[SMM Rare Earth Express] The Ministry of Commerce issued an announcement on June 29, stating that in accordance with the Export Control Law of the People's Republic of China and other laws and regulations, and to safeguard national security and interests as well as fulfill international non-proliferation obligations, it has decided to include 20 entities, including the Defense Research Institute, that are involved in enhancing Japan's military capabilities, on the export control list. Effective immediately, export operators are prohibited from exporting dual-use items to the above-mentioned entities, and organizations and individuals from any country or region are prohibited from transferring or supplying dual-use items originating from China to these entities. Under special circumstances where export is genuinely necessary, an application must be submitted to the Ministry of Commerce. A spokesperson for the Ministry of Commerce stated that this move aims to resolutely curb Japan's reckless moves of "new-type militarism." The entities on the list include the Defense Research Institute, the Ground Equipment Research Institute, the Ship Equipment Research Institute, the Aviation Equipment Research Institute, as well as several enterprises such as Mitsubishi Electric Defense and Space Technology Co., Ltd. and Mitsubishi Heavy Industries Marine Technology Co., Ltd.

MBK Partners has completed its acquisition of Japanese aluminum packaging producer Altemira Holdings from Apollo Global Management in a deal valued at approximately JPY130 billion (USD811 million). The transaction cleared Japan’s economic security review despite Altemira’s exposure to lithium-ion battery materials. Formed in 2022 through the integration of aluminum businesses from Resonac Holdings and Mitsubishi Materials, Altemira produces aluminum cans, foil, rolled and extruded products while operating a comprehensive recycling network. Industry observers noted that the deal faced fewer national security concerns than MBK’s previously withdrawn bid for Makino Milling Machine. MBK plans to leverage Altemira’s manufacturing and recycling assets in Japan and Vietnam to expand across Asia and grow higher-value industrial aluminum products.

NTT and Mitsubishi Materials have established a new joint venture, NTT Circurust, focused on recovering and recycling materials from telecom and IT equipment. The business will target valuable metals including copper, gold and silver. Growing replacement cycles for data-center and communications infrastructure are creating new opportunities in urban mining and metal recovery.

On May 28, JX Advanced Metals, Mitsubishi Materials (MMC), Mitsui Kinzoku, and Marubeni signed a final agreement to integrate MMC’s copper concentrate procurement and sales of cathode copper, sulfuric acid, and other by-products into Pan Pacific Copper (PPC), while establishing a wholly-owned subsidiary, "PPC Material." The integration will be executed via a company split: PPC first absorbs the target business, then transfers it to the newly established PPC Material on the same day. Originally planned for end-March, the process was delayed by about two months due to detailed discussions. Post-integration, PPC’s ownership stands at: JX 32.50%, MMC 32.00%, Mitsui Kinzoku 21.90%, and Marubeni 13.60%. PPC becomes an equity-method affiliate of all four companies, with PPC Material as its wholly-owned subsidiary. Currently, PPC subcontracts smelting/refining to JX Metal Smelting and Hibi Smelting; after the deal, MMC will also become a subcontractor. Japan’s copper concentrate procurement windows will shrink from three to two, held by Sumitomo Metal Mining and PPC Material. The move aims to counter intensifying overseas competition and sharply deteriorated TC/RC through centralized procurement and cost efficiency. The transaction is planned for October 1, 2026, pending regulatory approvals.

[CATL and Tencent Join Forces to Boost Carbon Credit Demand] Two of China's largest companies by market capitalization — Tencent and CATL — are joining hands in a new initiative aimed at boosting corporate demand in the cooling carbon credit market. The tech giant and power battery industry leader will join Mitsubishi Corporation, Vale, Osaka Gas, and other enterprises in the Climate Resilience Action Alliance, a non-profit organization established in Singapore on May 19. The alliance aims to promote the practical application of high-quality carbon credits, with a target of alliance members collectively purchasing at least 10,000kt of high-quality carbon credits by 2030.

