SMM, April 2: Today in Guangdong, spot premiums for #1 copper cathode against the front-month contract were reported at 200 yuan/mt for high-quality copper, up 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 110 yuan/mt, up 30 yuan/mt from yesterday; and SX-EW copper was quoted at a premium of 50 yuan/mt, up 30 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 96,365 yuan/mt, down 660 yuan/mt from the previous trading day, while the average price of SX-EW copper was 96,260 yuan/mt, down 660 yuan/mt from the previous trading day. Spot market: Guangdong inventory continued to decline, marking the 13th consecutive drop and falling below 50,000 mt, the lowest level for the same period in recent years. Stimulated by the dual factors of continued inventory declines and lower copper prices, suppliers actively held prices firm, while downstream buyers also took the initiative to replenish stocks as copper prices fell, and overall trading improved from yesterday. Today, procurement sentiment for copper cathode in Guangdong stood at 2.52, up 0.03 from the previous trading day, while shipment sentiment was 3.68, up 0.07 from the previous trading day (historical data is available in the database). Overall, both inventory and copper prices fell, suppliers actively held prices firm, and overall trading was better than yesterday.

[SMM Aluminum Express News] PT PP Presisi (PPRE) secured an IDR 870 billion bauxite mining contract from PT Aneka Tambang (ANTM) in Mempawah, West Kalimantan. The project, executed under a joint operation with PTPP and LMA, covers mining, hauling, and washing plant operations, with first cut starting in early Q2 2026. This contract highlights PPRE’s push to diversify beyond nickel into bauxite, while also reflecting strong SOE collaboration to support Indonesia’s mining sector development.

[China’s Aluminum Ingot Inventory Continues to Build Up, Aluminum Prices Remain in a High-Level Consolidation Pattern ]Overall, the geopolitical situation in the Middle East remained the core factor affecting the global aluminum market. A series of production cuts and damage incidents at Middle Eastern aluminum plants is expected to provide strong upward momentum for aluminum prices in and outside China, coupled with support from expectations of a gradual release of peak-season demand in China. In the short term, aluminum prices are expected to remain in a high-level consolidation pattern.

Iron phosphate negotiations in April were deadlocked, with offers hitting 13,000 yuan/mt. The price surge appeared raw-material driven, but in fact reflected pricing power shifting upstream after a reversal in supply-demand fundamentals. Downstream buyers cited “cost increases” to push back, yet conveniently forgot the upstream losses quietly absorbed over the past three years. This was never about simple cost pass-through—it was a restructuring of profit distribution across the chain.

Inter-product price spreads are a segment of the rebar spread system characterized by complex logic and abundant trading opportunities. Unlike the spot-futures price spread, which reflects the spot-futures structure, and calendar spreads, which reflect near- and far-term expectations, the core of inter-product price spreads lies in macroeconomic structural adjustment and profit distribution across the industry chain. From the perspective of the industry chain, inter-product price spreads for long steel products are mainly concentrated in the following four areas:

【SMM Steel】Salzgitter's SZMF launched Project KLASSE to recover strategic metals like vanadium and manganese from steel slag. Combining "cold" processing with direct reduction, the process uses far less energy than conventional methods. Remaining mineral fractions will be used for high-quality construction. The three-year project aims to cut import dependence and turn slag into a sustainable resource.

【SMM Steel】Swedish miner LKAB will temporarily shut its KK3 pellet plant in Kiruna from mid-April to Nov 2026 due to changing rock mechanics requiring a revised mining sequence. The halt will cut iron ore deliveries by ~2 Mt this year. Affected staff will be reassigned rather than laid off. Output is expected to return to previous levels by 2027. The company is evaluating alternative mining areas.

[SMM Daily Chrome Commentary: Weak Trading Sentiment, Market Remained Temporarily Stable] April 1, 2026: The ferrochrome and chrome ore markets saw limited fluctuations...

On March 30, Republican Senators Cynthia Lummis and Bill Cassidy jointly proposed the Mined in America Act, aiming to promote the return of cryptocurrency mining to the U.S., while legislating the strategic Bitcoin reserves established by Trump through executive order into the legal framework.

New Delhi quietly renewed BIS certification waivers through September 2026, even as it talks tough on Chinese overcapacity. The contradiction reveals more about India's industrial gaps than its trade policy convictions