Italy installed 1,439 MW of new PV capacity in Q1 2026, according to Italia Solare. By March 31, the country had 2.22 million PV systems with a total installed capacity of 44.95 GW. The C&I segment (20 kW–1 MW) grew 24% year-on-year, adding 566 MW, while the residential sector declined 13% and utility-scale installations fell 9%. Lombardy remained the leading region with over 6 GW cumulative capacity and 266 MW added in Q1, followed by Veneto and Lazio. The association noted that installation levels remain below the 6–7 GW annual additions required to meet national solar expansion targets.

SMM April 18 Update: Metals market: Last Friday's overnight session saw broad gains across base metals in the domestic market. SHFE copper rose 0.78%; on a weekly basis, SHFE copper posted a four-week winning streak, gaining 4.07% for the week. SHFE aluminum fell 1.25%, SHFE lead rose 0.24%, SHFE zinc rose 0.71%, SHFE tin rose 0.03%, and SHFE nickel fell 2.19%. In addition, the most-traded alumina futures contract fell 1.01%, and the most-traded foundry aluminum continuous contract fell 1.18%. Last Friday's overnight session saw ferrous metals all fall. Iron ore fell 0.58%, stainless steel fell 0.27%, rebar fell 0.16%, and hot-rolled coil rose 0.09%. Coking coal and coke: coking coal fell 0.24%, and coke fell 0.18%. Overseas market metals last Friday overnight, LME base metals broadly rose. LME copper rose 0.81%; on a weekly basis, LME copper posted a four-day winning streak, gaining 3.83% for the week. LME aluminum fell 2.72%, LME lead rose 0.8%, LME zinc rose 0.25%, LME tin rose 0.03%, and LME nickel rose 1.69%. Precious metals last Friday overnight : COMEX gold rose 0.85%, posting a three-week winning streak with a weekly gain of 1.3%; COMEX silver rose 2.82%, posting a four-week winning streak with a weekly gain of 5.82%. Last Friday overnight, SHFE gold rose 0.94%, posting a three-week winning streak with a weekly gain of 0.12%; SHFE silver rose 3.74%, posting a four-week winning streak with a weekly gain of 5.18%. Gold prices rebounded amid optimistic sentiment over US-Iran negotiations, but further gains may be limited until the geopolitical situation becomes clearer. Commerzbank analysts noted: "Gold prices also rebounded on hopes of an end to the war, as this eased concerns that central banks would have to respond to higher inflation risks with tighter monetary policy, thereby increasing the opportunity cost of holding gold. However, as long as uncertainty remains elevated, the underlying recovery in the gold market may be temporarily exhausted." As of 7:45 AM on April 18, last Friday's overnight closing prices: Macro front China: [State Council Executive Meeting: Deeply Implement the Strategy to Upgrade Pilot Free Trade Zones and Promote High-Quality Development of Pilot FTZs] Li Qiang chaired a State Council executive meeting to hear reports on the development of pilot free trade zones. The meeting noted that since the 18th CPC National Congress, pilot FTZs had actively explored deepening reform, expanding opening-up, and promoting development, achieving a series of breakthrough and pioneering results and effectively serving as comprehensive pilot platforms. In the face of new circumstances and new tasks, it is necessary to thoroughly implement the strategy for upgrading pilot free trade zones, reform and improve institutional mechanisms, further optimize the layout and enhance capacity, and better serve the overall national development. Efforts should be made to adapt measures to local conditions, proceed in a steady and orderly manner, and pursue practical results. On the basis of scientific assessment and evaluation, and in accordance with local conditions and actual needs, tailored plans should be formulated for each zone to solidly advance related work and promote high-quality development of pilot free trade zones. Support should be given to pilot free trade zones such as Shanghai to leverage their functional positioning, proactively align with high-standard international economic and trade rules, steadily expand institutional opening-up in terms of rules, regulations, management, and standards, explore and develop more replicable and scalable experiences and practices, and better play a demonstrative, leading, and radiating role. (CCTV News) [MOF and Another Department: Adjusting the Scope of VAT and Consumption Tax Refund Goods for Pingtan Comprehensive Experimental Zone] The Ministry of Finance and the State Taxation Administration announced the adjustment of the scope of VAT and consumption tax refund goods for Pingtan Comprehensive Experimental Zone. Goods related to production sold from the mainland to Pingtan via the "second line" shall be treated as exports, and VAT and consumption tax refunds shall be implemented in accordance with current tax policy provisions. However, the following goods are excluded: 1 Exported goods to which the Ministry of Finance and the State Taxation Administration have stipulated that VAT refund (exemption) and tax exemption policies do not apply. 