Latest Update in the SMM Rare Earth Magnets Market

【Trump Reportedly May Impose Copper Tariffs Within Weeks, New York Copper Prices Soar to Record High】①According to media reports citing informed sources, the US may impose tariffs on imported copper within weeks, several months ahead of the decision deadline; ②Trump has threatened to impose tariffs as high as 25% on all imported copper, a move that could disrupt the global copper market; ③Affected by the above news, the price of New York copper futures hit a record high on Tuesday evening, approaching $5.4/lb. (Cailian Press)

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.

SMM Analysis: Tin Solder Industry's Post-Holiday Resumption in February Weaker Than Expected, Divergence in Industry Chain Recovery Momentum. According to the latest data, the overall operating rate of sampled tin solder enterprises in China rebounded to 59.08% in February 2025, showing improvement from 53.26% in January but falling short of previous market expectations. This discrepancy primarily stems from two factors: Delayed resumption progress: After the Chinese New Year holiday, although smelters gradually resumed production (e.g., enterprises in Yunnan and Jiangxi), downstream end-user industries such as electronic manufacturing and automotive components experienced slower resumption rhythms and order transmission lags. For instance, lead-acid battery enterprises resumed work on the eighth day of the lunar new year, but their restocking demand fell short of expectations, dragging down solder procurement volume.

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.