Key takeaways: Rapid growth: LFP cathode materials (+60%), iron phosphate (+67%), and LiPF6 (+38%) saw significant production expansion, reflecting strong demand from power batteries and energy storage. New-type materials such as LMFP and composite sodium iron phosphate grew by over 90%, entering the commercialisation phase.

Shipping data showed that DRC copper exports fell 14.6% in Q1, pulling back from abnormally strong levels a year earlier, while cobalt exports saw a significant rebound after months of stagnation.

[SMM Analysis: Indonesia's HPM New Policy Pushes Up Costs — How Will the High-Grade NPI Landscape Change?] Recently, affected by Indonesia's nickel ore quota and HPM benchmark price adjustments, high-grade NPI production costs have seen a rigid increase. Combined with supply-side increments falling short of expectations and continued inventory destocking, market prices have fluctuated upward... The following is SMM's detailed analysis:

【SMM Steel】Serbia's Utva Silosi AD Kovin selected Danieli to supply a new ERW tube line. The investment will expand capabilities, with ops scheduled for H1 2027. The line will produce tubes for various industrial uses, including structural and high-precision auto tubes. It will produce tubes up to 50 mm OD and 3 mm wall thickness at >160 m/min. The line includes continuous coil joining and a high-frequency welder. Downstream ops will produce square, rectangular, and round sections.

【SMM Steel】Unions representing POSCO and Hyundai Steel warned of a structural crisis facing the steel industry in Pohang. The sector is under pressure from global supply chain disruptions, low-priced steel imports, rising carbon transition costs, and increasing industrial electricity prices. These challenges are eroding competitiveness and threatening tens of thousands of jobs. Unions called for urgent action, including lower electricity costs and expanded direct power purchase mechanisms.

On April 14, data from the General Administration of Customs showed that China exported 9.135 million mt of steel in March 2026, up 1.298 million mt MoM, a 16.6% increase MoM; cumulative steel exports from January to March totaled 24.717 million mt, down 9.9% YoY. China imported 512,000 mt of steel in March 2026, up 143,000 mt MoM; cumulative steel imports from January to March totaled 1.339 million mt, down 14.1% YoY. China's Steel Exports Increased MoM in March Due to fewer days in February, combined with the Chinese New Year holiday and other factors, steel exports saw a seasonal rebound in March. Earlier SMM survey data on export order-taking also hinted at this trend — domestic sellers gradually resumed taking orders from mid-to-late January, with export order-taking maintaining a relatively high growth rate MoM. On the other hand, the global manufacturing PMI in February 2026 was 51.2%, up 0.2 percentage points MoM, running above 50% for two consecutive months, with Asia, Europe, and the Americas all rising MoM. China's Steel Imports Increased MoM in March Import side, China's cumulative steel imports from January to March totaled 1.339 million mt, down 14.1% YoY; net steel exports reached 23.378 million mt. Short-Term Steel Export Outlook According to the China Federation of Logistics & Purchasing, the global manufacturing PMI in March 2026 was 51.2%, up 0.5 percentage points MoM, running above 50% for 11 consecutive months, driven by some economies in Europe, the Americas, and Asia, while Middle East geopolitical tensions and supply chain disruptions persisted. China's new export orders index for the manufacturing sector was 49.1% in February, up 4.1 percentage points MoM, showing a relatively notable recovery MoM. Data monitored by the World Steel Association showed that global crude steel production in February 2026 fell 2.2% YoY to 141.8 million mt. Among them, the pullback in China's production was mainly due to physical shutdowns during the Chinese New Year holiday and post-holiday high inventory forcing steel mills to actively cut hot metal production. Excluding China, production in the rest of the world also declined significantly by 8.75% MoM, with notable divergence in production schedule paces across regions — the most prominent being the Middle East, where output dropped markedly due to geopolitical conflicts and tariffs. The contraction in ex-China production, particularly in the Middle East, created opportunities for China's exports, especially semi-finished products. Chart 1 - Iran's Export Data by Product Category As of April 13, 2026, HRC export prices (FOB) from India, Turkey, and the CIS were $505/mt, $625/mt, and $495/mt respectively, while China's HRC export price (FOB) was $485/mt. Currently, China's HRC export price was +$20/mt, +$140/mt, and +$10/mt lower than those countries respectively. This shows that the escalation of the US-Iran conflict has pushed up ex-China steel costs far more than in China , further highlighting China's steel export price advantage. Chart 2 - Global Major Market HRC Prices Based on SMM's latest steel mill export scheduling data, HRC export planned volume this month was 851,000 mt, up 67,000 mt from last month's actual exports, an increase of 8.5% MoM. According to SMM steel export order-taking data, as production gradually resumed in and outside China, steel export order-taking in March increased 13.98% MoM from February. Due to the gap left by Iran's exports to Southeast Asia, the most notable increase was in semi-finished products, while the increase in finished products was relatively limited. Taking all factors into consideration, with order-taking and shipping gradually recovering, SMM expects steel exports in April to continue rebounding MoM. However, differences across product categories may emerge, which is expected to result in relatively limited incremental volume in the General Administration of Customs data released on the 8th, while the product-specific data released on the 20th may show relatively strong performance in semi-finished products. Chart 3 - SMM Steel Export Order Taking VolumeData Source Disclaimer: Data other than publicly available information is derived by SMM based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice. 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The Nickel Pig Iron (NPI) market looks firm on the surface — but dig one layer deeper and two very different realities emerge for high-grade and low-grade material.

[SMM Stainless Steel Daily Review] Positive Nickel Ore Policy Boosts Stainless Steel Futures Prices, but Cautious Downstream Keeps Transactions Weak with Stable Spot Prices SMM, April 14 — SS futures continued their strong upward trend. Influenced by yesterday's news of Indonesia's nickel ore HPM formula adjustment, both SHFE nickel and SS futures rose. As of the morning session close, the most-traded SS contract was quoted at 14,600 yuan/mt. Spot market side, driven by the consecutive rise in SS futures and the adjustment of Indonesia's nickel ore HPM formula, market expectations were that nickel pig iron smelting costs would increase, strengthening confidence in cost support for stainless steel. However, downstream acceptance of high prices remained limited, and spot quotes had not yet followed the upward move, with overall transactions remaining stable. The most-traded SS futures contract strengthened. At 10:15 AM, SS2605 was quoted at 14,590 yuan/mt, down 20 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area ranged from 30-230 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi held steady; for cold-rolled untrimmed 304/2B coils, the average price in Wuxi held steady, and the average price in Foshan held steady; cold-rolled 316L/2B coils in the Wuxi area held...

The 2026 revision improves transparency through moisture and silica adjustments, but Indonesia’s bauxite HPM remains structurally above domestic transaction levels, reinforcing its role as a fiscal reference price rather than a true market-clearing mechanism.

[Tungsten News Flash] SMM, April 14: It was reported that Guangdong Province issued the first batch of tungsten mine extraction control quotas for 2026: the provincial total was 2,110 standard tonnes (65% WO₃ basis), a decrease of 250 mt from the first batch in 2025 (2,350 mt), a YoY decline of 10.2%.