According to the latest data released by the General Administration of Customs, SMM statistics showed that China's SiMn and FeMn exports in March 2026 totaled 6,161.003 mt, up 213.48% MoM and up 579.32% YoY. Total SiMn and FeMn exports from China from January to March reached 10,665.897 mt, up 116.0% YoY. In March, China's SiMn market first saw a cost rise, which laid the foundation for firm export offers and increased export willingness among enterprises.

According to the latest data released by the General Administration of Customs, SMM statistics showed that China's total manganese ore imports in March 2026 were 3.1837 million mt, up 38.03% MoM and up 64.86% YoY. Total manganese ore imports from January to March 2026 were approximately 8.9327 million mt, up 3.0717 million mt YoY (approximately 5.8611 million mt imported from January to March 2025), up 52.41% YoY. In March, imports by origin were: Australia (395,700 mt, down 4.2% MoM), South Africa (1.8537 million mt, up 87.16% MoM), Gabon (452,300 mt, up 20.58% MoM), Ghana (196,700 mt, down 27.26% MoM), Brazil (94,800 mt, down 4.91% MoM), and Myanmar (53,900 mt, up 7.99% MoM).

On the evening of April 20, Chengtun Mining's Q1 report showed that the company achieved total operating revenue of 9.354 billion yuan, up 65.08% YoY; net profit attributable to the parent company was 1.02 billion yuan, up 250.40% YoY. Regarding the main reasons for the increase in Q1 revenue and net profit, Chengtun Mining stated that the company's main copper products saw higher production and sales volumes YoY, copper prices rose YoY, and profits improved; the company enhanced quality and efficiency in production and operations, controllable costs declined YoY, and performance grew during the period. In addition, Chengtun Mining also announced on April 20 that as of the disclosure date, the cumulative total outstanding external guarantees of the publicly listed firm and its controlling subsidiaries amounted to 10.854 billion yuan, accounting for 65.86% of the most recently audited net assets of the publicly listed firm. Of this, the cumulative total guarantees provided to associates was 172.04 million yuan; the cumulative total guarantees provided to controlling subsidiaries was 10.682 billion yuan, accounting for 64.82% of the most recently audited net assets of the publicly listed firm. None of the company's external guarantees were overdue. Chengtun Mining announced on April 8 that its wholly-owned subsidiary Preeminence Holdings Limited plans to acquire 50% equity of Nkoyi Leopard Mining and Investment Limited, a wholly-owned subsidiary of Novel Mining and Services Limited, a company registered in the Emirate of Abu Dhabi, UAE, for $300 million, thereby indirectly obtaining a 30% interest in specific copper-cobalt mining rights located in the DRC. Upon completion of this transaction, Nkoyi will become an associate of the company and will not be consolidated into the financial statements. Under the agreement, Preeminence plans to acquire 50% equity of Nkoyi for $300 million. Nkoyi's wholly-owned subsidiary has entered into a joint venture agreement for specific copper-cobalt mining rights, holding a 60% interest in such mining rights. Therefore, after this transaction, the company will hold a 30% interest in such mining rights. Nkoyi was established in October 2024 and has not yet commenced production or operations; its core asset is the aforementioned 60% interest in the copper-cobalt mine project. The counterparty, Novel Mining, was established in March 2026 and registered in Abu Dhabi, with its core project being the copper-cobalt mining rights. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that the company continuously monitors relevant risks in its overseas operating locations, and that its operating projects in the DRC are currently running stably. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that to effectively manage price fluctuations of non-ferrous metals and exchange rate risks, the company has adopted multiple risk management measures, including hedging and locking in selling prices of some mine product inventory and copper, gold and other products through bears futures contracts. When market prices of metal products rise, losses are reflected on the futures side. In 2025, market prices of copper, gold and other metals rose significantly, resulting in large unrealized losses on the futures side, which are offset by corresponding gains on the spot cargo side. The futures team will diligently carry out hedging operations in a prudent manner centered on the company's core business within the framework of the company's management systems. Chengtun Mining's previously released 2025 annual report showed that in 2025, the global non-ferrous metals industry entered a new development stage of supply-demand restructuring and value reassessment. Energy metals such as copper, cobalt and nickel were boosted by rigid demand from new energy, AI computing power, global power grid upgrades and other sectors, coupled with rigid supply-side constraints, driving the price center continuously upward. Precious metals such as gold saw a value opportunity amid global geopolitical conflicts and rising safe-haven demand. The new energy battery industry achieved high-quality advancement amid structural opportunities. Facing new