SK On will transition to a unified production system centered on its SK Battery America (SKBA) operations in Georgia to improve efficiency in North America. According to the company on the 3rd, starting April 6 (local time), production volumes from SKBA’s first plant will be transferred to the second plant. In addition, part of the second plant’s production lines will be converted from electric vehicle (EV) battery manufacturing to energy storage system (ESS) production. The Georgia Plant 1 has an annual capacity of 10GWh and began commercial operations in the first quarter of 2022, while Plant 2 has a capacity of 12GWh and started operations in the fourth quarter of 2022.

According to Westwater Resources on the 3rd, it received a contract termination notice from SK On on March 31 (local time). Under the agreement, SK On had planned to source up to 34,000 tons of natural graphite produced at Westwater’s Kellyton facility in Alabama between 2027 and 2031, but the plan has been canceled following the termination.

The conflict in the Middle East has disrupted shipping through the Strait of Hormuz, triggering a سلسلة of chain reactions: global shipping costs have surged sharply, and war risk insurance premiums for vessels have also risen rapidly. Moreover, shipping companies must also weigh freight rate factors. According to industry insiders, current freight rates have already skyrocketed to 11-12 times their original level.

Overall, cost support remained strong, supply tightened while demand stayed stable. As tender prices became clear, aluminum fluoride prices were generally raised by around 800 yuan/mt in line with the guidance. Going forward, close attention should be paid to dynamic changes in raw material costs and adjustments in downstream procurement pace.

Supply glut, cautious demand, and fading cost support drag the benchmark contract down RMB 205/mt in the week of March 30 – April

This week, ferrous metals were in the doldrums. The main logic during the week remained weakening cost support. On Tuesday, Iran proposed charging transit fees for the Strait of Hormuz, while Trump made conciliatory remarks, saying that “even if the Strait of Hormuz remained largely closed, he would still be willing to end military action against Iran.” Market expectations for tighter crude oil supply weakened, and declines in the energy sector dragged down the coal sector, weakening the cost-side logic. During the week, inventories of the five major steel products continued to decline, but apparent demand remained at a low level for the same period in previous years, providing limited fundamental-driven momentum to futures. In the spot market, purchasing interest was average, mainly focused on restocking at low prices. Spot prices were relatively firm, and the spot-futures price spread widened somewhat......

On April 2, 2026, the White House ushered US steel trade policy into "Version 2.0." This strategic shift goes beyond simple tariff hikes. It uses full-value taxation and melt-and-pour traceability to block low-end imported raw materials, while applying structural tariff reductions to finished products to ease manufacturing inflation. Ultimately, this two-pronged approach aims to forcibly bring the global supply chain back to domestic US steel production.

Today, the most-traded BC copper 2605 contract opened at 84,660 yuan/mt, touched a low of 84,450 yuan/mt in early trading, and then its center fluctuated upward. After the daytime session opened, it hit a high of 85,820 yuan/mt, then moved sideways, and finally closed at 85,180 yuan/mt, down 0.05%. Open interest stood at 6,404 lots, down 38 lots from the previous trading day, while trading volume reached 3,654 lots, down 854 lots from the previous trading day. On the macro front, the number of initial jobless claims in the US pulled back last week, and the labour market remained generally stable. In addition, uncertainty still surrounded the geopolitical situation in Iran, and related statements failed to ease market risk-off sentiment. Fundamentally, on the supply side, imported cargoes have continued to arrive at ports recently, and overall spot circulation remained relatively ample. On the demand side, downstream enterprises still showed limited acceptance of current price levels, and overall just-in-time procurement remained the main approach. The SHFE copper 2605 contract closed at 96,250 yuan/mt. Based on the BC copper 2605 contract price of 85,180 yuan/mt, its after-tax price was 96,253 yuan/mt. The price spread between the SHFE copper 2605 contract and BC copper was -3 yuan/mt, showing an inverted spread.

[SMM Chrome Weekly Review: Weak Demand Performance, Market Remained in the Doldrums] News on April 3, 2026: The ferrochrome and chrome ore markets saw limited fluctuations...

Next Monday, markets outside China will be closed for one day on April 6 for the Easter holiday, including the LME and other exchanges. Meanwhile, China will also be in the Qingming Festival holiday, with the SHFE and other exchanges likewise closed. In terms of macroeconomic data, key releases include China’s March CPI YoY and the US March non-seasonally adjusted CPI YoY, while the US Fed will also release the minutes of its monetary policy meeting. LME lead, geopolitical tensions outside China have repeatedly resurfaced and the situation remained relatively severe, with the impact on energy, shipping, and other areas continuing. China’s lead ingot import window had remained open for a long time, attracting overseas lead ingot inflows into the Chinese market and reducing spot lead circulation in Southeast Asia and other markets. Especially during periods of rising LME lead, LME Cash-3M contango further narrowed WoW to -$20.77/mt, which will support lead prices to hold up well. LME lead is expected to trade at $1,890-1,965/mt next week. SHFE lead, lead ingot supply is expected to increase in April, but the consumption side is facing the traditional off-season. Coupled with the Qingming Festival holiday, when downstream enterprises will be on holiday, the risk of post-holiday lead ingot inventory buildup will rise, which will weigh on the upward momentum of lead prices. In addition, delivery of the SHFE lead 2604 contract will come onto the agenda after the holiday, and attention should be paid to changes in plant warehouse lead ingot inventory into visible inventory, with caution against lead prices retreating after rapid rise. The most-traded SHFE lead contract is expected to trade at 16,500-16,900 yuan/mt next week. Spot price forecast: 16,350-16,700 yuan/mt. During the Qingming Festival holiday, many downstream enterprises plan to take time off, leading to a temporary absence of lead consumption. Together with the approaching traditional off-season, downstream enterprises will maintain purchase as needed. On the supply side, production at primary lead and secondary lead enterprises will rise steadily, while imported lead continues to flow into China, making it possible for spot discounts for lead to widen.