Iran’s parliamentary National Security Committee passed a bill to charge fees for vessels transiting the Strait of Hormuz, planning to establish financial arrangements and a fee collection system in the local currency, the rial, and explicitly prohibiting the passage of US and Israeli vessels, as well as vessels from countries involved in imposing unilateral sanctions on Iran. According to CNBC, meanwhile, oil tankers have already begun rerouting to waters near Larak Island in exchange for guarantees of safe passage, and a de facto "toll station" has already taken shape.

[SMM Copper Anode Flash News] Due to tight supply of copper scrap, the operating rate of China's scrap-derived anode plate enterprises trended lower. The operating rate of SMM scrap-derived anode plate enterprises was 53.63% during March 27-April 2, down 3.93 percentage points WoW. The operating rate is expected to fall by 1.16 percentage points next week to 52.47%.

[SMM Copper Flash News] During the day, copper futures warrants continued to flow out by 7,475 mt, including 2,745 mt from Shanghai, 4,129 mt from Guangdong, and 601 mt from Jiangsu. At present, spot discounts for copper cathode in Shanghai and Jiangsu have narrowed, while in Guangdong, quotes were firmer due to continued destocking.