SMM Nickel News, April 3: Macro and market news: (1) Iran and Oman were drafting an agreement aimed at implementing "passage regulation" for vessels transiting the Strait of Hormuz, while emphasizing that vessel passage would not be restricted. (2) The US officially adjusted tariffs on steel, aluminum, and copper, and also announced a plan to impose additional tariffs on pharmaceuticals from enterprises that had not reached agreements or had not reshored to the domestic market. Spot market: On April 3, the SMM price of #1 refined nickel rose by 200 yuan/mt from the previous trading day. Spot premiums, Jinchuan #1 refined nickel averaged 3,650 yuan/mt, unchanged from the previous trading day; China mainstream electrodeposited nickel brands were at -600-400 yuan/mt. Futures market: The most-traded SHFE nickel contract (2605) moved sideways, closing at 134,260 yuan/mt as of this morning session, up 0.07%. In the short term, tighter Indonesian policies and cost support built a solid bottom for nickel prices, but high inventory and weak end-use demand capped upside room. The core trading range of the most-traded SHFE nickel contract is expected at 133,000-143,000 yuan/mt.

The escalating conflict in the Gulf, involving Israel, the 'US', and Iran, has caused a structural shift in global energy markets that extends far beyond short-term volatility. According to research firm Pexapark, attacks on liquified natural gas ('LNG') infrastructure have amplified this impact, shifting the focus from temporary logistical disruptions to medium-term supply risks. This evolving dynamic has direct and significant consequences for global electricity markets, power purchase agreements ('PPAs'), and the battery energy storage system ('BESS') sector.