2 Goods procured for commercial real estate development projects in Pingtan. Commercial real estate development projects refer to the construction (including renovation and expansion) of hotels, office buildings, villas, apartments, residences, commercial shopping venues, entertainment and service facilities, catering establishments, and other commercial real estate projects. 3 Other goods sold from the mainland to Pingtan that are not eligible for tax refunds. The specific scope is detailed in the appendix. 4 Goods purchased by enterprises whose tax refund or exemption eligibility has been revoked in accordance with relevant regulations. (Ministry of Finance) (Jin10 Data APP) [General Administration of Customs: Supporting Local Governments in Building Bulk Commodity Collection, Distribution, Storage, and Transportation Bases Leveraging Comprehensive Bonded Zones to Conduct Storage and Distribution of Bulk Commodities Such as Energy and Mineral Products] On April 17, the General Office of the State Council forwarded the notice of the General Administration of Customs on Several Measures for Promoting the Expansion and Quality Improvement of Comprehensive Bonded Zones. Among the measures proposed, serving national strategic needs was highlighted. Support is given to local governments to build bulk commodity collection, distribution, storage, and transportation bases leveraging comprehensive bonded zones, and to conduct storage and distribution of bulk commodities such as energy and mineral products. Enterprises within the zones are allowed to carry out physical blending of metal ore products through bonded logistics. Differentiated conformity assessment shall be implemented. Support is given to enterprises within the zones to conduct key core technology research in areas such as artificial intelligence, integrated circuits, industrial master machines, medical equipment, instruments and meters, advanced materials, basic software, and industrial software. Differentiated conformity assessment shall be implemented for relevant equipment, reagents, and consumables imported by enterprises in accordance with national statutory inspection requirements. [CSRC Solicits Public Comments on the Measures for the Supervision and Administration of Futures Companies (Exposure Draft) and Supporting Implementation Provisions] Building on the public consultation conducted in March 2023, the CSRC, in light of new circumstances and issues encountered in futures industry regulatory practice, conducted further research and deliberation on the relevant institutional arrangements of the Measures for the Supervision and Administration of Futures Companies, and formulated a new Measures for the Supervision and Administration of Futures Companies (Exposure Draft). Concurrently, the CSRC drafted the Announcement on Matters Concerning the Implementation of the (Exposure Draft) as supporting implementation provisions. Public comments are now being solicited. The new Measures for the Supervision and Administration of Futures Companies (Exposure Draft) shifts futures market-making and derivatives trading businesses — previously operated by risk management subsidiaries with filing-based access and self-regulatory management by the China Futures Association — to be operated by futures companies, subject to licensing-based access and administrative supervision, and strengthens the regulation of futures companies' subsidiaries and branches. US dollar: Last Friday, the overnight US dollar index rose 0.02% to 98.22. On a weekly basis, the US dollar index fell for a third consecutive week, down 0.48% for the week. After Iran announced that the Strait of Hormuz was now "fully open" to commercial shipping, the US dollar erased all gains since the outbreak of the US-Iran conflict, further weakening demand for safe-haven assets. The index declined consecutively as investors focused on ceasefire and negotiations toward a potentially broader agreement. Jayati Bharadwaj, head of FX strategy at TD Securities, said: "The safe-haven bid has started to fade. That's why the dollar is lower." (Jin10 Data) Fed Governor Waller said he was cautious about whether an interest rate cut was needed in the near term