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...

On April 10, two residential land parcels were offered for sale in Hangzhou, both ultimately sold at premiums exceeding 20%, with a total transaction value of 1.492 billion yuan. The Xihu District parcel went through 73 rounds of bidding and was won by Binjiang Group at a total price of 963 million yuan, with a transaction floor price of 19,129 yuan/㎡ and a premium rate of 59.67%. The Linping District parcel went through 21 rounds of bidding and was won by Greentown at a total price of 529 million yuan, with a transaction floor price of 12,950 yuan/㎡ and a premium rate of 23.33%.

Latrobe Magnesium of Australia received a $2 million advance payment to accelerate its fly ash-to-magnesium demonstration project, with all products to be sold to the US market. Canada's West High Yield Resources signed a long-term sales agreement, marking a key step toward the commercialization of the Record Ridge magnesium mine. MG plans to mass-produce semi-solid-state battery car models by the end of 2026, and the application potential of magnesium materials in lightweight structures and battery components is expected to expand.

Indonesia’s Ministry of Energy and Mineral Resources (ESDM) is finalizing a review of the Nickel Mineral Benchmark Price (HPM) formula, aiming for implementation within April 2026. Director General of Minerals and Coal, Tri Winarno, stated that the current HPM no longer reflects actual transaction values, as it fails to account for the "market premiums" currently paid by smelters. The upcoming revision intends to incorporate these premiums as variables in royalty calculations, ensuring that state revenue accurately captures the full value of nickel sales and shifting the HPM from a mere "floor price" to a more representative market benchmark.

[Molybdenum Concentrate Transaction Information] SMM April 7: On April 7, a mine in Jiangxi sold 40%-45% grade molybdenum concentrates (average copper 2.101%, average phosphorus 0.072%) at a transaction price of 4,525 yuan/mtu, with a bidding floor price of 4,430 yuan/mtu, 35% cash and 65% bank acceptance, volume to be tallied.

SMM March 27 News: According to SMM, Baiyin Nonferrous Group's Northwest Lead-Zinc Smelter has launched an open bidding sale for approximately 100 tons of crude cadmium. According to official sources, the bidding floor price is set at a discount of RMB 1,000/ton against the SMM average price, with the highest bidder winning the auction. The bidding will proceed only if at least three companies register. The registration deadline is 5:00 PM on March 30, 2026, and the bidding will begin at 10:00 AM on March 31, 2026. Market participants noted that as cadmium prices have shown an upward trend recently, this bidding event is worth close attention. To some extent, it will reflect the strength of market demand and serve as a reference for whether cadmium prices can steadily rise.

SMM, March 27: According to SMM, the Northwest Lead and Zinc Smelter of Baiyin Nonferrous Group Co., Ltd. planned to conduct a public tender sale of about 100 mt of crude cadmium under its operations. According to the official announcement, the bidding floor price was set at a discount of 1,000 yuan/mt to the average price on SMM, and the highest bidder would win after the auction. This project required at least three registrants for the auction to proceed normally. The registration deadline was 17:00 on March 30, 2026, and bidding would begin at 10:00 on March 31, 2026. Market participants said that, as cadmium prices had recently shown an upward trend, this tender was also well worth watching. To a certain extent, it could reflect the strength of market demand and provide some reference as to whether cadmium prices could continue to rise steadily.

Australia's Lynas Rare Earths signed a binding letter of intent with the US Department of Defense to supply the US side with light and heavy rare earth oxides worth $96 million over four years, with a floor sales price for Pr-Nd of $110/kg. Based on this, the two sides will finalise a definitive agreement and discuss further cooperation on heavy rare earth supply. The agreement followed Lynas's expanded supply arrangement with Japan's JARE. Under the March 10 agreement, JARE will purchase at least 5,000 mt of Pr-Nd oxide annually at a floor price of $110/kg and buy 50% of Lynas's heavy rare earth production. The price floor matched the 10-year price commitment the US made to MP Materials last year, signalling that Western clients were willing to pay a premium for "non-China" rare earths.

On March 10, 2026, Lynas and Japan’s JARE signed a long-term deal featuring PrNd floor prices, profit-sharing, and heavy rare earth priority. Analyzing 2025 production data, this report evaluates the partnership’s commercial terms, operational progress, and downstream demand security.

SMM News on March 11: According to SMM, the Northwest Lead and Zinc Smelter of Baiyin Nonferrous Group Co., Ltd. launched a public tender sale for about 100 mt of crude cadmium under its operation. According to the official announcement, the bidding floor price was set at a discount of 500 yuan/mt to the average SMM price, and the highest bidder after the auction won the lot. This project required at least three registrants for the auction to proceed normally. The registration deadline was 17:00 on March 16, 2026, and bidding was scheduled to begin at 10:00 on March 17, 2026. Market participants said that, as cadmium prices had shown an upward trend recently, this tender was also well worth close attention. To a certain extent, it could reflect the strength of market demand and provide some reference as to whether cadmium prices could continue to rise steadily.