This week, ferrous metals exhibited a pattern of initial weakness followed by strength. At the beginning of the week, after the U.S.-Iran peace talks failed to reach an agreement, the U.S. military announced it would impose a blockade on all maritime traffic in and out of Iranian ports, pushing international oil prices higher once again. Mid-week, disturbances from iron ore long-term contract negotiations intensified, with market rumors suggesting that restrictions on certain previously limited products had been partially lifted. Subsequently, news emerged of an unexpected shutdown at an Australian refinery, raising market concerns that a diesel supply deficit could trigger mine shutdowns, which in turn would lead to short-term supply tightening. Coupled with rising expectations of a second round of coke price increases, ferrous metals successfully rallied in the latter half of the week...

【SMM Steel】The Korea Trade Commission imposed provisional AD duties of 22.34%-33.67% on Chinese zinc-coated CR steel under 4.75mm used in construction, auto, appliances, furniture, and piping. The move aims to prevent further injury during the probe. The case was filed by Dongkuk CM, KG Steel, and Seah CM last November. A final decision is expected around September.

SMM, April 17: Metals market: As of the midday close, base metals on the domestic market rose nearly across the board. SHFE copper fell 0.14%. SHFE aluminum rose 0.67%. SHFE lead fell 0.39%, and SHFE zinc rose 0.68%. SHFE tin rose 0.34%, and SHFE nickel rose 2.05%. In addition, the continuous contract for casting aluminum futures edged up slightly, and the alumina continuous contract rose 0.68%. The lithium carbonate continuous contract rose 1.84%. The silicon metal continuous contract rose 0.71%. The polysilicon continuous contract fell 0.78%. Ferrous metals mostly rose. Iron ore rose 0.06%, rebar rose 0.45%, hot-rolled coil rose 0.24%, and stainless steel rose 2.34%. Coking coal and coke: the most-traded coking coal contract fell 0.45%, and the most-traded coke contract fell 0.62%. Overseas base metals, as of 11:40, LME metals showed mixed performance. LME copper fell 0.09%. LME aluminum fell 0.25%, LME lead rose 0.51%, and LME zinc rose 0.25%. LME tin fell 0.31%. LME nickel rose 1.61%. Precious metals, as of 11:40, COMEX gold rose 0.14%, and COMEX silver rose 0.37%. Domestic precious metals: the SHFE gold continuous contract fell 0.38%, and the SHFE silver continuous contract fell 0.91%. In addition, as of the midday close, the platinum continuous contract fell 1.94%, and the palladium continuous contract fell 1.7%. As of the midday close, the most-traded Europe containerized freight index contract rose 4.85%, closing at 2,095 points. As of 11:40 on April 17, midday futures quotes for selected contracts: Spot Prices and Fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 250 yuan/mt, up 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 170 yuan/mt, up 40 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 110 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 102,040 yuan/mt, down 505 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,455 yuan/mt, down 350 yuan/mt from the previous trading day... Macro Front China: [NDRC: This Year Will Focus on Launching a Series of Actions to Expand Effective Investment in Areas Such as "AI+" Infrastructure] The State Council Information Office held a press conference on the morning of April 17 under the series theme of "Getting Off to a Good Start for the 15th Five-Year Plan." Wang Changlin, Deputy Director of the National Development and Reform Commission (NDRC), stated that this year the focus will be on areas such as "AI+" infrastructure, urban renewal, the national water network, and new-type energy systems, launching a series of actions to expand effective investment and promote the optimization of supply structure and the expansion of market demand. In terms of institutional and mechanism innovation, we will comprehensively carry out "soft construction" work in central government investment projects to promote the formation of long-term mechanisms for project construction, implementation, operation, and maintenance. At the same time, we will leverage the role of the national venture capital guidance fund to guide and drive social capital in supporting technological innovation and the development of emerging industries. Wang Changlin stated that recently, in response to the impact of changes in the international situation on China's oil and gas imports, the government has adopted comprehensive measures to effectively ensure sufficient domestic oil product supply and stable market operations, fully demonstrating the achievements of China's new-type energy system construction. Going forward, efforts will be made to accelerate the high-quality development of non-fossil energy, coordinate centralized and distributed clean energy development, and make every effort to increase the scale of non-fossil energy power production and consumption. Through the above efforts, it is expected that by 2030, the supply scale of non-fossil energy will increase significantly compared to 2025, and by 2035, it will double compared to 2025. [NDRC: Efforts to Expand