about 94.8% YoY. Net imports: According to data from the General Administration of Customs, China’s net primary aluminum imports were 176,000 mt in January, up 15.9% MoM and up 14.9% YoY; in February, China’s net primary aluminum imports were 192,000 mt, up 9.0% MoM and down 2.6% YoY. In January-February, China’s cumulative net primary aluminum imports were about 367,000 mt, up 5.0% YoY. (The above import and export data are based on HS codes 76011090 and 76011010.) Although China’s net primary aluminum imports maintained positive growth in January-February 2026, expectations of a sharp rise in regional aluminum premiums outside China will challenge this situation. As of March 20, SMM’s Japan MJP spot premiums for aluminum ingot stood at $255/mt, up 45.7% from month-end February. Currently, some market participants were quoting Japan MJP CIF premiums for Q2 at around $350-353/mt, up about 80% from $195/mt in Q1; the US Midwest DDP aluminum premium stood at 105.25¢/lb, equivalent to $2,110/mt. As of March 13, Europe’s P1020A aluminum ingot duty-paid premiums stood at $470/mt, up about 27.0% from month-end February, while Europe’s P1020A aluminum ingot duty-unpaid premiums stood at $375/mt, up 27.2% from month-end February. The sharp rise in regional aluminum premiums outside China is expected to divert some aluminum originally planned to flow into China, and China’s net aluminum imports are expected to decline YoY in 2026. The reason for this phenomenon lies in expectations of a contraction in aluminum supply outside China caused by reduced aluminum supply in the Middle East. As of March 20, Qatar Aluminum announced that it would maintain a 60% operating rate, involving 260,000 mt of shut capacity; Bahrain Aluminum announced the shutdown of Lines 1-3, involving about 310,000 mt of capacity. In total, 570,000 mt of aluminum capacity in the Middle East has been affected. Iran is at the center of the conflict, and the stability of its production faces severe challenges. In addition, some raw and auxiliary materials in the Middle East rely on imports, and the geopolitical conflict in the region has affected passage through the Strait of Hormuz, to some extent undermining raw material supply stability at certain aluminum plants. At present, aluminum plants in Saudi Arabia and Turkey have domestic upstream bauxite and alumina support and can achieve self-sufficiency, with room for exports; Bahrain Aluminum and Qatar Aluminum rely entirely on imported alumina, while the UAE has 2.5 million mt of alumina capacity, but its bauxite relies 100% on imports. Although Oman’s aluminum plants also depend on imported raw materials, their geographic location is outside the Strait of Hormuz, so the level of risk is relatively low. If transport routes remain closed and no new routes can be opened, aluminum production in the Middle East is expected to be significantly affected. However, according to the latest foreign media reports, Bahrain Aluminum is exporting 40-60% of its aluminum ingots through Saudi Arabia’s Port of Jeddah, with an overland transport distance of 1,400 kilometers, and UAE’s Emirates Global Aluminium is attempting to import alumina raw materials through ports in Oman. If new transport routes are opened, the production reduction risk at aluminum plants in the Middle East is expected to decline markedly. Going forward, continued attention should be paid to production developments at aluminum plants in the Middle East, transport route conditions, and trends in LME aluminum inventory.

Mar 20, 2026 18:17

Magnesium Market Tug-of-War: Geopolitics, Cost Support, Demand Surge vs Ample Supply [SMM Analysis]

[Magnesium Prices Stuck in Dilemma: Geopolitical Tensions, Cost Support, and Demand Surge Clash with High Supply] Reviewing the recent magnesium market, magnesium prices repeatedly fluctuated within the 16,600-16,700 range, with a relatively slow pace.

Mar 20, 2026 15:56

Aluminum Inventory Buildup in China Slows Down, Turning Point to Emerge in Late March [SMM Analysis]

After the Chinese New Year holiday, China’s aluminum market continued to see an inventory buildup, with social inventory rising लगातार and repeatedly hitting highs for recent years. However, as the traditional peak consumption season gradually got underway, downstream pickup enthusiasm rebounded, pressure from aluminum ingot backlogs eased significantly, and the pace of inventory buildup has already shown signs of slowing...

Mar 22, 2026 23:24

Amid this structural adjustment in global regional demand, with gains in some markets offsetting declines in others, China’s prebaked anode exports can offset the pressure from weakening demand in traditional markets through market structure optimization and a shift in the center of orders. Coupled with its own capacity and supply chain advantages, China’s prebaked anode exports are expected to maintain a certain increase for the full year.

