Release Date: March 2, 2026
Data Source: Shanghai Futures Exchange (SHFE)
Market Overview
In the first week of March 2026, the Chinese metals market showed mixed signals following the post-holiday recovery. SHFE Copper saw a moderate rebound after the previous week’s sharp decline, while SHFE Aluminum experienced a slight correction as inventory levels remained a concern. Stainless Steel stayed remarkably stable, reflecting a cautious but firm bottom in pricing.
1.Price Performance (Main Contracts)
| Commodity | Closing Price (RMB/MT) | Weekly Change | Market Commentary |
|---|---|---|---|
| Copper (Cu) | 103,280 | +0.45% ↑ | Prices stabilized after the “Friday Massacre” of late January. Sustained industrial demand and low global scrap supply continue to provide a floor for the 100k+ price level. |
| Aluminum (Al) | 23,835 | +1.97% ↑ | Despite a high closing this week, the market faced resistance near 24k. Increased domestic production post-holiday is being balanced by rising energy costs in smelting. |
| Stainless Steel | 14,165 | +0.35% ↑ | Stainless steel continues its narrow-range fluctuation. The market is currently in a consolidation phase with limited downward pressure due to high raw material costs. |
- Supply Chain Strategic Advice
Copper Products (Cabling & Motors): While the extreme volatility of late January has subsided, prices remain near historic highs. We recommend maintaining “lean inventory” levels and focusing on short-term procurement contracts to avoid being caught in sudden macroeconomic shifts.
Aluminum Materials & Structures: The 24,000 RMB level remains a significant psychological barrier. Procurement teams should look for buying opportunities if the price dips toward the 23,500 RMB support zone.
Stainless Steel (Valves & Piping): Stability is the keyword here. This is a relatively safe window for regular maintenance procurement, as significant price drops are unlikely given the current cost of nickel and chromium. - Logistics & Procurement Alert
With the Lunar New Year holiday period fully concluded, domestic logistics in China have returned to 100% capacity. However, due to the backlog of orders from February, IMPA members should expect slightly longer lead times for custom-manufactured components (e.g., specialized marine valves and large-diameter copper piping) through the end of March.
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