SMM April 24 News: Metals market: As of the midday close, most base metals on the domestic market fell. SHFE copper dropped 0.66%. SHFE aluminum fell 0.54%. SHFE lead declined 0.15%, and SHFE zinc fell 0.35%. SHFE tin dropped 0.66%, while SHFE nickel rose 2.63%. In addition, the most-traded cast aluminum futures fell 0.42%, and the most-traded alumina futures dropped 0.74%. The most-traded lithium carbonate futures rose 0.62%. The most-traded silicon metal futures fell 0.46%. The most-traded polysilicon futures dropped 7.53%. Ferrous metals showed mixed performance. Iron ore rose 0.45%, rebar edged up slightly, hot-rolled coil dipped slightly, and stainless steel gained 1.85%. Coking coal and coke: the most-traded coking coal contract fell 0.31%, and the most-traded coke contract dropped 1.29%. Overseas base metals, as of 11:41, LME metals generally declined. LME copper fell 0.56%. LME aluminum edged down slightly, LME lead rose 0.15%, and LME zinc dropped 0.41%. LME tin fell 0.48%. LME nickel rose 0.13%. Precious metals, as of 11:41, COMEX gold fell 0.73%, and COMEX silver dropped 0.91%. Domestic precious metals: the most-traded SHFE gold futures fell 1.03%, and the most-traded SHFE silver futures dropped 3.06%. In addition, as of the midday close, the most-traded platinum futures fell 3.15%, and the most-traded palladium futures dropped 4.81%. As of the midday close, the most-traded Europe containerized freight index contract fell 0.15%, closing at 2,191.4 points. As of 11:41 on April 24, 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 280 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, down 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 140 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,795 yuan/mt, up 515 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,695 yuan/mt, up 515 yuan/mt from the previous trading day. Spot market: Guangdong inventory ended a two-session decline and saw a notable increase... Macro Front China: [Compared with early April, 23 products saw price increases, 26 declined, and 1 remained flat in mid-April] Data from the National Bureau of Statistics (NBS) showed: based on monitoring of market prices of 50 key production materials across 9 categories in the national circulation sector, compared with early April 2026, 23 products saw price increases, 26 declined, and 1 remained flat in mid-April; among them, live hogs (crossbred) fell 1.1% MoM. [New Lunar Soil Discovery! China Discovers Two More New Lunar Minerals] On April 24, the China National Space Administration released the latest research findings on Chang'e-5 lunar samples. China discovered two new lunar minerals from the Chang'e-5 lunar samples. Magnesium Changeite, discovered from the Chang'e-5 lunar samples, was primarily found in basalt fragments obtained through lunar drilling. The mineral appears as columnar crystals, with a grain size of only 2 to 3e-05 meters, approximately one-thirtieth to one-third the diameter of a human hair. Experts told reporters that Magnesium Changeite and the previously discovered Changeite are both calcium-rare earth phosphate minerals, but Magnesium Changeite is richer in magnesium and rare earth elements. In addition to Magnesium Changeite, researchers also discovered a new mineral named Cerium Changeite from the Chang'e-5 lunar samples. (CCTV News) [PBOC Reverse Repo Operations Achieved Net Injection of 4.5 Billion Yuan for the Day and 14 Billion Yuan for the Week] The PBOC conducted 5 billion yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repos matured today, the net injection for the day was 4.5 billion yuan. This week, the PBOC conducted a total of 17 billion yuan of 7-day reverse repo operations. As a total of 3 billion yuan of reverse repos matured this week, the net injection for the week was 14 billion yuan. (Jin10 Data) US Dollar: As of 11:41, the US dollar index rose 0.06% to 98.89. According to the CME "Fed Watch": the probability of a 25-basis-point rate hike by the US Fed in April was 1%, while the probability of keeping rates unchanged was 99%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 2.6%, the probability of keeping rates unchanged was 96.4%, and the probability of a cumulative 25-basis-point rate hike was 1%. Mitsubishi UFJ stated that uncertainty over US trade policy persisted. The Trump administration appeared to favor a weaker US dollar. With Warsh nominated as Fed Chairman, concerns over the US Fed's independence remained. (Jin10 Data) Other Currencies: Abhijit Surya, Senior Asia-Pacific Economist at Capital Economics, said the Bank of Japan could cut interest rate as early as June. The firm believed that although the Bank of Japan was likely to keep rates unchanged at its meeting next week, the board