The core PCE data released by the US for January showed that its increase reached 3.1% YoY, the highest level since March 2024, while the MoM increase held unchanged at 0.4%, with both readings in line with market expectations. Currently, the market expects the US Fed to keep interest rates unchanged at next week’s monetary policy meeting. However, if inflationary pressures continue to intensify, the window for the US Fed to resume interest rate cuts may be further delayed.

(Kitco Commentary) - Gold slipped on Thursday as a record coordinated oil reserve release from the International Energy Agency introduced a note of policy resolve into markets that had been pricing in unmitigated supply chaos.

SMM Nickel News, March 13: Macro and market news: (1) On the 12th, Pan Gongsheng, governor of the central bank, chaired a symposium with economic and financial experts. Pan Gongsheng said that in the next stage, the People’s Bank of China would build a scientific and prudent monetary policy framework, continue to effectively implement a moderately accommodative monetary policy, and step up counter-cyclical and inter-cyclical adjustments. (2) In the first statement since taking office on March 12, Iran’s new supreme leader, Mojtaba Khamenei, said that all US military bases in the Middle East should be closed immediately, or they would come under attack. Mojtaba Khamenei said the Strait of Hormuz would remain closed. Spot market: On March 13, the SMM price of #1 refined nickel rose by 400 yuan/mt from the previous trading day. Spot premiums, Jinchuan #1 refined nickel averaged 6,650 yuan/mt, down 100 yuan/mt from the previous trading day; China’s mainstream electrodeposited nickel brands were at -300-400 yuan/mt. Futures market: The most-traded SHFE nickel contract (2605) once climbed above 140,000 yuan/mt in early trading, then pulled back sharply, and closed the morning session at 138,030 yuan/mt, down 0.1%. Recently, the US dollar has continued to strengthen, weighing on nickel prices. In the short term, the price of the most-traded SHFE nickel contract is expected to move sideways in the 130,000-140,000 yuan/mt range.

On March 5, the People’s Government of the Inner Mongolia Autonomous Region officially issued the “Outline of the 15th Five-Year Plan for National Economic and Social Development of the Inner Mongolia Autonomous Region,” clearly listing hydrogen energy storage, rare earth new materials, and green hydrogen-ammonia-methanol as strategic priorities, accelerating the development of the entire industry chain for green hydrogen, and building a nationally important high ground for the energy storage industry, thereby charting a clear path for energy transition and industrial upgrading. I. Hydrogen Energy Storage: Building the Entire Industry Chain and Sprinting Toward an Energy Storage Scale of 60 million kW The Outline proposed to expand and strengthen the hydrogen energy storage industry , with the core goals and measures as follows: Full-chain deployment of green hydrogen : Accelerate the development of the entire industry chain for green hydrogen—“ production, storage, transportation, and use ”—and build green hydrogen, green ammonia, and green methanol industry clusters; advance cross-provincial and cross-regional long-distance hydrogen-ammonia-methanol pipeline projects, and moderately make forward-looking arrangements for green hydrogen storage and transportation infrastructure. Leap in energy storage scale : Advance pumped-storage hydropower in stages, implement a special action for the large-scale development of new-type energy storage, and build a diversified energy storage system; by the end of the “15th Five-Year Plan” period, new-type ESS installations are expected to reach 60 million kW , and demand-side response capability is expected to exceed 5 of the region’s maximum load. Coordinated pipeline network upgrade : Optimize the oil and gas pipeline network; by the end of the “15th Five-Year Plan” period, natural gas pipeline mileage is expected to exceed 8,000 km , while the green hydrogen storage and transportation network will be improved in parallel. II. Rare Earth Industry: Extending, Supplementing, and Strengthening the Industry Chain, with a Focus on High-End Materials Such as Hydrogen Storage The Outline made clear to accelerate extending, supplementing, and strengthening the industry chain for the light rare earth industry , with a focus on developing: high-performance magnetic materials, high-performance polishing materials, hydrogen storage materials , catalytic materials and additives, rare earth steel, and other high-end rare earth new materials and end-use applications industries. Leveraging its advantages in rare earth resources, it will provide critical material support for industries such as hydrogen energy and new energy, and build a nationally leading base for rare earth new materials. III. Scientific and Technological Innovation: Focusing on Advantageous Fields Such as Green Hydrogen-Ammonia-Methanol The Outline proposed to implement a number of major science and technology tasks , focusing on fields including: new energy, rare earth new materials, carbon-based new materials, semiconductor new materials, green hydrogen-ammonia-methanol , biopharmaceuticals, biological breeding, and grassland and dairy industries, among others. It will deliver more landmark original achievements, providing technological support for the green hydrogen, green ammonia, and green methanol industries. IV. Significance of the Plan: Anchoring National Strategy and Leading the Energy Transition This plan closely integrates hydrogen energy, energy storage, rare earths, and green hydrogen-ammonia-methanol. It is not only a key measure to implement the country’s “dual carbon” goals, but also a core lever for Inner Mongolia to leverage its two major strengths in wind and solar power resources and rare earth resources and build a nationally important base for energy and strategic resources. As a number of wind and solar power-based hydrogen production projects, such as the Huadian Darhan Muminggan Banner project, advance, Inner Mongolia is accelerating its transformation from a major energy region into a leading green hydrogen region and an energy storage hub .

