[SMM Coking Coal and Coke Daily Brief] Supply side, coke producers had relatively small losses and moderate production enthusiasm, with coke supply remaining at high levels. Coupled with strong downstream demand, coke producers' coke inventory stayed at low levels. Demand side, steel mills' daily average hot metal production edged up, strengthening rigid demand for coke, and most steel mills currently showed moderate purchasing enthusiasm. In summary, coke fundamentals exhibited a tight balance, but cost support is expected to weaken, and the short-term coke market is likely to hold up well with a generally stable with slight rise trend.

On April 13, the SMM battery-grade nickel sulphate average price declined slightly.

April 13, 2026: The average warrant price rose by $2/mt from the previous trading day, closing at $75/mt (price range $70–80/mt); the average B/L price rose by $3/mt from the previous trading day, closing at $72/mt (price range $66–78/mt); the average EQ copper (CIF B/L) price rose by $1/mt from the previous trading day, closing at $41/mt (price range $36–46/mt), with quotations referencing cargoes arriving from late April to early-to-mid May. Consumption in China remained strong at the beginning of this week. Offshore market demand was mainly driven by near-term arriving EQ B/L and bonded warehouse warrants, with downstream buyers actively seeking cargoes. A small volume of ER copper B/L arriving in mid-to-late April was heard quoted at $75/mt, QP May; mid-April arriving EQ B/L was offered at $50/mt, late April arriving EQ B/L was quoted at $45/mt, mid-May arriving B/L was quoted at $50/mt, with a small volume transacted at $40–45/mt, QP May. General ER copper warrants for delivery within this week were quoted at $80/mt, QP May.

SMM Nickel News, April 13: Macro and market news: (1) Trump: A blockade will be imposed on all ships attempting to transit the Strait of Hormuz, ships paying transit fees to Iran in international waters will be intercepted, and Iranian mines laid in the strait will be cleared. Apart from the nuclear issue, the US and Iran have "reached agreement on most issues." (2) According to US officials and informed sources, President Trump and his advisors are considering resuming limited military strikes against Iran while imposing a blockade on the Strait of Hormuz to break the deadlock in peace negotiations. Spot market: On April 13, SMM #1 refined nickel prices fell 400 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 3,350 yuan/mt, unchanged from the previous trading day; domestic mainstream brand electrodeposited nickel ranged from -400 to 400 yuan/mt. Futures market: The most-traded SHFE nickel 2605 contract moved sideways in the morning session, closing at 134,000 yuan/mt, up 0.43%. The most-traded SHFE nickel contract is expected to continue fluctuating within the 130,000-138,000 yuan/mt range, supported below by cost underpinning from rising ore and sulfur prices, and capped above by high global inventory (LME inventory above 280,000 mt, continued social inventory buildup in China) and sluggish downstream demand recovery.

[SMM Silver Morning Review] Spot silver ingot transactions today are mainly at small premiums or parity. Affected by a slight downtrend in precious metals, overall market trading is quiet, and holders show little willingness to sell. Some smelter supply is expected to enter the market in late April. Traders are currently holding firm on prices, with early morning quotes at TD+30-40 yuan/kg. Driven by position rollover and delivery needs, traders are mostly holding, but downstream demand remains weak with low purchasing appetite, favoring negotiated transactions.

[Solid Geopolitical Support, Aluminum Prices Fluctuate at Highs] Overall, from a macro perspective, restricted strait transit and risks of conflict escalation resonated with fundamental supply-side hard damage and low global inventory, jointly providing strong bottom support for aluminum prices. However, weak interest rate cut expectations, above-expectation aluminum ingot inventory buildup in China, and adverse expectations on consumption and inflation driven by recent high fluctuations in oil prices all notably weighed on the upside room for aluminum prices. In the short term, aluminum prices are expected to fluctuate at highs.

[Dual Factors Constrained Industry Operations, Die-Casting Zinc Alloy Operating Rates Declined This Week] Operating rates weakened WoW this week. On one hand, some enterprises arranged holidays due to the Qingming Festival; on the other hand, rising zinc prices dampened downstream purchase willingness, and increasing finished product inventories led to a slowdown in enterprise production pace...

