[SMM Tin Midday Commentary: The Geopolitical Situation Lacks Clear Guidance, and Repeated Swings in Macro Sentiment Put Futures Under Pressure Again]

As of now, the FOB price of nickel in Indonesian MHP was $15,383/mt Ni, and the FOB price of cobalt in Indonesian MHP was $51,364/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 86.5-87.5, and the payable indicator for cobalt element in MHP (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,666/mt Ni.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,402.6/mt. In early trading, it fluctuated downward to a low of $12,334.5/mt. Subsequently, the center of copper prices gradually moved higher, rising to $12,482.5/mt near the close, and finally closed at $12,472.6/mt, up 0.73%. Trading volume reached 24,900 lots, and open interest stood at 291,200 lots, down 7,698 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2605 contract opened at 96,300 yuan/mt. In early trading, it fluctuated downward to 96,210 yuan/mt. Subsequently, the center of copper prices fluctuated upward, touching a high of 96,970 yuan/mt near the close, with a gain of 0.45%. Trading volume reached 40,900 lots, and open interest stood at 183,400 lots, down 2,869 lots from the previous trading day, mainly due to bears reducing positions.

[SMM Steel] On March 25, 2026, the European Steel Association (Eurofer) issued a stark warning following the release of the latest OECD data, labeling global steel overcapacity an "existential threat" to European steelmaking, investment, and jobs. The data reveals that global steelmaking capacity has climbed to a record 2.4 billion mt, with excess capacity reaching 640 million mt in 2025—exceeding total OECD production by over 200 million mt. Eurofer Director-General Axel Eggert is calling for the immediate adoption of a robust tariff-rate quota (TRQ) system to shield the EU market from trade diversion and stabilize the domestic industry before current measures expire

Latest data released by the National Bureau of Statistics on March 27 showed that in January and February 2026, the total profits of industrial enterprises above designated size nationwide were 1,024.56 billion yuan, up 15.2% YoY.

According to the latest production schedule report on the three major white goods categories released by ChinaIOL, the combined production schedule for air conditioners, refrigerators, and washing machines in April 2026 totaled 37.64 million units, down 3.6 YoY compared to actual production in the same period last year. By product, the production schedule for household air conditioners in April was 21.32 million units, down 4.9 YoY compared to actual production in the same period last year; refrigerator production schedule was 8.21 million units, down slightly 0.1 YoY compared to actual production in the same period last year; washing machine production schedule was 8.11 million units, down 3.7 YoY compared to actual production in the same period last year.