Mar 20, 2026 20:14

Nickel Ore "Sluggish RKAB Approvals Drive Potential for Ore Price Hikes" Indonesian domestic nickel ore prices have risen significantly increase this week. For the first half of March, the Indonesian Nickel Ore Benchmark Price (HPM) was set at $17.329/dmt, an increase of 1.32%. However, according to SMM data, average premiums has increased for 1.4%, 1.5%, and 1.6% grade laterite nickel ore were reported at $35, $39, and $39.5/wmt, respectively, with 1.6% grade reaching a delivered price of $65.6–$74.6/wmt. This strengthening of premiums reflects both the release of restocking demand from smelters and pessimistic expectations regarding RKAB quota reductions. Simultaneously, the delivery price for 1.2% grade limonite has edged up to $24–$26/wmt. Pyrometallurgical Ore: From a supply and demand perspective, Sulawesi is transitioning into the dry season; Konawe has reached optimal production levels, while Morowali is recovering from previous floods. However, Halmahera continues to be hampered by thunderstorms, resulting in high moisture content and dragging down mining efficiency. The market is facing a clear trend of declining ore grades. While some NPI smelters have begun accepting grades of 1.45% or lower, the supply of high-grade saprolite remains tight. As of mid-March, the ESDM has approved approximately 100 million tons of RKAB quotas. The remaining 160 to 170 million tons are expected to be processed by the end of March. However, due to the Eid al-Fitr (Lebaran) holidays (March 18–24), approval progress is expected to lag, exacerbating short-term supply tightness. Faced with resource uncertainty, some smelters have increased trade bonuses to secure raw materials. Transactions for low-grade saprolite are emerging at fixed prices lower than high-grade ores. Conversely, Limonite prices remain low due to a tailings dam landslide at a major MHP project, which has forced production lines to operate at low loads, hindering demand recovery. However, Limonite prices are expected to eventually follow Saprolite upward due to new project stockpiling and external island demand. Hydrometallurgical Ore Although the spot supply of hydrometallurgical ore is relatively sufficient, a tailings dam landslide at an MHP project in a certain industrial park has forced related production lines to operate at low loads, leading to a temporary weakness in demand. However, given the concerns over RKAB approval uncertainty, the stockpiling needs of newly commissioned projects, and the growing demand from outer islands, hydrometallurgical ore prices are expected to follow the trend of pyrometallurgical ore and remain elevated. On March 3, 2026, Tri Winarno, Director General of Mineral and Coal, clarified that rumors of a "25%–30% universal increase in RKAB quotas" are false. Quota supplements will be based on individualized assessments of production capacity and compliance, with the approval process not expected to start until the second half of 2026. Market Outlook: Due to the overall delay in RKAB approvals, nickel ore prices in April are expected to remain resilient with a strong "easy to rise, hard to fall" trend. Nickel Pig Iron "NPI Prices See Periodic Retracement as Tug-of-War Intensifies Between Cost Support and Downstream Pressure" The average price of SMM 10-12% NPI average price rose by RMB 0.3 per nickel unit week-on-week to RMB 1090.2 per nickel unit (ex-works, tax included), while the Indonesia NPI FOB index decreased by USD 0.65 per nickel unit to an average of USD 138.28 per nickel unit. This week, following consecutive price drops in stainless steel finished products and LME/SHFE nickel, the High-Grade NPI market experienced panic selling and low-price liquidation, entering a phase of periodic decline. From the supply side, With ore prices remaining elevated, smelter production costs continue to rise. However, triggered by the sharp decline in futures markets, some traders began offloading arbitrage stocks at low prices, leading to a general softening of upstream quotes.From the demand side, Weighed down by falling stainless steel prices and the influx of low-priced spot goods, most steel mills have lowered their bid intentions, exerting downward pressure on NPI prices. Overall, while cost support for smelters remains, downstream suppression is evident. The combination of futures-driven market sentiment and loosening upstream quotes has led to a periodic retracement in High-Grade NPI Overall outlook, market transactions will remain under pressure in the short term as the cost-tug-of-war between upstream and downstream continues. However, the downward room for NPI prices is expected to be limited.