Vice Minister of Commerce Sheng Qiuping said at the launch ceremony of the 2026 National Home Appliances, Digital and Smart Products Consumption Season held today that since 2024, the implementation of the home appliance trade-in policy and subsidy policies for the purchase of new digital and smart products had achieved remarkable results. Driven by these policies, by the end of 2025, sales volume of the above categories exceeded 280 million units, with sales revenue exceeding 970 billion yuan, driving the market size of both home appliances and mobile phones in 2025 past 1 trillion yuan and setting a new historical high.

This week，the solid-state battery industry showed a dual-engine momentum driven by "intensive breakthroughs on the technology front and targeted solutions on the policy front." CATL disclosed a sulphide patent, Zhongkeyuanben's 20Ah all-solid-state battery passed third-party detection, and Dreame Technology released a 450Wh/kg product; Guangdong took the lead in incorporating diversified solid-state battery technology routes and eVTOL scenarios into provincial-level action plans.

The era of 'cheap imported batteries' is ending for the US energy storage sector as heavy tariffs and the OBBBA's strict sourcing requirements force a rapid shift toward domestic manufacturing. While storage fared better than solar under the new policy landscape, developers are grappling with rising upfront costs, long interconnection wait times, and revenue unpredictability. This high-risk environment led to the cancellation of 20 GWh in planned manufacturing capacity and 79 GW of battery storage projects in 2025. Industry leaders warn that a conservative shift in capital—favoring established multinationals over startups—threatens early-stage domestic innovation and risks ceding the US competitive edge to China.

[Information on Angang and Bensteel Group's Product Price Policy Adjustments for April 2026] Angang's product price policy for April 2026 was adjusted as follows based on the product price policy for March 2026: 1. Hot-rolled: raised by 200 yuan/mt. 2. Pickling: raised by 200 yuan/mt. 3. Cold-rolled: raised by 200 yuan/mt. Automotive steel was raised by 200 yuan/mt. In addition, Angangshen high-strength wire in the 590 MPa, 780 MPa, 980 MPa, and 1180 MPa grades was raised by 200 yuan/mt. 4. Cold-hard: raised by 200 yuan/mt. 5. Galvanizing: raised by 200 yuan/mt. 6. Non-oriented silicon steel: raised by 200 yuan/mt. 7. Color-coated: raised by 100 yuan/mt. 8. Medium-thickness plates: raised by 200 yuan/mt. 9. Wire rod: raised by 200 yuan/mt. 10. Rebar: raised by 200 yuan/mt. 11. Alloy surcharge: please refer to the price list for details. Angang Co., Ltd. Marketing Center Mar 2026 Bensteel Group's product price policy for April 2026 was adjusted as follows based on the product price policy for March 2026: 1. Hot-rolled: raised by 200 yuan/mt. 2. Pickling: raised by 200 yuan/mt. 3. Cold-rolled: raised by 200 yuan/mt. Automotive steel was raised by 200 yuan/mt. 4. Cold-hard: raised by 200 yuan/mt. 5. Galvanizing: raised by 200 yuan/mt. 6. Electrogalvanization: raised by 200 yuan/mt. 7. Non-oriented silicon steel: raised by 200 yuan/mt. 8. Wire rod: raised by 200 yuan/mt. 9. Rebar: raised by 200 yuan/mt. 10. Special steel: raised by 200 yuan/mt. 11. Alloy surcharge: please refer to the price list for details. Bensteel Group Sheets & Plates Marketing Center, Beiying Operation Center Mar 2026

Geopolitical tensions, and concerns about fiscal policy and central banks, have driven the gold price to where it is today.

