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  [SMM Analysis] Cobalt Market Consolidates on Tight Supply, Awaits Restocking Catalyst

• Silicon Metal Prices Tested Higher as Market Transactions Remained in Stalemate, While Polysilicon Prices Trended Downward [SMM Silicon Industry Weekly Review]

  [Spot Silicon Metal Prices Probe Higher as Market Transactions Remain Stagnant; Polysilicon Price Trend Declines]: On the supply side, production release from silicon metal capacity that resumed production in early March increased total silicon metal supply compared with early March. Recently, there have been scattered production resumptions in Southwest China, but these have not yet become widespread, so their impact on supply growth has been very limited. On the cost side, spot prices of silicon coal and electrodes have remained temporarily stable recently, while petroleum coke prices rose slightly. Coupled with higher gasoline prices, road transport freight rates were raised slightly, providing relatively strong cost support for silicon metal. On the demand side, performance has mainly remained stable recently. During the week, spot silicon metal transactions were stagnant, inventory in the intermediate segment stayed at a high level, and downstream demand was weak, so silicon metal prices had limited room to rise or fall and were mainly range-bound in consolidation.

• Construction Steel Inventory Continued to Build Up, but the Pace of Inventory Buildup Narrowed Significantly

  Total rebar inventory stood at 8.2948 million mt this week, up 277,000 mt WoW, or 3.46% (previous: +11.33%), and up 363,200 mt from the same period of the previous lunar year, or 4.58% (previous: +4.6%).

• MMi Daily Iron Ore Report (March 12)

  Iron ore futures showed strength today, with the main contract I2605 ultimately closing at 795.5 RMB per ton, up 1.34% from the previous trading session.

• Downstream Procurement Sentiment in the Silicone Market Remained Cautious, with Weak New Order Transactions [SMM Weekly Silicone Review]

  [SMM Silicone Weekly Review: Downstream Procurement Sentiment in the Silicone Market Remained Cautious, and New Order Transactions Were Relatively Weak] After completing the price increase last week, quoted prices generally remained stable this week, but actual market transactions were relatively weak. Cost side, affected by geopolitical developments, raw material methanol prices held up well, which also provided some support for silicone DMC prices. However, subsequent impacts and changes still require close attention to the extent of raw material price fluctuations and the duration of their effects.