News Release: April 30, 2026 According to SMM statistics, China’s high-carbon ferrochrome output in April 2026 fell by 1.28% month-on-month but rose by 24.63% year-on-year, with notable regional divergence. The majority of the monthly output reduction came from Inner Mongolia in northern China. Affected by substation maintenance, ferrochrome producers in Fengzhen faced production restrictions, with output dipping slightly by 1.82%.

Intermediate Product Production Cuts Materialized, MHP and High-Grade Nickel Matte Payable Indicator Stayed High This Week

The gold price is currently consolidating in a broad sideways range. But behind this seemingly directionless phase, the next major price drivers are already taking shape.

To date, the continuous decline of chrome ore prices has halted. Driven by a higher-than-expected increase in steel bidding prices, chrome ore prices have rebounded moderately.

Trade data for the first quarter of 2026 shows a 31% year-on-year decline in Russian coal exports to Turkey. This reduction is attributed to increased domestic Turkish production and a shift in trade defense policies that favor imports from other European and Australian suppliers. The decline in this critical corridor highlights the shifting trade routes for metallurgical coal as international markets react to geopolitical tensions and the ongoing war, which continues to keep commodity price volatility high.

[Tug-of-War Between Longs and Shorts Continued, SHFE and LME Prices Fluctuated Upward] At the beginning of the week, boosted by optimistic sentiment over the easing of earlier geopolitical tensions, LME zinc edged up. Subsequently, as expectations for U.S.-Iran peace talks wavered and the Strait of Hormuz faced renewed restrictions, market concerns intensified, and LME zinc struggled to rise and continued to pull back.

SMM Nickel News, April 23: Macro and market news: (1) Trump said US-Iran talks could resume as early as Friday; Iranian media responded that Iran had not yet decided to hold negotiations on Friday. (2) In Q1 2026, Shanghai's GDP grew 5.9% YoY, and Shenzhen's GDP grew 5.8% YoY. Spot market: On April 23, SMM #1 refined nickel prices fell 250 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,950 yuan/mt, flat from the previous trading day; mainstream domestic electrodeposited nickel brands ranged from -500-600 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract pulled back before rebounding during the session, closing at 142,120 yuan/mt, up 0.25%. The positive impact of Indonesia's nickel ore HPM new policy was gradually digested, and profit-taking emerged, putting nickel prices under correction pressure. However, the medium-term support logic for nickel prices remains solid. Going forward, attention should be paid to changes in actual transaction prices of Indonesian nickel ore and the impact of US-Iran geopolitical tensions on sulfur supply. The most-traded SHFE nickel contract price is expected to trade in the range of 140,000-150,000 yuan/mt.

[SMM Tin Midday Review: Uncertain Ceasefire Prospects Put Futures Under Pressure, Spot Market Awaits Lower Levels to Follow]

Steel mills in Italy and Germany have signaled intended price increases of €50 to €70 per metric ton for long products effective late April 2026. The move is driven by rising energy and transport costs resulting from geopolitical tensions in the Middle East, alongside the implementation of Carbon Border Adjustment Mechanism (CBAM) costs. Producers indicated that stronger price leadership is necessary to maintain margins, even at the risk of losing some orders to existing imported stockpiles

[SMM Lead Morning Meeting Minutes: Macro Tensions Eased Slightly, but Lead Market Trading Remained Affected by Slack Supply and Demand] US President Trump announced an extension of the ceasefire, easing geopolitical tensions slightly. On the fundamentals side, lead ingot destocking outside China continued, but the LME lead backwardation structure was short-lived...