In recent years, spot premiums in the European zinc market have shown significantly greater volatility amid fluctuations in energy costs, regional supply-demand mismatches, frequent temporary smelter curtailments, and shifts in inter-regional trade flows. As one of Europe’s most important hubs for non-ferrous metals logistics, warehousing and spot trade, Rotterdam has long played a key role in the distribution, storage and circulation of imported refined zinc in Europe......

As of now, the FOB price of Indonesian MHP nickel was $15,754/mt Ni, and the FOB price of Indonesian MHP cobalt was $50,795/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) stood at 89-90, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 93. The FOB price of Indonesian high-grade nickel matte was $15,716/mt Ni.

Since March, the domestic tungsten market has trended higher and then pulled back. Driven by rigid supply and macro sentiment at the beginning of March, prices rose rapidly, with 65% wolframite concentrate hitting a record high of 105,000 yuan per standard ton. Starting from mid-March, profit-taking by investors, downstream resistance to high prices, and a general correction in commodity markets led to a gradual price pullback, pushing the entire market into a phase of supply-demand game.

As of now, the FOB price of Indonesian MHP nickel was $15,341/mt Ni, and the FOB price of Indonesian MHP cobalt was $51,425/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) stood at 86-87, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,623/mt Ni.

[SMM Tungsten Express] As of April 2, European tungsten raw material and scrap prices continued to rise. According to SMM data, APT CIF Rotterdam is quoted at $3,100-3,200/mtu, averaging $3,150/mtu, up $350 from last week. European scrap carbide blades are at €135-145/kg, averaging €140/kg, up €10 from last week; scrap drill tips at €145/kg. Trading activity was light ahead of the Easter holidays, but tight feedstock supply continues to support expectations of further price increases.

As of now, the FOB price of nickel in Indonesian MHP was $15,383/mt Ni, and the FOB price of cobalt in Indonesian MHP was $51,364/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 86.5-87.5, and the payable indicator for cobalt element in MHP (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,666/mt Ni.

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.

The Dutch Ministry of Economic Affairs has granted "strategic" status to two major energy projects under the European Net-Zero Industry Act (NZIA). The status was awarded to Power2X’s eFuels Rotterdam project for sustainable aviation fuel (e-SAF) production and to Sif Holding NV for expanding offshore wind foundation capacity at Maasvlakte. Sif’s expansion is expected to support 3.6–4.2 GW of offshore wind power annually. This designation aims to accelerate permitting and strengthen long-term investment stability for critical green infrastructure in the Port of Rotterdam.

Alumina Transaction: On March 24, 2026, 30,000 mt of alumina was transacted at a transaction price of $425/mt FOB Rotterdam, for April shipment, with cargo sourced from Australia and Jamaica.

This week, the tungsten market showed a divergent trend with mild corrections in domestic prices and a contrarian rise in overseas APT prices. Domestic tungsten concentrate and midstream product prices remained relatively firm, while scrap tungsten prices dropped sharply as profit-taking emerged. Supported by a tight supply-demand balance, overseas markets strengthened, further widening the price gap between domestic and international markets.