Effective Domestic Demand, with a Plan to Formulate the 2026–2030 Implementation Plan for the Strategy of Expanding Domestic Demand] The State Council Information Office held a press conference in the series of "Getting Off to a Good Start in the 15th Five-Year Plan," introducing the relevant situation of promoting high-quality economic and social development during the 15th Five-Year Plan period. Wang Changlin, Deputy Director of the NDRC, stated that since the beginning of this year, the economy has shown positive changes, with notable improvements on both the supply and demand sides, better playing the role of a stabilizer for the global economy, and performing better than the expectations of many institutions and experts in and outside China. Going forward, efforts should focus on five key areas of work. [Pan Gongsheng: Implementing a Moderately Accommodative Monetary Policy and Measures to Boost Consumption] Pan Gongsheng stated that during the 15th Five-Year Plan period, China will adhere to a domestic demand-driven approach, implement policy measures to boost consumption, vigorously develop the service sector, closely integrate investment in physical assets with investment in human capital, promote productivity growth, accelerate green transformation and sustainable development, unswervingly advance high-level opening-up, and drive high-quality development. The People's Bank of China will implement a moderately accommodative monetary policy, support Chinese-style modernization with high-quality financial services, and contribute China's strength to global economic growth. (People's Bank of China) [MIIT and Four Other Departments Jointly Issue the Guidelines for Green Design of Industrial Products (2026 Edition)] MIIT and four other departments jointly issued the Guidelines for Green Design of Industrial Products (2026 Edition). The Guidelines adapt to new changes and requirements in the green and low-carbon development landscape in and outside China, build consensus on green design across industries, and specify 11 key directions, namely long-life design, non-toxic design, lightweight design, energy-saving design, water-saving design, material-saving design, noise reduction design, space-saving design, easy-to-recycle-and-regenerate design, reusable design, and zero-carbon design. TheThe Guidelines further closely integrate 11 green design priority areas with practical industry applications, using 15 key industries as typical examples to develop 126 detailed solutions, guiding product R&D personnel in practicing green design concepts and methods. (MIIT WeChat) [PBOC reverse repo operations achieve net withdrawal of 1.5 billion yuan on the day] The PBOC conducted 500 million yuan of 7-day reverse repo operations today. As 2 billion yuan of 7-day reverse repos matured today, a net withdrawal of 1.5 billion yuan was achieved on the day. This week, the PBOC conducted a total of 3 billion yuan of 7-day reverse repo operations. As a total of 3.5 billion yuan of 7-day reverse repos matured this week, a net withdrawal of 500 million yuan was achieved for the week. (Jin10 Data) On the US dollar front: As of 11:40, the US dollar index rose 0.04% to 98.24. StoneX analyst Matt Simpson said in a research note that, based on technical analysis, the US dollar index may edge up in the short term. On Thursday, the 200-day simple moving average formed a "mildly bullish" pattern, and the two-day relative strength index was in extremely oversold territory. However, there are multiple resistance levels, including the 200-day exponential moving average at 98.44 that bulls need to test — or a level that bears need to watch for signs of reversal to reopen a broader bearish trend. Data shows the US dollar index is currently holding near the 98.249 level. (Jin10 Data) On the data front, US initial jobless claims fell last week, indicating that labour market conditions remained stable, even as employers remained cautious about hiring new workers as the Middle East conflict cast a shadow over the economy. The latest data showed US initial jobless claims for the week ending April 11 fell by 11,000 to 207,000, below market expectations of 215,000. Initial jobless claims this year have remained within the range of 201,000 to 230,000. While layoffs remain low, the oil price shock from a potential US-Israeli war against Iran may have hindered hiring. Economists said the labour market was already in a state of stagnation before the war broke out, attributable to the uncertainty brought by Trump's sweeping import tariffs and mass deportations. Economists said the Middle East conflict is just another layer of uncertainty facing enterprises. (Jin10 Data) US Fed Governor Miran said that, given the inflation situation that existed before the Middle East conflict, he may again lower his expectations for interest rate cuts this year. Miran said: "If I were to write my dot on the dot plot now, I would lean toward 3 interest rate cuts, possibly 4. I haven't decided yet."In March, Miran expected four 25-basis-point interest rate cuts this year, but he noted that the pace of rate cuts could slow down if price trends became "less favorable." According to the CME "Fed Watch": the probability of the