7937results found for 'Social inventories'
News
- SHFE Lead Stopped Falling and Rebounded Today, Gradually Returning to Fundamentals-Driven Movement [Lead Futures Brief Review]
SMM, March 18: The most-traded SHFE lead 2604 contract opened at 16,695 yuan/mt during the day, with prices fluctuating rangebound in the 16,665–16,720 yuan/mt range in early trading. Before noon, SHFE lead prices rose rapidly and touched a high of 16,785 yuan/mt before pulling back amid fluctuations. The tug-of-war between longs and shorts intensified, and prices remained rangebound within 16,610–16,680 yuan/mt before closing at 16,645 yuan/mt, posting a small bullish candlestick, up 45 yuan/mt, or 0.27%. At present, lead prices have stopped falling and rebounded, gradually returning to being driven by fundamentals. On the supply side, ex-works inventory at primary lead smelters continued to be digested, and some suppliers held prices firm in spot lead shipments, providing relatively strong spot support; willingness to sell among secondary lead suppliers diverged, and most enterprises became more reluctant to sell due to losses combined with bullish expectations, leading to a continued contraction in effective market supply. On the demand side, orders from downstream battery plants increased, and production remained at full capacity, providing positive support for lead prices. However, social inventory of lead ingot is still on an upward trend. In addition, as more smelters resume production in mid-to-late March and capacity is gradually released, market circulation will further increase, and lead prices are expected to have limited upward momentum. Data source statement: Except for public information, all other data is processed and derived by SMM for reference only based on public information, market communication, and SMM's internal database models, and does not constitute decision-making advice.
Mar 18, 2026 16:53 - The Inter-Month Price Spread First Showed a Backwardation Structure, and Shanghai Spot Copper Discounts Continued to Remain Under Pressure [SMM Shanghai Spot Copper]
[Shanghai Spot Copper] Intraday trading in the spot market improved somewhat from yesterday. Suppliers still showed willingness to hold prices firm, but some suppliers’ sell-offs temporarily weighed on the market, causing spot premiums to decline somewhat in the second trading session. Coupled with the narrowing Contango price spread between nearby futures contracts, suppliers’ willingness to ship to delivery warehouses weakened somewhat, and spot premiums remained under pressure. Demand side, as copper prices fell, downstream enterprises may have had some restocking demand, but the current copper prices had limited actual appeal. Supply side, social inventory remained at a high level, but spot cargo available for actual circulation was relatively tight. Some warrants were already seen flowing out during the day, which may ease some pressure on spot supply. Meanwhile, the import window remained open, and expectations for subsequent inflows of cargo from outside China increased. Overall, amid the tug-of-war between sellers and buyers, Shanghai spot copper is expected to maintain the current discount structure overall tomorrow.
Mar 18, 2026 12:02 - Silicon Metal Prices Remained in Stalemate, Wafer Cost Support Increased [SMM Silicon-Based PV Morning Meeting Summary]
[SMM Silicon-Based PV Morning Briefing] Polysilicon: The quoted price for N-type recharging polysilicon was 42-49 yuan/kg. Polysilicon prices continued to decline recently, mainly affected by wafer price cuts and market sentiment. At present, low-priced polysilicon has already fallen below the cost line of some manufacturers, and the willingness to hold quotes firm has strengthened somewhat. The upstream market was also still watching wafer price moves. Wafer: In the market, 18X wafer prices were 1.00-1.05 yuan/piece, 210RN wafer prices were 1.1-1.15 yuan/piece, and 210N wafer prices were 1.3-1.35 yuan/piece. Wafer prices remained stable. Current selling prices have already fallen below cash cost, so the likelihood of another sharp price cut was relatively small.