Mar 20, 2026 18:58

All Copper Aluminum Lead Zinc Tin Nickel New Energy Photovoltaic Ferrous Metals Rare Earth Scrap Metals Minor-Metals Precious Metals Automotive Others

Supply Constraints and Increased Demand Continued to Drive Down Inventory, Spot Premiums Are Expected to Remain Firm Next Week [SMM South China Spot Copper Cathode Weekly Review]

Demand for Copper Cathode in the North Market Cooled as Copper Prices Rebounded

Energy Fuels Produces First Terbium Oxide in US, Boosting Domestic Rare Earth Supply Chain

Lynas to Supply Rare Earth Oxides for South Korea's LS Eco Energy Plant in Vietnam, Expanding Product Lines

Australia's Lynas Rare Earths announced that it intends to supply rare earth oxides to the rare earth metal plant being built by South Korea's LS Eco Energy in Vietnam, with priority given to samarium production. If the cooperation is ultimately finalized, Lynas will use this to expand its product lines of Pr-Nd alloy and heavy rare earth products such as samarium, dysprosium, and terbium. Lynas is currently the only commercial producer outside China capable of separating samarium, terbium, and dysprosium. The preliminary agreement between the two parties also involves each subscribing to convertible bonds worth about AUD 30 million.

[SMM Daily Chromium Review] Futures Rose While the Spot Market Remained Temporarily Stable, with Limited Adjustment in the Ferrochrome Market

[SMM Chrome Daily Review: Futures Rose While Spot Held Temporarily Steady, Limited Adjustments in the Ferrochrome Market] March 26, 2026 News: Overseas chrome ore quotations were raised, while ferrochrome retail prices temporarily held steady...

Capacity and Shipments of AI Server Products Across the Entire Industry Chain Are Expected to Achieve Leapfrog Growth

The plan proposes that by 2028, the capacity and shipments of products across the entire AI server industry chain will achieve leapfrog growth, and the global market share of products in key areas such as core chips, memory, printed circuit boards (PCBs), power supply and energy storage, optical modules, and passive components will increase significantly; breakthroughs will be achieved in core chips and key products, a group of “specialized, sophisticated, distinctive, and innovative” enterprises and “single-product champion” enterprises with strong technological capabilities and significant market advantages will be cultivated in a tiered manner, and an industrial echelon featuring the coordinated development of large, medium-sized, and small enterprises will take shape.

HRC Inventory in the Fourth Week of March 2026

This week, HRC social inventory was 3.4922 million mt, down 22,800 mt from the previous period, down 0.65% WoW, up 31.41% YoY, and up 20.59% on a lunar-calendar YoY basis. This week, HRC mill inventory was 1.159 million mt, down 48,700 mt from the previous period, down 4.0% WoW, up 3.60% YoY, and down 1.91% on a lunar-calendar YoY basis. This week, total HRC inventory was 4.6512 million mt, down 71,500 mt from the previous period, down 1.51% WoW, up 23.17% YoY, and up 14.07% on a lunar-calendar YoY basis.

Solid-State Battery Price Transmission and Commercialization Resonance

This week solid-state battery material prices showed structural divergence: sulphide-route LPSC and lithium sulphide prices declined, while oxides remained stable. On the industrial side, the Taiblue–Yadea two-wheeler semi-solid-state battery achieved commercial rollout; BTR’s solid electrolyte orders surged; and WELION New Energy’s 2 billion yuan project was sited in Huadu, Guangzhou. Upstream price cuts resonated with downstream deployment, accelerating the commercialisation process.

[SMM Iron & Steel] Hoa Phat Boosts Green Energy at Dung Quat Steel Complex

Vietnamese steelmaker Hoa Phat Group has officially launched the second phase of a massive rooftop solar project at its Dung Quat steelmaking complex to enhance energy self-sufficiency and lower carbon emissions. This 22.5 MWp installation spans rolling mills, the hot-rolled coil production unit, and warehouses, generating roughly 32.8 million kWh annually. Set for full completion across five phases by the second quarter of 2027, the $22.7 million initiative will reach a total capacity of 79.2 MWp, cutting carbon emissions by more than 78,000 metric tons per year and improving the mill's export competitiveness in carbon-regulated markets like the EU.

