On June 12, the combined sample enterprise hot rolled coil daily trading volume for SMM's four cities (Shanghai, Lecong, Tianjin, Ningbo) totaled 14,660 mt, up 1,440 mt, or 10.1%, day-on-day, and up 35.74% YoY on a solar calendar basis and 9.40% YoY on a lunar calendar basis.

June 12: Northern ports: South African high-iron ore: 31.4-32.1 yuan/mtu, down from last Friday; South African semi-carbonate ore: 37.8-38.3 yuan/mtu, flat from last Friday; Gabonese ore: 41-41.6 yuan/mtu, down from last Friday; 46% Australian lumps: 43.5-44 yuan/mtu, flat from last Friday; South African medium-iron ore: 37.5-38 yuan/mtu, down from last Friday. Southern ports: South African high-iron ore: 34.1-34.6 yuan/mtu, down from last Friday; South African semi-carbonate ore: 36.5-37 yuan/mtu, flat from last Friday; Gabonese ore: 41.5-42 yuan/mtu, down from last Friday; 46% Australian lumps: 43.5-44 yuan/mtu, flat from last Friday; South African medium-iron ore: 37-37.5 yuan/mtu, down from last Friday. The manganese ore market is steady but stagnant, end-use demand is sluggish, and a wait-and-see sentiment prevails.

In the spot market, lead prices fluctuated downward this week (June 8-12), initially dropping before rebounding slightly and then pulling back. The SMM #1 lead average price fell 200 yuan/mt cumulatively. Downstream enterprises made only just-in-time procurement, with overall purchase willingness remaining weak. Regionally, Henan smelters primarily delivered against long-term contracts, with traders' discount against the SHFE lead 2607 contract gradually narrowing from 130-110 yuan/mt to 30-0 yuan/mt. Hunan quotes shifted from a discount of 25-0 yuan/mt to a premium of 10-30 yuan/mt, reflecting a strengthening sentiment to hold prices firm. In Jiangxi and Anhui, premiums rose from 100-120 yuan/mt to 120-200 yuan/mt, with firm offer levels. Tianjin spot cargoes traded at a persistent discount of 120-80 yuan/mt, with sluggish transactions. Approaching the mid-year point, some merchants cut prices to clear inventory, while some enterprises holding limited cargoes held back from selling. Downstream enterprises prioritized capital recovery and reduced stockpiling, leaving overall market trading mediocre.

[SMM Chrome Daily: Prices Move Sideways, Transactions Remain Sluggish] June 12, 2026 – The ferrochrome and chrome ore markets fluctuate slightly...

[Transactions Improved Within the Week, Premiums Rose]: Spot premiums in Tianjin rose this week, up 20 yuan/mt WoW. As of this Friday, mainstream domestic brands were quoted at discounts of 30-80 yuan/mt against the 2607 contract, higher-priced brands at discounts of 20-30 yuan/mt against the same contract, and Tianjin market at a discount of about 50 yuan/mt against Shanghai.

[SMM Morning Meeting Minutes: Easing US-Iran Tensions, LME Zinc Center Moves Higher]: Overnight, LME zinc opened at $3,464/mt. It initially moved sideways along the daily average, dipping to $3,442/mt during the session. Entering the night session, bulls added positions, and LME zinc rallied all the way to reach a high of $3,534/mt near the end. It finally settled up at $3,525.5/mt, up $57/mt, or 1.64%. Trading volume fell to 14,639 lots, and open interest increased by 4,214 lots to 238,000 lots.