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 1, 2026, the launch ceremony for the Zhongke Liquid Sunshine (Shawan) Green Hydrogen Coupled Zero‑Carbon Liquid Sunshine Methanol Circular Economy Industrial Project was held in Shawan, Tacheng Prefecture, Xinjiang. As a flagship project of China’s 15th Five-Year Plan strategic hydrogen energy layout, the project has officially entered the construction phase. Led by the research team of Academician Li Can of the Chinese Academy of Sciences (CAS) and developed by Zhongke Liquid Sunshine (Shawan) Hydrogen Energy Technology Co., Ltd . , the project will build an integrated zero‑carbon circular economy system centered on wind‑solar power, green hydrogen, and methanol. It comprises three core modules: an annual output of 3.6 million tonnes of methanol, 13.5 GW of photovoltaic hydrogen production capacity, and an annual output of approximately one million tonnes of coal. Compared with conventional coal chemical industry, this model cuts coal consumption by two-thirds while enabling efficient utilization of green electricity and green hydrogen. The project adopts domestically developed oil‑methanol co‑refining technology to produce polyester fiber, supporting high‑value resource utilization in conjunction with Xinjiang’s textile industry. Multiple enterprises have participated in the joint construction, including China National Chemical Engineering Third Construction Co., Ltd. In alignment with national policies such as the West Hydrogen East Delivery pipeline initiative, the project will help upgrade Xinjiang’s wind and solar energy resources. It is expected to create nearly 2,000 jobs, serve as a model for Xinjiang’s green energy transition, and support national energy security and low‑carbon development.

The gold price set a technical signal last week while providing fresh fuel for the debate over its future direction.

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.

As production order fully resumed after the Chinese New Year, the sodium-ion battery industry chain saw a strong recovery in March. Production across the four major segments—cathode, anode, electrolyte, and battery cell—posted substantial growth both YoY and MoM, with industry prosperity rebounding markedly.

[SMM Tin Midday Commentary: Tin Prices Stabilized and Fluctuated Amid a Geopolitical Stalemate, While Spot Market Trading Turned Subdued]

This Week, the MHP and High-Grade Nickel Matte Markets Showed a Pattern of Weak Supply and Demand on Both Sides, with the Coefficient Remaining Stable

Recently, construction officially began on the high-end rare earth aluminum alloy project in the Baotou Jinshan Economic Development Zone, with a total investment of approximately 500 million yuan and annual output of 100,000 mt. The project will be advanced in an orderly manner in two phases. Phase I will build a 30,000 mt high-end rare earth aluminum alloy production line, focusing on technology R&D and capacity release to rapidly achieve scaled-up production. Phase II will expand capacity by 70,000 mt, further extend, supplement, and strengthen the industrial chain, optimize the product mix, increase added value, and support Guyang in building a distinctive high-end rare earth aluminum alloy industrial cluster.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,286.5/mt and fluctuated downward in early trading to a low of $12,212/mt. Copper prices then fluctuated upward, with the center moving up to $12,408/mt, before falling back again to finally close at $12,348.5/mt, down 0.99%. Trading volume reached 20,000 lots, and open interest stood at 295,000 lots, an increase of 3,702 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 95,660 yuan/mt and dipped to 95,300 yuan/mt in early trading. Copper prices then fluctuated upward, with the center moving up to a high of 96,680 yuan/mt, before fluctuating downward to finally close at 96,150 yuan/mt, down 0.08%. Trading volume reached 36,500 lots, and open interest stood at 181,000 lots, a decrease of 1,608 lots from the previous trading day, mainly due to bulls reducing positions.

On April 1, the National NEV Power Battery Traceability Information Platform was officially launched, providing national-level information platform support for the green and circular development of China’s NEV industry. Centered on the digital identity information of power batteries, the platform assigns a code to each power battery and brings online data from across the upstream and downstream segments of the industry chain, enabling chain-based traceability of power battery flows.