[Silicon Metal Price Center Remained in the Doldrums]: This week, the silicon metal market stayed weak, with the transaction center for some silicon metal grades edging lower. As of April 2, SMM east China prices were oxygen-blown #553 silicon at 9,000-9,200 yuan/mt, down 100 yuan/mt WoW; 441# silicon at 9,300-9,400 yuan/mt, down 50 yuan/mt WoW; and 3303# silicon at 10,100-10,300 yuan/mt, down 100 yuan/mt WoW. In the futures market, the most-traded silicon metal contract remained weak, with the SI2605 contract closing at 8,300 yuan/mt on Thursday, down 435 yuan/mt WoW. Spot declines were narrower than futures prices, and the advantage in supplier shipments shifted from silicon enterprises to trading firms engaging in both spot and futures market. During the week, market prices were under pressure, while procurement volume from some downstream users and export traders increased, with transactions in some grades remaining moderate.

This week, the overall second-life battery market for lithium battery Grade B products remained stable, while prices for warehouse A and Grade A products rose. On the cost side, lithium carbonate first increased and then declined, with evident fluctuations; nickel sulphate edged down slightly, while cobalt sulphate prices remained stable. On the supply side, battery cell capacity continued to be released, the EV sector carried out orderly stockpiling, demand in the ESS sector remained robust, and order shipments stayed at a high level. On the demand side, following the implementation of the new power battery regulations on April 1, the exclusive concept of second-life application was removed and uniformly brought under comprehensive utilization supervision, with strict control over the circulation of non-compliant products; the market showed structural divergence, with average demand from the EV sector, but strong demand for compliant orders in energy storage and outside China. In terms of product-grade price spreads: quotations for leading Grade A products with warranties approached those of new battery cells, while circulation of recycled materials and Grade B products remained weak and prices held flat, as they struggled to meet compliant procurement standards.

[SMM Weekly Silicone Review: Silicone Product Prices Rebounded, While Overall Market Transactions Remained Sluggish] This week, the transaction range in China’s silicone DMC market was 14,200-14,300 yuan/mt, up 200 yuan/mt WoW, with overall market transaction prices seeing a phased rebound.

[SMM Magnesium Weekly Review: Tight Supply and Recovering Demand Drove Magnesium Prices Steadily Higher This Week, Breaking 17,500] This week, China's magnesium industry chain as a whole held up well. On the raw material side, the dolomite market remained stable. Part of the suspended output in core production areas was supplemented by supply from surrounding regions, while stable operating rates at downstream primary magnesium smelting plants supported demand and the supply-demand balance. Affected by rising crude oil prices, subsequent delivered prices may rise slightly. The magnesium ingot market stayed firm, and both production and sales in major producing areas were strong. Geopolitical disruptions pushed up energy expectations, prompting producers to hold back sales and tightening supply. Rigid downstream demand, export order lock-ins, and a boost from industry conferences jointly drove magnesium prices higher. Offshore quotations were adjusted in line with ex-factory prices, and although bidding-based shipment prices were low at the beginning of the week, they rebounded later, while new orders declined. Magnesium powder remained firm, supported by higher magnesium ingot prices, while increased operating rates at magnesium plants ensured supply and both domestic and overseas demand recovered. The magnesium alloy market also stayed strong, with stable operating rates at top-tier enterprises, new capacity coming on stream, and downstream end-use demand being released, supported by ample orders and a supply-demand balance.

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, coke producers maintained relatively good operating rates, and coke supply increased steadily. Downstream rigid demand for coke still existed, coke producers' shipments were relatively smooth, and there was no obvious inventory pressure for the time being. Demand side, steel mills' daily average hot metal output increased, driving up rigid demand for coke. However, futures declined recently, and end-use demand remained weak, weakening market sentiment and reducing steel mills' purchase willingness. In summary, after the coke price hike, market sentiment weakened, and the coke market may remain temporarily stable in the short term.

[SMM Rare Earth Weekly Review: Rare Earth Prices Hold Up Well, and Market Inquiry Activity Increases] The Pr-Nd oxide market as a whole continued to hold up well. Under the impact of expectations of tighter supply and pronounced fluctuations in futures prices, upstream suppliers kept raising their offers, while low-priced cargoes tightened rapidly, pushing Pr-Nd oxide prices up to 722,000-728,000 yuan/mt.