Nouveau Monde Graphite (NMG) has signed a revised binding term sheet with the Canadian Government to supply 30,000 tonnes per annum of flake graphite concentrate from its Phase 2 Matawinie Mine in Québec over seven years. The take-or-pay agreement features a fixed price with inflation adjustments and allows NMG to resell volumes, splitting upside revenue with Canada. Bolstered by a $335 million debt commitment from Canadian agencies and existing offtake deals covering over 70% of planned production, this agreement marks a crucial step toward finalizing transaction agreements and reaching a positive final investment decision (FID).

On March 27, Dongxing Aluminum achieved its production targets for key products such as electrolytic aluminum, aluminum coils, and aluminum rods in the first quarter. Among them, the output of electrolytic aluminum was 425,800 tons, aluminum coils were 160,100 tons, and aluminum rods were 30,200 tons. The electrolytic cell operation rate reached a maximum of 99.9%, and the on-site conversion rate of molten aluminum reached 95.7%.

[SMM Daily Brief Review of Coking Coal and Coke] Supply side, coke producers' shipments were smooth, and coke inventory continued to decline, but recently the cost of coal charged into furnaces at coke producers continued to rise, dampening the production enthusiasm of some coke producers. Demand side, current hot metal production at steel mills continued to increase, boosting rigid demand for coke. In summary, coke fundamentals showed a tight trend, and coupled with strengthening cost support for coke, the coke market may hold up well in the short term, with the first round of coke price increases this week likely to be implemented.

In March, European APT prices surged 30%, driven by persistent supply shortages, widening the price gap with China to over $400/mtu. Tungsten scrap markets saw panic selling mid-month but stabilized toward month-end. China entered a consolidation phase as mining quota were released, yet strong fundamentals point to renewed upside ahead.

Indonesia's new nickel tariffs and Europe's CBAM have sharply raised overseas stainless steel costs, driving Asian mills to hike prices. Downstream demand remains mixed: Japan and South Korea are resilient, while the Taiwan, China region faces pressure. Wary of rapid price spikes, buyers are limiting purchases to rigid demand. The market will remain cautious until tariff details and actual demand are validated.

In principle, the basic rule of the stock market is: when the US dollar rises, commodities and gold immediately come under pressure. But today everything is different. For the first time in weeks, we are seeing a rare trio at the top: gold, crude oil and the US Dollar Index are rising at the same time.

►New Advances in Magnesium Materials and Processes ►Development and Application of New-Type Low-Cost, High-Strength, Corrosion-Resistant Magnesium Alloys ►Stainless Magnesium Technology: R&D Progress from Alloy Materials to Semi-Solid Processes, R&D and Application of Stainless Magnesium Alloys ►Hefei • Great “Magnesium” Chaohu — Building a First-Class Magnesium Industry Ecosystem in China ►R&D Progress and Current Industrialisation Status of Magnesium-Based Materials and Products at Baowu Magnesium ►Haitian Magnesium Alloy Injection Molding Technology and Market Outlook ►Magnesium from an International Perspective: The Transformation from a Cost-Driven Bulk Commodity to a Strategic Engineering Material ►: Focusing on the New Cycle of Supply and Demand for Magnesium Metal and Downstream Applications — Outlook for the Magnesium Market in 2026

SMM Nickel News, March 30: Macro and Market News: (1) "No Kings" rallies broke out across the US in opposition to Trump. US voters' dissatisfaction with Trump hit a record high. (2) US President Trump told the UK's Financial Times on the 29th that indirect talks between the US and Iran through intermediary Pakistan were "going well." But when asked whether a ceasefire agreement could be reached and the Strait of Hormuz reopened in the coming days, Trump did not disclose specific details. Spot Market: On March 28, the SMM price of #1 refined nickel fell by 1,300 yuan/mt from the previous trading day. In terms of spot premiums, the average price of Jinchuan #1 refined nickel was 4,750 yuan/mt, down 150 yuan/mt from the previous trading day; China's mainstream electrodeposited nickel brands were at -600-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) maintained a rangebound fluctuation and closed at 136,130 yuan/mt as of the end of this morning's session, down 0.23%. Supply side, tightening nickel ore has evolved into dual cost support from "ore + taxes," providing solid support for the bottom of nickel prices, but weak end-use demand and continued inventory accumulation still capped upside room for nickel prices. Nickel prices were expected to maintain a fluctuating trend in the short term, with the core trading range of the most-traded SHFE nickel contract at 133,000-143,000 yuan/mt.

SMM News, March 30: Today in Guangdong, spot #1 copper cathode against the front-month contract was quoted at a premium of 130 yuan/mt for high-quality copper, down 20 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 40 yuan/mt, down 10 yuan/mt from yesterday; SX-EW copper was quoted at a discount of 20 yuan/mt, unchanged from last Friday. The average price of Guangdong #1 copper cathode was 95,225 yuan/mt, down 270 yuan/mt from the previous trading day, while the average price of SX-EW copper was 95,120 yuan/mt, down 255 yuan/mt from the previous trading day. Spot market: After the weekend, Guangdong inventory continued to decline and has now fallen for 10 consecutive trading days. Although inventory kept falling, suppliers did not continue to hold prices firm on shipments today, but instead lowered prices slightly to move cargo, mainly because downstream restocking interest was mediocre, with tight funds and invoices at month-end being the main reasons. Today, copper cathode procurement sentiment in Guangdong stood at 2.51, down 0.11 from the previous trading day, while shipment sentiment was 3.63, up 0.04 from the previous trading day (historical data is available in the database). Overall, downstream restocking interest weakened at month-end, and suppliers slightly lowered premiums for shipments, with overall trading not as good as last Friday.

In the spot market, high-priced long-term contracted cargoes arrived at ports in the early stage with high cargo receiving costs. Domestic traders showed a strong willingness to prop up prices, driving continuous hikes in chromite quotations. However, downstream demand remained sluggish. Coupled with persistently high shipments and a notable inventory build-up, selling pressure intensified, slowing the upward momentum of spot chromite prices.