[SMM Chrome Daily Review: Ferrochrome Market Temporarily Stable, Chrome Ore Prices Unchanged] April 8, 2026: The ferrochrome and chrome ore markets saw limited fluctuations...

SMM, April 8: The most-traded SHFE lead 2605 contract opened at 16,775 yuan/mt during the session. In early trading, eased geopolitical tensions drove a broad rally across non-ferrous metals, pushing SHFE lead prices to fluctuate upward and touch a high of 16,885 yuan/mt. However, as fundamentals provided weak support for lead prices, the price center shifted lower. From mid-session to the close, prices moved sideways within the range of 16,790-16,855 yuan/mt, ultimately closing at 16,800 yuan/mt with a small bullish candlestick, up 70 yuan/mt or 0.42%. Tensions in the Middle East eased significantly today, with relevant parties including the US and Iran reaching a temporary ceasefire consensus, reducing the risk of regional conflict escalation. The recovery in macro sentiment drove lead prices higher. On the fundamentals side, some secondary lead smelters planned to cut production due to shrinking scrap battery recycling volumes. Combined with the concurrent resumption and maintenance at secondary lead smelters in April, the tug-of-war between longs and shorts on the supply side intensified. On the consumption side, the ongoing traditional off-season continued to weigh on demand, with downstream battery manufacturers exhibiting strong wait-and-see sentiment and weak purchase willingness. Under the combined influence of sentiment-driven support and fundamental tug-of-war, SHFE lead prices are expected to hover at highs in the near term. Data source statement: Data other than publicly available information is derived from publicly available information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

[SMM Stainless Steel Daily Review] US-Iran Ceasefire Boosted SS Futures Higher, Stainless Steel Spot Market Showed Signs of Warming On April 8, SMM reported that SS futures showed a strengthening and upward-probing trend. Influenced by the US-Iran ceasefire agreement, non-ferrous metal futures generally opened higher in the morning session, with SS futures rising in tandem, closing at 14,325 yuan/mt by the midday session. Spot market side, driven by the news, the strengthening of SS futures lifted spot market activity, with inquiry enthusiasm increasing notably. Although downstream buyers had not yet accepted higher offers, traders' quotes had already edged up. The most-traded SS futures contract strengthened and probed higher. At 10:15 AM, SS2605 was quoted at 14,265 yuan/mt, up 65 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area ranged from 155-355 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained flat; for cold-rolled trimmed-edge 304/2B coils, the average price in Wuxi remained flat and in Foshan held steady; cold-rolled 316L/2B coils in Wuxi remained flat; hot-rolled 316L/NO.1 coils were quoted flat in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. The stainless steel market is currently in the traditional peak consumption season of "Golden March and Silver April." Downstream demand fundamentals recovered compared with the earlier period, with end-user procurement continuing at a just-in-time pace, and overall trading volume was sufficient to hold quotes firm. However, affected by macro news disturbances and futures fluctuations, downstream end-user clients still maintained a wait-and-see sentiment, showing no willingness to stockpile, and transactions fluctuated with changes in news. Futures side, the Iranian geopolitical conflict...

[SMM Analysis] Winds Rise in the Middle East, Ripples Spread Worldwide:Geopolitical Special Discussion and Q2 Outloo the Export Landscapek(2) Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

[SMM Tin Midday Review: Geopolitical Tensions Release Easing Signals, Tin Prices Strengthen While Spot Trades Turn Sluggish]

Goldman Sachs has trimmed its copper price forecast, warning that prolonged geopolitical tensions and higher energy costs could weaken demand and push prices lower.

[SMM Analysis] Winds Rise in the Middle East, Ripples Spread Worldwide:Geopolitical Special Discussion and Q2 Outloo the Export Landscapek(1) Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

(Kitco News) – While high yields, dollar strength and profit-taking are combining to create headwinds for gold in the near term, none of the structural factors that pushed the yellow metal well above $5,000 per ounce have gone away, and gold’s long-term trajectory remains upward, according to Emily Avioli, Vice President and Investment Strategist at Merrill.

Gold has experienced a noticeable setback in recent weeks, even though the macroeconomic environment could have provided support for the precious metal at first glance.

[Ceasefire Unlikely to Resolve Supply Weakness; Aluminum Prices Retain Strong Support at High Levels] Overall, the two-week ceasefire news was unable to reverse the firm pattern underpinned by substantive supply damage and low inventory. Expectations of tangible supply contraction triggered by attacks on Middle Eastern aluminum smelters, combined with low global inventory and the recovery of peak-season demand in China, will provide strong upward momentum for aluminum prices. In the near term, aluminum prices are expected to hold up well.