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  [SMM Analysis] What Drove Global Tungsten Markets in March? Offshore Prices Up 30%, China Enters Consolidation

  In March, European APT prices surged 30%, driven by persistent supply shortages, widening the price gap with China to over $400/mtu. Tungsten scrap markets saw panic selling mid-month but stabilized toward month-end. China entered a consolidation phase as mining quota were released, yet strong fundamentals point to renewed upside ahead.

• [SMM Chromium Daily Review] Prices Pulled Back, Weak Confidence on the Ore Side; Ferrochrome Market Supply-Demand Relationship Adjusted

  [SMM Daily Chrome Review: Prices Pulled Back, Weak Confidence on the Ore Side; The Supply-Demand Relationship in the Ferrochrome Market Adjusted] March 30, 2026: Ferrochrome prices saw no adjustment for the time being, while chrome ore prices dropped back slightly...

• Aluminum Prices Rose Sharply, Boosting Shipment Sentiment [SMM Midday Spot Aluminum Commentary]

• [SMM Analysis] Overseas Stainless Steel Market Overview: Overseas Policy Resonance and Cost Drivers

  Indonesia's new nickel tariffs and Europe's CBAM have sharply raised overseas stainless steel costs, driving Asian mills to hike prices. Downstream demand remains mixed: Japan and South Korea are resilient, while the Taiwan, China region faces pressure. Wary of rapid price spikes, buyers are limiting purchases to rigid demand. The market will remain cautious until tariff details and actual demand are validated.

• [SMM Analysis] Overview of the Stainless Steel Market Outside China: Resonance of Overseas Policies and Cost Drivers

  Driven by the combined impact of macro policies and geopolitical factors, the stainless steel market outside China saw a marked upward shift in the cost center. Indonesia’s decision to impose tariffs on nickel and coal exports, together with the implementation of Europe’s CBAM carbon tax, directly ignited bullish sentiment across the raw material supply chain, leading to firm Indonesian export offers and a sharp surge in European alloy surcharges. Pushed strongly by costs, steel mills across many parts of Asia intensively raised their list prices. However, end-use demand outside China showed significant structural divergence, with Japan and South Korea remaining resilient while Taiwan, China came under pressure. As the rapid price rally in the earlier period triggered downstream fear of high prices, current procurement is strictly limited to rigid demand. Looking ahead, the specific implementation details of Indonesia’s tariffs and validation of substantive demand will become the core variables shaping futures. In the short term, markets outside China are likely to hover at highs while maintaining a cautious wait-and-see stance.