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  MMi Daily Iron Ore Report (March 25)

  Dalian iron ore futures trended weaker throughout the day. The most-traded I2605 contract concluded the session at 806.5 RMB per tonne, a decrease of 1.83% from the previous trading day. In the physical market,

• Macro Sentiment Recovery Boosted the Nonferrous Metals Sector; Tin Prices Rebounded in the Short Term, but Support Remained Insufficient [SMM Tin Futures Brief Review]

  [SMM Tin Brief Commentary: Improving Macro Sentiment Boosted the Nonferrous Metals Sector, Tin Prices Rebounded in the Short Term but Support Remained Insufficient]

• SHFE: Approved Guangdong CMST Shengshi Zhaobang Logistics Co., Ltd. as a Copper Delivery Warehouse

• Silver Ingot Imports Surged in February 2026 to a Multi-Year High, Reshaping the Market Supply-Demand Pattern

  The latest customs data showed that in February 2026, China’s imports of unwrought silver ingots with a purity of no less than 99.99% reached 206.76 mt, up 499% MoM and surging 5,910% YoY to a multi-year high. The rare opening of the import window drove significant changes in the supply-demand pattern of the domestic silver ingot market.

• China’s Copper Anode Imports Edged Up YoY in January-February 2026, with Growth Expected in Q2 [SMM Analysis]

  SMM Analysis: According to data from the General Administration of Customs, China imported 64,900 mt of copper anode (HS code: 74020000) in January 2026, up 5.74% MoM and up 1.48% YoY...