Latest News & Insights

Release Date: March 22, 2026 

Reporting Period: March 16, 2026 – March 20, 2026 

Data Source: Shanghai Futures Exchange (SHFE)

Market Overview

The third week of March saw significant downward pressure across the Chinese metals complex. Driven by a combination of high inventory levels and shifting macroeconomic sentiment, both SHFE Copper and SHFE Aluminum experienced sharp declines. Stainless Steel also retreated, though it remains relatively more stable compared to the volatility seen in base metals.

1. Key Metal Price Monitor (Main Contracts)

Commodity	Closing Price (RMB/MT)	Weekly Change	Market Commentary
Copper (Cu)	94,740	-5.83% ↓	Copper faced a heavy sell-off, dropping by 5,860 RMB this week. The price has now fallen well below the 100k psychological support level.
Aluminum (Al)	23,190	-2.71% ↓	Aluminum prices continued their downward trajectory, closing at 23,190 RMB. This marks a significant retreat from the 25k peaks seen earlier in the month.
Stainless Steel (SS)	14,065	-1.44% ↓	Stainless steel edged lower by 205 RMB, breaking slightly below the 14.1k consolidation zone observed in previous weeks.

2. Supply Chain Strategic Advice

1. Copper Products (Cabling & Motors): The sharp correction to 94,740 RMB represents a major shift in market dynamics. For IMPA procurement officers, this pullback offers a significantly improved entry point compared to February. However, given the strong downward momentum, we recommend a “wait-and-see” approach for another week to check for signs of price stabilization.
2. Aluminum Materials (Structures & Frames): Aluminum has lost nearly 3% of its value in five trading days. With the price approaching the 23,000 RMB support level, it is advisable to monitor if this floor holds before committing to large-scale Q2 replenishment.
3. Stainless Steel (Piping & Valves): Despite the 1.44% drop, stainless steel remains the most “defensive” asset in the current environment. The current price of 14,065 RMB is near the lower end of its annual range, making it a relatively low-risk window for essential maintenance and repair (MRO) stock procurement.
4. Logistics & Market Outlook

The recent decline in metal prices aligns with the broader cooling of the container shipping market reported in February, where freight indices saw double-digit percentage drops. As industrial demand in China appears to be normalizing post-holiday, the “cost-push” inflation on marine spares is temporarily easing. We expect the market to remain in a “price discovery” phase through the end of March.