[SMM Silicon-Based PV Morning Meeting Summary: Wafer Transaction Range Convergence, Solar Cell Price Increase] Market wafer prices were 18X (0.799–0.824 yuan/piece), 210RN (0.897–0.915 yuan/piece), and 210N (1.097–1.113 yuan/piece). Wafer range prices were slightly raised, a leading integrated enterprise suspended quoting and shipments, while other enterprises are currently maintaining their quotes, but most of them have controlled shipments, and the transaction range has significantly converged, with low-price orders definitely disappearing.

Today, the most-traded HRC contract briefly shot up before pulling back, closing at 3,235, down 0.12% day-on-day. Supply side, new hot rolling maintenance cases decreased this week, and some earlier maintenance resumed production during the period, causing overall HRC production to edge up, though it remained at a relatively low level. Demand side, the off-season effect was still pronounced, with some demand released only at low prices, but the sustainability was poor. Raw material side, iron ore fundamentals were weak and support remained insufficient. Today, two government departments issued a notice on coordinating coal mine closures and exits with regional supply security, promoting the orderly exit of outdated capacity coal mines, which may provide some short-term sentiment boost. Overall, cost support was relatively stable. Going forward, since sheets & plates remain in the off-season, this will limit the rebound upside, while cost support below provides a floor, so they are likely to continue moving sideways in the short term.

[SMM Daily Coking Coal and Coke Briefing] Coking Coal Market: Linfen low-sulphur coking coal was quoted at 2,000 yuan/mt. For coking coal, mine production pace was disrupted by safety inspections, slowing supply release. Moreover, the third round of coke price cuts took effect, causing most coke producers to fall into significant losses, strengthening their resistance to high-priced coal types. However, recently some coke producers restocked some oversold high-quality coal types, which led to a slight recovery in market trading sentiment. In the short term, the coking coal market may consolidate on a strong note. Coke Market: The nationwide average price of quasi-first-grade metallurgical coke (dry quenching) was 1,925 yuan/mt. On the supply side, most coke producers were loss-making, which dampened their production enthusiasm. Moreover, sluggish coke sales led to continuous inventory accumulation at plants. On the demand side, the end-user steel market remained in the traditional off-season, and most steel mills were not profitable, leaving room for further decline in blast furnace hot metal output. This weakened the rigid demand support for coke, and steel mills lacked the motivation for proactive restocking. All in all, the supply-demand fundamentals were weak on both sides, while cost support persisted. In the short term, the coke market may be in the doldrums. The fourth round of price cuts faces considerable difficulty and may be postponed to next week.[SMM Steel]

[SMM Stainless Steel Daily Commentary] SS Futures Consolidate on a Subdued Note, Spot Stainless Steel Largely Stable; Trading Remained Sluggish Amid Off-Season and Typhoon Impact According to SMM on August 10, SS futures pulled back slightly. The night session on Friday saw SS decline, but after opening on Monday, it largely maintained a consolidation pattern. As of the close, the most-traded SS contract settled at 14,615 yuan/mt. In the spot market, the fluctuation range of SS futures was limited, and traders' spot quotations were largely stable. However, as the market remains in the demand off-season, compounded by the impact of typhoon weather, trading remained sluggish. SS futures most-traded contract. As of 10:15 a.m., SS2610 was at 14,655 yuan/mt, up 85 yuan/mt from the previous trading day. Spot premiums for Wuxi 304/2B were in the range from 315 to 665 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was stable; the average price of cold-rolled 304/2B coil, trimmed edge, was flat in Wuxi and flat in Foshan; the price of cold-rolled 316L/2B coil in the Wuxi area was flat; the quotation for hot-rolled 316L/NO.1 coil in Wuxi was flat; and cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, stainless steel futures were disturbed by both industry news and capital flows, showing a pattern of wild swings overall, with an intense tug-of-war between bulls and bears. During the week, news on additional nickel ore quotas from Indonesia's RKAB repeatedly stirred market expectations, coupled with shifts in capital flows in the futures market, leading SS futures to rise initially before falling. Mid-week, prices briefly tested the 15,100 yuan/mt level, but subsequently, as expectations for nickel ore quota growth heated up, the confidence of bulls faded, and the futures...

[Divergence over Middle East situation persists, short-term aluminum prices to hold up well] Overall forecast, divergence over the Middle East situation persists, the US Fed did not raise interest rates in July, but its overall stance remains hawkish, the fundamental deficit continues, aluminum ingot inventory keeps destocking, and short-term aluminum prices are expected to consolidate on a strong note.

[SMM cast aluminum alloy morning comment: quotes consolidate on a strong note, cost and demand tug-of-war persists] Last Friday, ADC12 market quotes overall mainly consolidated on a strong note, with SMM ADC12 price edging up 50 yuan/mt. Currently, primary aluminum prices still provide cost support, and enterprises remain willing to hold prices firm. However, end-use demand remains persistently weak, downstream procurement pace is relatively cautious, and market transactions have seen limited improvement. Downward price adjustments lack momentum, while upward pass-through is also constrained by demand. In the short term, the ADC12 market is expected to maintain a consolidation pattern where cost support and demand pressure coexist.