SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,240.5/mt, fluctuated upward to a high of $13,295/mt in early trading, then the copper price center dropped sharply to $13,182.5/mt, followed by wild swings, and finally closed at $13,242/mt, down 0.26%, with trading volume at 17,000 lots and open interest at 287,000 lots, a decrease of 2,451 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 102,350 yuan/mt, rose to 102,510 yuan/mt in early trading, then the copper price center dropped sharply to 101,700 yuan/mt, before fluctuating upward to finally close at 102,290 yuan/mt, down 0.09%, with trading volume at 28,500 lots and open interest at 174,000 lots, an increase of 820 lots from the previous trading day, indicating bears adding positions.

RWE has withdrawn its 99.9 MW Butterfly (Glöyn Byw) solar-plus-storage project in Wales after determining that grid connection delays made the scheme unviable. Despite exploring alternative routes through 2025, the developer cited severe congestion in the UK's grid queue—where some projects face wait times into the mid-2030s—as the decisive factor. The cancellation underscores how grid bottlenecks are now dictating early-stage project viability across the UK. However, RWE maintained that solar and storage remain central to its strategy, with the group still planning €35 billion in global investments by 2030 to expand its flexible capacity and storage portfolio.

European distribution grid investment surged 51% between 2021 and 2024, reaching €35.3 billion annually, and is projected to hit €46.7 billion by 2027, according to a new ACER report. While spending is rising, ACER warns that fragmented planning, a persistent bias toward physical infrastructure over flexibility, and uneven digitalization are hindering progress. Nearly two-thirds of DSOs are currently exempt from mandatory network development plans, creating structural gaps in grid readiness. As solar and storage applications skyrocket—with the UK seeing a 460% surge in early 2025—grid constraints remain a critical bottleneck for the continent's clean energy goals.

The EU Agency for the Cooperation of Energy Regulators (ACER) launched a public consultation on March 31, 2026, to assess the evolution of the European Power Purchase Agreement (PPA) market. Open until May 8, the initiative seeks input on regulatory, financial, and market barriers across member states. ACER is specifically focusing on the availability of state-backed guarantees, the role of dedicated trading platforms, and tax incentives. Following a rebound in deal volumes in early 2026, the findings will guide future regulatory measures to improve market accessibility and foster long-term investment stability for renewable energy producers and corporate buyers.

The silver price has already shown this year how quickly dynamics in the precious metals market can change.

Stegra (formerly H2 Green Steel) announced on April 14, 2026, that it has reached a principal agreement for a €1.4 billion ($1.65 billion) financing round led by a Wallenberg Investments consortium. The funding ensures the continuation of construction for the world’s first large-scale green steel plant in Boden, Sweden, which utilizes green hydrogen instead of coking coal. While the original late-2025 deadline has passed, the new capital allows for a ramp-up of construction activities, with the project aiming to reduce CO₂ emissions by up to 95% compared to traditional blast furnace production.

Dear Users, In recent years, the Southeast Asian lead market has developed rapidly, particularly as Chinese-funded enterprises have concentrated investments in lead-acid batteries, electric bicycles, and the automotive industry, further driving up lead demand. However, the expansion of lead smelting capacity in countries such as Vietnam and Malaysia has lagged behind the growth in consumption, making it difficult to meet the rapidly increasing demand for lead. As a result, imported lead has become the primary source of lead ingot supply in these countries. In 2024 and 2025, SMM subsequently launched CIF premiums for Malaysian lead ingots and Vietnamese lead ingots. Thanks to the diversity of global lead ingot production standards, SMM's pricing references the London Metal Exchange (LME) lead futures delivery standards (EN 12659:1999, GB/T 469-2013, and ASTM B29-03 (2014)). During the period of increased lead demand in Southeast Asia, the demand for lead ingots with a purity of ≥ 99.99% has been particularly prominent due to the needs of lead-acid battery production, leading to increased trading activity in the lead market and a widening price gap between lead ingots with different purity levels. To keep pace with the development of the lead market and reflect the true situation of spot transactions, SMM upgrade overseas lead ingot pricing with the following price points: The SMM Malaysia and Vietnam lead ingot CIF premium is an indicative price developed and published by SMM in accordance with the methodology described above. It may be used by both trading parties as a reference for the settlement of CIF lead ingot premium transactions in overseas markets. This price reflects the actual or potentially tradable spot price range at the time of publication of the Malaysia and Vietnam lead ingot CIF premium on each full trading day. The six price points mentioned above will be officially launched on April 15, 2026. Historical data can be viewed on the SMM website (smm.cn and metal.com). The price is published every trading day during local market operating hours, on the morning of the trading day. SMM will continue to monitor developments in the lead industry chain and further optimize pricing points to better serve the industry! For any questions regarding mentioned-above pricing points, please contact Lead Analyst Xia Wenming at 021-51666839 or xiawenming@smm.cn . Shanghai Metals Market, Lead & Zinc Industry Research and Analysis Team Shanghai, April 14, 2026.

War damage to Iran’s key steel mills threatens ~14 Mt of capacity, sharply reducing crude steel output and exportable supply. While domestic demand remains relatively stable, energy shortages and logistics disruptions amplify losses, tightening regional supply, supporting semi-finished steel prices, and reshaping trade flows.

According to SMM data, China’s average operating rate of zinc oxide stood at 38.88% in Q1 2026, down 3.98 percentage points year-on-year.What are the reasons behind this?

According to the draft National Steel Policy 2025, India plans to aggressively expand its steel production capacity to 400 million tons by the 2035-36 fiscal year, requiring approximately $183.41 billion in capital investments. The policy heavily focuses on decarbonization and raw material independence, aiming to reduce reliance on imported coking coal to 80% from the current 90%. Furthermore, the government intends to lower average steel mill emissions to 2 tons of carbon dioxide per ton of rolled steel, promoting gas-based production and scrap utilization.