[SMM Analysis] On the afternoon of April 2nd local time, according to the White House statement, the 10% "benchmark tariff" will take effect at 00:01 Eastern Time on April 5th. The higher "reciprocal tariff" targeting specific countries will come into force at 00:01 on April 9th. After the reciprocal tariff takes effect, considering all the tariff policies, the combined tariff rate for energy storage cells will reach: 3.4% basic tariff + 7.5% Section 301 tariff + 20% general tariff + 34% reciprocal tariff = 64.9%.

【SMM Spot Copper】The futures market declined, and downstream buyers actively priced below 79,050 yuan/mt, but bearish sentiment rose, leading to a decrease in purchase volume compared to yesterday. According to SMM data, Shanghai's inventory on Thursday recorded 210,786 mt, down nearly 8,000 mt from Monday. During the week, copper prices fell, increasing downstream cargo pick-up sentiment, along with stockpiling factors for the Qingming Festival. Spot premiums are expected to rise further next week, but with warrants still not significantly digested, the increase is expected to be limited.

Ningbo Zinc: Premiums in Ningbo Rose, Spot Cargo Transactions Moderate. The transaction price of mainstream brand 0# zinc in the Ningbo market was around 23,085-23,255 yuan/mt. The premium of conventional brands in Ningbo against the 2505 contract was 120 yuan/mt, and the premium against Shanghai spot cargo was 50 yuan/mt. Mainstream brands in Ningbo quoted against the 2505 contract...

【SMM Steel Mill Guidance Price】On April 3, the guidance prices for various series of domestic large stainless steel mills remained stable before the holiday.