Swedish floating wind developer Hexicon AB has successfully divested its 32MW TwinHub offshore wind project in the UK’s Celtic Sea to an undisclosed global provider of maritime and offshore engineering solutions. The sale follows the recent termination of the project’s 15-year Contract for Difference (CfD) and a significant net impairment charge of SEK 115 million booked by Hexicon due to rising inflation and supply chain challenges. Originally acquired in 2021 and repurposed from a wave energy site, TwinHub was a pioneering floating wind scheme that has now transitioned to new ownership as Hexicon strategically adjusts its portfolio in response to shifting market conditions and development costs.

Macro tailwinds drive a 320 yuan recovery in SS2605, while high supply and weak spot demand limit the upside

[SMM Titanium Spot Brief: Titanium Dioxide Prices Rose, Titanium Slag Prices Fell, Titanium Ore Prices Held Steady] On April 10, acid-soluble titanium slag prices fell, while reduced titanium and high-titanium slag prices held steady. Titanium tetrachloride prices rose, and titanium ore prices remained largely stable overall. Titanium dioxide prices saw a broad rise this week, with anatase and rutile grades posting notable gains, while chloride-process titanium dioxide edged up. High-titanium slag prices are expected to hold steady, and titanium concentrate prices are likely to see limited fluctuations.

This week, ferrous metals fluctuated downward, with raw materials declining significantly more than finished steel. Cost-side logic weakened further during the week. Mid-week, both the U.S. and Iran indicated they had entered the final stage of finalising negotiation details, causing overseas market crude oil to plunge and dragging down the coal sector. In the latter half of the week, rumors emerged that negotiations between China Mineral Resources and BHP would be announced next week, with iron ore leading the downward trend. On the finished steel side, inventories of the five major steel products continued to destock, maintaining a structure of both rising supply and demand. Spot market side, futures were weak, end-user purchasing enthusiasm was lukewarm, the spot-futures price spread widened somewhat, and some market arbitrageurs between spot and futures began to take profits...

Nickel Ore " RKAB Approval Delays and Policy Shifts Expected to Drive Nickel Ore Prices Higher" This week, the price of domestic nickel ore in Indonesia has increased. In the first half of April, the Indonesian nickel ore benchmark price (HPM) was set at $17,093 per dry metric ton, a month-on-month decrease of 1.37%. According to SMM's Indonesian nickel ore premium data, the average premiums for laterite nickel ore with grades of 1.4%, 1.5%, and 1.6% were reported at $37.5, $41.5, and $42 per wet metric ton respectively. Among them, the domestic arrival price for 1.6% grade nickel ore was $69.2–75.2 per wet metric ton. The dual strengthening of premiums this month reflects the release of smelters' restocking demand and pessimistic expectations regarding the reduction of RKAB quotas. Meanwhile, the delivery price of 1.2% grade hydrometallurgical ore has also increased to $27–30 per wet metric ton. Pyrometallurgical Ore: From the perspective of supply and demand fundamentals, as of April 10, 2026, according to the forecast of the Indonesian Meteorological Agency BMKG, core nickel ore producing regions such as Morowali, Kolaka, and Halmahera will face continuous moderate to heavy rain and thunderstorms this week, with humidity expected to approach the saturation level of 99%. Under the combined effect of active atmospheric waves and thick clouds, this extremely humid and changeable weather is expected to continue to constrain the mining efficiency of open-pit mines, slow down logistics and transportation, and further increase the operational difficulty of high-moisture management during the shipping process of laterite nickel ore. The current market is facing an obvious trend of grade decline. Although some NPI smelters have begun to accept ore with a grade of 1.45% and below, pyrometallurgical ore remains tight in April. Currently, the Ministry of Energy and Mineral Resources (ESDM) of Indonesia announced to the media on April 6, 2026, that approximately 190 million to 200 million tons of nickel production quotas in the 2026 Work Plan and Budget (RKAB) have been approved. At present, some mining enterprises have received preliminary notices from the government regarding the latest quota indicators, but most enterprises have yet to obtain the final approved data. The market generally expects that the final approved amount of the 2026 RKAB will be officially finalized in the second week of April. In terms of demand, due to the resource uncertainty faced by some smelters in Indonesia and the difficulty in obtaining high-grade nickel ore, prices have shown strong performance. To ensure raw material supply, some smelters have even increased trade bonuses. Hydrometallurgical Ore Additionally, there have been some transactions of low-grade saprolite ore in the market, with its fixed price relatively lower than that of high-grade ore. Following the significant increase in the price of pyrometallurgical ore, the price of limonite has also risen, aiming to further stimulate the sales enthusiasm of mines. In terms of shipping costs, affected by the increase in domestic fuel prices in Indonesia, inter-island logistics costs have shown an upward trend. It is estimated that as the RKAB quotas of mines are gradually issued in the future, freight demand will further increase, and domestic shipping costs may face a new round of upward pressure at that time. On the policy side, the Ministry of Energy and Mineral Resources (ESDM) of Indonesia is finalizing the review of the calculation formula for the Mineral Reference Price (HPM) of nickel ore and plans to officially implement it within April 2026. Tri Winarno, the Director General of the Mineral and Coal Directorate, pointed out that the current HPM can no longer accurately reflect the current market price, especially failing to cover the "market premium" actually paid by smelters. Although the regulatory details for specific products such as NPI and MHP still await finalization by inter-ministerial bodies, judging from the current policy trend, this may indicate that the era of tax-free exports of nickel intermediate products from Indonesia is coming to an end. Looking ahead to the after-market, the continuous tightening of Indonesia's policies is expected to open up further upward space for nickel ore prices and have a profound impact on the cost structure of the global nickel supply chain. Overall, affected by potential major policy adjustments in Indonesia in the future, market uncertainty has increased, supporting the continuous volatile strengthening of Indonesia's nickel ore prices. Nickel Pig Iron "High-Grade NPI Under Short-Term Pressure Amid Upstream-Downstream Tug-of-War " The average price of SMM 10-12% NPI average price dropped by RMB 2.25 per nickel unit week-on-week to RMB 1080.25 per nickel unit (ex-works, tax included), while the Indonesia NPI FOB index decreased by USD 0.43 USD per nickel unit to an average of USD 137.01 per nickel unit. High-grade NPI (Nickel Pig Iron) market conditions generally remained steady. As transaction levels stabilized, the market entered a period of tug-of-war between upstream and downstream players, leaving prices under short-term pressure. From the supply side, the center of upstream quotes continued to drift slightly lower. The market has seen a notable increase in the availability of stainless steel scrap. Under the dual weight of weak terminal demand and the cost-effectiveness of scrap, upstream quotes for high-grade NPI are increasingly showing signs of softening. In Indonesia, domestic nickel ore prices have risen, and the market is grappling with a clear decline in ore grades; consequently, the supply of saprolite for pyrometallurgical processing remains tight for April. In the stainless steel spot market, social inventory levels remain at absolute highs. Despite significant pressure to move shipments, steel mills are maintaining high production rates. While there is some support from the cost side, the mills themselves are facing heavy internal cost pressures. Furthermore, with the economic advantage of stainless steel scrap becoming more prominent, mills have low tolerance for high-priced NPI and are maintaining a cautious procurement stance. In summary, NPI prices remain locked in a short-term stalemate between upstream and downstream. Influenced by competition from scrap and limited buying interest from stainless steel mills, prices continue to face overhead pressure.