industry development opportunities, the company adhered to its resource-oriented and internationalization strategy, deepened its entire industry chain layout of "controlling upstream resources and expanding downstream materials," strengthened operational measures of "controlling costs, focusing on details, and enhancing quality and efficiency," continuously consolidated core capabilities in global resource exploration, construction and operations, and enhanced the industry chain extension value of smelting, processing and materials manufacturing, continuously strengthening operational quality and resilience against cyclical fluctuations amid industry value restructuring. In 2025, the company achieved new breakthroughs in global resource deployment and industry chain operational capabilities. Overseas core projects achieved remarkable results in quality and efficiency improvement. After the completion of the Phase II expansion of the BMS copper smelting project, capacity increased significantly, reaching 120,000 mt in metal content by year-end, with annual production of 106,300 mt in metal content, and the profitability resilience of the copper-cobalt business continued to strengthen. The Kalongwe integrated mining and smelting project in the DRC advanced full-process technological transformation and engineering construction, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management. Indonesia's Youshan Nickel maintained stable operations amid industry fluctuations. The domestic segment made progress on multiple fronts: the Guizhou project further released industry chain extension value, Huajin Mining achieved steady growth in gold production, and the Dali Sanxin copper mine construction progressed in an orderly manner. In 2025, the company achieved operating revenue of 30.003 billion yuan, up 16.60% YoY; net profit attributable to shareholders of the publicly listed firm was 1.961 billion yuan, down 2.19% YoY. Chengtun Mining stated in its 2025 annual report that the company is committed to the development and utilization of energy metal resources, especially metal varieties required for new energy batteries, while also expanding into precious metals such as gold. The company focuses on copper, nickel, cobalt and gold. Its main business segments include energy metals, base metals, metal trading and others. Regarding its main business operations, Chengtun Mining provided the following overview: 1. Energy metals business: During the reporting period, the company's energy metals business achieved revenue of 20.384 billion yuan, with a gross margin of 25.69%, down 2.71 percentage points from the previous year. In 2025, copper products production was 207,400 mt in metal content, up 17.48% from the previous year; copper products revenue reached 14.071 billion yuan, up 34.20% YoY, with a gross margin of 28.88%, down 6.35 percentage points YoY; cobalt products production was 9,200 mt in metal content, down 30.58% from the previous year, with revenue of 1.011 billion yuan, down 30.64% from the previous year, and a gross margin of 53.76%, up 10.21 percentage points from the previous year; nickel products production was 49,400 mt in metal content, up 50.42% from the previous year, with revenue of 4.286 billion yuan, up 13.16% from the previous year, and a gross margin of 0.32%, down 3.25 percentage points from the previous year. (1) Copper-cobalt segment: ① The company actively advanced production, construction, quality improvement and efficiency enhancement of its copper-cobalt segment in the DRC. By the end of the reporting period, the company's total copper capacity in the DRC reached 230,000 mt in metal content per year. The company's copper-cobalt smelting projects CCR and CCM maintained stable production and operations while continuously optimizing process flows, keeping product qualification rates at high levels. BMS successfully completed its Phase II expansion, officially entering the ranks of enterprises with annual copper production capacity of over 120,000 mt in metal content. The Kalongwe copper-cobalt project coordinated full-process technological transformation and engineering construction in 2025, successfully completing the implementation of core technological transformation projects, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management, with significant cost reduction and efficiency improvement results. ② Dali Sanxin actively processed mine construction-related permits and has obtained the project approval report, among others. Land use and safety and environmental assessment procedures are progressing steadily. ③ During the reporting period, the company actively sought sustainable resource security through exploration in high-potential areas and pursuing acquisitive copper ore resource M&A and cooperation opportunities. (2) Indonesia nickel segment: During the reporting period, the Youshan Nickel project achieved stable production and operations. In 2025, nickel prices fluctuated downward overall under an oversupply pattern, with a rebound at year-end due to Indonesian policy disruptions. Through comprehensive measures including improving management, optimizing production processes, and rationally arranging production and operations, as well as forming industry chain synergies with related domestic industries, the industry chain's risk resistance