could release some hawkish signals by raising its forecasts for headline and core inflation. In addition, the Bank of Japan could once again emphasize the risks posed by rising inflation expectations, "especially as some enterprise inflation expectations indicators in the 'Tankan Survey' have begun to exceed the (central bank's) 2% target level." (Jin Shi Data APP) Data: Today will see the release of the US April final University of Michigan Consumer Sentiment Index, the US April final one-year inflation rate expectations, the UK April GfK Consumer Confidence Index, the UK March seasonally adjusted retail sales MoM, the German April IFO Business Climate Index, Japan's March core CPI YoY, and Canada's February retail sales MoM, among other data. Crude oil: As of 11:41, oil prices in both markets continued to rise, with WTI up 0.65% and Brent up 0.7%. Escalating tensions over Iran supported the continued rise in oil prices. Dennis Kissler, Senior Vice President at BOK Financial Securities, said: "Tensions are tightening further — the market is now pricing in a more intense, longer-lasting standoff." (Wallstreetcn) A survey by the Dallas Fed showed that US oil executives expected domestic production to rise as the ongoing war involving Iran disrupted global supply and pushed up crude oil and fuel prices. The survey collected data from 120 oil and natural gas companies between April 15-20, of which 78 were exploration and production companies and 42 were oilfield services companies. The survey showed that 43% of respondents expected US crude oil production to increase by up to 250,000 barrels per day this year due to the Iran war. This expectation differed from the forecast of the US Energy Information Administration (EIA), which estimated that US crude oil production would decrease by 70,000 barrels in 2026. About two-thirds of respondents believed that at least 90% of the currently shut-in Persian Gulf crude oil would eventually return to the market. When asked when shipping through the Strait of Hormuz could return to normal levels, 20% of respondents said next month, 39% said August, and the rest said November or later. Most executives expected transportation costs in the Persian Gulf region to rise after the conflict ends, with more than one-third saying costs would increase by $2-4 per barrel. (Jin Shi Data) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

SMM April 24 News: Metals market: Overnight, base metals generally fell across both domestic and overseas markets. LME nickel and SHFE nickel both rose over 1%, with LME nickel up 1.68% and SHFE nickel up 1.65%. SHFE copper rose 0.04%, and SHFE tin rose 0.11%. The remaining metals all declined. LME copper and LME tin both fell over 1%, with LME copper down 1.19% and LME tin down 1.35%. The rest of the metals fell less than 1%. The alumina front-month contract fell 0.25%, and the foundry aluminum front-month contract fell 0.04%. Overnight, ferrous metals generally rose. Stainless steel rose 1.14%, and iron ore rose 0.25%. Hot-rolled coil and rebar saw slight fluctuations. Coking coal and coke side, both coking coal and coke fell 0.51%. Overnight, precious metals side, COMEX gold fell 0.93%, and COMEX silver fell 3.21%. In China, SHFE gold fell 0.2%, and SHFE silver fell 1.58%. Overnight closing prices as of 6:42 AM on April 24: Macro Front China: [General Offices of the CPC Central Committee and the State Council: The NDRC, NBS, and National Energy Administration shall establish a dynamic monitoring and early warning system for key data] The General Office of the CPC Central Committee and the General Office of the State Council issued the "Comprehensive Evaluation and Assessment Measures for Carbon Peaking and Carbon Neutrality." The measures stipulate that the National Development and Reform Commission (NDRC), the National Bureau of Statistics (NBS), and the National Energy Administration shall establish a dynamic monitoring and early warning system for key data, regularly monitoring indicators such as carbon emissions, coal consumption, oil consumption, new electricity consumption, and new clean energy power consumption at the national level and across provinces (autonomous regions and municipalities directly under the central government), and issue reminders and warnings to relevant provinces (autonomous regions and municipalities directly under the central government) as appropriate. (Xinhua News Agency) (Jin10 Data APP) [National Energy Administration: As of end-March, China's cumulative installed power generation capacity reached 3.96 billion kW, up 15.5% YoY] The National Energy Administration released national electricity statistics for January-March. As of end-March, China's cumulative installed power generation capacity