[SMM Weekly Maintenance Statistics] According to SMM statistics, this week (May 9 to May 15), the hot metal impact volume resulting from blast furnace maintenance was.....

On May 11, 2026, iron ore futures rose first then retreated today. The most-traded contract I2609 closed at 822.5 yuan/mt, up 0.73% from the previous trading session. Port spot prices rose 3-5 yuan from the previous day. Traders quoted actively with strong willingness to transact; steel mills showed moderate inquiry willingness for procurement, with transactions mostly driven by rigid restocking demand; the overall spot transaction atmosphere remained subdued. According to the latest SMM survey data, global iron ore shipments totaled 29.3146 million mt last week, down 7.2 million mt WoW, a decline of approximately 20%. Shipments from both Australia and Brazil declined due to weather impacts, with Brazil's shipments seeing a larger drop. Combined with the previous week's shipment volumes, iron ore supply side may tighten in the short term if port pick-up volume remains at the same level. Currently, due to strong downstream demand, steel mill operating rates remained generally high, keeping rigid demand for iron ore elevated and providing relatively solid price support. Iron ore prices are expected to move sideways at elevated levels this week. However, given the cooling trend in spot transaction market activity and steel mills' low willingness to transact at high ore prices, subsequent blast furnace maintenance schedules need to be monitored to assess the trend.

[SMM Analysis] Reassessing the Logic Behind Sulfur's "Surge" Driving Nickel Prices Higher

An SMM survey showed that in April, refined lead supply from secondary lead enterprises edged up by 18,800 mt MoM, mainly driven by production resumptions at previously idled enterprises and output increases from raw material restocking. However, entering May, the supply side quickly shifted to contraction, with the combined MoM impact on refined lead reaching -41,800 mt, far exceeding the prior increase.

[SMM Construction Steel Large-Sample Social Inventory]

Some major mills added maintenance shutdowns, and May supply pressure is lower than previous expectations. Demand side, sheets & plates demand is expected to weaken marginally in mid-to-late May. Hot-rolled coil inventory is expected to continue destocking over the next 2–3 weeks, with limited accumulation of supply-demand imbalances before month-end in May. The energy premium outside China is unlikely to ease in the short term, hot metal production continues at elevated levels, and coil prices are expected to continue fluctuating at highs in the near term. The pullback in coking coal prices driven by expectations of easing U.S.-Iran tensions and the periodic weakening of hot-rolled coil export order-taking are expected to cause prices to come under pressure briefly, with limited downside.