due to the energy shock triggered by the Iran war, and warned that the conflict could have a lasting impact on inflation. In his remarks, Waller outlined two main scenarios. In the first scenario, if the Strait of Hormuz reopens and trade flows return to normal, officials would be able to look through the surge in energy prices and shift their focus to the weakening job market later this year. He said that if this were the case, "I think there is a prospect that underlying inflation will continue to pull back toward the 2% target, which would make me cautious about cutting interest rates now and more inclined to support the labour market through interest rate cuts later this year when the outlook is more stable." However, he warned that oil prices and the broader market were underestimating the risk of a prolonged conflict. "On the inflation front, the risk is that the longer the conflict lasts and the longer energy prices stay high, the greater the likelihood that these elevated prices seep into other prices, as enterprises factor high energy input costs into their pricing."He stated that if this occurred against a backdrop of a weak jobs market, it would limit the scope for policy response. In such a scenario, he would weigh the risks of higher inflation against a weaker labour market, adding that "if inflation risks outweigh labour market risks, this could mean keeping the policy rate at the current target range." (Jin10 Data) Other currencies: ECB Governing Council member De Marco: June is a more natural time to make a judgment; there is not much additional information in April; the situation seems to be heading toward an adverse scenario; the rate decisions in April or June are not yet set in stone. (Jin10 Data) Analysts at Berenberg Bank said in a report that once the worst of the Middle East conflict passes, Europe's positive fundamentals should re-emerge. Economic growth is likely to be led by Germany, which, in addition to fiscal stimulus, should accelerate pro-growth reforms. They stated: "We expect most eurozone member states to return to their 2025 growth rates by 2027." By 2028, eurozone growth is expected to be around 1.5%. The UK should experience a greater upside. By contrast, US growth is expected to slow down in the coming years. The analysts stated: "Tariff-induced capital misallocation, pervasive Trump policy uncertainty, and most importantly, the harsh crackdown on immigration will all take a toll." (Jin10 Data) On the macro front: Data to be released this week include: China's 1-year Loan Prime Rate as of April 20; Germany's March PPI MoM; Canada's March CPI MoM; Switzerland's March trade balance; UK February three-month ILO unemployment rate; UK March unemployment rate; UK March jobseeker's allowance claimant count; Germany's April ZEW Economic Sentiment Index; eurozone April ZEW Economic Sentiment Index; US March retail sales MoM; US February business inventory MoM; US March pending home sales index MoM; UK March CPI MoM; UK March Retail Price Index MoM; eurozone April consumer confidence index preliminary reading; China's March SWIFT RMB share in global payments; France's April manufacturing PMI preliminary reading; Germany's April manufacturing PMI preliminary reading; eurozone April manufacturing PMI preliminary reading; UK April manufacturing PMI preliminary reading; UK April services PMI preliminary reading; UK April CBI industrial orders balance; US initial jobless claims for the week ending April 18; US April S&P Global manufacturing PMI preliminary reading; US April S&P Global services PMI preliminary reading; Japan's March core CPI YoY; UK March seasonally adjusted retail sales MoM; Germany's April IFO Business Climate Index; Canada's February retail sales MoM; US April University of Michigan consumer sentiment index final reading; and US April one-year inflation expectations final reading. In addition, other events to watch this week included: German Chancellor Merz and European Central Bank (ECB) President Lagarde delivering speeches; the US Senate Banking Committee holding a hearing on Kevin Warsh's nomination as Fed Chairman; China opening a new round of refined oil price adjustment window; ECB President Lagarde delivering a speech; US President Trump hosting an early summer White House Correspondents' Dinner. (Jin10 Data) Crude Oil: Last Friday, both oil futures fell sharply overnight, with WTI crude dropping 7.86% and Brent crude falling 7.01%. On a weekly basis, WTI crude futures fell more than 10% for two consecutive weeks, down 13.02% for the week; Brent crude posted two consecutive weekly declines, down 2.92% for the week. Easing