US Fed raising interest rates by 25 basis points in April was 0.5%, while the probability of keeping rates unchanged was 99.5%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 1.4%, the probability of keeping rates unchanged was 98%, and the probability of a cumulative 25-basis-point rate hike was 0.5%. (Jin Shi Data) Data: The eurozone February seasonally adjusted current account and eurozone February seasonally adjusted trade balance data are to be released today. Also worth watching: 2027 FOMC voter and San Francisco Fed President Daly is scheduled to deliver a speech. Crude oil: As of 11:40, oil prices on both markets declined, with WTI crude down 1.25% and Brent crude down 1.02%. US President Trump, speaking to the media on the White House South Lawn on the 16th, said the US might hold another round of face-to-face negotiations with Iran this weekend, adding that he would consider heading to Pakistan to sign the deal if a peace agreement were reached between the US and Iran. Trump said he hoped to reach a permanent ceasefire peace agreement before the two-week temporary ceasefire agreement with Iran expires, without having to extend it. (Xinhua News Agency) Spot market overview: ► ► ► ► ► ► ► ► ► ► ►

On April 16 (Thursday), a document showed that Codelco and global miner Anglo American plan to separately submit environmental study reports to regulators for their proposed shared Andina-Los Bronces copper mine in Chile, using what they called an "unprecedented" dual-track model to streamline the approval process. The document showed that the two companies plan to submit two essentially identical applications in December for a copper mine to be jointly operated by both parties. Chile is currently the world's largest copper-producing country. Against the backdrop of an anticipated tightening in global copper supply, this model could serve as a blueprint for other major miners looking to share infrastructure and operations to boost production. The model would also allow Codelco and Anglo American to move faster and reduce risks. Codelco and Anglo American finalised this cooperation agreement in September 2025, planning to increase annual copper production by approximately 120,000 mt from 2030 to 2051, creating at least $5 billion in pre-tax value. ***"Mirror" Applications*** In areas where operations will overlap, the two companies proposed adopting identical environmental protection measures for each miner. A presentation document showed that they considered a single application submission legally unfeasible, as the Chilean constitution requires Codelco to retain ownership of its mining concessions. The two companies had also considered submitting three applications: one from each miner to extend the life of their respective mines, and a third from a joint entity responsible for operating the shared project. They ruled out this option, as it would require the enterprises to relinquish their existing open-pit mine environmental protection permits to make way for the merged mine. This "dual-track structure" also makes it possible for the two mines to resume independent operations in the future. ***On-Site Operations*** The documents detailed the plan to create a single mine site from the existing operations. Anglo American's Los Bronces mine is adjacent to Codelco's Andina mine. The two companies' plans showed that the rock barrier between them will also be mined, forming a single operating pit while keeping the project essentially within the existing footprint of the mines. A document showed that ore extracted from the shared mine site will be alternately sent to the Los Bronces and Andina processing plants, while waste rock will be dumped in each company's respective waste rock piles. To operate the two mines as an integrated system, modifications to waste rock piles, tailings facilities, pipelines, and supporting infrastructure are still required. The two companies stated that shared infrastructure can avoid redundant construction, reduce freshwater consumption, and alleviate pressure on the surrounding environment. ***Risks of a "Shared" Mine*** The two companies also identified significant risks, such as the need for close coordination with regulators, which could put pressure on Chile's already slow environmental review system. They emphasised that the project has "a very high level of public attention" and that there is a risk that environmentalists and affected communities may argue that the two reviews obscure the scale of the impacts. The Los Bronces mine has been accused for years of impacting air quality, water use, and glaciers in the high Andes region where it is located. Although Codelco and Anglo American believe the dual-track approach can reduce the risk of impacts being underestimated, they also acknowledged that it could lead to duplication of environmental protection management measures. (Wenhua Consolidated)

