Latest Update in the SMM Battery Recycling Market

This week, the ferrous metals series initially stabilized before rallying strongly, approaching the gap position from early April. At the beginning of the week, overall price fluctuations were relatively small. In the latter half of the week, there were continuous discussions about "anti-rat race" competition in raw materials and finished steel products. First, there was news that "steel mills in Shanxi Province received notices on crude steel production restrictions, with a province-wide production cut target of 6 million mt," followed by the China State Railway Group responding to the "anti-rat race" call by canceling the policy of reducing railway freight rates for some railway bureaus, further pushing up coal and coke prices. Clearly, the cost logic was more favored by capital, with raw materials leading the gains in ferrous metals. In the spot market, amid high temperatures and heavy rainfall, end-use demand focused on purchasing as needed. However, the narrowing of the spot-futures price spread attracted long-short arbitrage and speculative demand to enter the market. In the short term, according to SMM survey tracking, under the pressure of environmental protection-driven production restrictions, pig iron production may continue to fluctuate and bottom out in the short term. However, some coking plants plan to increase prices next week, and cost support may remain relatively strong. For steel products, thanks to moderate spot transactions, inventory levels at the finished steel end decreased this week, and the elasticity of spot prices increased. Overall, in the short term, under the combined support of "anti-rat race" competition expectations and strong raw materials, market pessimism has improved somewhat. Meanwhile, the fundamental contradictions are not prominent, and participation in futures and spot markets has increased. Ferrous metals series prices may continue to hold up well next week, with attention paid to the pressure position of the gap above.

[SMM Tin Midday Review: Supply Risks Offset Off-season Pressure, SHFE Tin Fluctuates Slightly Lower] The most-traded SHFE tin contract (2508): Today's trend: The most-traded SHFE tin contract (SN2508) opened at 267,400 yuan/mt, up 2,400 yuan from the previous day. It fluctuated at highs during the session and then fluctuated downward towards the end, finally closing at 264,480 yuan/mt, down 0.20%. Driving factors: Domestic steady growth policies have driven a simultaneous increase in consumption and investment, boosting sentiment in the commodity market. However, dovish remarks from US Fed officials (Daly said there could be two interest rate cuts this year) have eased pressure on the US dollar, supporting tin prices.

[SMM Tin Midday Review: SHFE Tin Prices Rebound Amid Volatility, Mine Disruptions Provide Upward Momentum] Most-traded SHFE tin contract (2508): In the morning session today, the contract continued its rebound amid volatility. It opened at 263,390 yuan/mt, with the intraday low reaching 262,950 yuan/mt. By midday, it closed at 265,620 yuan/mt, up 0.78%, with open interest decreasing by 299 lots, reflecting cautious market trading. Technical Analysis: Prices are under pressure from the 5-day moving average (262,000 yuan/mt), with a short-term support level at 260,000 yuan/mt. A break below this level may trigger bulls' stop-loss orders.

[SMM Tin Futures Brief Commentary: SHFE tin in the doldrums, pressured by inventory buildup; LME tin awaiting macro guidance] The most-traded SHFE tin contract (SN2508): Price Trend: Opened at 265,820 yuan/mt today, with a high of 265,820 yuan/mt, a low of 260,510 yuan/mt, and closed at 262,890 yuan/mt. The settlement price was 263,570 yuan/mt, down 1,350 yuan (a decline of 0.51%) from the previous day. Trading Volume and Open Interest: Trading volume was 95,678 lots, and open interest was 26,633 lots, increasing by 388 lots from the previous day.