Futures: Overnight, LME lead opened at $1,919/mt, fluctuated downward to a low of $1,913/mt during the Asian session; it rebounded during the European session, reaching a high of $1,931/mt near the close, and finally settled at $1,928/mt, down 0.13%. Overnight, the most-traded SHFE lead 2605 contract opened at 16,600 yuan/mt, fluctuated downward to a low of 16,545 yuan/mt after the opening, then rebounded as bears reduced positions, finally settling at a high of 16,610 yuan/mt, up 0.24%. On the macro front: On Monday, Trump said Iran wanted to reach a deal, after the US responded to the collapse of weekend peace talks by blockading Iranian ports. US Fed's Goolsbee: if oil prices stay at $90 per barrel for several consecutive months, it will start to pass through to other prices. Von der Leyen: the European Commission will unveil an energy price measures proposal on April 22 and plans to propose lower energy taxes in May. OPEC crude oil production in March fell by 7.88 million barrels per day to 20.79 million barrels per day, the largest single-month decline since data became available in the 1980s. Trump threatened to impose additional tariffs if China supplied weapons to Iran. China's Ministry of Foreign Affairs: there are no winners in a tariff war. The People's Bank of China: the outstanding aggregate social financing stood at 456.46 trillion yuan at the end of March, up 7.9% YoY. At the end of March, broad money (M2) balance was 353.86 trillion yuan, up 8.5% YoY. : SHFE lead's decline widened compared to last Friday. Some suppliers held prices firm while shipping, raising quoted premiums. Cargoes of primary lead self-picked up from production sites also saw narrowed discounts. Mainstream production areas quoted at discounts of 30 yuan/mt to premiums of 50 yuan/mt against SMM #1 lead on an ex-factory basis, with a few regions quoting at premiums of 100 yuan/mt. Secondary lead side, smelters held back from selling at low prices, and discounted cargoes decreased notably. Secondary refined lead was quoted at around parity against SMM #1 lead average price on an ex-factory basis, with some quoted at premiums of 25-75 yuan/mt. Downstream enterprises showed relatively improved purchasing enthusiasm, with more inquiries. Some purchased on demand at lower prices, and spot market transactions improved regionally. Inventory: on April 13, LME lead inventory decreased by 900 mt to 277,325 mt; SMM lead ingot social inventory across five regions edged up. Lead Price Forecast for Today: In April, the lead-acid battery market entered the traditional consumption off-season, with some medium and large enterprises announcing production cut plans, weakening procurement demand for lead ingots. Meanwhile, this week entered the delivery week, and lead ingot social warehouse inventory increased WoW; coupled with continued inflows of imported lead ingots into China in April, market circulating supply was ample, which was bearish for lead prices. Data Source Statement: Data other than public information is SMM processed data based on public information, market communication, and SMM's internal database model, for reference only and does not constitute decision-making advice.

The European Commission will propose lowering energy taxes and power grid fees to promote the adoption of clean energy technologies while mitigating the impact of surging oil and gas prices. On April 22, the EU's executive body will adopt a policy document outlining measures aimed at alleviating the effects of sustained fuel price increases on enterprises and consumers.

[SMM Steel] The European Commission set the Carbon Border Adjustment Mechanism certificate reference price for Q1 2026 at €75.36/t CO₂, providing the first cost benchmark for importers. Certificates for 2026 imports must be purchased from February 2027, with pricing based on quarterly EU Emissions Trading System averages, shifting to weekly rates from 2027. Ahead of the announcement, the European Steel Association called for expanding CBAM scope, closing loopholes, and accelerating decarbonization support.

On March 27, 2026, the European Commission announced that, in response to an application submitted by the EU industry association European Aluminium on December 19, 2025, it had initiated the first sunset review investigation into anti-dumping duties on aluminum extrusions originating from China. The investigation will examine whether dumping of the products in question and the injury to the domestic industry caused by the removal of the existing anti-dumping measures will continue or recur. The dumping investigation period for this review is from January 1, 2025 to December 31, 2025, and the injury investigation period is from January 1, 2022 to the end of the dumping investigation period. Unless otherwise extended, the final determination will be made within 12 months.

[SMM Steel] Thyssenkrupp Steel Europe urged the European Commission to strengthen safeguards for grain-oriented electrical steel as low-cost Asian imports disrupt the market. Producers warn that current measures are insufficient, with cheaper imports already forcing production cuts in parts of Europe, particularly in France. The industry cautions that without stronger protections, domestic capacity and technical expertise may further decline.

On March 27, 2026, the European Commission issued a notice stating that, following an application submitted by the EU industry association European Aluminium on December 19, 2025, it initiated the first anti-dumping sunset review investigation into aluminum extrusions originating in China to examine whether the dumping of the products concerned and the injury caused to the EU domestic industry would continue or recur if the current anti-dumping measures were repealed. The EU CN (Combined Nomenclature) codes of the products concerned were ex76041010, ex76041090, 76042100, 76042910, 76042990, ex76081000, 76082081, 76082089, and ex76109090 (TARIC codes 7604101011, 7604109011, 7604109025, 7604109080, 7608100011, 7608100080, and 7610909010).