Capacity side, according to incomplete statistics, China’s alkaline electrolyser market remained at 43.77 GW and the PEM electrolyser market remained at 2.7 GW, with no new capacity added. There was no offline delivery information this week. Project-related updates: PetroChina Shenzhen New Energy Research Institute Co., Ltd.: It issued a processing tender for its brine hydrogen production electrolyser. Funding for the tender project was self-raised by the enterprise, with a contribution ratio of 100%. It is understood that procurement of necessary raw materials and components included, but was not limited to, integrated electrolyser materials such as electrodes, end plates, bipolar plates, separators, and gaskets. Suppliers were also required to provide essential auxiliary accessories for the electrolyser, including cooling towers, chillers, and potassium hydroxide, in accordance with the purchaser’s requirements. Guangxi University of Science and Technology: It procured a hydrogen-fuel low-speed hybrid autonomous vehicle experimental system from Hefei Zhongke Shengu Technology Development Co., Ltd., with a transaction price of 844,800 yuan. Dalian Institute of Chemical Physics, Chinese Academy of Sciences: It issued a procurement notice for a 500 W hydrogen fuel cell testing platform. It is understood that the testing platform will be used for performance, efficiency, and durability testing of 500 W-class hydrogen fuel cell stacks and single cells. CGN New Energy Holdings Co., Ltd.: The Jilin Hydrogen Future Energy Factory Integrated Energy Project issued a procurement notice for an energy-saving assessment report. It is understood that the project had successively completed procurement for reports including water resources assessment, feasibility study, land-use pre-examination, hydrogen pipeline design, and power market analysis. Shaanxi Hydrogen Energy Industry Development Co., Ltd.: It released a public notice on the social stability risk assessment survey for Phase I of the 30 GW new energy green hydrogen production and hydrogen pipeline project (Inner Mongolia section). According to the notice, the project is located in Tuke Town, Uxin Banner, Ordos, Inner Mongolia Autonomous Region. It is understood that the hydrogen pipeline route is 19.6 km long, with a design pressure of 6.3 MPa, and uses L290QH steel pipe material (seamless steel pipe). Total project investment is about 449.38 million yuan. Allocated by route length (with the Uxin Banner section accounting for 53.4%), the estimated investment within the area is about 239.97 million yuan. The project construction period is 2026–2028. PetroChina Shenzhen New Energy Research Institute Co., Ltd. : Its hydrogen energy R&D department plans to custom-process one set of MW-class brine hydrogen production electrolyser equipment, with hydrogen production capacity of no less than 200 Nm³/h. Tender scope: procurement of one set of brine hydrogen production electrolyser equipment. Shanghai Electric Group Company Limited: It officially signed the Phase I project of the Inner Mongolia Baofeng coal-based new materials wind and solar power hydrogen production project. According to the agreement, Shanghai Electric will provide eight 1,250 Nm³/h alkaline electrolysers, the world’s largest single-set 5,000 Nm³/h separation and purification system, and an industry-first outdoor three-dimensional layout solution. Suqian Green Energy Hydrogen Innovation Technology Co., Ltd.: During the 5th China International Hydrogen Energy and Fuel Cell Industry Exhibition, Suqian Green Energy Hydrogen Innovation Technology Co., Ltd. and China Power Engineering Consulting Group Northwest Electric Power Design Institute Co., Ltd. held a strategic cooperation signing ceremony at the China National Convention Center in Beijing for a domestic MW-class AEM electrolyser testing project. Shenneng Northern Energy Holdings Co., Ltd.: It issued procurement for the preparation of a feasibility study report for the Etuoke Banner wind power hydrogen production integration green application project (Phase II), covering hydrogen production by water electrolysis and SAF synthesis. It is understood that the Etuoke Banner 505 MW wind and solar power hydrogen production integration green ammonia synthesis project (Phase I) was successfully selected in October 2025 as one of the first batch of hydrogen energy pilot projects in China’s energy sector, and is planned to be fully completed and put into operation in August 2026. Policy Review​ 1. Notice of the Ministry of Industry and Information Technology and three other departments on issuing the Implementation Plan for the High-Quality Development of Energy-Saving Equipment (2026–2028). The document stated that by 2028, mass-produced water electrolysis hydrogen production equipment should achieve DC power consumption of less than 4.2 kWh/Nm³ under rated operating conditions. 2. Notice of the General Office of the National Energy Administration on issuing the Guidelines for the Establishment of 2026 Energy Industry Standard Plans. The key areas for the 2026 energy industry standard plan include eight items. In the hydrogen energy field, key directions include fundamentals and general applications, hydrogen production and conversion, hydrogen storage and transportation, hydrogen refuelling, hydrogen power and power generation, and hydrogen equipment. 3. Ministry of Commerce Announcement No. 18 of 2026: announcement of the launch of a trade barrier investigation into US practices and measures that hinder trade in green products. Preliminary evidence and information obtained by the Ministry of Commerce showed that the US had implemented multiple practices and measures in trade-related areas that hinder trade in green products, including but not limited to restricting exports of green products to the US, slowing new energy deployment, and restricting technology cooperation related to green products. Enterprise Updates​​ Xieqing (Shanghai) New Energy Technology Co., Ltd.: Its hydrogen-powered drone H100 was officially put into use for material transport by China Post in Suibin County/Bayan County, Heilongjiang, entering the stage of regularised operations. Henan Junheng Industrial Group Biotechnology Co., Ltd. : Five reactors for its 1 million mt/year waste oil and fat processing sustainable aviation fuel project were successfully hoisted into place. Hubei Yingteli Electric Co., Ltd.: The two sets of thousand-cubic-metre-class IGBT hydrogen production power supplies it provided were successfully applied in South Korea’s first off-grid green hydrogen production project. Ordos Hanxia New Energy Co., Ltd. : At the hydrogen production plant of the Narisong PV hydrogen production industry demonstration project in Jungar Banner, Ordos, Inner Mongolia Autonomous Region, the first truckload of 99.999% national-standard high-purity green hydrogen in 2026 was successfully dispatched after filling operations were completed. Hydshine Energy (Shenzhen) Co., Ltd.: It announced the completion of its Pre-B round of financing. This round was exclusively strategically invested by the Shenzhen Energy Storage Fund. It is understood that the funds will be mainly used for global market expansion, next-generation product R&D, and industrialisation capabilities. Shanghai Hydrogen Energy Group Co., Ltd.: It was successfully recognised as a “Shanghai Specialised, Sophisticated, Distinctive and Innovative SME” in the first batch list of Shanghai specialised and sophisticated small and medium-sized enterprises. Tianneng Battery Group Co., Ltd. : During the Tianneng 2026 Spring New Product Launch held in Tianjin, Tianneng signed strategic cooperation agreements with multiple partners on hydrogen fuel cells and solid-state batteries. In hydrogen energy, Tianneng joined hands with Guangdong Vision Holding Group and Tianjin Weida Space Technology to deepen the deployment of hydrogen-powered shared bicycle scenarios and promote the rollout of this model in more cities. ​​Patent Applications​​ 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences​​ (China) disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. ​​2. Johnson Matthey​​ (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprint/Technical Specifications​​ 1. Professor Yu Ying’s team at Central China Normal University developed a three-dimensional graded nanostructured catalytic electrode, a core part for seawater hydrogen production. 2. Dalian University of Technology designed an electron-pump catalyst with an asymmetric photoresponse structure to maintain asymmetry in electron distribution. 3.​​Research teams from the School of Electrical Engineering at Xi’an Jiaotong University and the State Key Laboratory of Electrical Materials and Electrical Insulation successfully developed a Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis. 4. Johnson Matthey and Syensqo achieved efficient recycling and reuse of platinum group metals and ionomers in PEM fuel cells and electrolysers, significantly reducing the carbon footprint. 5. Teams from Xi’an Jiaotong University and Peking University jointly developed a new-type osmium-based catalyst, significantly improving the efficiency and economics of AEM water electrolysis hydrogen production and supporting the scale-up of low-cost green hydrogen.

