[Domestic Iron Ore Brief Review] This week, the mine-mouth price of 64-grade alkaline powder (dry basis, pre-tax, acceptance payment) in Shandong remained stable at 894. Miners mostly maintained normal production, with the majority of long-term contract shipments stable and essentially operating with no inventory. A few steel enterprises saw inventory increase slightly, with purchases mainly made as needed, and overall market transactions were moderate. Steel mills currently mainly purchase as needed, with both buyers and sellers being relatively cautious.

[Environmental Protection in Northern China Affected Galvanizing Operating Rates]: This week, the operating rate of the galvanizing industry was 58.75, down 0.13 percentage points WoW. Raw material side, zinc prices fluctuated at highs this week, and galvanising enterprises mainly digested inventories, but with only small volumes of earlier price-fixed purchases and long-term contracts, zinc ingot inventories at galvanising enterprises edged down. The operating rate declined this week, mainly due to environmental protection-driven production restrictions in some northern regions, which affected operations.

SMM News on April 3: As of April 2, finished product inventories of secondary lead stood at 14,000 mt, an increase of 2,200 mt from March 26. Rising lead prices prompted suppliers to hold prices firm and hold back from selling, while downstream battery plants stayed on the sidelines amid high-priced cargoes and mainly picked up goods under long-term contracts; coupled with replenishment from imported crude lead, smelters' finished product inventories accumulated. Next week, with secondary lead production expected to improve and the off-season approaching, downstream procurement is likely to remain weak, and inventories are expected to continue rising. > Subscribe to View Historical SMM Metal Spot Prices

This week, ternary cathode precursor prices rose somewhat. Today, nickel sulphate prices edged down slightly, cobalt sulphate prices held steady, and manganese sulphate prices increased slightly. Discounts, for April and Q2 orders, some producers were willing to raise discounts due to large fluctuations in raw material prices. Long-term contracts, some producers recently finalized long-term contracts; some producers saw slight increases in nickel and cobalt discounts, while some producers may still have some room for negotiation on processing fees. However, as downstream demand for high-priced raw materials remained weak, upside room is expected to be limited. Spot orders, the Ni-Co-Mn coefficient for March spot orders had already moved higher, and with current downstream procurement sentiment weak, further upside room is expected to be limited. Production, as China entered the off-season for demand this month, some enterprises saw their production schedules pull back. The export tax rebate deadline had passed, and production intensity at some enterprises related to the rush to export also declined. Looking ahead, cost support for sulphates remained relatively strong, but downstream acceptance of prices will depend on Q2 downstream demand.

[SMM Morning Meeting Summary: LME Zinc Posted a Four-Day Winning Streak; Focus on Trump's Speech Today] Overnight, LME zinc posted a four-day winning streak, with the center of the daily candlestick moving higher. Trump released a TACO signal, expectations for an end to the geopolitical conflict in the Middle East increased, the US dollar index fell, nonferrous metals saw bargain hunting, zinc inventory remained at low levels, and bears' exit provided support, driving zinc prices all the way up. Focus on......

[SMM Lead Morning Meeting Summary: Fundamentals Had Limited Impact on Lead Prices, Attention Should Be Paid to Guidance From Macro Changes] US President Trump said he would end the Iran conflict within “two to three weeks.” Recently, lead ingot inventory trends in and outside China have diverged slightly. Consumption in the Chinese market has relatively weakened, and trading in the spot market has been sluggish...

Recently, China's manganese-based battery materials market has been characterized by cost-driven divergence and gradual demand recovery. Battery-grade manganese sulfate and trimanganese tetroxide have strengthened on the back of rising raw material and freight costs; electrolytic manganese dioxide remains stable; and lithium manganate is steady amid volatile lithium carbonate prices, awaiting a demand rebound in April.

Recently, China’s manganese-based battery materials market has shown an overall pattern of cost-driven dynamics, product differentiation, and gradually recovering demand. Manganese sulphate and Mn3O4 were supported by rising upstream raw material costs and freight rates, with prices trending upward; MnO2 remained stable; LMO held steady amid fluctuations in lithium carbonate, awaiting a recovery in demand in April.

[China Iron Ore Brief Review: Iron Ore Concentrate Prices in the Tangshan Region May Hold Up Well] In Shandong, the pre-tax dry-basis price of 64-grade alkaline fines at mines and beneficiation plants fell by 5 yuan to 894 yuan, and steelmakers lowered prices in tandem. Most miners maintained normal production, with no significant inventory buildup and basically no inventory at most operations. Steelmakers continued to purchase under long-term contracts, mainly purchasing as needed while maintaining low inventory operations. On the news front, external market disruptions remained unabated, and imported ore prices stayed at a relatively high level, which may provide some support for domestic iron ore

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,223/mt. In early trading, it saw wide swings and climbed to $12,278/mt. Subsequently, the center of copper prices moved straight downward to a low of $12,153.5/mt, before fluctuating widely again and finally closing at $12,195/mt, up 0.44. Trading volume reached 15,300 lots, and open interest stood at 295,000 lots, down 454 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 96,100 yuan/mt and hit a high of 96,240 yuan/mt in early trading. Subsequently, the center of copper prices gradually moved lower to 95,210 yuan/mt, before fluctuating rangebound and finally closing at 95,350 yuan/mt, down 0.05. Trading volume reached 36,500 lots, and open interest stood at 183,000 lots, down 2,394 lots from the previous trading day, mainly due to bulls reducing positions.