On April 9, 2026, the Japanese Cabinet officially approved the latest amendment to the Waste Disposal and Public Cleansing Act (commonly known as the "Waste Cleansing Act"). The core of the amendment is to upgrade metal recycling operations from a notification system to a permit system, and to impose a new obligation requiring confirmation from the Minister of the Environment for scrap metal exports.

Amid sustained demand growth, India plans to build a strategic reserve of critical minerals including lithium, cobalt, nickel, copper and rare earths. The stockpile will be sized to cover six months of domestic consumption, aiming to guard against risks of global supply disruptions and sharp raw material price volatility. Led by India’s Ministry of Mines and Ministry of Heavy Industries, the reserve covers key raw materials essential for new energy vehicles, energy storage and the electronics sector, fields where India currently relies heavily on imports. At present, the United States, China, South Korea and other countries have already established strategic reserve systems for critical minerals.

Hesheng Co., Ltd. disclosed its 2025 annual report on April 29. In 2025, the company achieved total operating revenue of 4.011 billion yuan, a year-on-year increase of 20.34%; net profit attributable to the parent company was 155 million yuan, a year-on-year increase of 92.47%.

Jiaozuo Wanfang announced that its operating revenue for the first quarter of 2026 was 1.757 billion yuan, a year-on-year increase of 18.49%. Net profit was 511 million yuan, a year-on-year increase of 216.46%.

German renewable energy developer PNE AG has successfully completed the sale of its 25.2 MW Bokel wind farm, located in Lower Saxony, to an investment fund managed by Union Investment. The facility, which consists of seven wind turbines and was commissioned in April 2025, produces enough green electricity to power approximately 17,800 three-person households annually. While the financial terms of the deal remain undisclosed, PNE’s subsidiary, energy consult, will retain technical and commercial management of the site until at least late 2029, ensuring operational continuity under the new ownership.

Yechiu Resources released its first-quarter earnings report. In the first quarter of 2026, the company's revenue was approximately RMB 1.875 billion, an increase of 4.51% year-on-year; net profit attributable to shareholders of the listed company was approximately RMB 59.97 million, an increase of 179.68% year-on-year; basic earnings per share were RMB 0.0272, an increase of 180.41% year-on-year.

According to foreign media reports, the Indian government announced Monday evening that it will launch an investigation into certain aluminum wire products from Malaysia in response to review applications submitted by companies including Indian Aluminium Corporation, Vedanta, and Bharat Aluminium. The existing countervailing duties are set to expire in September, and the investigation aims to determine whether it is necessary to extend the tariffs.

Iberdrola SA reported a €1.87 billion adjusted net profit for Q1 2026, marking an 11.4% increase year-on-year, primarily fueled by robust growth in regulated networks and an increased stake in its Brazilian subsidiary, Neoenergia. While group revenue remained stable at €12.02 billion, adjusted EBITDA grew 2.4% to €4.07 billion, benefiting from the consolidation of UK operator Electricity North West (ENW). Conversely, the electricity production and customers division saw a 3.2% dip in adjusted EBITDA to €2.02 billion, as increased output in Europe and the UK was offset by non-recurring ancillary service costs in the Iberian market and a tough year-on-year comparison in the US.

