At present, battery cell capacity for energy storage in China has entered a state of broad-based undersupply, with order schedules for energy storage battery cells at some top-tier enterprises even extending to the end of Q1 2027. Affected by this supply-demand gap, China’s energy storage battery cell segment is ushering in a new wave of capacity expansion, with many enterprises announcing large-scale expansion plans.

US President Trump declared that, before long, the Strait of Hormuz would be reopened “with ease,” at which point the US would “take the oil.” He also claimed that the US military “has not yet begun destroying Iran’s remaining facilities” and plans to launch follow-up strikes on Iran’s bridges and power plants. In response, the Iranian military issued a statement saying that if the US dares to take action against Iran’s infrastructure, Iran will destroy “all assets and infrastructure” of the US and Israel in the Middle East.

Overall, cost support remained strong, supply tightened while demand stayed stable. As tender prices became clear, aluminum fluoride prices were generally raised by around 800 yuan/mt in line with the guidance. Going forward, close attention should be paid to dynamic changes in raw material costs and adjustments in downstream procurement pace.

Barrick Mining said that its Reko Diq copper-gold project in Pakistan still plans to achieve first production by the end of 2028.The project is a large-scale copper-gold project jointly developed by Barrick, the Pakistani government, and relevant joint venture partners, and is located in Balochistan, Pakistan. Although the company had previously warned that the capital budget previously disclosed for the project's two phases could face a significant increase, the 2028 production commencement target remained unchanged.

Indonesia has postponed the planned April 1 implementation of windfall taxes on coal and nickel exports, as authorities continue to review the technical details, according to Energy and Mining Minister Bahlil Lahadalia.

[Zinc Concentrate Production] According to SMM, a mine in North China resumed production and operations in mid-March, and plans to continue ramping up production in April, which is expected to increase zinc concentrates output by around 1,000 mt in metal content MoM.