SMM April 29 News: Raw material side, lithium carbonate held up well this week due to supply disruptions from Zimbabwe's latest policy and mine permit renewals in Jiangxi, nickel salt prices fluctuated, the cobalt salt market was sluggish, and prices drifted lower.

29 Apr 2026, 04:54 AM' Gold steadies near an April low ahead of the Fed decision. Oil and Iran tensions keep inflation risks in sharp focus. Powell’s comments may shape bullion’s next near-term move. Gold held broadly steady on Wednesday as investors waited for the Federal Reserve’s latest policy decision and comments from Chair Jerome Powell, with the metal pinned near its lowest level since early April by a stronger dollar, elevated oil prices and stalled diplomacy over Iran. Spot gold was up 0.1% at $4,598.45 an ounce in early trade, after falling to its weakest level since April 2 in the previous session. US gold futures for June delivery were also little changed, rising 0.1% to $4,612.10. The market’s hesitation reflects a difficult balance for bullion. Gold is still benefiting from geopolitical uncertainty , but that support has been offset by a renewed rise in oil prices, which is feeding inflation concerns and weakening the case for any near-term easing from the Fed. As a result, traders have become more cautious about pushing prices higher before hearing how Powell frames the inflation outlook and the economic impact of the Iran conflict. Fed outlook takes centre stage Investors widely expect the Fed to leave interest rates unchanged at the end of its two-day meeting later on Wednesday. That means the emphasis will fall squarely on Powell’s tone and whether he signals any growing concern that higher energy prices could delay rate cuts. Reuters reported this week that central banks were taking centre stage as inflation data tested market expectations for policy easing, with oil-driven price pressure again becoming a key variable. That backdrop matters because gold has increasingly traded less like a pure safe-haven asset and more like an interest-rate-sensitive instrument. If Powell suggests the Fed is prepared to stay on hold for longer, higher Treasury yields and a firmer dollar could put further pressure on bullion. By contrast, any hint that the central bank is willing to look through the latest oil shock could give the metal some relief. Iran conflict and oil keep pressure on inflation The geopolitical backdrop remains tense. Efforts to end the Iran conflict were described as being at an impasse after President Donald Trump signalled dissatisfaction with Tehran’s latest proposal. That has kept oil prices under upward pressure as traders worry about supply disruption and the broader consequences of instability in the Middle East. Reuters reported on Tuesday that oil prices closed up nearly 3% as persistent concern over supply constraints from the closed Strait of Hormuz outweighed other market developments. The World Bank also said energy prices could surge 24% in 2026 to their highest since Russia’s full-scale invasion of Ukraine, even if the most acute disruption from the Middle East conflict fades in May. For gold, that creates a paradox: geopolitical stress supports haven demand, but the associated rise in oil also strengthens inflation expectations and reduces the likelihood of lower interest rates. Near-term tone remains fragile Analysts say that leaves gold vulnerable in the near term. Standard Chartered said this week that the metal looked fragile in the short run, even though structural support from geopolitical tension, tariffs and trade uncertainty should help it regain footing over time. Reuters’ latest poll also suggested the longer-term bull case remains intact, with gold expected to average $4,916 an ounce in 2026 despite the recent setback. For now, however, the market is in wait-and-see mode. Bullion is close enough to recent lows to attract bargain hunters, but not yet supported by a clear enough macro signal to break higher. Until Powell speaks and markets get a cleaner read on the Fed’s reaction to energy-driven inflation, gold is likely to remain trapped between haven demand and rate pressure. Source: https://invezz.com/ie/news/2026/04/29/gold-at-april-lows-will-feds-next-move-spark-a-comeback/

[SMM Stainless Steel Daily Review] Stainless Steel Futures Surged and Spot Prices Remained Firm, Trading Sluggish as Labour Day Holiday Approached On April 29, SMM reported that SS futures fluctuated upward strongly. Driven by the continued strengthening of SHFE nickel, SS futures maintained a strong trend. As of the morning close, the most-traded SS contract was quoted at 15,505 yuan/mt. Spot market side, SS futures continued to fluctuate at highs, boosting stainless steel traders' confidence. Spot offers were generally at relatively high levels, with low-priced resources hard to find. Although the holiday was approaching and rapid price increases made downstream buyers cautious and wait-and-see, with most making just-in-time procurement, trading was slightly sluggish. However, supported by the strong performance of SS futures, spot prices were unlikely to pull back. The most-traded SS contract strengthened and tested higher levels. At 10:15 AM, SS2605 was quoted at 15,475 yuan/mt, up 55 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from -5 to 195 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained flat; for cold-rolled trimmed-edge 304/2B coils, the average price in Wuxi rose 50 yuan/mt and in Foshan rose 125 yuan/mt; cold-rolled 316L/2B coils in Wuxi held steady; for hot-rolled 316L/NO.1 coils, Wuxi offers rose 50 yuan/mt; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. Currently, the stainless steel market was driven higher by the surge in SS futures, with spot offers strengthening in tandem and rising to highs not seen since 2023. However, the short-term price increase was relatively rapid and had limited correlation with changes in stainless steel fundamentals, and end-user acceptance remained limited...

[SMM Steel] Iran has halted exports of flat steel products, including plates and HRC, until May 30, following severe damage to its steel industry from ongoing conflict. Around 10 mln mt of annual capacity (25–30%) has been disrupted, impacting major producers such as Mobarakeh Steel Company and Khuzestan Steel Company. The supply shock is expected to tighten global availability, particularly for semis and flat products, while domestic industries face rising input costs. Although imports may partially stabilize Iran’s market in the short term, full production recovery could take 6–12 months or longer, with broader economic and trade impacts anticipated.

SMM April 28 News: Raw material side, lithium carbonate held up well this week due to supply disruptions from Zimbabwe's latest policy and mine license renewals in Jiangxi, nickel salt prices fluctuated.

【SMM Analysis】Conflict and Shipping Disruptions Impact Mar–Apr 2026 Asian Aluminum Market