Latest Update in the SMM Chromium Market

SMM SiMn Alloy Daily Review: SiMn Alloy Mills Show Weak Willingness to Actively Quote, Spot Prices Remain Stable. In the north China market, SiMn alloy 65/17 (cash) was at 5,950-6,050 yuan/mt, flat MoM; in the south China market, SiMn alloy 65/17 (cash) was at 6,050-6,150 yuan/mt, flat MoM. According to SMM, on the raw material side, miners' offers remained firm, with weak willingness to sell at low prices, and spot prices stopped falling and stabilized. On the supply side, cost support was weak, and SiMn alloy mills showed weak willingness to actively quote. Manganese ore prices remained at a relatively high level, and due to high production resistance, SiMn alloy mills are expected to reduce or halt production in the future. On the demand side, downstream steel mills showed weak demand for SiMn alloy, and spot prices of SiMn alloy remained stable.

SMM EMM Daily Review: Insufficient Downstream Demand Support, Market Fluctuates Downward. The average spot price of EMM in the main production areas was 13,300-13,500 yuan/mt, flat MoM; the average FOB price was $1,845-1,875/mt, flat MoM. Supply side, affected by the rising price of sulphuric acid, cost support remained strong, and EMM plants showed weak willingness to sell at low prices. Some EMM plants still had room for negotiation based on actual orders. Demand side, downstream steel mills showed weak purchasing enthusiasm for EMM. Currently, the downstream demand support for the EMM market is insufficient, and the market continues to fluctuate downward.

According to the SMM survey, as of March 26, the operating rate of blast furnaces in 242 steel mills surveyed by SMM was 87.47%, up 0.22 percentage points MoM. The capacity utilization rate of blast furnaces was 89.23%, up 0.65 percentage points MoM. The daily average pig iron production of the sampled steel mills was 2.4085 million mt, up 17,600 mt MoM.

On March 25, Chinese smart new energy vehicle (NEV) maker XPENG announced the opening of its first technology brand experience store in Asia, located in the heart of Hong Kong Island.

【Copper Mining Stocks Strengthen as Jinchuan International Surges Over 7%; Industry Insiders Predict Copper Prices to Exceed $12,000】①Why is the tariff policy of the Trump administration expected to cause significant fluctuations in global copper prices? ②How does AI computing infrastructure drive the growth in copper demand? (Cailian Press)

【SMM Flash: US May Impose Tariffs on Imported Copper, Glencore's Smelter Suspends Operations, COMEX Copper Hits Record High】Reports suggest that US President Trump may impose tariffs on imported copper within weeks, intensifying market concerns over potential US tariff hikes on copper. This, coupled with Glencore's suspension of operations at its Altonorte smelter in Chile, has heightened market sentiment regarding supply disruptions. After reaching a record high during the March 25 session, COMEX copper once again hit a new peak during the March 26 session. As of approximately 11:06 on March 26, COMEX copper rose 1.19% to $5.2725/lb, with an intraday record high of $5.3740/lb. LME copper fell 0.67% to $10,044/mt, with the price spread between COMEX copper and LME copper reaching as high as $1,580. SHFE copper increased 0.8% to 82,370 yuan/mt.