As supply and demand for construction steel were not fully matched across different markets, regional supply-demand mismatches created price differentiation, which in turn drove the cross-regional circulation of steel resources. When the regional price spread gradient was appropriate, regions with surplus construction steel capacity and production often shipped excess resources out, thereby rebalancing construction steel resources across regions.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Sharply Higher in the Night Session and Then Rebounded in Volatile Trading, While the Spot Market Will Gradually Cool Down]

Changan Automobile released an announcement on the record of its investor relations activities, stating that the company’s overall sales target for 2026 is 3.3 million units, including 1.4 million new energy units and 750,000 units outside China. Over the next three years, it will launch a cumulative total of 43 new products, including 35 new energy car models; 26 new products will be launched in markets outside China, covering more than 140 countries and regions.

This week，the solid-state battery industry showed a dual-engine momentum driven by "intensive breakthroughs on the technology front and targeted solutions on the policy front." CATL disclosed a sulphide patent, Zhongkeyuanben's 20Ah all-solid-state battery passed third-party detection, and Dreame Technology released a 450Wh/kg product; Guangdong took the lead in incorporating diversified solid-state battery technology routes and eVTOL scenarios into provincial-level action plans.

[SMM Shanghai Spot Copper] The widening contango price spread between futures contracts for nearby months continued to strengthen suppliers’ willingness to ship to delivery warehouses, further tightening the availability of freely tradable spot copper and providing solid support for spot premiums. Against this backdrop, suppliers showed strong sentiment to hold prices firm during the day, with offers remaining firm. Demand side, downstream buyers maintained just-in-time procurement, providing some support for prices; supply side, although social inventory remained at a high level, more than half of the cargoes had already been converted into warrants, and spot circulation stayed tight. Shanghai added 1,759 mt of warrants yesterday, further intensifying the tightness in freely tradable cargo availability. Overall, under the dominance of delivery logic, Shanghai spot copper premiums are expected to remain in premium territory tomorrow.

[SMM Shanghai Spot Copper] As the delivery period approaches, spot discounts for SHFE copper are expected to continue narrowing steadily. From the perspective of market structure, the inter-month contango price spread between futures contracts has widened, significantly strengthening suppliers’ willingness to ship to delivery warehouses. In particular, inventory in Jiangsu is mainly in the form of warrants, and suppliers tend to opt for delivery rather than spot sales, resulting in persistently tight availability of deliverable spot cargo. In addition, spot premiums quotes in Jiangsu are slightly higher than those in Shanghai. Against this backdrop, suppliers showed a strong willingness to hold prices firm intraday, and quotes in the second session were raised slightly, making procurement more difficult for some downstream enterprises. Looking ahead to tomorrow, under delivery-driven dynamics, spot premiums in Shanghai are expected to remain at current levels.