【SMM Steel】Taiwan's Yieh Phui announced significant April domestic/May export price hikes. Galvanized steel rose NT$1,700/t, pre-painted NT$2,000/t domestically; exports up $50/t. It's the 4th straight month of hikes. Energy, freight, and raw material costs are soaring amid Middle East tensions. Major global mills also raised prices. Galvanized steel prices in Taiwan have surged nearly 20% since late Feb. Low-cost inventory is depleting. Global economy is expanding.

【SMM Steel】Taiwan's CSC is returning to the domestic scrap market this April to boost production after raising HRC prices by NT$1,200. The move alarms local EAF mills, as CSC targets high-quality scrap already in short supply. Smaller mills fear CSC will exhaust domestic stocks, forcing them to buy expensive imported alternatives, raising concerns about operational costs and material access amid intensified competition.

SMM Nickel News, April 1: Macro and market news: (1) China and Pakistan proposed a five-point initiative on restoring peace and stability in the Gulf and Middle East region: first, immediately cease hostilities; second, launch peace talks as soon as possible; third, ensure the safety of non-military targets; fourth, ensure the security of shipping lanes; fifth, ensure that the UN Charter takes precedence. (2) Trump said the US would end the war against Iran within "two to three weeks" and may reach an agreement with Iran before then. Spot market: On April 1, 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, down 100 yuan/mt from the previous trading day; China mainstream electrodeposited nickel brands were at -600-400 yuan/mt. Futures market: The most-traded SHFE nickel 2605 contract moved sideways in early trading and closed the morning session at 135,500 yuan/mt, down 0.1%. Supply side, tightening nickel ore has evolved into dual cost support from "ore + taxation," 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 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.

[SMM Silicon-Based PV Morning Briefing] Silicon metal: The silicon metal market remained in a weak stalemate. Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,200 yuan/mt, down 50 yuan/mt from the previous day. Weaker expectations for production cuts on the supply side weighed on market sentiment. At the start of the week, futures prices trended weaker, and the center of spot transactions for some cargoes in the market edged lower. Cost support from the raw material side remained firm, and prices may fall back into stalemate. Polysilicon: N-type recharging polysilicon was quoted at 35.5-41.5 yuan/kg. Polysilicon prices have continued to decline recently, mainly affected by market sentiment and inventory exit the market among some leading enterprises. At present, low-priced polysilicon has already fallen below the cost line of some producers, and the sentiment to hold quotes firm has strengthened somewhat. Relevant meetings still need to be monitored going forward.

[SMM Cast Aluminum Alloy Morning Comment: Weak Trading in the Aluminum Alloy Night Session, ADC12 to Move Sideways in the Short Term] The aluminum alloy 2605 contract showed a pattern of opening higher and then fluctuating lower in the night session. It opened at 23,985 yuan/mt, hit an intraday high of 23,985 yuan/mt, dipped to a low of 23,705 yuan/mt, and finally closed at 23,745 yuan/mt, up 50 yuan/mt from the previous trading day, or 0.21%. Trading volume was 2,253 lots, down 5,248 lots from the previous trading day, while open interest stood at 6,784 lots, down 174 lots. Both trading volume and open interest pulled back, indicating weak trading sentiment in the night session.

According to market reports, a major Luxembourg-based stainless steel manufacturer has raised the April alloy surcharges for its European flat products, effective April 1, 2026. The surcharge for the 304 grade (1.4301) increased to approximately $2,543/mt (EUR 2,211), up from last month's $2,474/mt. The 316L grade (1.4404) saw a hike to $4,378/mt (EUR 3,807), compared to $4,201/mt previously. Furthermore, the high-temperature 309S grade (1.4833) was raised to $3,429/mt (EUR 2,982), and the ferritic 409 grade (1.4512) increased to $1,033/mt (EUR 898). These upward adjustments reflect the ongoing raw material cost pressures across the European market.

According to market reports, a major Taiwanese stainless steel wire rod manufacturer announced its April price list on March 30, raising 304 series wire rods by approximately $125/mt (NT$4,000). The 316 series saw a steeper increase of $219/mt (NT$7,000), while the 200 and 400 series both rose by $63/mt (NT$2,000). This move aligns with recent price jumps from other leading regional mills. The company attributed the surge to Middle East instability driving up energy and raw material costs, specifically for nickel, chrome, and molybdenum. Furthermore, a weakening New Taiwan Dollar and potential Indonesian export taxes on nickel have intensified inflationary pressures, directly impacting overall production expenses.

Recently, China's manganese-based battery materials market has been characterized by cost-driven divergence and gradual demand recovery. Battery-grade manganese sulfate and trimanganese tetroxide have strengthened on the back of rising raw material and freight costs; electrolytic manganese dioxide remains stable; and lithium manganate is steady amid volatile lithium carbonate prices, awaiting a demand rebound in April.

Recently, China’s manganese-based battery materials market has shown an overall pattern of cost-driven dynamics, product differentiation, and gradually recovering demand. Manganese sulphate and Mn3O4 were supported by rising upstream raw material costs and freight rates, with prices trending upward; MnO2 remained stable; LMO held steady amid fluctuations in lithium carbonate, awaiting a recovery in demand in April.

Markets frequently mistake an industry's sudden breakout for its origin. China's long-duration energy storage (LDES, ≥4 hours) sector did not abruptly emerge in 2026. Following policy incubation (2023-2024) and initial scaling (2025), 2026 marks a definitive inflection point, driven by a validated, closed-loop business model and exponential growth in grid-connected capacity.