PT Dian Swastatika Sentosa Tbk (DSSA), the Sinar Mas Group’s coal mining flagship, recorded a 2025 net profit of USD 230.54 million, a 25.4% year-on-year drop. This decline mirrors a 7.5% contraction in operating revenue to USD 2.79 billion, primarily driven by a 10.3% slump in the coal mining and trading segment. Despite a significant elevenfold surge in foreign exchange gains to USD 71.3 million and a 29% rise in interest income, these non-operating boosts were insufficient to offset rising costs of goods sold and the broader downturn in core coal operations.

Leading rare earth permanent magnet producer Zhong Ke San Huan (000970.SZ) released its 2025 annual report, posting full-year operating revenue of 6.641 billion yuan and net profit attributable to shareholders of the parent of 91.3186 million yuan, up 660.50% YoY; net profit excluding non-recurring gains and losses was 60.6065 million yuan, up 451.03% YoY. The sharp growth in performance was mainly attributable to cost reduction and efficiency improvement, increased foreign exchange gains, and a substantial decline in asset impairment losses. During the reporting period, the share of revenue from the Chinese market rose to 50.55%, and the company completed 100% concentrated procurement of rare earth raw materials.

SMM Nickel, March 20: Macro and Market News: (1) The Party Committee of the People's Bank of China held an enlarged meeting on March 18, which stated that it would continue to effectively implement a moderately accommodative monetary policy, firmly safeguard the stable operation of financial markets such as equities, bonds, and foreign exchange, and advance legislative formulation and amendments including the People's Bank of China Law and the Financial Stability Law. (2) The interest rate futures market priced in only 5.5 basis points of US Fed interest rate cuts this year, and bets on rate hikes began to emerge. Spot Market: On March 20, the SMM price of #1 refined nickel rose by 3,000 yuan/mt from the previous trading day. In terms of spot premiums, the average price of Jinchuan #1 refined nickel was 6,550 yuan/mt, down 200 yuan/mt from the previous trading day, while the mainstream China electrodeposited nickel brands were quoted at -300-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) staged a sharp rebound, closing the morning session at 134,780 yuan/mt, up 1.50. Yesterday, nickel prices once fell below the 130,000 yuan mark, as trades on expectations of a global economic recession triggered by escalating geopolitical conflict in the Middle East put the metals complex under pressure overall. Nickel prices then took the lead in rebounding sharply, recovering to around 135,000 yuan/mt in the morning session. Short term, sentiment from the macro perspective may continue to dominate the market, and nickel prices may maintain wide swings.

Recently, Joint Circular No. 00156 of the Ministry of Finance and the Ministry of Mines of the DRC / Cabinet of the Ministry of Mines / 2026 and Cabinet of the Ministry of Finance / 2026, concerning regulatory measures to standardize control over deviations in the detection of refined cobalt content in exported cobalt hydroxide under the quota system framework of the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets in the DRC, is translated as follows: The English translation of the above text is:

Geely Automobile (0175.HK) announced its full-year 2025 results. In 2025, Geely Automobile's total revenue reached 345.2 billion yuan, up 25% YoY, a record high. Excluding non-core items such as foreign exchange gains and losses, core profit attributable to shareholders reached 14.41 billion yuan, up 36% YoY. The growth in core profit outpaced revenue growth, delivering high-quality growth. Benefiting from the continued release of economies of scale and the optimization of its high-value product mix, gross profit increased to 57.3 billion yuan, up 25% YoY. As of the end of 2025, total cash rose 46% to 68.2 billion yuan, with ample and solid cash reserves.

After a strong start, the price of gold slipped twice to around $5,060 during this trading week. Now, it appears that gold prices might manage to stay just above $5,100 heading into the weekend, continuing the persistent sideways movement of the past five weeks.

Geopolitical tensions, and concerns about fiscal policy and central banks, have driven the gold price to where it is today.

Silver prices steadied into the end of the week, with the metal recovering modestly after the sharp swings seen earlier in March.

Hong Kong is accelerating its drive to become a global gold trading hub, in a move that supports China’s broader ambition to strengthen its influence over international bullion markets amid a shifting geopolitical landscape and record-high prices.

[SMM Aluminum Express News] Inalum CEO Melati Sarnita expressed optimism that Indonesia can achieve aluminum self-sufficiency by 2030. She highlighted that reducing import dependence on alumina and aluminum could boost foreign exchange reserves by 394%—from Rp11 trillion to Rp52 trillion annually—by providing domestic manufacturers with reliable local raw material supply. The strategy emphasizes import substitution and integration of green energy in the aluminum value chain, supported by ongoing downstream projects (bauxite-alumina-smelter) in Mempawah and elsewhere.