[SMM Aluminum Express News] AMAG Austria Metall and Pilatus Aircraft have signed a multi-year agreement, reinforcing their long-standing partnership. The deal supports expanded use of AMAG’s materials across Pilatus programmes, reflecting continued confidence in AMAG’s capabilities and ensuring supply stability. Strategically, the agreement strengthens European aerospace value chains amid ongoing global market challenges.

[SMM Rare Earth Flash News] Australia's Arafura Rare Earths announced that it has signed binding equity subscription agreements with Germany's KfW and Export Finance Australia, under which the two institutions will invest a combined A$230 million (approximately $158.61 million). Of this, KfW subscribed €50 million (approximately A$84 million), while Export Finance Australia subscribed $100 million (approximately A$146 million) through its critical minerals fund. The financing will be used to develop the Nolans rare earth project. The project plans to supply 4,440 mt of Pr-Nd oxide annually from H2 2029, accounting for about 4% of global supply.

Trump said that the US would end its military operations against Iran within “two to three weeks” and might reach an agreement with Iran before then.

Australia's Atlantic Lithium had to develop the Ewoyaa project—the country's first lithium mine—under revised concession terms linked to market prices. The approved 15-year lease introduced a sliding royalty scale for spodumene concentrate, set at 5% when prices are below $1,500/mt and 12% when they exceed $3,200/mt, replacing Ghana's previous fixed 10% rate. The new structure paved the way for the project following broader reforms to the lithium and gold royalty framework passed earlier this month. The approval formally backed plans for the mine and processing plant, enabling Atlantic Lithium to advance financing discussions and move toward a final investment decision. The project had stalled after lithium prices pulled back from their peak at the end of 2022, prompting the company to push for more flexible fiscal terms. According to the company, Ewoyaa is expected to produce 3.6 million mt of lithium ore concentrate over 12 years, making it Africa's third-largest lithium project under development. Atlantic Lithium said the project is the only US-aligned lithium mine development project on the continent, standing in sharp contrast to others backed by Chinese investment. Half of Ewoyaa's production has been committed to Elevra Lithium, the entity formed through the , which had previously signed offtake agreements with Tesla and LG Chem. Company executives said details of work completed in H2 2025 would be released soon to improve project economics amid continued lithium price fluctuations and help define the next phase of development.

President Prabowo Subianto oversaw the signing of business deals totaling $23.63 billion during the Indonesia-Japan Business Forum in Tokyo on March 30, 2026. The agreements encompass 10 memoranda of understanding (MoUs) spanning critical sectors including energy, oil and gas, petrochemicals, manufacturing, and finance. Highlighting the shift toward sustainable industrialization, key projects include a carbon-emission-based methanol production facility in Bontang, East Kalimantan, and a strengthened pact between INPEX and Pertamina to advance the Masela LNG project.

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).

Japanese electronics maker Kyocera has entered into reciprocal power purchase agreements ('PPAs') with Cosmo Energy Holdings. Starting next month, Kyocera will supply solar power from its assets to Cosmo Energy Solutions. In exchange, Kyocera will procure electricity from the 48 MW Nakaki wind farm operated by Cosmo Eco Power. The partnership aims to diversify their renewable portfolios and explore future collaborations in battery storage. This move follows Kyocera's recent agreement with Osaki Electric and Taiwan Plastics Group to jointly develop an 'AI'-based energy management system integrating solar generation and lithium iron phosphate battery storage, targeting a final contract by the end of this year.