Overall, cost support remained strong, supply tightened while demand stayed stable. As tender prices became clear, aluminum fluoride prices were generally raised by around 800 yuan/mt in line with the guidance. Going forward, close attention should be paid to dynamic changes in raw material costs and adjustments in downstream procurement pace.

SMM, April 3: At the start of this week, lead prices held steady at low levels, and the purchase price of waste e-bike batteries remained at 9,750 yuan/mt. After lead prices rose on Wednesday, smelter quotations showed a stable-to-firmer trend, with the final national average purchase price raised to 9,800 yuan/mt. Recyclers simultaneously raised their buying prices, and the mainstream recycling quotation range for EV batteries was 9,300-9,450 yuan/mt. This week, raw material inventory for secondary lead fell about 19% MoM. Coupled with an increase in enterprise production resumptions after the holiday, this was expected to support scrap battery prices. Domestic secondary crude lead operated at relatively low rates due to persistently high scrap battery costs and smelting losses, while supplier quotations remained firm; as of Friday this week, the mainstream ex-factory price excluding tax was around 15,450 yuan/mt. Imported secondary crude lead saw concentrated arrivals as the import window opened, resulting in ample supply. Domestic secondary crude lead production resumptions were expected to remain slow in April, while imported cargoes continued to flow in. Combined with the off-season for battery demand, prices were expected to move sideways within a range, with imported cargoes weighing on market prices. > Subscribe to View Historical SMM Metal Spot Prices

[Worsening Supply Concerns and Gradual Demand Recovery Stabilize the Center of Aluminum Prices with Geopolitical Premiums ]Overall, the market's core focus in the period ahead is on whether key aluminum smelters in the Middle East will further expand production cuts. If the cuts continue to materialize, they will provide strong upward momentum for global aluminum prices, coupled with support from expectations of a gradual release of demand during China’s peak season. In the short term, aluminum prices are expected to remain in a high-level consolidation pattern.

[SMM Cast Aluminum Alloy Morning Comment: Slightly Pessimistic Demand Expectations Cap Upside Room for ADC12 Prices]: On Thursday, ADC12 market prices remained largely stable. Downstream procurement is currently staying cautious, and overall market transactions were mediocre. Some enterprises are pessimistic about April order expectations, with wait-and-see sentiment intensifying and demand continuing to provide weak support for prices. The market’s primary contradiction has shifted from raw material cost-driven factors to insufficient consumption momentum. The increase in finished alloy ingot prices has clearly lagged behind the raw material side, and industry profit margins have consequently narrowed.

[Silicon Metal Price Center Remained in the Doldrums]: This week, the silicon metal market stayed weak, with the transaction center for some silicon metal grades edging lower. As of April 2, SMM east China prices were oxygen-blown #553 silicon at 9,000-9,200 yuan/mt, down 100 yuan/mt WoW; 441# silicon at 9,300-9,400 yuan/mt, down 50 yuan/mt WoW; and 3303# silicon at 10,100-10,300 yuan/mt, down 100 yuan/mt WoW. In the futures market, the most-traded silicon metal contract remained weak, with the SI2605 contract closing at 8,300 yuan/mt on Thursday, down 435 yuan/mt WoW. Spot declines were narrower than futures prices, and the advantage in supplier shipments shifted from silicon enterprises to trading firms engaging in both spot and futures market. During the week, market prices were under pressure, while procurement volume from some downstream users and export traders increased, with transactions in some grades remaining moderate.

[SMM Weekly Silicone Review: Silicone Product Prices Rebounded, While Overall Market Transactions Remained Sluggish] This week, the transaction range in China’s silicone DMC market was 14,200-14,300 yuan/mt, up 200 yuan/mt WoW, with overall market transaction prices seeing a phased rebound.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.30-4.2)] From March 30 to April 2, 2026, electrolyte prices remained temporarily stable. Subsequent price trends will still need to focus on changes in upstream raw material prices