was enhanced. The company will continue to seek further development opportunities in the nickel segment on both the mine resource side and the smelting side. (3) Deep processing and materials segment: ① In 2025, amid the severe raw material shortage caused by the DRC's "cobalt export ban," Kelixin achieved value maximization through precise control of production and shipments pace and efficient allocation of limited raw material resources. ② Zhonghe Nickel optimized process technology, further advanced refined management of production sites, achieved results in process control of high-magnesium slag-type materials, and improved the system's adaptability to raw materials from multiple channels. ③ As of the end of December 2025, the Guizhou Phase I project completed its capacity ramp-up and achieved full-capacity operation, while the Guizhou Phase II project construction was actively progressing. The company conducted systematic process benchmarking, further optimized system process flows, strengthened refined management and control requirements for various tasks, and ensured continuous and stable operation of production systems. 2. Base metals business: (1) During the reporting period, Chengtun Zinc & Germanium's zinc smelting operated at full capacity and comprehensively recovered valuable metals including germanium, silver, copper, indium and gold. Germanium product production increased 37.18% YoY, and the industrialisation of indium metal comprehensive recovery achieved phased success. A breakthrough was achieved in smelting furnace control technology, with slag processing volume and valuable metal recovery rates steadily improving, and economic benefits significantly enhanced. (2) During the reporting period, the company actively advanced the processing of domestic mine permits to ensure orderly construction. Baoshan Hengyuan Xinmao obtained the provincial NDRC's approval for the mining engineering project in September 2025. Huajin Mining operated according to plan in 2025, selling 320.75 kg of gold and achieving revenue of 244 million yuan. 3. Metal trading business and others: During the reporting period, metal trading achieved operating revenue of 999 million yuan, down 24.46% YoY, accounting for only 3.33% of total revenue. Currently, the company's main business scale is growing steadily. While the scale and proportion of industrial production and manufacturing have increased, the trading business scale has been gradually reduced, achieving good results on the path of high-quality, sustained and stable development. Regarding the company's business plan, Chengtun Mining stated: In 2026, the company's production and operation targets are: copper products production of 230,000 mt in metal content; cobalt products production of 15,000 mt in metal content; nickel products production of 60,000 mt in metal content; zinc products production of 300,000 mt; and gold products production of 380 kg. In other areas, domestic mines include continuing to advance the full-scale construction and commissioning of the Dali Sanxin copper mine, proceeding with the Baoshan Hengyuan Xinmao mining project construction as planned, increasing Huajin Mining production, and achieving full commissioning of the Guizhou Phase II project. Given the complex and volatile market environment, this business plan serves only as a guiding indicator, is subject to uncertainties, and does not constitute a commitment to achieving the stated production targets. To safeguard the interests of all shareholders, the company reserves the right to revise this business plan in a timely manner based on changes in market conditions, industry policy adjustments, and actual production and operational needs. Investors are advised to pay close attention to industry-specific risks, rationally recognize the uncertainties of forecast information, and make prudent investment decisions. Citi raised its 0-3 month copper price forecast to $13,000 per mt. ANZ believes that demand resilience driven by the energy transition and data center growth will keep the market at a 4%-5% supply gap, thereby supporting copper prices. A Huafu Securities research report dated March 8 showed: Copper — short-term, expectations for US Fed interest rate cuts persist, and the tight fundamental landscape continues to support copper prices; medium and long-term, as deeper US Fed interest rate cuts boost investment and consumption while opening up room for China's monetary policy, coupled with potential inflationary rebound from the Trump administration's possible fiscal easing, the copper price center is expected to shift upward, and strong new energy demand will widen the supply-demand gap, maintaining a bullish outlook on copper prices. Aluminum — short-term, aluminum prices are mainly driven by macro sentiment and capital flows. Currently, the extent of aluminum price gains will depend on the duration of the strait blockade; if the shipping disruption is brief, the impact on prices should be limited, but a prolonged blockade could push aluminum prices to new highs. Individual stocks: Copper — focus on Zijin, CMOC, JCC, Chengtun Mining, Zangge, Jchx and Beibu-Gulf Copper, and H-shares focus on China Nonferrous Mining and Minmetals, etc. Aluminum — focus on Hongqiao Holdings, Tianshan, Yunnan Aluminum, Shenhuo, Huatong and Zhongfu, etc.