[SMM Iron & Steel] Global Steel Output Falls in February Despite Growth in India and the US

Global crude steel production declined by 2.2% year-on-year in February 2026, dropping to 141.8 million metric tons, according to data from the World Steel Association. However, production outside of the largest Asian markets showed strong localized growth, driven by robust domestic demand and infrastructure spending. India surged ahead with a 7.7% year-on-year increase to reach 13.6 million tons, while the United States recorded a 5.8% jump to 6.5 million tons. Germany also demonstrated a noticeable recovery, pushing its national steel output up by 4.8% to 2.8 million tons for the month

[SMM Iron & Steel] Kazakhstan's Qarmet Invests $400 Million to Expand Kentobe Iron Ore Mine

[SMM Analysis] Ternary Cathode Payables May See Modest Increase in Q2

[SMM Iron & Steel] Acciaierie d'Italia Eyes Blast Furnace Restarts After Securing €390 Million EU Loan

[SMM Iron & Steel] Brazil's CSN Secures $1.2 Billion to Stabilize Steel Production

Brazilian steel and iron ore giant Companhia Siderúrgica Nacional (CSN) has successfully secured a $1.2 billion syndicated bridge loan from international lenders to reinforce its liquidity and support ongoing production operations. This financial maneuver provides crucial breathing room as the company manages heavy capital expenditures, including the ongoing $260 million modernization of Blast Furnace No. 2 at the Volta Redonda plant. The fresh capital injection will ensure seamless raw material procurement, stable continuous casting, and uninterrupted rolling mill operations during the transitional maintenance phases

[SMM Iron & Steel] US Raw Steel Production Ticks Upward Amid Strong Scrap Utilization

Raw steel production in the United States increased by 0.4% during week 12 of 2026, marking a steady stabilization in the domestic flats and longs markets. The localized growth was supported by solid domestic scrap availability, minimal disruption from imports, and consistent demand from the automotive and heavy machinery sectors. Concurrently, US steel mill shipments maintained positive momentum, recording a 1.7% increase in the most recent finalized monthly data, largely driven by an 11% spike in the delivery of corrosion-resistant sheet and strip products.

[SMM Iron & Steel] US Department of Energy Designates Metallurgical Coal as Critical Material

The United States Department of Energy officially designated metallurgical coal as a critical material to fortify the domestic steelmaking supply chain and protect energy manufacturing infrastructure. Recognizing its indispensable role in blast furnace operations and coke production, the government classification aims to boost investments across more than 150 active metallurgical coal operations nationwide. This regulatory shield is intended to prevent further capacity erosion and maintain robust domestic primary steel production amidst globally fluctuating raw material markets.

[SMM Iron & Steel] JSW Steel to Launch New 4.5 MTPA Blast Furnace at Dolvi by March 2026

Leading Indian steel manufacturer JSW Steel is set to commission a state-of-the-art blast furnace at its Dolvi Works facility in Maharashtra by the end of March 2026. Partnering with SMS group and Paul Wurth, the new furnace is designed to produce 4.5 million tonnes of hot metal per year and incorporates advanced technologies for carbon footprint reduction, including hot syngas and coke oven gas injection. This expansion is part of JSW's strategic roadmap to increase its total domestic steel production capacity from 34.2 MTPA toward a goal of 50 MTPA by 2030.

[SMM Iron & Steel] India to Increase Iron Ore Imports to Seven-Year High in FY2026

India is projected to increase its iron ore imports to a seven-year high of 14 million tonnes in the 2025/2026 financial year to support its rapidly expanding steel production capacity. This trend reflects a strategic shift by Indian steelmakers toward sourcing high-grade international ores to optimize blast furnace efficiency as domestic crude steel production targets continue to rise. Despite being a major producer and exporter of iron ore, India's growing appetite for premium-grade feedstock is expected to make it a more prominent player in the global seaborne iron ore trade.

[SMM Iron & Steel] Australian ore producer warned that fuel shortages are beginning to impact its operations

Australian ore producer Fenix has warned that fuel shortages are beginning to impact its operations, citing constrained diesel supplies linked to geopolitical tensions involving Iran, which has compelled the iron ore company to curtail some of its activities. According to a company filing, Fenix is taking measures to reduce non-essential activities within its mining and haulage operations in Western Australia. The statement also noted that fuel supply has been further disrupted by Tropical Cyclone Narelle, which is currently active off the coast of Western Australia. The company's share price fell by 7% following the announcement.

