SMM Nickel News, March 24: Macro and Market News: (1) Iran’s Parliament Speaker Qalibaf denied having held talks with the US side and accused fake news of manipulating the financial and oil markets; Iran’s Islamic Revolutionary Guard Corps said it would launch new attacks on US targets and called Trump’s remarks “psychological warfare” (2) Israeli officials said Washington had set April 9 as the target date for ending the war. Talks between Iran and the US were expected to be held later this week in Pakistan, adding that Washington had not yet informed Israel of any contact with Iran’s Parliament Speaker Qalibaf. Spot Market: On March 24, the SMM price of #1 refined nickel fell 1,700 yuan/mt from the previous trading day. In spot premiums, Jinchuan #1 refined nickel averaged 6,250 yuan/mt, down 300 yuan/mt from the previous trading day; China’s mainstream brands of electrodeposited nickel were at -300-400 yuan/mt. Futures Market: After surging sharply in the night session, the most-traded SHFE nickel 2605 contract pulled back in the morning session, closing the morning session at 132,830 yuan/mt, up 0.69%. Current nickel prices were in a stage of intense tug-of-war between macro headwinds and supply risks. Short term, tighter Indonesian RKAB quotas, continued gains in ore prices, and the risk of sulfur supply disruptions provided solid support below, but high inventory and the slow recovery in end-use demand still capped upside room. The core trading range of the most-traded SHFE nickel contract was expected at 130,000-140,000 yuan/mt in the short term.

“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

At the GAC TECH DAY held on April 12, the Trumpchi E9 Electric Welfare Edition officially rolled off the production line.

The Chilean government announced that 80 formal intentions for lithium mining tenders have been received and will announce the allocation mechanism of salt lakes at the end of August. According to the Economic and Commercial Office of the Chinese Embassy in Chile, the "Three O'Clock News" reported on July 11 that at the 53rd anniversary meeting commemorating the nationalization of copper mines, President Boric emphasized that Codelco is an important foundation for Chile's social welfare policies and has invested more than US$160 billion since its nationalization in 1971. The development of Codelco will remain crucial to the country's future, and copper production will reach 1.8 million tons of refined copper annually by 2030. Under the "National Lithium Strategy," the Atacama and Maricunga salt lake projects of Codelco will bring huge revenues to the country.

[Zhao Chengfeng from NDRC: The 2025 Central Budget Investment Plan for Urban Renewal Projects to Be Released by Month-End] Zhao Chengfeng, head of the Fixed Asset Investment Department of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that the NDRC will continue to advance various urban renewal initiatives and increase central investment support. This year, a dedicated central budget investment has been established for urban renewal projects to support the construction of public welfare infrastructure and public service facilities related to urban renewal. In addition to supporting projects such as the renovation of old urban residential communities and urban villages, the scope of support has been expanded to include projects for the transformation and upgrading of dilapidated urban housing, old neighborhoods, and old factory districts. Currently, the NDRC is organizing plan submissions and project evaluations, and will release the 2025 Central Budget Investment Plan for Urban Renewal Projects by month-end this year.

【Indonesia: Government plans to revise local component ratio policy to attract foreign investment】 On April 18, Indonesian President Prabowo Subianto proposed revising the domestic component ratio (TKDN) policy to lower localization thresholds and enhance policy flexibility, aiming to attract foreign investment, particularly in the electric vehicle and emerging technology sectors. The current policy mandates that government - procured goods meet a 25% localization rate and that enterprises’ welfare weight reaches 40%. However, these stringent rules have been blamed for curbing foreign investment enthusiasm in the new energy sector. In the automotive industry, the loosening of the TKDN policy will accelerate the layout of international automakers like Tesla and BYD in Indonesia and promote the localization of the electric vehicle supply chain. Previously, Indonesia extended the deadline for electric four - wheel vehicles to meet the 40% localization requirement from 2024 to 2026 to allow foreign investors more adaptation time. Nevertheless, local automakers worry that rapid opening - up may impact the traditional automotive ecosystem. GAIKINDO emphasized the need to protect the decades - long established fuel - vehicle industry chains of Toyota and Honda.

[Chilean Government: 80 Formal Expressions of Interest Received for Lithium Mining Bidding, and the Allocation Mechanism of Salt Lakes Will Be Announced at the End of August] According to the Economic and Commercial Office of the Chinese Embassy in Chile, Chilean newspaper El Mercurio reported on July 11 that during the meeting commemorating the 53rd anniversary of the nationalization of copper mines, Chilean President Boric pointed out that since the nationalization of Codelco in 1971, it has invested more than 160 billion US dollars, which is the foundation of many social welfare policies in Chile. Nowadays, the development of Chilean copper still concerns the future of the country. In terms of copper production, it will reach an annual output of 1.8 million tons of refined copper by 2030. Regarding the "National Lithium Strategy", Codelco owns two major salt lake projects in Atacama and Maricunga, which will contribute significant revenue to the country. Regarding the recent lithium mining bidding, the government has received 80 formal expressions of interest from various countries and will announce the allocation mechanism of salt lakes at the end of August.

The Central Bank of the Russian Federation announced on August 9 local time that it will not purchase foreign exchange in the domestic market from August 10 to the end of 2023 in order to reduce financial market volatility.

A few days ago, the Regional Revitalization Department of the National Development and Reform Commission issued a special notice to deploy relevant provinces to vigorously implement work-for-relief in flood control, disaster relief, and post-disaster recovery and reconstruction.

On April 25, 2025, it was reported that the Youth Miners Foundation (YMF) of Zimbabwe launched the "Chrome Processing Initiative" project in collaboration with the Zimbabwe Artisanal Miners Association (Zama) to lay the foundation for the development of Zimbabwe's chrome industry. It is understood that YMF has acquired 300 hectares of chrome-bearing land provided by Zim Alloys Chrome Company, promoting the structured and professional beneficiation of chrome ore in Zimbabwe...