Mar 18, 2026 09:07 - Hafnium: Strategic Core Metal for High-End Manufacturing
As a niche yet high-strategic rare metal, hafnium (Hf, atomic number 72) lags behind common metals like copper in public awareness, but its unique physicochemical properties make it irreplaceable for nuclear power, aerospace, semiconductors and other high-end fields. This concise breakdown covers its core traits, supply dynamics and critical applications to highlight its underrecognized role in advanced manufacturing. I. Core Properties A silver-gray, high-melting-point transition metal, hafnium exists solely as a zirconium-associated metal—no independent ore deposits. The near-identical atomic radius and chemical properties of zirconium and hafnium make separation/purification highly challenging, the root of its scarcity.Key strengths for harsh industrial use: 2233℃ melting point, exceptional high-temperature oxidation/structural stability Strong room-temperature plasticity, balanced strength and toughness Superior corrosion resistance (insoluble in dilute acids/alkalis, soluble only in hydrofluoric acid/aqua regia) ~600x higher thermal neutron absorption than zirconium (ideal for nuclear reactor control) High dielectric constant of hafnium oxide (critical for advanced semiconductors) Carbides/nitrides (melting point >2900℃) for ultra-high-temperature ceramics and hard alloys II. Supply & Scarcity Resources: Extremely scarce (crustal abundance ~3 ppm), exclusively tied to zirconium ores. Global resources concentrated in Australia, South Africa, the U.S. and Brazil; China faces low hafnium content in domestic zirconium ores, leading to high external dependence. Supply: Production hinges on zirconium smelting, with zirconium-hafnium separation as a core technical barrier. Only a handful of global players produce high-purity (nuclear/electronic-grade) hafnium at scale, forming an oligopoly. Annual output is ~hundreds of tons, with ultra-low supply elasticity—supply disruptions trigger sharp price swings. Ⅲ. Irreplaceable Core Applications Demand is rigid (no cost-effective substitutes) across high-end sectors: Nuclear Industry: Preferred material for pressurized water reactor control rods, regulating reaction rates and ensuring safety. Driven by global nuclear power revival, demand is steadily growing. Aerospace: Key nickel-based single-crystal superalloy additive, boosting high-temperature creep strength and lifespan for aero-engine turbine blades, combustors and rocket nozzles. Semiconductors: High-purity electronic-grade hafnium oxide overcomes silicon dioxide’s miniaturization limits, reducing leakage current and enabling advanced-node chip production—a key growth driver. Other High-End Fields: Used in cutting tool coatings, special electronic components, corrosion-resistant materials and emerging hydrogen storage research, with expanding use cases. Ⅳ. Conclusion Hafnium is a "scarce niche metal with rigid high-end demand," holding irreplaceable strategic value in China’s key industries (nuclear power, aerospace, semiconductors). The global market remains in long-term tight supply-demand balance, and its strategic and market value will rise alongside global advanced manufacturing upgrades.
Mar 18, 2026 15:54 - Weekend Destocking of Copper Inventories Continued in Major Regions Across China [SMM Weekly Data]
SMM News, March 16: Data Brief: As of Monday, March 16, copper inventories in SMM’s major regions nationwide fell 5.46% WoW from the previous Monday, with destocking seen across all regions. Specifically, in Shanghai, arrivals of imported and domestic supplies were normal, while downstream consumption continued to recover, leading to some inventory drawdown; in Jiangsu, inventory declined slightly, supported by recovering downstream consumption; in Guangdong, consumption continued to improve, arrivals remained normal, and inventories likewise maintained a destocking trend. Looking ahead, arrivals of imported and domestic supplies are expected to remain stable, with overall supply stabilizing; demand side, the pullback in copper prices effectively stimulated downstream consumption, and rigid demand is gradually being released. According to the survey, the weekly operating rate of copper cathode rod is expected to rise to 79.19% this week, up 6.27 percentage points WoW. Taking both supply and demand into account, the market is currently showing a pattern of “stabilizing supply and recovering consumption,” and social inventory is expected to continue destocking this week.
Mar 16, 2026 14:17 - Production of Construction Materials in Central China Rose Steadily, While Mill Inventories Continued to Decline
During the survey period (March 10–March 16), the capacity utilization rate of rebar and wire rod rolling lines in the Central China region increased to varying degrees.
Mar 17, 2026 10:11
Announcements
SMM will delist 14 price points for various steel types from specific mills effective April 1, 2026, due to prolonged stockouts. Clients should adjust their price usage to avoid business disruptions.