On April 16, Easpring disclosed that it is accelerating the layout of its lithium iron phosphate integrated business. Beijing Easpring Material Technology Co., Ltd. signed "Equity Transfer Agreements" on April 15, 2026, with Zhejiang Youshan New Material Technology Co., Ltd. and Yunnan Yuntianhua Co., Ltd. regarding the transfer of partial equity interests in Yunnan Youtian New Energy Technology Co., Ltd. and Yunnan Yunyuneng New Materials Co., Ltd., respectively. Easpring plans to use its own or self-raised funds totaling 145 million yuan to purchase 51% equity in Youtian Technology and 49% equity in Juneng New Material held by Youshan Technology.

This week (April 10–16, 2026), the average operating rate of primary lead smelters in the three provinces was 63.42%, up 1.93 percentage points WoW. This week, smelters in Henan operated steadily with the operating rate unchanged from last week; production at smelters in Hunan declined slightly; a large smelter in Yunnan that had previously shut down for maintenance resumed production, lifting the regional operating rate; smelters in other regions maintained overall stable production.

Major power developer China Huaneng has announced the results of its construction and installation tender covering 2.18 GW of PV projects in Pu'er City, Yunnan Province. The tender includes more than 20 sub-projects with 1,890 MW AC and 2,182.64 MWp DC capacity, divided into 5 packages covering civil works, installation of PV arrays, booster stations, and collection lines, as well as land and environmental coordination. Winning bid prices ranged from RMB 0.657/W to RMB 0.721/W.

In March, China's manganese ore market trended upward MoM, driven by the resonance of multiple cost factors outside China. South African ore led the gains, with South African semi-carbonate at Tianjin port up 10.42% MoM and South African high-iron ore up 8.77% MoM, making them the core varieties leading the gains. Other manganese ore varieties also posted varying degrees of increases. The core drivers of this rally came from geopolitical factors and rising costs outside China, compounded by mild port inventory pressure and marginal improvement in demand. The market overall held up well.

SMM April 11 News: Metals market: Last Friday's overnight domestic market base metals showed mixed performance. SHFE copper rose 1.04%. SHFE aluminum rose 0.32%, SHFE lead fell 0.54%. SHFE zinc fell 0.59%. SHFE tin fell 0.09%. SHFE nickel fell 0.04%. In addition, the most-traded alumina futures contract rose 0.15%, and the most-traded foundry aluminum continuous contract rose 0.59%. Last Friday's overnight ferrous metals mostly rose. Iron ore rose 0.27%, stainless steel rose 2.01%, rebar fell 0.03%, and hot-rolled coil rose 0.06%. Coking coal and coke: coking coal rose 0.19%, coke fell 0.18%. Last Friday's overnight overseas market metals: LME base metals rose across the board. LME copper rose 1.27%. LME aluminum rose 1.8%, LME lead rose 0.26%. LME zinc rose 0.3%. LME tin rose 0.89%. LME nickel rose 0.44%. Last Friday's overnight precious metals : COMEX gold fell 0.98%, posting a two-week winning streak on a weekly basis with a 1.95% weekly gain; COMEX silver fell 0.54%, posting a three-week winning streak on a weekly basis with a 4.25% weekly gain. Last Friday's overnight SHFE gold fell 0.12%, posting a two-week winning streak on a weekly basis with a 1.22% weekly gain; SHFE silver rose 1.47%, posting a three-week winning streak on a weekly basis with a 3.65% weekly gain. Institutions including ANZ and Goldman Sachs stated that even as Middle East conflicts disrupted markets, gold is still likely to rebound in the long term. Analysts at these institutions believe that resilient central bank demand, persistent geopolitical uncertainty, expectations of US Fed interest rate cuts, and diversification away from US dollar-denominated assets all provide reasons for long-term bullishness. ANZ analysts Soni Kumari and Daniel Hynes said prices are expected to eventually rebound, as the deteriorating macro combination of economic growth and inflation paves the way for central banks to resume cutting interest rates. ANZ maintained its outlook, forecasting gold prices to reach $5,800 by year-end. Analysts wrote that central bank gold purchases are expected to remain a key support pillar, with official purchases in 2026 estimated at around 850 mt. ANZ's bullish stance echoes similar forecasts from Goldman Sachs and RBC made in early March. Goldman Sachs maintained its $5,400 forecast, citing continued central bank gold purchases and expectations of a 50-basis-point US Fed interest rate cut this year. Goldman Sachs analysts previously stated that if disruptions in the Strait of Hormuz persist, gold still faces tactical downside risks in the short term. However, prolonged conflict could accelerate diversification away from traditional Western assets, supporting gold prices in the long term. (Jin10 Data) As of 8:31 AM on April 11, last Friday's overnight closing prices: Macro front China: [Li Qiang Chairs Symposium on Economic Situation with Experts