market sentiment from US-Iran nuclear negotiations, coupled with Iran's foreign minister stating that the Strait of Hormuz would be open to all commercial vessels during the Lebanon-Israel ceasefire, drove crude oil prices lower. Iran announced the opening of the Strait of Hormuz, and Trump confirmed. According to Xinhua News Agency, Iranian Foreign Minister Araghchi said on the 17th that, given the ceasefire between Lebanon and Israel, Iran would open the Strait of Hormuz to all commercial vessels during the ceasefire period. US President Trump subsequently confirmed this. (Wall Street Journal CN) However, according to the latest report from Xinhua News Agency: Iranian Islamic Parliament Speaker Ghalibaf posted on social media in the early hours of the 18th, stating that the seven statements US President Trump had previously posted on social media within one hour were "all untrue." The US failed to win wars through lies and would gain nothing in negotiations either. Ghalibaf emphasized that if the US continued to blockade Iranian ports, the Strait of Hormuz could not remain open. (Xinhua News Agency) According to Reuters, approximately 20 minutes before Iran's foreign minister announced the reopening of the Strait of Hormuz on local time Friday, investors placed approximately $760 million in short bets on oil prices, marking yet another large wager on the world's most actively traded commodity ahead of a major development during the Middle East conflict. According to LSEG data, between 20:24 and 20:25 Beijing time on Friday, investors sold a combined 7,990 lots of Brent crude oil futures. At prevailing prices, these trades were worth approximately $760 million. Then around 20:45, Iran's foreign minister posted that the Strait of Hormuz was fully open to all commercial vessels for the remainder of the ceasefire, and within minutes, oil prices extended their intraday decline to as much as 11%. In recent months, multiple precisely timed large trades have raised concerns among US lawmakers and legal experts that decisions surrounding war and diplomacy may be giving certain traders an advantage in volatile and opaque derivatives markets. It had previously been reported that the US Commodity Futures Trading Commission was investigating a series of crude oil futures trades, including those on March 23 and April 7, all of which occurred shortly before Trump made major policy shifts regarding Iran and the war. The US Department of Energy (DOE) said on Friday local time that it had lent 26.03 million barrels of crude oil from the Strategic Petroleum Reserve to nine oil companies, marking the third batch of loans by the Trump administration aimed at curbing fuel prices that had surged since the US-Iran war began. The DOE said in a statement that companies receiving SPR loans included BP North America, ExxonMobil, and Marathon Petroleum. (Jin10 Data) As Middle Eastern supply was disrupted due to weeks of shipping disruptions in the Strait of Hormuz, Asian refiners turned to importing US crude oil, and US crude oil shipments through the Panama Canal approached a four-year high. According to data from shipping intelligence firm Kpler for the first half of April, US crude oil exports via this shortest route connecting the US Gulf Coast to Asia exceeded 200,000 barrels per day, approaching the highest level since July 2022. Sources said waiting times to enter the Panama Canal had extended significantly, prompting crude oil shippers to pay over $3 million for priority passage. Although the Panama Canal cannot accommodate the largest tankers, it provides a shortcut to the Far East. Traveling from the US Gulf Coast to Japan via the canal typically takes close to one month, while routing around the Cape of Good Hope in Africa could take nearly twice as long. Data showed that the vast majority of tankers heading to the Pacific in March and April carried US crude oil destined for Japan and South Korea. (Jin10 Data) In addition, four energy sources said Iraq had resumed southern oil exports after a disruption of over one month due to disturbances in the Strait of Hormuz, with a tanker having begun loading. (Jin10 Data) Note: NYMEX WTI crude oil May futures are subject to contract rollover, with the last floor trading completed at 2:30 on April 22 and the last electronic trading completed at 5:00 a.m. Please pay attention to the exchange's expiration and contract rollover announcements to manage risk. In addition, the expiration time for US crude oil contracts on some trading platforms is typically one day earlier than the official NYMEX schedule. Please take note. Recommended reading:

[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/

[Loose Pattern Unchanged, GO Silicon Steel Prices Expected to Remain Stable Next Week] Currently, demand in the downstream transformer industry is clearly diverging. Orders for high-end projects such as ultra-high voltage and data center supporting facilities remain stable, underpinning demand for high-grade Hi-B silicon steel. However, orders for ordinary distribution transformers are sluggish, with demand for mid-to-low-grade resources remaining persistently weak. Most transformer enterprises maintain strategies of just-in-time procurement and low inventory operations, resulting in limited market purchasing enthusiasm. The supply side exhibits structural looseness, with ample circulating resources of ordinary CGO grain-oriented silicon steel in the market. Some small and medium-sized traders are offering slight price concessions to accelerate capital turnover. Meanwhile, high-end grade resources such as high magnetic induction and ultra-thin specifications remain tight, with top-tier enterprises holding firm on their quoted prices.

Suniva is investing $350M in a new 4.5 GW solar cell plant in South Carolina, set to open in Q2 2027. This brings its total capacity to 5.5 GW+. As a merchant supplier, Suniva aims to bridge the U.S. cell production gap, helping domestic module makers meet IRA "Domestic Content" rules to qualify for the 10% bonus tax credit.

Iron-ore giant Fortescue is accelerating the delivery of what it describes as the world's first fully integrated green energy grid dedicated to heavy industry. The off-grid system, slated for completion by late 2028, will feature 1.2 GW of solar, over 600 MW of wind, and 4 GWh to 5 GWh of BESS capacity. Fortescue expects to save $100 million in fossil fuel costs by next year and achieve 24-hour fossil-free operations in the Pilbara by 2027. Leveraging proprietary AI-driven optimization, the company claims it can replicate this 2 GW-scale green grid model globally for less than $2.5 billion, with significant interest already reported from hyperscalers and sovereign entities.

India added a record 44.6 GW of solar and 6 GW of wind capacity in fiscal year 2026, representing year-on-year increases of 87.2% and 45.6%, respectively, according to JMK Research. As of March 31, 2026, India's total renewable energy capacity reached 275 GW, with solar accounting for 55% (150.26 GW). The surge was primarily driven by the commissioning of projects under the MNRE’s 50 GW annual bidding trajectory and the acceleration of projects ahead of the June 2025 ISTS waiver deadline. Additionally, the PM Surya Ghar scheme significantly boosted residential rooftop adoption, with Maharashtra and Gujarat leading the state-level installations across various solar segments.

Sweden installed 21,600 grid-connected solar plants last year, bringing the total to 314,600 installations and approximately 5.5 GW of cumulative capacity. This capacity is enough to cover the annual electricity consumption of about 13.4% of Swedish households. While total capacity continues to rise, the 15% growth rate marks a significant slowdown from the nearly 70% surge seen between 2022 and 2023. Despite the cooling pace, industry body Svensk Solenergi suggests last year’s 652 MW addition likely represents the market's low point, with solar remaining a vital piece of Sweden's fossil-free energy puzzle.

[Low Activity in Market Distribution — GO Silicon Steel Prices May Be in the Doldrums Next Week] This week, cold-rolled grain-oriented silicon steel prices remained generally stable, with strong wait-and-see sentiment in the market. Overall transaction performance was weak, as the industry widely awaited the latest pricing policy guidance from mainstream steel mills such as Baowu. Recently, ferrous metals futures were persistently in the doldrums, weighing on silicon steel market sentiment to some extent. Spot quotes remained generally stable, with minor room for negotiation on standard CGO grade resources. Price-wise, current high-permeability Hi-B silicon steel quotes remained relatively firm, while standard GO silicon steel quotes held steady.

Greece installed roughly 1,893 MW of new 'PV' capacity in 2025, bringing its cumulative total to 11.5 GW, according to the Hellenic Association of Photovoltaic Companies ('Helapco'). While down from 2024's 2.57 GW, an additional 800 MW has been built and awaits grid connection in 2026. Growth was driven by small-scale feed-in tariff projects, self-consumption systems (270 MW), and merchant projects. 'Helapco' expects stronger market growth in 2026 but warns that rising solar curtailment and frequent negative electricity prices urgently require faster deployment of energy storage.