[SMM Cast Aluminum Alloy Morning Comment: Aluminum Alloy Rebounded After Bottoming Out in the Night Session, Up 0.91%; ADC12 to Continue Moving Sideways in a Narrow Range in the Short Term] Overnight, the most-traded 2605 aluminum alloy contract opened at 23,680 yuan/mt, then quickly fell to around 23,623 yuan/mt, hitting an intraday low of 23,525 yuan/mt in the night session before stopping its decline and rebounding. During the session, bulls gradually pushed prices higher, sending them up to 23,780 yuan/mt, a fresh high for the night session, before pulling back slightly and moving sideways. It finally closed at 23,730 yuan/mt, up 215 yuan/mt from the previous close, or 0.91%.

【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 News, April 1: During the day, the most-traded SHFE lead 2605 contract opened at 16,500 yuan/mt. Bulls gained momentum in early trading and pushed prices up rapidly. During the session, it fluctuated at highs in the 16,680-16,725 yuan/mt range, and pulled back slightly late in the session as bulls took profits, finally closing at 16,655 yuan/mt, up 155 yuan/mt, or 0.94%, and posting a small bullish candlestick. From a fundamental perspective, China’s lead ingot supply side is trending looser, and continued arrivals of imported refined lead to replenish supply have exerted some bearish pressure on lead prices. In addition, lead-acid battery consumption is about to enter the traditional off-season, and downstream demand expectations are weak, further limiting the upside in lead prices. In early April, as smelters gradually resume work and production, concentrated release of scrap battery procurement demand will provide relatively strong rigid support for lead prices. At the same time, however, production resumptions on the smelting side will also increase lead ingot supply, creating some bearish pressure on prices. Considering the bullish and bearish factors, lead prices are expected to continue to move sideways in the short term. Data source disclaimer: Except for public information, all other data is processed and derived by SMM based on public information, market communication, and SMM’s internal database models, and is for reference only and does not constitute decision-making advice.

[SMM Daily Chrome Commentary: Weak Trading Sentiment, Market Remained Temporarily Stable] April 1, 2026: The ferrochrome and chrome ore markets saw limited fluctuations...

Today, the most-traded BC copper 2605 contract opened at 84,640 yuan/mt. In early trading, the center of copper prices bottomed at 84,620 yuan/mt, then rose to a high of 86,140 yuan/mt, and finally moved sideways to close at 86,020 yuan/mt, up 1.68%. Open interest stood at 6,205 lots, down 74 lots from the previous trading day, while trading volume reached 4,289 lots, up 991 lots from the previous trading day. On the macro front, the Iranian president said he was willing to end the war, provided that its demands were met and guarantees against further attacks were secured. The US defense secretary said the next few days would determine the direction of the conflict, and Trump planned to end the fighting within two to three weeks; meanwhile, the Iranian foreign minister said there had been no negotiations with the US, though information had been exchanged, and there had been no response yet to the "15-point plan." The current Middle East conflict has somewhat eased, crude oil prices plunged, inflation expectations cooled, and the US dollar index came under pressure and pulled back, all of which were bullish for copper prices. Fundamentals, supply side, imported cargoes have continued to arrive recently, and overall spot availability was relatively ample; demand side, affected by the rebound in copper prices, the market mainly maintained just-in-time procurement during the day. The SHFE copper 2605 contract closed at 97,030 yuan/mt. Based on the BC copper 2605 contract price of 86,020 yuan/mt, its tax-inclusive price was 97,203 yuan/mt. The price spread between the SHFE copper 2605 contract and BC copper was -173 yuan/mt, with the inversion maintained and widening from the previous day.

New Delhi quietly renewed BIS certification waivers through September 2026, even as it talks tough on Chinese overcapacity. The contradiction reveals more about India's industrial gaps than its trade policy convictions

Shanghai copper spot to stay under pressure tomorrow. Recent arrivals of imported copper—including Japanese brands like SRP and TAMANO-P—are weighing on spot discounts. Demand softened as end-users showed limited acceptance of higher prices. Some holiday restocking emerged, but high spot inventories cap any upside. The narrow spread between high-grade and standard-grade copper reflects subdued actual consumption. The spot discount against the 2604 contract is expected to persist.

【SMM Steel】The European Commission launched a safeguard investigation into GOES imports. It aims to assess if rising volumes are causing serious injury to the EU industry. GOES is a critical material for power transformers. The scope also includes laminations and cores. The probe will assess import trends and market conditions. If injury is confirmed, temporary or definitive safeguard measures may follow.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,216/mt and dipped to $12,181.5/mt in early trading. Copper prices then fluctuated upward in center and, near the close, touched a high of $12,420/mt, finally closing at $12,382.5/mt, up 1.64%. Trading volume reached 18,800 lots, and open interest stood at 298,900 lots, an increase of 3,875 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 95,730 yuan/mt and fluctuated rangebound in early trading, hitting a low of 95,550 yuan/mt. It then fluctuated upward all the way to a high of 96,780 yuan/mt, finally closing at 96,760 yuan/mt, up 1.26%. Trading volume reached 56,200 lots, and open interest stood at 186,300 lots, an increase of 598 lots from the previous trading day, mainly driven by increased long positions.

[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.