[April 2025 Steel PMI Indicates Improvement in Steel Market Performance, with Rises in Both Supply and Demand] According to the Steel PMI surveyed and released by the Steel Logistics Professional Committee of the China Federation of Logistics & Purchasing (CFLP), the index stood at 50.6% in April 2025, up 4.6 percentage points MoM. It has risen MoM for three consecutive months and returned to expansion territory for the first time in five months, indicating an improvement in the performance of the steel industry. Changes in sub-indices show that both supply and demand for steel have risen, with in-plant inventory at steel mills being consumed at a faster pace. However, steel prices have fluctuated downward, and raw material prices have continued to decline. It is expected that in May, demand in the steel market will continue to warm up, production at steel mills will keep rising, and prices of raw materials and steel will rebound from low levels.

SMM Lead Weekly Review: Supply and Demand Both Increased in Spot Market, Lead Prices Consolidated at High Levels In the spot market, the SMM 1# lead average price first declined then rebounded this week (March 15-21, 2025), consolidating at high levels. Additionally, in the secondary refined lead market, regional differences were quite pronounced.

[SMM Silicon-Based PV Morning Meeting Summary: Silicon Wafer Production Schedule Expected to Increase MoM in March; Solar Cell Supply and Demand Both Rising Recently] The production schedule for silicon wafers in March is expected to increase, driven by strong downstream demand and increased tolling business by silicon wafer companies. Solar cell production in March is set to rise, with new order demand increasing simultaneously, leading to a dual rise in supply and demand.

[SMM Lead Morning Meeting Summary: March Lead Market Supply and Demand Expected to Increase, Especially with New and Resumed Secondary Lead Capacity Gradually Releasing]... Recently, with the resolution of factors such as maintenance, the supply of primary lead and secondary lead has increased, while the demand in the lead-acid battery sector has shown relatively small marginal changes. Spot market circulation of goods remains relatively ample, and spot transactions are generally conducted at a discount. Due to the significant spread between futures and spot prices, suppliers have concentrated on picking up goods for transfer to delivery warehouses, leading to a shift of in-plant inventory from smelters to social warehouses. As a result, the total social inventory has climbed again, reaching a three-month high. Additionally, entering March, with the Chinese New Year holiday factors subsiding, the lead market supply and demand are expected to increase simultaneously...

[SMM Analysis: Post-Holiday Refined Lead Market Sees Supply and Demand Growth, How Is the Recovery Pace of Primary Lead Smelter Supply?] After the Lantern Festival, the Chinese New Year market has officially ended. The refined lead market sees growth in both supply and demand, and trading in the lead market is gradually becoming active. How is the recovery pace of primary lead supply? SMM provides you with an analysis—

From mid-January, SMM's weekly supply and demand data for hot-rolled coils will be comprehensively upgraded! Based on the weekly output of 41 domestic steel plants and the social inventory data of 86 mainstream warehouses, the inventory and apparent demand data of hot-rolled coils from 41 steel plants nationwide will be added...