[SMM Silver Market Flash] In May 2025, SMM's domestic silver production increased by 3.81% MoM, primarily due to the resumption of production at smelters in north-west China and east China following maintenance. Looking ahead to June, the supply side of spot silver ingots is expected to see a mix of maintenance and resumption, with production anticipated to remain flat or increase slightly compared to May.

The 2025 SMM (3rd) Wire and Cable Industry Development Conference & Wire and Cable Industry Exhibition has successfully concluded! SMM reported on May 24: Metal Market: Overnight, metals in both domestic and overseas markets generally rose, with only SHFE zinc, SHFE tin, and SHFE nickel in the domestic market falling. SHFE zinc dropped by 0.09%, SHFE tin by 0.1%, and SHFE nickel by 0.26%. The rest of the metals rose, with LME copper and LME lead increasing by over 1%, specifically, LME copper rose by 1.19% and LME lead by 1.22%. The remaining increases were all within 1%. Most ferrous metals series declined, except for stainless steel, which rose by 0.27%. Iron ore fell by 0.76%, HRC by 0.91%. In the coking coal and coke sector, coking coal dropped by 1.59% and coke by 1.32%. In the precious metals sector, as of the overnight close, COMEX gold rose by 1.9%, with a weekly gain of 5.35%, marking its best performance in six weeks. Investors sought refuge in gold amid renewed tariff threats from US President Trump and a weaker US dollar. COMEX silver rose by 1.27%. Domestically, SHFE gold rose by 1.27%, with a weekly gain of 3.76%. SHFE silver rose by 0.62%, with a weekly gain of 1.95%. Independent metal analyst Tai Wong stated, "Trump has been very active in the past 24 hours. He threatened to impose a 50% tariff on the EU starting June 1, while also pressuring Apple and launching an offensive against Harvard University. This has sent the stock market into a slump but has been positive for the gold market." Overnight closing prices as of 8:46 AM on May 24 》Click to view SMM Futures Data Dashboard Macro Front Domestic Aspects: [PBOC and SAFE: Funds raised from overseas listings, share reductions, or transfers should, in principle, be repatriated to China] ① The notice proposes that funds raised from overseas listings, share reductions, or transfers can be repatriated in foreign currency or RMB, and relevant funds can be remitted in and out using capital account settlement accounts. ② The use of raised funds within China and foreign exchange risk management for enterprises have become more flexible and convenient. Listed entities can independently choose foreign exchange risk management channels, conducting spot foreign exchange settlement and sales, as well as hedging transactions through banks or securities firms. [MOFCOM: Online sales of digital products increased by 8.4% from January to April, with smart robots and smart home systems growing by 87.6% and 16%, respectively] The head of the Department of E-commerce at the Ministry of Commerce introduced the development of China's e-commerce sector from January to April 2025. Digital consumption growth accelerated, with online sales of digital products increasing by 8.4% according to MOFCOM big data monitoring. Among them, smart robots and smart home systems grew by 87.6% and 16%, respectively. Trade-in products have seen rapid growth, with online sales of 15 categories of home appliances and digital products increasing by 11.5%. Among them, three expanded categories of digital products, including mobile phones, grew by 18.5%. Service consumption has led the growth, driven by factors such as policy efforts, supply optimization, and holiday economy. The monitored online service consumption increased by 12.1%, with online entertainment and online tourism growing by 31.9% and 25.4%, respectively. US dollar: The overnight US dollar index fell by 0.84% to close at 99.1, touching an intraday low of 99.04, the lowest in nearly three weeks. The US dollar's weekly line fell by 1.84% this week, marking the largest weekly decline since April 11. Earlier, the US once again threatened to escalate trade conflicts, proposing to impose a 50% tariff on the EU starting from June 1, prompting investors to sell off the US dollar. This has once again raised concerns about the impact of tariffs on the world economy and global trade. After Moody's downgraded the US debt rating last week, investors' attention has focused on the US's $36 trillion debt and the tax cut bill, which could increase the US debt by several trillion dollars. The bill narrowly passed in the Republican-controlled US House of Representatives and is now submitted to the Senate, where senators may engage in weeks of debate, keeping investor sentiment fragile in the short term. Other currencies: In afternoon trading, the US dollar fell by 1% against the safe-haven Japanese yen to 142.48 yen, after earlier hitting a two-week low. The US dollar fell by 2.2% against the yen this week, on track for its largest weekly decline since April 7. Meanwhile, the yen received a boost. Earlier, Japan announced that its core annual inflation