and Entrepreneurs] Li Qiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, chaired a symposium on the economic situation with experts and entrepreneurs on the afternoon of April 10, hearing opinions and suggestions on the current economic situation and the next steps for economic work. Li Qiang emphasized the need to promote high-quality and efficient development of the service industry, catering to people's needs throughout their entire life cycle and enterprises' needs across the entire process of production and operation. He called for thorough implementation of the service industry capacity expansion and quality improvement initiative, coordinating development and regulation, and cultivating more "China Services" brands. At the same time, he stressed the need to deepen and expand "AI+," accelerate the digital and intelligent transformation of manufacturing, and support the overall upgrading of the industrial system through deep integration and mutual empowerment of advanced manufacturing and modern services. Greater efforts should be made to promote employment and income growth for urban and rural residents, tap into employment potential across various channels and sectors, vigorously cultivate new occupations and positions, promote shifts in employment concepts and enhancement of vocational skills, formulate and implement income growth plans for urban and rural residents, and strengthen the virtuous cycle of resident income growth, domestic demand expansion, and economic development. (Xinhua News Agency) [Preview: The State Council Information Office Will Hold a Press Conference on April 14 to Brief on Import and Export Performance in Q1 2026] The State Council Information Office will hold a press conference at 10:00 a.m. on April 14, 2026 (Tuesday), inviting Wang Jun, Deputy Commissioner of the General Administration of Customs, to brief on import and export performance in Q1 2026 and answer questions from reporters. [MIIT: Accelerate Building an Efficient and Unified AI Chip Computing Interconnection Ecosystem and Resolutely Eliminate "Involution-style" Competition in the PV Industry] The Ministry of Industry and Information Technology held the 2026 National High-Quality Development Conference for the Electronic Information Manufacturing Industry on April 10 in Wuhan, Hubei Province. The conference emphasized adhering to a value-oriented approach, promoting high-quality development of the advanced computing industry, accelerating the building of an efficient and unified AI chip computing interconnection ecosystem, and driving the industry chain toward higher-value segments. It also stressed adhering to a problem-oriented approach, carefully analyzing the current challenges facing the industry, proposing targeted development roadmaps, resolutely eliminating "involution-style" competition in the PV industry, and enhancing the resilience and security of key industry chains and supply chains. [CSRC: Launch More ChiNext-related ETFs and Options, and Introduce ChiNext Stock Index Futures in Due Course] A spokesperson of the China Securities Regulatory Commission answered reporters' questions on the Opinions on Deepening ChiNext Reform to Better Serve the Development of New Quality Productive Forces, which mentioned enriching the product and service system. This includes optimizing the compilation of ChiNext-related indices, launching more ChiNext-related ETFs and options, introducing ChiNext stock index futures in due course, supporting fund advisory services in allocating ChiNext ETFs, incorporating ChiNext ETFs into the fund platform for transfer, better meeting the asset allocation and risk management needs of different investors, and enhancing investment convenience and attractiveness. [The Nationwide Mine Safety Risk Monitoring and Early Warning "Single Network" Has Been Basically Established] According to the Q1 regular press conference held by the National Mine Safety Administration, the nationwide mine safety risk monitoring and early warning "single network" has been basically established. Safety sensing data from all coal mines in normal production and construction, open-pit mines with high and steep slopes, tailings ponds, and 84% of non-coal underground mines in normal production and construction have been fully integrated into the national mine safety risk monitoring and early warning system. (Xinhua News Agency) [SSE: The Price Limit Ratio for Risk-Flagged Stocks on the Main Board Adjusted from 5% to 10%] The Shanghai Stock Exchange (SSE) publicly solicited opinions on the revision of the Shanghai Stock Exchange Trading Rules. The revision mainly includes the following: First, the scope of securities eligible for after-hours fixed-price trading was expanded from STAR Market stocks to all A-shares and exchange-traded open-end funds. The adjustment helps meet investors' demand for trading at closing prices, extends trading hours for related products, and facilitates the entry of medium and long-term capital into the market. Second, the trading method during the closing session for funds was changed from