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...

SMM Nickel News, April 1: Macro and market news: (1) China and Pakistan proposed a five-point initiative on restoring peace and stability in the Gulf and Middle East region: first, immediately cease hostilities; second, launch peace talks as soon as possible; third, ensure the safety of non-military targets; fourth, ensure the security of shipping lanes; fifth, ensure that the UN Charter takes precedence. (2) Trump said the US would end the war against Iran within "two to three weeks" and may reach an agreement with Iran before then. Spot market: On April 1, the SMM price of #1 refined nickel rose by 200 yuan/mt from the previous trading day. Spot premiums, Jinchuan #1 refined nickel averaged 3,650 yuan/mt, down 100 yuan/mt from the previous trading day; China mainstream electrodeposited nickel brands were at -600-400 yuan/mt. Futures market: The most-traded SHFE nickel 2605 contract moved sideways in early trading and closed the morning session at 135,500 yuan/mt, down 0.1%. Supply side, tightening nickel ore has evolved into dual cost support from "ore + taxation," providing solid support for the bottom of nickel prices, but weak end-use demand and continued inventory accumulation still capped upside room for nickel prices. Nickel prices are expected to maintain fluctuating trend in the short term, with the core trading range of the most-traded SHFE nickel contract at 133,000-143,000 yuan/mt.

[SMM Lead Morning Meeting Summary: Fundamentals Had Limited Impact on Lead Prices, Attention Should Be Paid to Guidance From Macro Changes] US President Trump said he would end the Iran conflict within “two to three weeks.” Recently, lead ingot inventory trends in and outside China have diverged slightly. Consumption in the Chinese market has relatively weakened, and trading in the spot market has been sluggish...

[SMM Morning Meeting Summary: Macro Factors and Fundamentals Resonated, and LME Zinc Logged a Three-Day Winning Streak] Overnight, LME zinc logged a three-day winning streak, with support from the 20-day moving average below and resistance from the 40/60-day moving averages above. Overnight, as geopolitical tensions in the Middle East may have de-escalated, the US dollar index moved lower, nonferrous metals rose, and LME zinc inventory continued destocking......

[Secondary Lead Market Update] Today, the mainstream transaction prices for secondary refined lead on an ex-factory, tax-exclusive basis were 15,350 yuan/mt, while downstream buyers found the ex-factory price of 15,400 yuan/mt difficult to accept.

SMM March 31 News: For Lithium battery recycling, the purchase volume of black mass by downstream hydrometallurgy recycling enterprises, up 48% MoM,

SMM News, March 31: During the day session, the most-traded SHFE lead 2605 contract opened at 16,525 yuan/mt. From early trading to mid-session, lead prices consolidated narrowly within the range of 16,485-16,525 yuan/mt, then dropped back slightly toward the close, and finally settled at 16,500 yuan/mt, posting a small bearish candlestick, up 5 yuan/mt, or 0.03. At present, production at primary lead and secondary lead enterprises is gradually recovering, and China’s lead ingot supply is trending looser. Coupled with the continued increase in imported refined lead arrivals, this has exerted some pressure on lead prices. Meanwhile, lead-acid battery consumption is about to enter the traditional off-season, and demand-side expectations are relatively weak. However, with April approaching, some medium and large secondary lead enterprises plan maintenance, which, if carried out as scheduled, will provide support for lead prices. Overall, lead prices are still likely to mainly move in a range-bound consolidation pattern in the short term. Data source statement: 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.

As of March 31, the most-traded SHFE zinc contract closed at 23,480 yuan/mt, up 1,230 yuan/mt for the month, with a decline of 4.98%. Zinc prices plunged in March, briefly climbing to a high of 24,955 yuan/mt at the beginning of the month and falling to a low of 22,350 yuan/mt in the middle of the month, with the overall price center moving down significantly. After zinc prices plunged in March, how will they move in April?

SMM Nickel News, March 31: Macro and market news: (1) The State Administration for Market Regulation issued a notice on further implementing the Anti-Unfair Competition Law of the People's Republic of China. The notice mentioned comprehensively addressing "involution-style" competition. It said various anti-unfair competition measures would be used in a coordinated manner to focus on preventing and curbing "involution-style" competition in key industries and sectors such as the platform economy, PV, lithium battery, and NEV. (2) Iran's parliamentary National Security Commission passed a bill proposing to charge fees on vessels transiting the Strait of Hormuz. The plan included implementing financial arrangements and a charging system in Iranian rial, and banning US and Israeli vessels from passing through the Strait of Hormuz. Spot market: On March 31, the SMM price of #1 refined nickel fell by 750 yuan/mt from the previous trading day. In terms of spot premiums, the average price premium of Jinchuan #1 refined nickel was 3,750 yuan/mt, down 1,000 yuan/mt from the previous trading day; the spot premiums for mainstream domestic brands of electrodeposited nickel were in the range of -800-400 yuan/mt. Futures market: The most-traded SHFE nickel contract (2605) continued to decline in early trading and closed the morning session at 134,370 yuan/mt, down 1.13%. Supply side, tightening in nickel ore has evolved into dual cost support from "ore + taxes," providing solid support for the bottom of nickel prices, but weak end-use demand and continued inventory accumulation still capped upside room for nickel prices. Nickel prices are expected to maintain a fluctuating trend in the short term, with the core trading range of the most-traded SHFE nickel contract at 133,000-143,000 yuan/mt.