SMM

On March 26, Xiexin Energy Technology, as a core participant, promoted the "Trusted Blockchain - Technical Specification for Trusted On-Chain of Physical Assets," which was officially approved for project review by the China Academy of Information and Communications Technology. This standard became the first technical specification in China focusing on the on-chain process of Real World Assets (RWA). The RWA model tokenizes the physical assets of new energy enterprises, opening up new financing channels for businesses.

According to a Shandong-based profile production enterprise, automotive component manufacturing has demonstrated evident capacity concentration due to its high technical thresholds, with fewer than ten domestic enterprises currently possessing requisite capabilities. This trend has precipitated a pronounced polarization within the industrial profile sector: leading enterprises sustain operating rates exceeding 80%, while small and medium-sized manufacturers grapple with widespread idle capacity pressures. Notably, building material enterprises that transitioned to industrial profiles during the market upsurge three years ago are now exhibiting strategic recalibration. While refocusing on construction materials, these firms have implemented structural realignment—systematically reducing traditional civil construction profile portfolios while prioritizing expansion into public infrastructure projects such as large-scale engineering works and industrial parks. This strategic pivot towards government-backed contracts aims to enhance operational stability.

On March 26, SMM A00 aluminum was quoted at 20,670 yuan/mt, up 10 yuan/mt from the previous day, at a discount of 10 yuan/mt to the April contract, up 10 yuan/mt. On March 26, SMM A00 aluminum (Foshan) was quoted at 20,660 yuan/mt, flat, at a discount of 20 yuan/mt to the current month, widening by 5 yuan/mt. (Unit: yuan/mt) In terms of aluminum billet inventory, according to SMM statistics, domestic aluminum billet inventory in two regions showed Guangdong aluminum billet inventory at 164,700 mt, Wuxi aluminum billet inventory at 48,500 mt, totaling 213,200 mt, a decrease of 3,700 mt. Today, SHFE aluminum fluctuated rangebound. Although there was a slight tightening expectation in supply in South China, and the initial processing fee in the market attempted to rise, downstream orders were limited, and mid-week bargain down purchasing prices were still predominant. Suppliers slightly lowered their offers during the session, and actual transactions were lukewarm, with processing fee quotes remaining stable from the previous day. Today, the Foshan aluminum billet market was quoted at 170/220 yuan/mt, flat from the previous day; the Wuxi market processing fee was quoted at 250/280 yuan/mt, flat; the Nanchang region processing fee was quoted at 170/220 yuan/mt, flat. (Unit: yuan/mt) [Reprinting requires retaining the source - SMM] March 26: SHFE aluminum fluctuated rangebound, processing fee quotes in three regions remained stable from the previous day.

March 26: According to SMM statistics, the domestic aluminum billet inventory in two regions was 164,700 mt in Guangdong and 48,500 mt in Wuxi, totaling 213,200 mt, a decrease of 3,700 mt.

According to a Shandong-based industrial extrusion producer, the manufacturing of automotive components has formed a trend of capacity concentration due to the high complexity of the process. There are relatively few extrusion enterprises nationwide with relevant technical capabilities, leading to a pronounced polarize pattern in the industrial extrusion sector: top-tier enterprises maintain a high operating rate of over 80%, while small and medium-sized producers generally face resistance from idle capacity. Recently, some building material enterprises that had transitioned to industrial extrusion have shown signs of strategic retrenchment. Although these companies have refocused on the building materials sector, their business structures have undergone deep adjustments: gradually reducing the proportion of traditional civil construction extrusions and focusing on expanding large infrastructure projects and industrial parks to secure government-led orders and enhance operational stability.

On March 26, the Central Ministry of Finance and the Kachin State Government jointly issued a notice regarding the export of rare earth. According to the government customs regulations, starting from March 27, 2025, the legally mined and long-stored rare earth from the eastern province mining area will officially be exported. The relevant matters are notified as follows: (1) The tax for enterprises participating in construction projects is 35,000 yuan per mt. (2) The tax for enterprises not participating in construction projects is 33,333.33 yuan per mt. (3) Enterprises participating in construction projects must continue to pay 60% of the project funds. (4) Invoices must be issued for the export of rare earth. (5) To prevent the loss and smuggling of rare earth, relevant departments will strictly supervise.

The futures closing price at 11:30 today was 81,860 yuan/mt, an increase of 370 yuan/mt compared to the previous trading day. In Hubei, the discount of secondary copper rod against the front-month contract ranged from -1,160 yuan/mt to -960 yuan/mt, with an average discount of 1,060 yuan/mt. The quotation range for secondary copper rod was 80,700 yuan/mt to 80,900 yuan/mt. According to feedback from secondary copper rod enterprises, copper prices were highly volatile today, increasing operational difficulties for enterprises. Coupled with high copper prices suppressing downstream procurement demand, some enterprises adjusted their production plans, shifting to copper anode production.

The futures closing price at 11:30 today was 81,860 yuan/mt, an increase of 370 yuan/mt compared to the previous trading day. In Hubei, the discount of secondary copper rod against the front-month contract ranged from -1,160 yuan/mt to -960 yuan/mt, with an average discount of 1,060 yuan/mt. The quotation range for secondary copper rod was 80,700 yuan/mt to 80,900 yuan/mt. According to feedback from copper rod enterprises, copper prices were highly volatile today, increasing operational difficulties for enterprises. Coupled with high copper prices suppressing downstream procurement demand, some enterprises adjusted their production plans, shifting to anode plate production.

On March 25, SHFE nickel futures warrants decreased by 271 mt compared to the previous day. On March 25, SHFE nickel futures warrants recorded 27,025 mt, a decrease of 271 mt from the previous trading day. Over the past week, SHFE nickel futures warrants decreased by 1,008 mt, a reduction of 3.6. Over the past month, SHFE nickel futures warrants decreased by 1,229 mt, a reduction of 4.35%.