reached 3.96 billion kW, up 15.5% YoY. Among them, solar power installed capacity was 1.24 billion kW, up 31.3% YoY; wind power installed capacity was 660 million kW, up 22.4% YoY. From January to March, the cumulative average utilization hours of national power generation equipment were 703 hours, down 66 hours from the same period last year. (Jin10 Data APP) [Guangzhou Futures Exchange issued a notice on adjusting the trading fee standards for platinum and palladium futures-related contracts.] After deliberation, effective from the trading session on April 27, 2026, the trading fee standards for platinum futures PT2606 and palladium futures PD2606 contracts will be adjusted to 0.01% of the transaction value, and the intraday close-today trading fee standards will be adjusted to 0.01% of the transaction value. US dollar: As of the overnight close, the US dollar index rose 0.22% to 98.83. Mitsubishi UFJ: Uncertainty over US trade policy persists. The Trump administration appears to favor a weaker US dollar. Concerns over US Fed independence remain given Warsh's nomination as Fed Chairman. (Jin10 Data APP) At the Senate hearing held this week, Warsh's performance was largely in line with expectations: he reaffirmed the importance of US Fed independence and elaborated on his views regarding US Fed reform, balance sheet reduction, and long-term economic trends. Although Trump has been publicly calling for interest rate cuts, Warsh made it clear that Trump had not asked him to make any commitments on cutting interest rates. However, the real highlight of the hearing was Warsh's in-depth discussion on "how to measure inflation." This is likely to become the new framework for defining price trends once Warsh takes the helm of the US Fed. (Jin10 Data) According to CME "FedWatch": the probability of the US Fed raising interest rates by 25 basis points in April was 1%, while the probability of keeping rates unchanged was 99%. The probability of a cumulative 25-basis-point interest rate cut by June was 2.6%, the probability of keeping rates unchanged was 96.4%, and the probability of a cumulative 25-basis-point rate hike was 1%. (Jin10 Data APP) On the macro front: Data to be released today include the US April University of Michigan Consumer Sentiment Index final reading, the US April one-year inflation rate expectations final reading, the UK April GfK Consumer Confidence Index, the UK March seasonally adjusted retail sales MoM, the German April IFO Business Climate Index, Japan's March core CPI YoY, and Canada's February retail sales MoM. Crude oil: As of the overnight close, oil prices in both markets rose together. WTI crude rose 4.35% and Brent crude rose 4.02%, marking a four-session winning streak, driven by renewed escalation in the Middle East situation and heightened tensions in the Strait of Hormuz. The Trump administration plans to extend a shipping waiver allowing foreign tankers to transport oil and gasoline within the US to address supply disruptions and price increases triggered by the Iran conflict. According to sources, the decision to continue exempting energy shipments from the Jones Act could be announced as early as local time Friday. The current waiver is set to expire on May 17. This move could provide some relief for US refiners that are beginning to book waterborne cargo for July. It remains unclear how long the extension will last or what range of commodities it will cover. A White House official said the extension was under consideration but provided no further details. (Jin10 Data APP) Analysts at ING said that due to slow progress in negotiations between the US and Iran, the market had to readjust expectations, as this raised concerns about the impact of prolonged supply disruptions on products. As regional mediators raced against time to get the diplomatic process back on track, and ship attacks in the Strait of Hormuz escalated tensions, Brent crude, the international oil benchmark, briefly rebounded above $100 per barrel. However, these analysts noted: "If negotiations make no progress, the market will become increasingly numb to the various rumors and headlines that have been dominating oil price movements recently." (Jin10 Data APP)

[SMM Tungsten Express] Driven by soaring tungsten prices and rising defense budgets, Vietnam's Masan High-Tech Materials is stepping up its search for strategic investors for its Nui Phao tungsten mine, one of the world's largest and most significant non-China tungsten sources. The company also plans to list on the Ho Chi Minh Stock Exchange in 2027, prioritizing debt reduction to achieve a "clean" balance sheet by 2027-2028. Its customers include Honeywell and Mitsubishi, with 2026 profit projected at 1.7-2.5 trillion Vietnamese dong.

