This week, ferrous metals exhibited a pattern of initial weakness followed by strength. At the beginning of the week, after the U.S.-Iran peace talks failed to reach an agreement, the U.S. military announced it would impose a blockade on all maritime traffic in and out of Iranian ports, pushing international oil prices higher once again. Mid-week, disturbances from iron ore long-term contract negotiations intensified, with market rumors suggesting that restrictions on certain previously limited products had been partially lifted. Subsequently, news emerged of an unexpected shutdown at an Australian refinery, raising market concerns that a diesel supply deficit could trigger mine shutdowns, which in turn would lead to short-term supply tightening. Coupled with rising expectations of a second round of coke price increases, ferrous metals successfully rallied in the latter half of the week...

[SMM Nickel Flash] The average price of SMM 10-12% high-grade NPI rose 5.15 yuan/nickel unit WoW to 1,085.4 yuan/nickel unit (ex-factory, tax included), while the average Indonesian NPI FOB index price rose 1.5 $/nickel unit WoW to 138.51 $/nickel unit. The high-grade NPI market exhibited a "dip-then-rally" trend this week. Prices edged down at the beginning of the week due to weak end-use demand, but subsequently, driven by multiple favorable factors, market activity picked up notably and the price center shifted gradually upward.

This week, the weekly operating rate of leading downstream aluminum processing enterprises in China was flat MoM at 64.7%. such as can stock, energy storage, and automobiles. However, aluminum prices fluctuated at highs, exports to the Middle East were impeded, and some end-use consumption recovered less than expected, limiting upside room for the operating rate. The industry exhibited the characteristics of “steady with progress and structural divergence.”

[SMM Rare Earth Weekly Review: Rare Earth Prices Continued to Rise This Week, Market Trading Activity Increased] Pr-Nd oxide market prices, supported by raw material costs and expectations of reduced upstream supply, saw a notable increase in downstream purchasing activity. Suppliers raised their offers one after another, and low-priced supplies tightened rapidly. As of today, Pr-Nd oxide prices rose to 773,000-778,000 yuan/mt over the week.

[SMM Rare Earth News Flash] Affected by multiple factors, as of 12:00 PM today, spot Pr-Nd oxide was quoted at 775,000-780,000 yuan/mt, up about 15,000 yuan/mt from 11:00 AM yesterday. Spot Pr-Nd alloy was quoted at 935,000-950,000 yuan/mt, up 17,500 yuan/mt from yesterday. According to SMM, at current prices, some transactions had been concluded below the average Pr-Nd alloy price of 940,000-942,500 yuan/mt, as downstream end-use demand gradually strengthened and acceptance of high-priced raw materials progressively improved.

[SMM Analysis]Return to Work Drove a Sharp Rise in the Operating Rate of Secondary Aluminum Producers in March, Expected to Decline in April