The US dollar fell, metals generally rose, with polysilicon and alumina leading the gains, while European container shipping plunged over 9% [SMM Daily Review]

SMM April 24 News: Metal Market: As of the close of the day, most base metals in the domestic market rose, with only SHFE copper and SHFE nickel falling, SHFE copper down 0.45%, SHFE nickel down 0.1%. SHFE zinc led the gains with a 0.78% increase, SHFE aluminum up 0.58%. Other metals showed slight fluctuations. The main alumina contract rose 1.37%. Additionally, the main lithium carbonate contract rose 0.06%, the main polysilicon contract rose 2.26%, and the main silicon metal contract fell 0.11%. The main European container shipping contract fell 9.4%. In the ferrous metals series, stainless steel rose 0.12%, while iron ore fell 0.28%. In the coking coal and coke sector, coke rose 1.56%, and coking coal rose 0.84%. In the overseas market, as of 15:15, most base metals rose, with only LME copper and LME lead falling, LME copper down 0.18%, LME lead down 0.44%. LME zinc led the gains with a 0.7% increase, other metals showed slight fluctuations. In the precious metals sector, as of 15:15, COMEX gold rose 1.58%, while COMEX silver fell 0.35%. Domestically, SHFE gold fell 2.22%, SHFE silver rose 0.85%. As of 15:12 today, click to view the SMM market board. Macro Front: Domestically: Shanghai released the 2025 car replacement subsidy details. The Shanghai Municipal Commission of Commerce and other five departments issued the "2025 Shanghai Further Support for Car Replacement Subsidy Policy Implementation Rules". It mentioned that from January 1, 2025 (inclusive) to December 31, 2025, individual consumers who purchase new energy passenger cars priced at 100,000 yuan or more (based on the amount stated on the "Uniform Invoice for Motor Vehicle Sales") and transfer their registered passenger cars in other provinces and cities within the specified period (excluding changes) will receive a one-time fixed subsidy of 15,000 yuan. From January 1, 2025, to December 31, 2025, individual consumers who purchase new fuel passenger cars priced at 100,000 yuan or more (based on the amount stated on the "Uniform Invoice for Motor Vehicle Sales") meeting the National VI b emission standards and transfer their registered eligible fuel passenger cars in other provinces and cities within the specified period will receive a one-time fixed subsidy of 13,000 yuan. Sichuan: Currently drafting the "Sichuan Province Hydrogen Energy Industry Medium and Long-term Development Plan (2025-2035)". The Sichuan Provincial Department of Economy and Information Technology announced on its official website today that the 2025 Hydrogen Energy Industry Conference and the Sichuan Province Hydrogen Energy Industry Chain Supply and Demand Matchmaking Meeting opened in Chengdu on April 24. The Sichuan Provincial Department of Economy and Information Technology stated that the provincial party committee and government regard the hydrogen energy industry as a key area for strategic rear construction and new-type industrialization, and have currently formed a full industry chain layout of hydrogen "production-storage-transportation-refueling-application". Overall, the hydrogen energy industry in Sichuan Province has reached a critical period of accumulation and breakthrough. In terms of policy, in November last year, the Sichuan Provincial Government Office issued and implemented the "Sichuan Province Further Promotion of Hydrogen Energy Full Industry Chain Development and Application Action Plan (2024-2027)", which not only continues to provide subsidy support for the hydrogen energy full industry chain but also makes several breakthroughs for the current bottlenecks and pain points in the development of the hydrogen energy industry, such as "hydrogen highways" being free and supporting the interaction between hydrogen energy and the power grid. Notably, Sichuan is currently drafting the "Sichuan Province Hydrogen Energy Industry Medium and Long-term Development Plan (2025-2035)", which will precisely guide the development of the hydrogen energy industry in various regions of Sichuan Province according to local conditions, and build a healthy competitive industrial development ecosystem. On April 24, the central parity rate of the RMB in the interbank foreign exchange market was 7.2098 yuan per US dollar. In terms of the US dollar: As of 15:15, the US dollar index fell 0.42%. According to CCTV News, on the evening of April 23 local time, the US Fed released the economic