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.

Nickel Intermediate Product Market Weekly Review: Continued Weakness in Both Supply and Demand, MHP Payables Under Pressure

Average prices of cold-rolled and hot-rolled products remained largely stable this week, with overall transactions showing no significant change WoW, though low-price transactions and basis trading in some regions were moderate. In terms of supply, rolling line maintenance decreased this week, and overall HRC production increased. Demand side, apparent demand increased WoW this week. Inventory side, SMM-tracked HRC social inventory stood at 5.4382 million mt this week, down 65,600 mt WoW, or -1.19% WoW. Nationwide social inventory continued destocking this week. By region, south China, north China, and northeast China markets saw good destocking, while east China and central China were still experiencing inventory buildup. Cost side, iron ore negotiations have ...

Stainless steel spot prices rose this week, but production costs pulled back somewhat, narrowing the degree of cost-price inversion for stainless steel mills. Taking 304 cold-rolled products as an example, based on same-day raw material prices, the full cost profit margin was -0.36% this week; calculated using inventory raw material costs, the margin was -0.83%. Nickel-based raw material costs: high-grade NPI prices remained in the doldrums this week. Stainless steel enterprises continued their earlier cautious purchasing strategy, and recent high-grade NPI transactions remained sluggish. Although high-grade NPI still had cost support, offer prices continued to edge lower under shipment pressure. As of this Friday, high-grade NPI with a grade of 10-12% fell 1.5 yuan per nickel unit, closing at 1,080 yuan/nickel unit. Stainless steel scrap market: stainless steel scrap prices remained generally stable this week. Although SS futures performed strongly, the transmission effect on stainless steel spot prices was limited, and scrap prices saw no significant boost. On the alternative raw material front, high-grade NPI was weak and ferrochrome prices declined, providing limited support for stainless steel scrap. The cost-effectiveness advantage of stainless steel scrap still existed, and rising stainless steel finished product prices also provided some support. However, strong cost pressure on steel mills, their strong desire to bargain down prices, and weak market demand collectively constrained price increases. Prices are expected to remain stable in the short term. As of this Friday, 304 off-cuts prices in Shanghai remained stable, with the latest quote at approximately 10,150 yuan/mt. Chromium-based raw material costs: high-carbon ferrochrome prices continued their downward trend this week. Although April stainless steel planned production remained at a high level, insufficient end-use demand support made it difficult for stainless steel prices to rise, which in turn weighed on market expectations. In addition, the production cut plans previously set by ferrochrome producers have had limited effect so far, and ferrochrome supply remained at a high level. Recent market transactions were overall sluggish, and producers had to slightly lower their offer prices under shipment pressure. As of this Friday, high-carbon ferrochrome prices in Inner Mongolia fell 75 yuan/mt (50% metal content) WoW, closing at 8,550 yuan/mt (50% metal content).

SMM April 10 update: This week, the mainstream ex-factory prices of secondary refined lead were at discounts of 75-0 yuan/mt against the SMM #1 lead average price, adjusting along with fluctuations in lead prices. Dragged by the consumption off-season, downstream purchasing sentiment was generally weak, with smelters mostly adopting a wait-and-see approach while holding prices firm, and the tug-of-war between upstream and downstream continued. Affected by tight scrap battery supply and high raw material costs, losses at secondary lead smelters widened further WoW. As of April 10, the theoretical comprehensive profit/loss for large-scale enterprises was -184 yuan/mt, and for small and medium-sized enterprises -388 yuan/mt (excluding tin and antimony by-product revenues). Next week, production ramp-up at resuming smelters and production cuts at smelters facing raw material shortages will coexist, with a tug-of-war between longs and shorts on the supply side. Enterprise losses are expected to remain in the doldrums. Meanwhile, as the consumption off-season continues, weak purchasing sentiment from downstream battery plants will weigh on secondary lead prices. However, scrap battery raw material costs still provide support, and SMM expects secondary lead premiums to move sideways. >> Subscribe to view SMM metal spot historical prices