Supply glut, cautious demand, and fading cost support drag the benchmark contract down RMB 205/mt in the week of March 30 – April

On April 3, at the 2026 Space Computing Power Industry Conference, the "Space Computing Power Professional Committee" of the Computing Power Industry Development Consortium was established. Yicai reporters learned on site that the conference released ten key research projects that day, covering critical technologies at the satellite platform level, chip level, payload board level, networking and operations level, hardware system level, system software level, industrial application level, cross-structural level, cross-launch vehicle level, and cross-thermal management level, and that joint research collaboration will be carried out with industry participants.

[SMM Lead Morning Meeting Summary: Macro Uncertainty + Approaching Holiday, Lead Prices Are Expected to Remain in a Consolidation Pattern] US President Trump claimed on his own that he had achieved an “overwhelming victory” in the war against Iran and would launch extremely fierce strikes in the next two to three weeks. As of Friday, with parts of the European and US markets closed for Good Friday and China also approaching the Qingming Festival holiday, SHFE lead did not conduct night session trading on Friday...

London-based mining services provider NorgeMineraler said that the closure of the Strait of Hormuz would directly affect Europe’s ability to build up its military strength, especially if supplies of critical minerals were disrupted. NorgeMineraler founder Michael Wurmser noted that sulfur was of particular concern because the Gulf region supplied 25% of the world’s sulfur. Enterprises in the region produce sulfur as a by-product of crude oil refining. Sulfur is used to extract copper and cobalt, both of which are minerals essential for scaling up and maintaining military hardware production.

Iran’s parliamentary National Security Committee passed a bill to charge fees for vessels transiting the Strait of Hormuz, planning to establish financial arrangements and a fee collection system in the local currency, the rial, and explicitly prohibiting the passage of US and Israeli vessels, as well as vessels from countries involved in imposing unilateral sanctions on Iran. According to CNBC, meanwhile, oil tankers have already begun rerouting to waters near Larak Island in exchange for guarantees of safe passage, and a de facto "toll station" has already taken shape.

Recently, CALB announced on its official account that it had completed the signing of an agreement with a Japanese energy storage developer for a project with a scale of 380 MWh. Under the agreement, CALB will deliver its “Zhijiu” series ESS batteries to the Japanese client. This batch of products will be equipped with the company’s independently developed core battery cells, as well as liquid-cooling heat dissipation technology and an intelligent BMS management system, to meet the project’s practical needs for energy storage and dispatch.