[SMM Morning Meeting Summary: Macro Factors and Fundamentals Resonated, and LME Zinc Logged a Three-Day Winning Streak] Overnight, LME zinc logged a three-day winning streak, with support from the 20-day moving average below and resistance from the 40/60-day moving averages above. Overnight, as geopolitical tensions in the Middle East may have de-escalated, the US dollar index moved lower, nonferrous metals rose, and LME zinc inventory continued destocking......

Recently, Xinjiang Blue Diamond Lithium Energy Technology Co., Ltd. published the first official public notice for the environmental impact assessment of its lithium salt production project. The project is located in Toksun County, Turpan City, Xinjiang, with a total investment of 2.5 billion yuan. It will include a production line capable of producing 35,000 tons of battery-grade lithium carbonate and 935 tons of anhydrous lithium chloride per year, along with supporting facilities such as a raw material preparation area, pyrometallurgical area, leaching and electrolysis area, and production area.

Recycling Industry Events This Week (December. 29-31)

Recycling Industry Events This Week (December. 29-31)

The State Administration for Market Regulation issued a notice on further implementing the Anti-Unfair Competition Law of the People’s Republic of China. Comprehensively address “involution-style” competition. Make comprehensive use of various anti-unfair competition measures, with a focus on preventing and curbing “involution-style” competition in key industries and sectors such as the platform economy, PV, lithium batteries, and NEVs.

On March 31, SHFE issued a notice on the relevant work arrangements during the 2026 Qingming Festival holiday. The original text was as follows: Notice on the Relevant Work Arrangements During the 2026 Qingming Festival Holiday To all relevant parties: According to the Announcement of the Shanghai Futures Exchange on the 2026 Holiday Schedule (SHFE Announcement [2025] No. 157), the relevant work arrangements during the Qingming Festival holiday are hereby notified as follows: There will be no night session trading on the evening of April 3, 2026 (Friday). The market will be closed from April 4, 2026 (Saturday) to April 6 (Monday). From 08:55 to 09:00 on April 7, 2026 (Tuesday), all futures and options contracts will conduct call auction trading, and the night session will resume that evening. Please make proper risk prevention arrangements to ensure market stability and smooth delivery. Hereby notified. Shanghai Futures Exchange Mar 2026

The State Administration for Market Regulation issued a notice on further implementing the Anti-Unfair Competition Law of the People's Republic of China. The notice mentioned the comprehensive regulation of "involution-style" competition. It called for the comprehensive use of various anti-unfair competition measures, with a focus on preventing and curbing "involution-style" competition in key industries and sectors such as the platform economy, PV, lithium batteries, and NEVs.

SMM Nickel News, March 31: Macro and market news: (1) The State Administration for Market Regulation issued a notice on further implementing the Anti-Unfair Competition Law of the People's Republic of China. The notice mentioned comprehensively addressing "involution-style" competition. It said various anti-unfair competition measures would be used in a coordinated manner to focus on preventing and curbing "involution-style" competition in key industries and sectors such as the platform economy, PV, lithium battery, and NEV. (2) Iran's parliamentary National Security Commission passed a bill proposing to charge fees on vessels transiting the Strait of Hormuz. The plan included implementing financial arrangements and a charging system in Iranian rial, and banning US and Israeli vessels from passing through the Strait of Hormuz. Spot market: On March 31, the SMM price of #1 refined nickel fell by 750 yuan/mt from the previous trading day. In terms of spot premiums, the average price premium of Jinchuan #1 refined nickel was 3,750 yuan/mt, down 1,000 yuan/mt from the previous trading day; the spot premiums for mainstream domestic brands of electrodeposited nickel were in the range of -800-400 yuan/mt. Futures market: The most-traded SHFE nickel contract (2605) continued to decline in early trading and closed the morning session at 134,370 yuan/mt, down 1.13%. Supply side, tightening in 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 are 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.

[Supply Tightening Coupled With Macro Tailwinds Keeps Aluminum Prices Firmly at High Levels] Overall, the geopolitical situation in the Middle East remains the core factor affecting the global aluminum market. A series of production cuts and damage incidents at Middle Eastern aluminum plants is expected to provide strong upward momentum for aluminum prices in and outside China, together with support from expectations of gradually releasing peak-season demand in China. In the short term, aluminum prices are expected to remain in a high-level consolidation pattern.

On March 27, 2026, the WTO Committee on Safeguards released a safeguard notification submitted by the EU delegation. On March 27, 2026, the European Commission issued a notice initiating a safeguard investigation into imported grain-oriented electrical steel products (Grain-oriented Electrical Steel). This case involved products under EU CN (Combined Nomenclature) codes 72251100, 72261100, and 85049013. Unless otherwise extended (by up to two months), the final determination will be made within nine months from the date of initiation. Interested parties shall register to respond within 15 days from the date of publication of this notice and submit questionnaire responses within 21 days.