[SMM Nickel Flash News] Based on the cash cost of high-grade NPI calculated using nickel ore prices from 25 days earlier, profits at high-grade NPI smelters came under pressure during the week, with the sector as a whole remaining in a state of losses or marginal profitability. It is expected that next week, prices of auxiliary materials on the raw material side may remain flat, while the decline in nickel ore prices will likely be limited. High-grade NPI prices will still be under pressure amid back-and-forth negotiations between upstream and downstream, and smelter profits will be unlikely to see any significant improvement.

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

This week, ferrous metals were in the doldrums. The main logic during the week remained weakening cost support. On Tuesday, Iran proposed charging transit fees for the Strait of Hormuz, while Trump made conciliatory remarks, saying that “even if the Strait of Hormuz remained largely closed, he would still be willing to end military action against Iran.” Market expectations for tighter crude oil supply weakened, and declines in the energy sector dragged down the coal sector, weakening the cost-side logic. During the week, inventories of the five major steel products continued to decline, but apparent demand remained at a low level for the same period in previous years, providing limited fundamental-driven momentum to futures. In the spot market, purchasing interest was average, mainly focused on restocking at low prices. Spot prices were relatively firm, and the spot-futures price spread widened somewhat......

Today, Dalian iron ore fluctuated in the doldrums, with the most-traded contract I2605 finally closing at 799.5 yuan/mt, down 0.50% from the previous trading session. Spot prices fell by about 2-5 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills mainly restocked to meet rigid demand, and transactions in the spot market tended to be mediocre. This week, total inventory at 35 main ports fell by 300,000 mt WoW to 155.48 million mt; over the same period, daily average port pick-up volume is expected to increase by 3 million mt, up 150,000 mt WoW. As steel mills gradually resumed blast furnace production, hot metal production rose steadily, effectively supporting rigid demand for iron ore. From a macro perspective, growing expectations that the conflict in the Middle East will become prolonged meant that energy prices hovering at highs will provide some cost support for iron ore. However, continued compression in steel mill profits and weak willingness to transact restrained upside room for iron ore prices. On balance, iron ore prices are expected to remain in the doldrums in the short term.

[China Iron Ore Brief Review] In west Liaoning, local iron ore concentrates prices fell slightly by 5 yuan/mt, with the ex-factory prices of 66-grade iron ore concentrates, wet basis and excluding tax, at 735-740 yuan/mt; recently, production at some local mines and beneficiation plants was hindered by environmental protection inspections, leaving overall iron ore concentrates resources relatively tight. Demand side, steel mills were mainly purchasing as needed, and the whole

[SMM Chrome Weekly Review: Weak Demand Performance, Market Remained in the Doldrums] News on April 3, 2026: The ferrochrome and chrome ore markets saw limited fluctuations...