rate in April hit the highest in more than two years, increasing the likelihood of another interest rate hike before the end of the year. This data highlights the dilemma faced by the Bank of Japan, which must address price pressures from rising food prices and economic headwinds from Trump's tariffs. The euro rose by 0.8% against the US dollar to $1.1363. Earlier, the euro touched a two-week high against the US dollar and is on track for its largest weekly gain in six weeks. The British pound rose by 0.9% against the US dollar to $1.3533, after earlier climbing to its highest in more than three years. This week, the pound rose by 1%, marking its largest weekly gain in five weeks. Data: Next week, in China, the year-on-year profit data for industrial enterprises above designated size in April (single month) will be released. In the US, data such as initial jobless claims for the week ending May 24, the preliminary monthly rate of durable goods orders in April, the Conference Board Consumer Confidence Index for May, the revised annualized quarterly rate of real GDP for Q1, the revised annualized quarterly rate of core PCE price index for Q1, the revised annualized quarterly rate of consumer spending for Q1, the revised seasonally adjusted quarterly rate of the implicit GDP deflator for Q1, the monthly rate of the seasonally adjusted pending home sales index for April, the monthly rate of personal spending for April, the annual rate of the PCE price index for April, the annual rate of the core PCE price index for April, the preliminary monthly rate of wholesale inventories for April, the final value of the University of Michigan Consumer Sentiment Index for May, and the Chicago PMI for May will be released. In the Eurozone, data such as the final value of the consumer confidence index for May, the industrial and economic sentiment indices for May, and the annual rate of seasonally adjusted M3 money supply for April will be released. In Germany, data such as the Gfk consumer confidence index for June, the seasonally adjusted unemployment rate for May, the change in the seasonally adjusted number of unemployed persons for May, the annual rate of actual retail sales for April, the monthly rate of actual retail sales for April, and the preliminary annual rate of CPI for May will be released. In Canada, data such as the annualized quarterly rate of GDP for Q1, the seasonally adjusted quarterly rate of GDP for Q1, and the annual rate of seasonally adjusted GDP for March will be released. In addition, the CBI retail sales balance for May in the UK, the ANZ consumer confidence index for the week ending May 25 in Australia, the official cash rate decision for May 28 in New Zealand, the final value of the annual GDP rate for Q1 in France, the official reserve assets for April in Switzerland, the annual rate of Tokyo CPI for May in Japan, and the unemployment rate for April in Japan will all be released. Additionally, the US Fed released the minutes of its May monetary policy meeting. Fed Chairman Powell will deliver a commencement speech at Princeton University's graduation ceremony. European Central Bank President Lagarde will speak at the Hertie School in Berlin. FOMC permanent voter and New York Fed President Williams will participate in a panel discussion at the Bank of Japan Institute for Monetary and Economic Studies conference. The Reserve Bank of New Zealand will announce its interest rate decision and monetary policy statement, and Reserve Bank of New Zealand Governor Orr will hold a monetary policy press conference. On May 30, the Taiwan Stock Exchange in China was closed for the day due to the Dragon Boat Festival holiday. The Shanghai Gold Exchange, SHFE, Zhengzhou Commodity Exchange, and DCE did not have night session trading on the eve of the Dragon Boat Festival. Crude Oil: As of the overnight close, oil prices in both markets rose together, each gaining 0.92%. International oil prices increased as US buyers covered positions ahead of the three-day Memorial Day long weekend, while concerns about Iran's supply outlook also lingered. The Memorial Day weekend marks the start of the US summer driving season, which is also the period of highest demand for automotive fuels. Next Monday (May 26) is Memorial Day in the US, and US financial markets will be closed. According to Xinhua News Agency, the US and Iran held their fifth round of indirect talks in Rome, the capital of Italy, on the 23rd. The Omani side, which chaired the talks, said that some progress had been made, but no decisive results had been achieved. Flynn said that if the talks failed to reach an agreement, traders were concerned that crude oil supplies might be affected. OPEC, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies, will hold a meeting next week and is expected to increase production by another 411,000 barrels per day in July. Media reports this month indicated that the group might lift the remaining portion of its voluntary production cut plan of 2.2 million barrels per day by the end of October, after having already raised its daily production targets for April, May, and June by about 1 million barrels. US energy services company Baker Hughes said in its closely watched report on Friday that the number of oil and natural gas rigs operated by US energy companies fell for the fourth consecutive week this week to the lowest level since November 2021. (Comprehensive report from Wenhua)