[SMM PV News] Waaree Energies Approves INR 39B for Solar Glass Plant and Ups Stake in Subsidiary

Waaree Energies has greenlit an INR 39 billion capital expenditure to build a solar glass manufacturing facility with a 2,500 MT per day capacity via its subsidiary, Waaree Green Glass. Additionally, the company's board approved an INR 1.9 billion cash acquisition to increase its equity stake in Waaree Transpower (formerly Kotsons) from 64.04% to 75.10%. Expected to close by June 2026, this move aims to fund capacity expansion for the subsidiary's advanced transformer solutions and further vertically integrate Waaree's supply chain.

[SMM Analysis] 2026 Sodium-Ion Battery Competitive Landscape: Na‑ion Pioneers vs Lithium Battery Giants

In 2026, the correction in lithium carbonate prices drove up lithium battery production costs. Coupled with uncertainties in lithium resources supply, cost pressure across the new energy industry became increasingly prominent. Leveraging the advantages of abundant sodium resources, balanced distribution, and controllable costs, sodium-ion batteries have leapt from being a “backup option” for lithium batteries to a key direction for industry breakthrough...

Mar 20, 2026 15:00

【SMM Analysis】Middle East Turmoil Triggers Trade "Mismatch": China Accelerates to Fill 2.3 MT Supply Vacuum in SEA

Mar 20, 2026 09:51

Regional Aluminum Premiums Surge May Impact China's Primary Aluminum Net Imports

Mar 20, 2026 18:17

Magnesium Market Tug-of-War: Geopolitics, Cost Support, Demand Surge vs Ample Supply [SMM Analysis]

Mar 20, 2026 15:56

Aluminum Inventory Buildup in China Slows Down, Turning Point to Emerge in Late March [SMM Analysis]

Mar 22, 2026 23:24

Geopolitical Conflicts Reshape Prebaked Anode Exports; SE Asia Demand Supports Full-Year Growth 【SMM Analysis】

Mar 20, 2026 20:14

【SMM Analysis】Weekly Review of Indonesian Nickel Market - Mar 20

Mar 20, 2026 18:58

Supply Constraints and Increased Demand Continued to Drive Down Inventory, Spot Premiums Are Expected to Remain Firm Next Week [SMM South China Spot Copper Cathode Weekly Review]

Demand for Copper Cathode in the North Market Cooled as Copper Prices Rebounded

Energy Fuels Produces First Terbium Oxide in US, Boosting Domestic Rare Earth Supply Chain

Lynas to Supply Rare Earth Oxides for South Korea's LS Eco Energy Plant in Vietnam, Expanding Product Lines

[SMM Daily Chromium Review] Futures Rose While the Spot Market Remained Temporarily Stable, with Limited Adjustment in the Ferrochrome Market

Capacity and Shipments of AI Server Products Across the Entire Industry Chain Are Expected to Achieve Leapfrog Growth

HRC Inventory in the Fourth Week of March 2026

Solid-State Battery Price Transmission and Commercialization Resonance

[SMM Iron & Steel] Hoa Phat Boosts Green Energy at Dung Quat Steel Complex

[SMM Iron & Steel] Global Steel Output Falls in February Despite Growth in India and the US

[SMM Iron & Steel] Kazakhstan's Qarmet Invests $400 Million to Expand Kentobe Iron Ore Mine

[SMM Analysis] Ternary Cathode Payables May See Modest Increase in Q2

[SMM Iron & Steel] Acciaierie d'Italia Eyes Blast Furnace Restarts After Securing €390 Million EU Loan

[SMM Iron & Steel] Brazil's CSN Secures $1.2 Billion to Stabilize Steel Production

[SMM Iron & Steel] US Raw Steel Production Ticks Upward Amid Strong Scrap Utilization

[SMM Iron & Steel] US Department of Energy Designates Metallurgical Coal as Critical Material

[SMM Iron & Steel] JSW Steel to Launch New 4.5 MTPA Blast Furnace at Dolvi by March 2026

[SMM Iron & Steel] India to Increase Iron Ore Imports to Seven-Year High in FY2026

[SMM Iron & Steel] Australian ore producer warned that fuel shortages are beginning to impact its operations

[SMM PV News] Waaree Energies Approves INR 39B for Solar Glass Plant and Ups Stake in Subsidiary