[Demand Continues to Recover, Zinc Oxide Production Keeps Rising] High prices suppressed downstream order-taking, and some enterprises saw continued accumulation of finished product inventories, with inventory pressure increasing. Production starts rose WoW during the week, mainly driven by the gradual recovery of orders across downstream sectors, which boosted overall production capacity utilization of enterprises...

According to SMM, the operating rate of copper cathode rod enterprises was 75.06% in March, up 28.8 percentage points MoM, 9.05 percentage points above expectations, and up 5.41 percentage points YoY. Among them, the operating rate of large enterprises was 87.28%, medium-sized enterprises 56.02%, and small enterprises 66.87%. The operating rate of copper cathode rod enterprises was 75.06% in March, up 28.8 percentage points MoM and up 5.41 percentage points YoY (the operating rate in March last year was 69.65%). The copper cathode rod market showed an overall positive performance in March. After the Lantern Festival, enterprises across the industry essentially achieved full resumption of work and production. Combined with previously low finished product inventories, market supply was relatively tight. Post-holiday copper prices continued to pull back, effectively boosting procurement demand from downstream sectors such as wire & cable and enamelled wire. Order performance improved significantly, which in turn drove a substantial increase in orders for copper cathode rod enterprises, with some enterprises even temporarily suspending order-taking at one point. Downstream enthusiasm for picking up goods was relatively high, and enterprises maintained high production loads overall to ensure contractual delivery. It is worth noting that the average operating rate of the copper cathode rod industry rebounded to above 80% in March, but was dragged down by production shutdowns at individual sample enterprises due to non-market factors, weighing on the overall industry operating rate. In March, the days of raw material inventories of copper cathode rod enterprises were 1.79 days, and the days of finished product inventories were 3.14 days. Copper cathode rod enterprises maintained a relatively high production load, with the days of raw material inventories down 0.84 days MoM. Driven by the concentrated delivery of downstream wire and cable enterprises to State Grid and improving industry orders for enamelled wire, the downstream cargo pick-up pace accelerated significantly, with the days of finished product inventories down 2.72 days MoM. The Operating Rate of Copper Cathode Rod Enterprises Is Expected to Be 72.13% in April Looking ahead to April, the operating rate of copper cathode rod producers is expected to decline 2.93 percentage points MoM to 72.13%, up 3.17 percentage points YoY. After copper prices stabilized and rebounded at the end of March, orders from downstream enterprises weakened compared with the previous period. Currently, orders on hand at enterprises are expected to sustain operations through mid-April, and subsequent demand still requires close tracking of copper price trends. However, as April is a traditional peak consumption season, enterprises remain optimistic in their expectations for the overall market in April, and the operating rate is expected to pull back only slightly.

[SMM Stainless Steel Daily Review] SS Futures Strengthened, Stainless Steel Spot Market Ran Steadily SMM, April 10: SS futures strengthened and rose. SS futures extended the mid-week rally and further explored upward. As of the morning close, the most-traded contract was reported at 14,495 yuan/mt. Spot market side, despite SS futures exploring higher, the spot market remained stable. In addition, a major stainless steel producer released its guidance price today, which held steady MoM. Although intraday inquiry activity picked up somewhat and some low-priced resources decreased, actual transactions remained limited, and upward momentum for prices was insufficient. The most-traded SS futures contract strengthened and rose. At 10:15 AM, SS2605 was reported at 14,470 yuan/mt, up 180 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area ranged from 50-250 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi held steady; for cold-rolled trimmed-edge 304/2B coils, the Wuxi average price rose by 50 yuan/mt while the Foshan average price held steady; cold-rolled 316L/2B coils in the Wuxi area held steady; for hot-rolled 316L/NO.1 coils, Wuxi quotes remained flat; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. The stainless steel market was currently in the traditional peak season of "Golden March and Silver April." In the short term, macro tailwinds helped restore confidence, and spot inquiry activity picked up. However, cautious sentiment among downstream end-users persisted, with procurement still driven by rigid demand. Acceptance of high-priced resources remained poor, and transactions relied on low-priced resources, with no significant volume increase overall. Futures side, the US-Iran conflict de-escalated this week, with both sides reaching a two-week ceasefire agreement and initiating negotiations. Macro...