This week, LCO market prices remained broadly stable overall. Affected by slight fluctuations in lithium carbonate prices, LCO prices also saw some corresponding adjustments, but the overall range remained limited. Demand side, the impact of chip shortages on the consumer electronics market exceeded previous market expectations. In addition, battery cell manufacturers currently had relatively ample raw material inventory, and their willingness to proactively restock remained weak in the short term, with no clear recovery in procurement pace. At present, market participants generally maintained a wait-and-see stance, and transactions were mainly driven by rigid-demand orders executed according to established plans. In the short term, LCO prices are expected to remain stable overall, and attention should be paid to changes in orders and procurement plans at various companies. Wang Cong 021-51,666,838 Ma Rui 021-51,595,780 Feng Disheng 021-51,666,714 Lv Yanlin 021-20,707,875 Zhou Zhicheng 021-51,666,711 Zhang Haohan 021-51,666,752 Wang Zihan 021-51,666,914 Wang Jie 021-51,595,902 Xu Yang 021-51,666,760 Yang Lianting 021-51,595,835 Wang Zhaoyu 021-51,666,827

[Price Review] At the beginning of the week, silver prices fluctuated upward amid Trump-related remarks and the possibility of easing conflict. However, on Thursday (April 2), after Trump delivered a speech claiming a "swift, decisive, and overwhelming victory" in the war against Iran, precious metal prices plunged sharply. The chaotic signals and uncertainty surrounding the US-Iran negotiation situation themselves became a "bearish factor" for precious metal prices. In the short term, heated fund flows and weakening investment demand caused gold and silver to shift from "safe-haven inflation-resistant assets" into "liquidity tools," and the bearish sentiment in precious metals continued. As for the gold/silver ratio, as of April 1, the LBMA gold/silver ratio stood at 63, and is expected to maintain a fluctuating consolidation trend in the short term. [Key Data] Bullish: The final reading of the University of Michigan Consumer Sentiment Index for March in the US was 53.3, below both expectations and the previous reading Bearish: US ADP employment in March was 62,000, below both expectations and the previous reading US retail sales m/m in February rose 0.6, above both expectations and the previous reading The reported US ISM manufacturing PMI for March was 52.7, above the previous reading but below expectations Data and macro releases to watch next week include: April 3 (Friday): The US is set to release seasonally adjusted nonfarm payrolls and the unemployment rate for March. The market generally expects March payroll additions to rebound to 55,000. Bloomberg forecasts that, driven by a rebound in jobs after the end of the strike, nonfarm payrolls in March will increase by 80,000, while the unemployment rate remains stable at 4.4. April 9 (Wednesday): US February PCE Price Index April 10 (Thursday): US March CPI data On the Middle East conflict timeline, US President Trump postponed the airstrike on Iranian energy facilities to 20:00 ET on April 6. Trump said the US would "soon" withdraw from the conflict with Iran, but if the situation changes after the withdrawal, it may still re-engage. Regarding the Strait of Hormuz, on April 1, Ebrahim Azizi, chairman of the Iranian Parliament's National Security and Foreign Policy Committee, posted a message addressing US President Trump, saying that the Strait of Hormuz would definitely reopen, but not to the US. [Price Forecast] In the short term, the direction of the US-Iran conflict and cooling expectations for US Fed interest rate cuts are the main factors affecting silver prices. The lasting impact of persistently high oil prices has kept precious metal prices under pressure. On industrial demand, after the Middle East conflict pushed up energy costs, expectations for global manufacturing activity may be reassessed, and silver has been hit by the dual blow of "safe-haven failure + collapsing demand narrative." On China fundamentals side, end-user enterprises showed weak willingness to stock up raw materials in April. On the one hand, declining PV end-user production schedules led to weaker expectations for new silver nitrate orders. On the other hand, other end-users showed strong caution and reluctance to buy on falling prices, aggressively bargaining down premiums for procurement. As the SHFE April delivery approaches, suppliers generally said that amid difficult spot silver ingot transactions, they may mainly monetize through delivery. Social inventory of silver ingots may see a slight accumulation, and premiums are still expected to have room to pull back further. Next week, the basic situation of silver prices remaining in the doldrums is expected to be difficult to improve, but close attention should be paid to disruptions to market sentiment from changes in geopolitical conflict and adjustments in fund flows.

[SMM Rare Earth Weekly Review: Rare Earth Prices Hold Up Well, and Market Inquiry Activity Increases] The Pr-Nd oxide market as a whole continued to hold up well. Under the impact of expectations of tighter supply and pronounced fluctuations in futures prices, upstream suppliers kept raising their offers, while low-priced cargoes tightened rapidly, pushing Pr-Nd oxide prices up to 722,000-728,000 yuan/mt.