SMM April 22: Metals market: As of the midday close, domestic market base metals mostly rose. SHFE copper was up 0.12%. SHFE aluminum was up 0.26%. SHFE lead was down 0.59%, and SHFE zinc was up 0.23%. SHFE tin was down 0.58%, and SHFE nickel was up 0.79%. In addition, the most-traded foundry aluminum futures were up 0.17%, and the most-traded alumina contract was up 0.14%. The most-traded lithium carbonate contract was up 0.21%. The most-traded silicon metal contract was up 0.4%. The most-traded polysilicon futures were up 5.24%. Ferrous metals mostly rose. Iron ore was up 0.64%, rebar and hot-rolled coil were both up less than 0.5%, and stainless steel was down 0.1%. Coking coal and coke: the most-traded coking coal contract was up 1.31%, and the most-traded coke contract was up 1.12%. Overseas market base metals, as of 11:48, LME metals were nearly all up. LME copper was up 0.79%. LME aluminum was up 0.59%, LME lead was down 0.26%, and LME zinc was up 0.1%. LME tin was up 1.44%. LME nickel was up 1.02%. Precious metals, as of 11:48, COMEX gold was up 1.2%, and COMEX silver was up 2.04%. Domestic market precious metals: the most-traded SHFE gold contract was down 0.54%, and the most-traded SHFE silver contract was down 1.91%. In addition, as of the midday close, the most-traded platinum futures were down 0.17%, and the most-traded palladium futures were up 0.35%. As of the midday close, the most-traded Europe containerized freight index contract was up 3.92%, at 2,205.7 points. As of 11:48 on April 22, midday futures quotes for selected contracts: Spot cargo and fundamentals Zinc: In the Tianjin market, #0 zinc ingot was mainly traded at 23,980-24,120 yuan/mt, Zijin brand at 24,060-24,140 yuan/mt, and #1 zinc ingot at around 23,980-24,060 yuan/mt. Zijin was quoted at a discount of 30-40 yuan/mt against the 2605 contract. Huzinc was quoted at 25,170 yuan/mt. #0 zinc ingot was quoted at a discount of 50-120 yuan/mt against the 2605 contract. Tianjin was quoted at a discount of around 50 yuan/mt against Shanghai. Macro front China: [Ministry of Emergency Management: China's total work safety accidents dropped significantly in Q1] April 22 - According to the Ministry of Emergency Management, China's total work safety accidents dropped significantly in Q1, with the safety situation in most regions and industry sectors improving notably. Shen Zhanli, Director of the Press and Publicity Department of the Ministry of Emergency Management, said that a total of 3,258 work safety accidents of various types occurred nationwide in Q1, down 26.7% YoY. No extraordinarily serious accidents occurred, but major accidents and significant near-miss incidents were frequent in some regions and industry sectors. Illegal production activities in sectors such as mining, chemicals, fire safety, and fireworks showed signs of resurgence. The pressure to prevent and curb major and extraordinarily serious accidents further increased, and the work safety situation remained challenging. Natural disaster side, China's Q1 was dominated by low-temperature freezing rain and snow, snowstorms, wind and hail, and earthquakes, with droughts, floods, forest fires, and geological disasters also occurring to varying degrees. (Xinhua News Agency) (Jin10 Data) [China Motorcycle Chamber of Commerce: Motorcycle Exports Reached 4.6268 Million Units in Q1] Based on customs data analysis, from January to March 2026, China's motorcycle exports totaled 4.6268 million units, up 13.49% compared to the same period last year, with an export value of $3.014 billion, up 16.93% compared to the same period last year. Latin America was the largest export destination, with exports of 1.4812 million units, down 8.47% YoY, and an export value of $963 million, down 0.99% YoY. Africa saw the largest growth, with exports of 1.753 million units, up 44.95% YoY, and an export value of $949 million, up 48.01% YoY. (Jin10 Data APP) [PV Patent Pool Expert Advisory Committee Inauguration Ceremony and PV Patent Pool Co-building Seminar Held in Beijing] On April 21, the PV Patent Pool Expert Advisory Committee Inauguration Ceremony and PV Patent Pool Co-building Seminar was held in Beijing. The establishment of the Expert Advisory Committee