Philippines Market: Tight Supply and Surging Freight Rates Supported Ore Prices to Fluctuate at Highs Philippine nickel ore prices rose sharply this week. In terms of prices, Philippine nickel ore CIF China quotes were $64-68/wmt for Ni 1.3% grade, $71-75/wmt for Ni 1.4% grade, and $78-82/wmt for Ni 1.5% grade, up $6 WoW. The average CIF price from the Philippines to Indonesia was $65.5/wmt for 1.3% grade and $72.5/wmt for 1.4% grade. Supply side, although the Philippines was transitioning into the dry season, mining hubs such as Surigao and Homonhon continued to see heavy rainfall due to a low-pressure area (LPA) east of Mindanao. Although Metro Manila and most parts of Luzon saw hot and sunny weather, the probability of rainfall exceeding 50 mm in Surigao and Caraga remained “very high.” Strong thunderstorms and scattered precipitation were expected to further intensify during March 9 to 13. Affected by the trough of the low-pressure area and the easterlies, persistent rainfall may continue to disrupt open-pit mining and vessel loading operations in southern regions. Market supply remained scarce. Driven by both supply tightness caused by cuts in Indonesia’s RKAB quotas and expected supply gaps, mainstream prices for Philippine nickel ore have surged recently. As of Friday, March 13, nickel ore inventory at Chinese ports stood at 5.23 million mt, down 500,000 mt WoW. Current total port inventory was equivalent to about 41,100 mt Ni in metal content. Demand side, China’s NPI prices rose this week, with spot transaction prices up about 1,089.9 yuan per nickel unit. As smelters had sufficient stockpiling earlier and showed limited acceptance of recently high-priced nickel ore, most were currently taking a wait-and-see stance. In terms of ocean freight rates, affected by a sharp jump in oil prices, nickel ore freight rates climbed, with the ocean freight rate from the Philippines to Lianyungang reaching $15/mt or above. Looking ahead, Philippine nickel ore prices are expected to continue fluctuating at highs. Indonesia Market: Under Weather Disruptions and RKAB Policy Clarification, Tight Supply Continued Indonesia's local nickel ore prices rose somewhat this week. Indonesia’s nickel ore benchmark price (HPM) for the first half of March was set at $17,104/dmt, down 3.21% MoM. According to SMM Indonesia nickel ore premium data, average premiums for 1.4%, 1.5%, and 1.6% grade laterite nickel ore were reported at $35, $39, and $39.5/wmt, respectively. Among them, the port arrivals under domestic trade price for 1.6% grade was $65.2-74.2/wmt. The simultaneous strengthening in premiums this month reflected both the release of smelters’ restocking demand and pessimistic expectations over RKAB quota cuts, while the delivered price of 1.2% grade limonite ore also edged up to $24-26/wmt. From the supply and demand fundamentals, as of March 13, Indonesia’s key nickel ore producing areas of Morowali, Konawe, and Halmahera were affected this week by strong thunderstorms and extremely high humidity of up to 94%. Weather continued to fluctuate, causing soil to become highly saturated and seriously hindering mine drying and transport operations. Morowali and Konawe will face a heavy rainfall system over the weekend with precipitation probability as high as 80%, while Halmahera, under high-humidity conditions, is expected to see rainfall intensity rebound again next Friday, with overall logistics capacity remaining constrained. At present, RKAB approvals for most small- and medium-sized mines remained pending. As existing quotas could no longer be used for next month’s production and sales, rising supply uncertainty was pushing nickel ore prices higher. Demand side, as some Indonesian smelters faced uncertainty over nickel ore resources and found it difficult to secure high-grade saprolite ore, nickel ore prices remained firm. To secure raw material supply, some smelters even raised trading bonuses. Overall, although the impact of the current MOMS system failure on mines had largely faded, overall nickel ore supply remained tight. Although spot supply of limonite ore was relatively sufficient, some related production lines were currently running at low load due to a tailings dam landslide accident at some MHP projects in an Indonesian industrial park, leading to temporary weakness in overall demand. However, considering concerns among some Indonesian smelters over RKAB approval uncertainty, raw material stockpiling demand from newly commissioned projects, and continued growth in demand from outer islands, limonite ore prices are expected to closely track saprolite ore and remain high. On the policy side, in response to recent market rumors that “production quotas (RKAB) will be uniformly supplemented by an additional 25%-30%,” Tri Winarno, Director General of Minerals and Coal at Indonesia’s Ministry of Energy and Mineral Resources (ESDM), clarified on March 3, 2026, that RKAB supplements would be based on individual assessments of enterprise production capacity and compliance, rather than a uniform proportional increase, and indicated that the approval process would start in H2 2026. Officials emphasized that this was a routine regulatory process for resource optimization, rather than a passive countermeasure to the previous output cap policy. Looking ahead, affected by the relatively slow progress of RKAB approvals, nickel ore prices are expected to remain more likely to rise than fall in April.