status "Beige Book". The Beige Book showed that economic activity has hardly changed since the last report, but the uncertainty of international trade policy is widespread in all reports. With the increase in economic uncertainty, especially around tariffs, the outlook in several regions has significantly deteriorated. The preliminary value of the US April S&P Global Manufacturing PMI was 50.7, unexpectedly recording expansion, better than the market expectation of 49.1, and the final value in March was 50.2; the preliminary value of the Services PMI was 51.4, expected 52.8, and the final value in March was 54.4; the preliminary value of the Composite PMI was 51.2, expected 52.2, and the final value in March was 53.5. The preliminary values of the Services and Composite PMI were lower than expected, but both were still in expansion territory. Cleveland Fed President Mester said on Wednesday that the threshold for the Fed to intervene to rescue the market is very high, and the changes in the market in recent days do not require the Fed's help. The current situation still supports the Fed's continued reduction of its balance sheet, and she believes that some active management of market liquidity through Fed intervention is acceptable. (Wenhua Comprehensive) Data: Today, Germany's April IFO Business Climate Index, the UK's April CBI Industrial Orders Difference, the UK's Q2 CBI Business Optimism Index, Canada's April CFIB Business Barometer, the US March Durable Goods Orders Preliminary Monthly Rate, the US Initial Jobless Claims for the Week Ending April 19, the US Continued Jobless Claims for the Week Ending April 12, and the US March Existing Home Sales Annualized Total will be released. Additionally, it is worth noting that Bank of England Governor Bailey will speak at a meeting held by the International Financial Association; the Fed will release the economic status Beige Book; Trump said the US and Ukraine will sign a mineral agreement. In terms of crude oil: As of around 15:15, oil prices in both markets rose, with US oil up 0.87% and Brent oil up 0.75%. Three sources familiar with OPEC+ negotiations said that several OPEC+ member countries will recommend that the organization accelerate production increases for the second consecutive month in June, but did not specify the increase. Currently, there is a dispute among OPEC+ member countries over compliance with production quotas. According to a statement released on the OPEC website, the OPEC+ organization agreed to increase oil supply to the market by 411,000 barrels per day in May, three times the original plan, and will gradually cancel the daily production cut of 2.2 million barrels by 2026. The purpose of production increases by Saudi Arabia and other countries is to punish long-term overproduction countries within OPEC+ such as Kazakhstan. From the inventory situation, affected by the decline in exports, EIA weekly data showed a slight inventory buildup of crude oil, and the inventory performance was worse than the previously released API data, which to some extent hit market confidence. (Wenhua Comprehensive) SMM Daily Review: April 24: SHFE aluminum continued to rise, processing fees under pressure, overall transactions were moderate [Aluminum Billet Spot Daily Review] Demand is difficult to recover, the upside room for secondary aluminum prices is limited [ADC12 Price Daily Review] [SMM Nickel Daily Review] April 24, refined nickel spot premiums fell, nickel prices jumped initially and then pulled back [SMM Nickel Sulphate Daily Review] April 24, nickel sulphate prices rose slightly [SMM Nickel Sulphate Daily Review] The negative feedback of stainless steel continues to be transmitted upstream, short-term high-grade NPI prices may be in the doldrums [NPI Daily Review] The spot-futures price spread expanded and inventory fell, spot TD maintained high premium quotes [SMM Daily Review] The market has no fluctuations, spot prices are temporarily stable [SMM EMM Daily Review] [SMM MHP Daily Review] April 24, Indonesian MHP prices rebounded [SMM MHP Daily Review] Terminal demand is weak, rare earth market prices continue to fall [SMM Rare Earth Daily Review]

SMM

The US dollar fell, metals generally rose, with polysilicon and alumina leading the gains, while European container shipping plunged over 9% [SMM Daily Review]

March Copper Cathode Rod Exports Show Optimistic Growth, Monthly Exports Approaching Historical Highs [SMM Analysis]

SHFE/LME Copper Cathode Price Ratio and Import Profit/Loss on April 24, 2025 [SMM Price]