DCE iron ore futures fall today, The main contract I2409 closed at 826; an decrease of 1.49% throughout the day; Traders ship according to market conditions; Some steel mills tended to be wait-and-see, and purchased on demand. PBF at Shandong port dealt 843-847 yuan/mt; decreased 10-15 yuan/mt over yesterday. PBF at Tangshan port dealt 865-875 yuan/mt; decreased 15 yuan/mt over yesterday.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Apr 16, 2024

On 13 April 2024, the United States and the United Kingdom announced new trade restrictions against Russian aluminium, copper, and nickel, prohibiting the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME) from accepting these metals produced in Russia from 13 April onwards. Moreover,......

Indonesia produced 117,900 mt (Ni content) of NPI in March, up 3.51% MoM and 23.9% YoY. In Q1, output rose 19% YoY to 353,700 mt in nickel content. Caused by the limited RKAB approval, smelters are still purchasing nickel ore at a high premium. However, tight supply of nickel ore pushed raw material inventory to fall in March. Considering Lebaran in April, the output of high-grade NPI in April is expected to be 121,000 mt in nickel content, a slight increase of 2.66% MoM. If RKAB approval is still slower than expected, NPI output will be influenced in the future.

① According to the latest news, Musk has sent an email to employees stating that Tesla globally will cut 10% of its workforce. ② Last week, documents leaked from Tesla's US Austin factory revealed that shift hours at the factory would be reduced starting this week. ③ The continuous stream of unfavorable news highlights the difficult situation currently facing the industry giant.