continuous auction to closing call auction, with the closing price determined through call auction, consistent with SSE-listed stocks. Third, adaptive revisions were made in line with rule changes and business needs, adjusting the price limit ratio for risk-flagged stocks on the main board from 5% to 10%, refining rule language, and optimizing provisions on disciplinary actions. (Jin10 Data) [New Energy Power and Generation in Five Southern Provinces Hit Record Highs] According to China Southern Power Grid, new energy power and generation across the five provinces of Guangdong, Guangxi, Yunnan, Guizhou, and Hainan recently hit record highs. The maximum power generation capacity exceeded 100 million kW for the first time, with daily power generation reaching 1.4 billion kWh, accounting for 30% of total daily power generation. (Xinhua News Agency) US Dollar: Last Friday, the US dollar index extended its decline from the previous four trading days, falling another 0.11% to close at 98.69. On a weekly basis, the US dollar index posted a second consecutive weekly decline, down 1.49% for the week. US inflation surged sharply in March, with the war with Iran driving gasoline prices to their largest single-month gain since 1967, significantly intensifying overall price pressures. Data released Friday by the US Bureau of Labor Statistics showed that the March Consumer Price Index (CPI) rose 0.9% MoM, in line with market expectations, marking the largest single-month increase since June 2022; it rose 3.3% YoY, accelerating significantly from February's 2.4% and hitting the highest level since 2024. Gasoline prices posted their largest single-month gain on record since 1967, almost single-handedly driving the overall monthly increase , contributing nearly three-quarters of the monthly gain. Core CPI, excluding food and energy, rose only 0.2% MoM, below the market expectation of 0.3%, offering some relief to the market and boosting short-term interest rate cut bets. However, economists warned that the second-round effects of this energy shock had not yet been fully reflected in core inflation, and April data faced the risk of further increases. The US dollar fell after the data release. The preliminary reading of the University of Michigan Consumer Sentiment Index for April plunged from 53.3 in March to 47.6, hitting a record low. The current conditions index fell to 50.1, hitting a record low; the expectations index dropped to its weakest level since 1980; and the perception of current financial conditions tied the worst reading since 2009. Consumers expected prices to rise at an annual rate of 4.8% over the next year. This figure surged 1 percentage point from March, marking the largest single-month increase since Trump announced sweeping tariff hikes a year ago. San Francisco Fed President Daly (2027 FOMC voter): Bringing inflation down to 2% is critically important, but doing so at the expense of employment would put households in a difficult position. US economic fundamentals are "solid," and the labour market is more stable. Risks to the US Fed's goals of full employment and inflation are balanced. It is necessary to watch how the conflict evolves and how enterprises pass through price increases. Policy is sufficiently restrictive to exert downward pressure on inflation, while also sufficiently balanced to support a stable labour market. Policy is in a good place, giving us more time to observe how the conflict resolves and how oil prices change. High CPI data would not surprise anyone. The real question is whether the ceasefire can hold — if it does, the high CPI will become "old news." (Wallstreetcn) On the macro front: Data to be released this week include: US March existing home sales annualized total, US March NFIB Small Business Optimism Index, US March PPI YoY, US March PPI MoM, China March trade balance in US dollars, China March trade balance, France March CPI MoM final, Eurozone February industrial output MoM, Canada February wholesale sales MoM, US April NY Fed Manufacturing Index, US March import price index MoM, US April NAHB Housing Market Index, Australia March seasonally adjusted unemployment rate, China March total retail sales of consumer goods, China March industrial value added of enterprises above designated size, UK February three-month GDP MoM, UK February manufacturing output MoM, UK February seasonally adjusted goods trade balance, UK February industrial output MoM, Eurozone March CPI YoY final, Eurozone March CPI MoM final, US initial jobless claims for the week ending April 11, US April Philadelphia Fed Manufacturing Index, US March industrial output MoM, Eurozone February seasonally adjusted current account, and Eurozone February seasonally adjusted trade balance. In addition, other events to watch this week included: the State Council Information Office held a press conference at 10:00 a.m. on Tuesday, April 14, 2026, where Vice Minister of the General Administration of Customs Wang Jun briefed on Q1 2026 import and export performance and answered questions from reporters; the International