Global Aluminum Market Review – April: Divergent Domestic & Overseas Trends and Marked Spot Structure Disparities The global aluminum market in April featured a core pattern of strength overseas and weakness domestically with diverging trends. The main Shanghai aluminum contract retreated from highs amid fluctuations, while LME aluminum maintained firm momentum supported by low inventories and geopolitical factors, with both markets seeing mild corrections toward month-end. Market drivers this month centered on macro policies, geopolitical conflicts, supply-demand fundamentals and inventory structures, with movements of key indicators further highlighting supply-demand imbalances between domestic and overseas aluminum markets. I. April Aluminum Price Review: Linked Movements with Distinct Strength Differentials Shanghai aluminum and LME aluminum shared similar price rhythms in April, both fluctuating higher initially before retreating. However, notable gaps emerged in upward momentum and correction ranges, with overseas aluminum prices significantly outperforming domestic counterparts. The average Shanghai-LME aluminum ratio dropped from 7.36 in March to 7.03 in April, reflecting stronger overseas aluminum pricing relative to Shanghai aluminum. The main Shanghai aluminum contract trended upward early in the month before softening overall, declining from elevated levels through range-bound trading. It opened lower at RMB 24,715 per ton at the start of the month and consolidated. Driven by escalating Middle East geopolitical tensions and rising LME aluminum prices, it surged to a monthly peak of RMB 25,675 per ton in mid-April. In late April, amid continuous domestic inventory accumulation, weaker-than-expected downstream demand, and risk-averse capital outflows ahead of the May Day holiday, prices corrected steadily. Closing at RMB 24,430 per ton on April 30, the contract recorded a monthly trading range of nearly RMB 1,360 per ton. LME March aluminum traded firmly with mild late-month declines. Opening at USD 3,459 per ton, it climbed to a monthly high of USD 3,672 per ton in mid-April, underpinned by overseas supply disruptions from geopolitical frictions and sustained inventory destocking. Prices edged down later due to fluctuating US-Iran negotiations, hawkish macro sentiment and profit-taking at high levels, settling at USD 3,476 per ton at month-end with a slight monthly loss. Overall, LME aluminum vastly outperformed domestic Shanghai aluminum. In terms of price drivers, geopolitics served as a shared upward catalyst for global aluminum prices, with production cuts and supply disruptions in the Middle East continuously boosting market risk aversion. Price divergence stemmed from dual disparities in macro policies and fundamentals: elevated domestic inventories and sluggish demand consistently capped aluminum price rebounds, while tight overseas inventories and strained spot supplies provided robust support for LME aluminum. II. Key Inventory Indicators: Divergent Inventory Movements and Contrasting Supply-Demand Landscapes As a core gauge of aluminum market supply and demand, domestic and overseas inventory trends diverged sharply in April, directly shaping the relative strength of regional aluminum prices. Domestic aluminum inventories kept rising and stood at a multi-year seasonal high. Social inventories maintained an upward trend throughout April, hitting 1.465 million tons in mid-month, the highest seasonal level in five years. A clear imbalance emerged between rigid supply release and lackluster downstream demand during the traditional peak "Silver April" period, leading to persistent spot market loosening. SHFE warehouse stocks expanded from 420,000 tons at the start of the month to 450,000 tons at month-end. Elevated warehouse stock levels further confirmed ample domestic spot supply, weighing continuously on aluminum prices. Overseas LME aluminum inventories declined steadily to a 20-year low. Total LME aluminum inventories fell from 410,000 tons to 370,000 tons in April, extending months of destocking to historic lows. Noticeable structural divergence persisted in inventory composition: Russian aluminum accounted for approximately 92% of total LME stocks in March, resulting in low market-circulating inventories and increasingly tight physical spot supply, which acted as the fundamental pillar for strong LME aluminum prices. In summary, April’s global aluminum market was governed by contrasting core dynamics: low overseas inventories, geopolitical disruptions and hawkish Federal Reserve policies on the overseas front, versus high domestic inventories, weak real demand and stable growth expectations domestically. This drove pronounced market divergence. Affected by intertwined internal and external factors, the main Shanghai aluminum contract corrected downwards from highs, while LME aluminum remained in a firm trading range, backed by historically low inventories, a tight spot balance and geopolitical risk premiums.

On April 29, during Geely's Q1 2026 results conference, Gan Jiayue, CEO of Geely Auto Group, stated that the Zeekr 9X will be exported to the Middle East in June, launched in Central Asia in Q3, and enter the European market in Q4. Gan also revealed that the Zeekr 8X will be promoted in overseas markets from Q4 this year to Q1 next year. Data shows that in the first quarter, deliveries of the Zeekr 9X reached 22,000 units.