[Magnesium Market Continued to Weaken at the Start of the Week; Short-Term Low Gradually Emerging with Soft Landing Expected] The 99.90% magnesium ingot price in the main producing area was quoted at 16,950-17,050 yuan/mt today, down 50 yuan/mt from the earlier quote.

[SMM Coking Coal and Coke Daily Brief] News: The second round of coke price increase was officially implemented, with procurement prices raised by 50-55 yuan/mt, effective from midnight on April 20. In terms of supply, coke producers maintained moderate per-mt profitability, production remained normal, shipments were smooth, and in-factory inventory largely stayed at low levels. Demand side, steel mills maintained high and stable operating rates, in-factory coke inventory continued to pull back, and demand for coke remained solid. However, steel mill profits did not see significant recovery, and steel mills still showed resistance sentiment toward further coke price increases. Overall, the second round of coke price increase has been implemented, but the market is in a digestion phase. A third round of increase is unlikely to materialize in the short term, and the coke market may hold up well and remain generally stable with slight rise going forward.

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...

According to SMM, from April 10 to April 16, 2026, the weekly comprehensive operating rate of lead-acid battery enterprises across five provinces was 69.66%, up 2.38 percentage points WoW. With the impact of the Qingming Festival holiday dissipating, lead-acid battery enterprises gradually resumed production this week. However, as the end-use market was in the traditional consumption off-season, battery orders at some enterprises weakened, and they once again lowered their production line operating rates. Therefore, the weekly operating rate of lead-acid batteries recovered somewhat this week but remained difficult to restore to pre-holiday levels. Currently, battery markets for e-bikes, automobiles, and other sectors are all in the off-season, with dealers purchasing cautiously. To ease inventory pressure, most producers adopted a produce-based-on-sales approach and scaled back production plans. If orders continue to remain sluggish going forward, some enterprises will consider further production cuts.

[Enterprises Resumed Production, Weekly Operating Rates of Die-Casting Zinc Alloy Rose] This week, terminal hardware factories slowed down their procurement and cargo pick-up pace, and die-casting zinc alloy enterprises saw fewer shipments. However, as some enterprises halted production during the week due to factory relocation, finished product inventories remained basically flat compared with last week. The rise in operating rates this week was mainly driven by enterprises that were on holiday last week resuming production this week, pushing operating rates higher...

[Orders Showed Marginal Improvement, Zinc Oxide Operating Rates Rose] Driven by marginal improvement in downstream orders, the industry's operating rate edged up this week...