[PLS Group Secures $600 Million Senior Notes for Strategic Refinancing] The Australian lithium industry has witnessed an unprecedented evolution in capital structures, as producers seek strategies to navigate the dynamic shifts in global supply chains and changing institutional investor preferences. The ability to secure long-term, competitively priced debt financing has become a key competitive advantage for enterprises positioning themselves within the rapidly expanding battery materials ecosystem. Against this backdrop, the implications of strategic refinancing decisions extend far beyond real-time cost optimization, fundamentally reshaping the possibilities for operational flexibility and growth trajectories. PLS Group's $600 million senior notes refinancing represented a substantial capital markets transaction that exceeded initial market expectations through significant oversubscription. The issuance size was increased from an initial target of $500 million to $600 million, highlighting robust institutional investor demand for Australian lithium producer bonds. This 20% upsizing reflected investor confidence in the company's operational fundamentals and its strategic positioning within the global battery supply chain. The notes were set at an annual coupon rate of 6.875%, providing a fixed-cost financing structure extending to 2031 and ensuring seven years of interest rate certainty. Settlement is expected to be completed on April 22, 2026, establishing a clear timeline, with semi-annual interest payments commencing on November 1, 2026. The senior unsecured classification, supplemented by credit enhancement through guarantees from wholly-owned subsidiaries, preserved operational flexibility for the issuer while providing appropriate credit protection for institutional investors. This pricing structure reflected current credit market dynamics for resource sector issuers, incorporating commodity price fluctuations and expectations of lithium industry tax incentives. The successful issuance marked institutional investor recognition of lithium's strategic importance within the energy transition investment theme and confidence in Australian mining credit quality. Source: https://discoveryalert.com.au/ [Vulcan Energy Receives Unexpected Boost for German Lithium Mine] Vulcan Energy received a significant boost in Germany, as the state of Rhineland-Palatinate approved a royalty exemption on lithium production, aimed at strengthening the domestic critical minerals supply chain. The exemption applies until December 31, 2030, with a review one year before expiry, designed to accelerate the development of critical minerals supply chains. Vulcan Energy stated that this decision was favorable to its Lionheart project currently under construction in the state. The integrated lithium and geothermal development project targets annual production of 24,000 mt of lithium hydroxide monohydrate (LHM), sufficient to supply approximately 500,000 EV batteries per year, while providing 275 Gwh of renewable electricity and 560 Gwh of thermal energy annually over the project's estimated 30-year life cycle. Source: https://www.australianresourcesandinvestment.com.au/ [KoBold Invests $50 Million to Advance Lithium Ore Exploration in DRC] Billionaire-backed scientific exploration company KoBold Metals has launched what it calls the largest lithium ore exploration campaign ever in the DRC, committing over $50 million (A$70 million) by early 2027. The exploration will cover 13 license areas spanning over 3,000 square kilometers, with plans to expand to 5,000 square kilometers by the end of 2026, focusing on the Manono region, where the world's highest-grade lithium pegmatite deposits have been discovered. The DRC is already the world's largest cobalt producer and Africa's largest copper supplier, while also holding vast unexplored lithium ore reserves. Its abundant critical minerals resources make it a key player in the global supply chain, a fact recognized by the US, which signed a formal agreement with the DRC government at the end of 2025. Source: https://mining.com.au/ [Canada's Clean Energy Future Requires Over 40 Times More Lithium — Yet the Country Cannot Advance Mine Construction] Canada faces significant challenges in meeting the growing demand for critical minerals such as lithium, graphite, cobalt, nickel, and copper, which are essential to the global clean energy transition. Despite abundant reserves and a history as a major resource producer, Canada struggles to bring new mining projects into production quickly due to lengthy approval processes, jurisdictional complexities, and local opposition. This bottleneck threatens Canada's competitiveness in the global market and its ability to contribute to collective Western security. Experts emphasized the need for a comprehensive strategy that goes beyond mining to encompass processing and refining, while also addressing economic and geopolitical considerations. Overcoming these obstacles is critical for Canada to secure its position in the clean energy future. Source: https://thehub.ca/

This week, the weekly operating rate of leading downstream aluminum processing enterprises in China was flat MoM at 64.7%. such as can stock, energy storage, and automobiles. However, aluminum prices fluctuated at highs, exports to the Middle East were impeded, and some end-use consumption recovered less than expected, limiting upside room for the operating rate. The industry exhibited the characteristics of “steady with progress and structural divergence.”