PriceMar 17, 2026 14:14Dear User: Hello! In recent years, China has formed multiple consumption centers for spot aluminum ingot trading. With the development of the aluminum industry chain in the Southwest region, market attention to the Southwest region has gradually increased. Among them, Guangyuan is an important hub for aluminum trading in Sichuan, Shaanxi, Gansu, and Chongqing, and is also the location of the designated settlement warehouse for aluminum futures of the Shanghai Futures Exchange , where aluminum product trading has become increasingly frequent. Therefore, there is an urgent need to compile and release a price index that can fully reflect the spot price of A00 aluminum ingots in the Guangyuan region of our country, so as to objectively, truthfully, and timely reflect the supply and demand situation of the A00 aluminum ingot Spot Market in our country. Based on this, SMM will start to newly release the SMM A00 Aluminum (Guangyuan) and Premium Spot Price Points from November 20, 2025. 1. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantial transactions. Instead, it maintains close communication with the buyers or sellers of transactions as a market observer or organizer and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodology through communication with industry insiders, adopts the most common product specifications, trade terms, and trade conditions in the industry, and equally values normal transactions that meet the specification standards. SMM reserves the right to exclude any price information deemed to be of poor reliability or unrepresentative from its quotation judgment. SMM publishes daily metal spot prices (or price indices, including those for the Chinese market, markets outside China, and the global market), commonly referred to as SMM Prices. SMM has developed corresponding methodologies for all published SMM Prices (which will be published on SMM's official website www.smm.cn for reference), and the methodologies specify the methods and procedures for the generation and publication of SMM Prices, with SMM Prices being generated and published strictly in accordance with the provisions of the methodologies. To align with the actual situation of the Spot Market, SMM will make necessary revisions to the SMM Price Methodology and announce them on the SMM official website prior to formal implementation. If you have any questions or suggestions regarding SMM prices and their methodology, please contact SMM Client Server staff (please check the contact information on the SMM official website www.smm.cn). 2. Formation of the Spot Price Point of SMM A00 (Guangyuan) 2.1 Definitions The SMM A00 (Guangyuan) Spot Price is an indicative price generated and published by SMM in accordance with this methodology, which can be adopted by both trading parties as a reference basis for the settlement of spot trade of A00 aluminum ingots in the Guangyuan region. This price reflects the most likely range of spot transaction prices before the release time of the SMM A00 aluminum ingot spot quotation on each complete working day. This price is based on the trading conditions in the Guangyuan region on the day, and other regions can adjust the actual settlement price during trading based on the market correlation between different regions on the basis of this price. 2.2 Price Generation Method SMM obtains information on the spot price of local A00 aluminum ingots in Guangyuan through standard price benchmarking methods, including the indicative transaction price provided by the price benchmarking unit, the existing transaction spot premium or discount, and the indicative transaction spot premium or discount, etc. 2.3 Product Standards A00 Aluminum Ingot: Complies with the requirements for the "Al99.70" grade in GB/T 1196-2023 Aluminum Ingots for Remelting. 2.4 Pricing Unit and Presentation Form Unit: (Renminbi) Yuan/ton. Presented in interval form, it is a tax-inclusive price (including 13% Value Added Tax) Daily quotations include the highest, lowest, and average prices of SMM A00 Aluminum (Guangyuan) and its premium or discount. 2.5 Delivery Method Same-day delivery, pick up by the buyer at Guangyuan Warehouse 2.6 Release Time 10:15 AM every working day (excluding legal holidays and weekends) 3. Methodology Changes All markets are changing, and SMM has the responsibility to ensure that the methodology for market reports changes in tandem with the market. Therefore, SMM will conduct internal reviews of the appropriateness of the methodology on a regular basis based on industry feedback. For all potential modifications that are substantial but not urgent, SMM will follow the formal external consultation process. Then, significant changes will be announced, with a notice period of at least 28 days provided to invite industry professionals to comment, unless special circumstances, especially force majeure (natural disasters, wars, exchange bankruptcies, etc.), result in a shortened notice period. SMM commits to carefully reviewing all comments regarding the proposed methodological changes, but in some cases, may have to make changes to the methodology against the wishes of some market participants. In addition, SMM has a formal methodology consultation process. SMM commits to conducting a formal consultation on the A00 aluminum quotation once every year. The date of the last consultation and the deadline for SMM's commitment to hold the next consultation are located at the top of the methodology document. In addition, SMM has a formal methodology consultation process. SMM is committed to serving enterprises in the aluminum industry chain and reducing their transaction costs. The newly added price points will be updated at 10:15 a.m. every working day. Please stay tuned. If you have any feedback, please send it to 021-51595811 (Howard Yang). Shanghai Nonferrous Metals Network Information Technology Joint Stock Company Aluminum Business Unit 2025.11.14