Monetary Fund (IMF) and the World Bank held their Spring Meetings, running through April 17; Bank of Japan Governor Ueda Kazuo visited the US from April 13 to 18 to attend the G20 and International Monetary and Financial Committee meetings; the IMF released its World Economic Outlook report; the US Fed Board of Governors hosted "Strengthening the US Economy Through Rural Investment: A Working Forum"; Bank of England Governor Bailey participated in a panel discussion at Columbia University; 2027 FOMC voter and Chicago Fed President Goolsbee participated in a panel discussion ahead of the Semafor 2026 World Economy Conference; US Fed Governor Barr delivered opening remarks at the working forum hosted by the US Fed Board of Governors; Philadelphia Fed President Paulsen, Richmond Fed President Barkin, Boston Fed President Collins, and US Fed Governor Barr participated in a fireside chat at the US Fed Board of Governors' working forum; European Central Bank President Lagarde delivered a speech; the National Energy Administration released total electricity consumption data around the 15th of the month; US Fed Governor Bowman delivered a speech at the Institute of International Finance forum; the US Fed released the Beige Book on economic conditions; Bank of England Governor Bailey delivered a speech on global economic imbalances on the sidelines of the IMF meetings; the National Bureau of Statistics (NBS) released the monthly report on residential selling prices in 70 large and medium-sized cities; the State Council Information Office held a press conference on the performance of the national economy; permanent FOMC voter and New York Fed President Williams delivered a speech; the Group of Twenty (G20) Finance Ministers and Central Bank Governors Meeting was held; 2027 FOMC voter and Richmond Fed President Barkin delivered a speech. (Jin10 Data) Crude oil: Last Friday, both oil futures fell overnight, with WTI down 2.29% and Brent down 1.73%. On a weekly basis, WTI futures declined 14.26% for the week, while Brent fell 13.55%. The market focused on progress in US-Iran peace talks. , crude oil futures prices saw relatively small changes as traders were about to head into the weekend, while the US and Iran plan to hold talks that could determine whether a ceasefire in the Middle East can be sustained. Scott Shelton of TP ICAP said: "Traders have basically pulled out of the market. The $7 fluctuations like yesterday seem to have occurred with very few human traders involved. All they were doing was necessary hedging or cleaning up positions to further reduce risk exposure." He also said: "Maybe after this weekend, we'll have a clearer picture of whether the gap between Iran and the US is too wide to reach a deal." (Jinshi Data) Islamic Republic of Iran Broadcasting (IRIB) said on its social media on the 10th that only 4 ships passed through the Strait of Hormuz in the past 24 hours, including one Iranian tanker and one Russian tanker. (Xinhua) Baker Hughes data showed that US drilling companies cut oil and gas rigs for the third time in four weeks. A senior White House official said that skepticism pervaded the White House. The official said that Trump appeared to have acknowledged in recent conversations with advisors that the Strait of Hormuz was unlikely to fully reopen in the short term. However, at the same time, Trump posted on social media on Thursday that oil supply would be restored soon, but he did not elaborate further. The US Department of Energy (DOE) will lend 8.5 million barrels of crude oil from the Strategic Petroleum Reserve to four companies. Hassett, Director of the White House National Economic Council: Gasoline prices are very high at present. I hope the surge in gasoline prices will not affect other areas. The Commodity Futures Trading Commission (CFTC): As of the week ending April 7, speculative net long positions in WTI crude oil futures increased by 5,520 contracts to 109,227 contracts. (Jinshi Data) Recommended Reading:

[SMM Titanium Spot Brief: Titanium Dioxide Prices Rose, Titanium Slag Prices Fell, Titanium Ore Prices Held Steady] On April 10, acid-soluble titanium slag prices fell, while reduced titanium and high-titanium slag prices held steady. Titanium tetrachloride prices rose, and titanium ore prices remained largely stable overall. Titanium dioxide prices saw a broad rise this week, with anatase and rutile grades posting notable gains, while chloride-process titanium dioxide edged up. High-titanium slag prices are expected to hold steady, and titanium concentrate prices are likely to see limited fluctuations.

Since March, the domestic tungsten market has trended higher and then pulled back. Driven by rigid supply and macro sentiment at the beginning of March, prices rose rapidly, with 65% wolframite concentrate hitting a record high of 105,000 yuan per standard ton. Starting from mid-March, profit-taking by investors, downstream resistance to high prices, and a general correction in commodity markets led to a gradual price pullback, pushing the entire market into a phase of supply-demand game.