aimed to provide regulatory supervision and guidance over the construction and operation of China's PV patent pool, promoting its lawful, compliant, and healthy development. After prior solicitation, selection, and review, the first batch of 14 experts were selected, covering fields including intellectual property management, PV technology R&D, legal litigation, and antitrust research. At the event, representatives from enterprises including TrinaSolar Co., Ltd., JA Solar Technology Co., Ltd., and Jinko Solar Holdings Co., Ltd. jointly launched the PV patent pool in the TOPCon battery technology field. (National Industrial Information Security Development Research Center) [PBOC Net Injected 5.5 Billion Yuan via Reverse Repo Operations] The PBOC conducted 6 billion yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repos matured today, a net injection of 5.5 billion yuan was achieved. (Jin10 Data APP) US dollar side: As of 11:48, the US dollar index was up 0.01% at 98.4. Fed Chairman nominee Kevin Warsh rebutted Democrats' concerns that he would become the President's "puppet," repeatedly emphasizing that he would be an independent decision-maker if his nomination was confirmed by the Senate. Warsh stated at the Senate Banking Committee hearing on Tuesday that a series of reforms should be made to how the US Fed makes decisions, including establishing a new inflation response framework and improving communication with the public. But he provided few details and dodged questions about the near-term path of short-term interest rates. (Wallstreetcn) According to CME "FedWatch": the probability of the US Fed raising interest rates by 25 basis points in April was 0%, and the probability of keeping rates unchanged was 100%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 1.7%, and the probability of keeping rates unchanged was 98.3%. (Jin10 Data) A CITIC Securities research report stated that Warsh's testimony demonstrated the highly difficult balancing act he faces. On one hand, he needs to "please" Trump to a certain extent, thus acknowledging Trump's right to voice opinions on interest rates; on the other hand, he needs to earn the trust of the market and the US Fed internally, thus emphasizing the mission of price stability and the independence of the US Fed. Although Warsh's performance was unsatisfactory when facing questions from Democratic senators, this has a relatively small impact on whether Warsh can succeed Powell. Whether Warsh can successfully pass the Senate Banking Committee vote depends on whether he can secure the support of Republican Senator Tillis. We believe Trump will most likely TACO and withdraw the investigation into Powell to help Warsh pass the Senate vote. Warsh emphasized during the Q&A session that he would not become Trump's "puppet," and the market leaned toward hawkish trading. Warsh's ideas on reforming the US Fed deserve more market attention, especially his proposal that the US Fed needs a new inflation framework and his criticism of the US Fed's current approach to forward guidance. Warsh emphasized that the US Fed should shrink its balance sheet, with interest rates as the primary policy tool. However, we still believe Warsh's plan to shrink the balance sheet requires lengthy preparation, and the pace of implementation will be gradual. A CICC research report stated that Fed Chairman nominee Kevin Warsh attended the Senate Banking Committee hearing, revealing his core policy stance of a dual-track approach of "balance sheet reduction and interest rate cuts": at the balance sheet level, he explicitly opposed normalizing quantitative easing (QE), advocating for a gradual and orderly reduction of the US Fed's balance sheet size, exiting quasi-fiscal functions, and returning it to its monetary policy mandate; at the interest rate level, although he made no explicit commitment, his statements already showed an inclination toward cutting interest rates. In our view, Warsh's policy stance is not only an adjustment to the monetary transmission mechanism but also an extension of the "America First" strategy into the monetary domain amid the wave of deglobalization — shifting from a "global central bank" that endlessly supplies liquidity to the