Refined Cobalt: This week, spot refined cobalt prices trended downward under the influence of capital flows and macro sentiment. Supply side, mainstream smelters kept ex-factory prices stable; after spot prices fell, traders' sentiment to hold prices firm strengthened, and spot-futures price spread quotations were raised to above parity. Demand side, lower spot prices improved downstream purchasing sentiment and slightly lifted transactions, but affected by fluctuations in related metals, downstream buyers remained cautious and mainly made just-in-time procurement. This week, the DRC announced an extension of cobalt intermediate product export quotas for Q4 2025, increasing export uncertainty; the structurally tight raw material situation in China remained unresolved, providing bottom support for cobalt prices. Cobalt Intermediate Products: This week, cobalt intermediate product prices edged up. The DRC announced its quota extension policy, under which Q4 2025 quotas can be extended by up to one month, and Q1 2026 quotas can be extended to the end of June; it is understood that the core reason for the current slow approval process for intermediate products is the lack of local detection personnel. Supply side, some miners sold small volumes of futures cobalt intermediate products this week, with quotations above $25.9/lb. Demand side, most smelters remained on the sidelines as cobalt salt prices struggled to catch up and available-for-sale intermediate products were scarce, and actual transactions were sluggish. Overall, based on the current pace of shipments, large-volume arrivals of cobalt intermediate products at port may be delayed to June-July. After downstream orders become clear and procurement demand is released, intermediate product prices will still have upside room. Going forward, continued attention should be paid to export progress in the DRC and the pace of downstream demand recovery. Cobalt Sulphate: This week, the spot market for cobalt sulphate operated steadily, with no significant price fluctuations, and overall continued to move sideways within a narrow range. Supply side, the continued tightness in raw materials supported smelter quotations, with the mainstream quotation range stable at 95,000-98,000 yuan/mt. At the beginning of the week, a small number of enterprises made low-priced shipments at 91,000-95,000 yuan/mt due to financial reporting and funding pressure, but these enterprises have now basically completed cash realization. Demand remained mediocre, as downstream enterprises were still cautious about expectations for subsequent orders, and their own raw material inventory remained ample, resulting in low purchasing enthusiasm. They only purchased small volumes of low-priced cargoes as needed, and overall market trading activity was weak. In the short term, the market remained in an inventory digestion cycle, with buyers and sellers in a stalemate, making large price swings unlikely. In the long term, uncertainty over raw material supply from the DRC will still support the cost side. As downstream inventories are effectively depleted, cobalt sulphate prices are expected to gradually rebound and recover.

Raw material side, spot lithium carbonate prices began to rise this week, while cobalt sulphate and nickel sulphate prices remained temporarily stable.

[How Should Zinc Consumption Be Viewed Against the Backdrop of Geopolitical Conflicts?] Q1 2026 had passed, and the overall recovery in post-holiday consumption was somewhat delayed. How would consumption perform going forward?

[[Weekly Review of Aluminum Scrap and Secondary Aluminum]]Secondary Aluminum Market Consolidated at High Levels, Intensifying the Tug-of-War Between Cost Support and Weak Demand

This week, the overall second-life battery market for lithium battery Grade B products remained stable, while prices for warehouse A and Grade A products rose. On the cost side, lithium carbonate first increased and then declined, with evident fluctuations; nickel sulphate edged down slightly, while cobalt sulphate prices remained stable. On the supply side, battery cell capacity continued to be released, the EV sector carried out orderly stockpiling, demand in the ESS sector remained robust, and order shipments stayed at a high level. On the demand side, following the implementation of the new power battery regulations on April 1, the exclusive concept of second-life application was removed and uniformly brought under comprehensive utilization supervision, with strict control over the circulation of non-compliant products; the market showed structural divergence, with average demand from the EV sector, but strong demand for compliant orders in energy storage and outside China. In terms of product-grade price spreads: quotations for leading Grade A products with warranties approached those of new battery cells, while circulation of recycled materials and Grade B products remained weak and prices held flat, as they struggled to meet compliant procurement standards.

Dalian iron ore was stronger in the morning session today, but pulled back in the afternoon. The most-traded contract, I2605, finally closed at 805 yuan/mt, down 1.29% from the previous trading session. Spot prices fell by about 3-7 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills made fewer inquiries; as of now, spot market transactions were average. Fundamentals, inventory at the 10-port sample showed clear structural divergence this week. Among them, mainstream mid-grade ores such as PB fines and blended fines saw a notable inventory buildup, with PB fines surging 1.24 million WoW to nearly 9 million. In contrast, IOCJ fines, super special fines, and high-silicon Brazilian coarse ore bucked the trend and posted destocking. This divergence indicated that, against the backdrop of steel mill profits coming under pressure, the consumption side was accelerating toward extreme cost reduction. Steel mills generally adopted a barbell-style ore blending strategy of pairing high- and low-grade materials, significantly squeezing demand for mainstream mid-grade ore and putting further pressure on iron ore's upward momentum. On the macro front, driven by persistently high inflation outside China and fading expectations for US Fed interest rate cuts, tighter US dollar liquidity further weighed on bullish sentiment in commodities. Combined with pressure from elevated inventory on the micro side and weak demand for mid-grade ore, iron ore prices lacked drivers for an upward breakout in the short term and are expected to remain in the doldrums within a narrow range.

[SMM Daily Chrome Review: Ferrochrome Saw No Fluctuations, and the Overseas Chrome Ore Market Was Flat] News on April 2, 2026: Fluctuations in the ferrochrome and chrome ore markets were limited...

[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, the Co3O4 market maintained a stable operating trend, with overall activity still relatively subdued. Quotations from top-tier enterprises remained at a high level of around 370,000 yuan/mt, while the ongoing phase of tight inventory of cobalt intermediate products continued to provide effective support for prices from the cost side. On the downstream LCO material plant side, the procurement pace still mainly followed immediate needs, with small-volume restocking mostly arranged based on orders on hand. Market inquiry sentiment edged up slightly from the previous week, but the overall improvement remained limited. Looking ahead, the release pace of end-use demand will be the core variable determining procurement intensity on the cathode material side. With demand still clearly weak, the Co3O4 market was still expected to remain mainly stable in the short term, and market participants maintained a wait-and-see stance.

[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.