PriceNov 14, 2025 18:13Dear User, Hello! To better assist upstream and downstream enterprises in the industry chain in monitoring market fluctuations and promptly reflecting the spot market prices, thereby reducing transaction risks and costs in the metal market, and continuously improving and deepening the research on the metal industry chain, SMM, after a period of preparation and market research, plans to introduce new price points starting from November 1. These include Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery, among others, for market reference. I. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a fully independent third-party service provider and does not participate in any substantive transactions. Instead, it acts as a market observer or organizer, maintaining close communication with buyers and sellers in transactions and providing relevant services to the market. SMM continuously develops, reviews, and revises its methodology through communication with industry professionals, adopting the most common product specifications, trade terms, and conditions in the industry, while giving equal importance to normal transactions that meet standard specifications. SMM reserves the right to exclude any price information deemed unreliable or unrepresentative from its pricing assessments. SMM publishes daily metal spot prices (or price indices, including the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. SMM has established corresponding methodologies for all published SMM prices (all of which are available for reference on SMM’s official website, www.smm.cn ). These methodologies specify the methods and procedures for generating and publishing SMM prices, which are strictly adhered to. To align with the actual conditions of the spot market, SMM may make necessary revisions to the SMM price methodology, which will be announced on the SMM official website before formal implementation. For any questions or suggestions regarding SMM prices or their methodologies, please contact SMM customer service (contact information can be found on the SMM official website, www.smm.cn ). This document outlines the standards for establishing price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery. The purpose of this standard is to establish a transparent and verifiable mechanism for SMM price determination. II. Formation of SMM Price Points for Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc. 2.1 Definition SMM price points for Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc., are formed and published by SMM in accordance with this methodology. They can be used by trading parties as reference for spot trade settlement of these price points. 2.2 New Metal-Related Price Points Added by SMM Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc. 2.3 Quotation Generation Method SMM collects data for evaluating price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery through data collection (i.e., gathering raw data information that meets SMM standards). This includes bid and ask quotes provided by data providers for transactions not concluded on the same day, as well as actual transaction prices for spot trades provided by data providers. 2.4 Data Collection Method SMM price analysts collect data for price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery regularly (between 9:30 AM and 11:15 AM on each trading day) via phone, QQ, WeChat, fax, and email. This data may include prices of concluded transactions on the same day, companies’ expected most likely prices for pending transactions, and offers. 2.5 Product Standards Price Point Name Reference Standard Selenium Powder 99.5% min Europe Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.5%, other elements unspecified. Selenium Powder 99.9% min India Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Selenium Powder 99.9% min USA Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Selenium Powder 99.9% min Russia FOB Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Cadmium Ingot 99.99% min USA Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. Cadmium Ingot 99.99% min Europe Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. Cadmium Ingot 99.99% min India Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. 2.6 Pricing Unit and Presentation Price Point Name Unit Selenium Powder 99.5% min Europe Delivery USD/lb Selenium Powder 99.9% min India Delivery INR/kg Selenium Powder 99.9% min USA Delivery USD/lb Selenium Powder 99.9% min Russia FOB USD/lb Cadmium Ingot 99.99% min USA Delivery USD/lb Cadmium Ingot 99.99% min Europe Delivery USD/lb Cadmium Ingot 99.99% min India Delivery INR/kg 2.7 Delivery Method Pick-up from relevant warehouses. 2.8 Payment Method Cash payment or wire transfer. Other terms handled as per常规. 2.9 Update Time Before 11:30 AM on each trading day. III. Methodology Changes All markets evolve, and SMM has a responsibility to ensure that the methodologies for market reporting keep pace with these changes. Therefore, SMM regularly conducts internal reviews of the appropriateness of its methodologies based on industry feedback. For all substantive but non-urgent potential revisions, SMM will follow a formal external consultation process. Major changes will be announced with a notice period of at least 28 days, inviting industry comments, unless special circumstances, particularly force majeure (natural disasters, war, exchange bankruptcy, etc.), necessitate a shorter notice period. SMM is committed to carefully reviewing all comments on proposed methodology changes. However, in some cases, it may be necessary to make changes to the methodology against the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. Shanghai Metals Market Information Technology Co., Ltd. Precious Metals Team November 1, 2025
PriceNov 1, 2025 17:37