world, toward a new approach that firmly controls the monetary spigot, focuses on domestic productivity, and emphasizes monetary sovereignty. We believe this shift means the narrative of persistently excessive US dollar liquidity will face correction, and assets that purely rely on liquidity-driven gains and benefit from "US dollar over-issuance" may come under pressure. (Jin10 Data) Other currencies: Japan's March imports and exports continued to grow, but the trade outlook for the coming months remains clouded by the Middle East war. Yasuhisa Irie, an economist at Mizuho Securities, said that in the short term, Japan's total import value is likely to remain roughly flat, as supply constraints suppressed imports and high energy prices eroded consumer confidence, thereby limiting demand. Takeshi Minami, an economist at Norinchukin Research Institute, expected the consequences of energy shortages to become more apparent starting in April. Minami said: "Although the Japanese government has begun to release crude oil reserves and claims to have secured alternative procurement routes that do not rely on the Strait of Hormuz, a prolonged blockade could lead to significant economic contraction in emerging markets with smaller oil reserves." He added that this situation is expected to harm the Japanese economy in multiple ways, including a slowdown in economic activity and intensified inflationary pressures. (Jin10 Data) Data: The preliminary eurozone consumer confidence index for April, the UK March CPI monthly rate, and the UK March retail price index monthly rate will be released today. In addition, US Fed Governor Waller will deliver a speech at the Brookings Institution. Crude oil: As of 11:48, oil prices in both markets edged down, with WTI falling 0.22% and Brent falling 0.07%. Oil prices moved sideways as the market weighed the prospects of US-Iran peace negotiations. Data released by the American Petroleum Institute (API) showed that US crude oil inventory declined. For the week ending April 17, API crude oil inventory was -4.47 million barrels (expectations: -1.8 million barrels, previous: 6.101 million barrels). For the same week, API gasoline inventory was -5.165 million barrels (expectations: -1.333 million barrels, previous: 626,000 barrels). (Jin10 Data) Mitsubishi UFJ analyst Lloyd Chan said in a research note that the US-Iran conflict appeared to have shifted into a prolonged stalemate rather than a swift resolution. The senior currency analyst said the US appeared to be using a blockade of Iranian ports to pressure Tehran into a peace deal, or risk further military escalation. Chan said: "For markets, this environment means continued disruption to energy shipments through the Strait of Hormuz." The analyst added that pressure points were more evident in oil-sensitive currencies, including the Philippine peso and the Thai baht. (Jin10 Data) A research report from CITIC Securities noted that the recurring tensions in the Strait of Hormuz indicated that the impact of this round of events on the oil shipping market was still unfolding according to a three-phase logic. After a brief reopening on April 17, Iran reimposed the blockade on April 18, indicating that the situation had not yet stabilized. Regardless of how the U.S.-Iran standoff develops going forward, the market is still in the process of the Hormuz blockade shock gradually transmitting to oil shipping fundamentals. Oil shipping freight rates evolved in three stages: rates rose during the conflict period, vessel redeployment lengthened shipping distances and pushed up the freight rate center, and after the reopening, a rush to secure oil may drive freight rates higher for over two months. Currently, the third stage — the inevitable global scramble for crude oil following the reopening of the Strait of Hormuz — will inevitably transmit to the oil tanker shipping market. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

L&F announced on the 10th that it has decided to discontinue its review of entering the anode materials business, including plans to establish a joint venture with Mitsubishi Chemical. The company said the decision was made in response to changes in external policies and market conditions.