》Check SMM aluminum product quotes, data, and market analysis 》Subscribe to view historical spot prices of SMM metals SMM News on May 22: Domestic Bauxite Market: This week, the domestic bauxite market remained relatively calm, with stable operations prevailing. As of today, in Shanxi, the transaction price for bauxite with an Al/Si ratio of 5.0 and 60% alumina content, excluding VAT, for self pick-up at the crushing plant, was approximately 580-620 yuan/mt. In Henan, the transaction price for bauxite with the same Al/Si ratio and alumina content, excluding VAT, for self pick-up at the crushing plant, was around 550-590 yuan/mt. In Guizhou, the transaction price for bauxite with an Al/Si ratio of 5.5 and 58% alumina content, excluding VAT, for self pick-up at the crushing plant, was 410-450 yuan/mt. In Guangxi, the transaction price for bauxite with an Al/Si ratio of 6.0 and 53% alumina content, excluding VAT, for self pick-up at the crushing plant, was 320-335 yuan/mt. Imported Bauxite Market: According to data from May 16, the total weekly bauxite arrivals at domestic ports were 3.7844 million mt, a decrease of 440,300 mt from the previous week. The total weekly bauxite port departures from main ports in Guinea were 3.5938 million mt, a decrease of 35,400 mt from the previous week. The total weekly bauxite port departures from main ports in Australia were 971,900 mt, an increase of 119,000 mt from the previous week. Price Trends: Recently, the Guinea bauxite market has experienced significant fluctuations. Unexpected events have impacted the supply outlook for bauxite, causing bauxite prices to stop falling and begin to rebound. The specific timeline is as follows: On May 14 (Guinea time), the Guinean authorities ordered the revocation of industrial and semi-industrial mining licenses for over 40 mining companies, including "Axis Minérales." On May 16 (Beijing time), it was learned that the mining rights involved some projects that were actively mining and exporting bauxite. Relevant projects received notices to suspend production, involving significant capacity, which raised market concerns about the supply of bauxite raw materials. On May 17 (Guinea time), the Guinean Minister of Mines and Geology issued an order revoking licenses for over 100 additional mining companies, but this did not significantly impact other active bauxite enterprises. On May 19 (Beijing time), some companies that received suspension notices declared force majeure to shipping companies. On the evening of May 20 (Guinea time), in an order read on Guinean national television, the transitional authorities decided to classify several mining concessions as strategic reserve zones, including concessions, industrial and semi-industrial mining licenses, as well as exploration licenses for bauxite, iron, gold, diamonds, and graphite. "In accordance with the provisions of Decree No. D/2025-065/PRG-CNRD-SGG dated May 9, 2025, Decree No. D/2025-066/PRG-CNRD-SGG dated May 9, 2025, and Article 2 of Decree No. D/2025-067/PRG-CNRD-SGG dated May 14, 2025, the industrial and semi-industrial mining concessions and licenses for bauxite, iron, gold, diamonds, and graphite are revoked. In accordance with Article 5 of the Mining Code, the relevant concessions and licenses are now placed in strategic reserve zones."The decree states that the exploration licenses for bauxite, iron, gold, diamonds, base metals, gemstones, black sand, and manganese, which were revoked under Order A/2025-480/MMG-SGG dated May 16, 2025, are also classified as strategic reserve areas under Article 5 of the Mining Law. This incident has sparked market concerns over the supply of bauxite raw materials, with low-priced offers disappearing from the market and a small number of offers hovering around $75/mt. On Thursday, it was inquired that the transaction price of Guinea bauxite had risen to around $74/mt, driving up the SMM imported bauxite prices in succession. As of Thursday this week, the SMM imported bauxite index was reported at $72.14/mt, up $1.73/mt from last Thursday; the Guinea bauxite price was reported at $72/mt, up $72/mt from last Thursday. SMM Commentary: Due to the impact of the Guinea bauxite incident, Guinea bauxite prices have stopped falling and rebounded. In the short term, sellers are holding firm on their quotes, and prices are expected to maintain a slight upward trend. Continuous attention should be paid to the development of the Guinea incident for subsequent price changes. 》Click to view the SMM Aluminum Industry Chain Database

SMM April 25 News: In the metal market: As of the midday close, base metals in the domestic market rose across the board, with SHFE copper up 0.26%. SHFE tin rose 1.14%, and SHFE nickel increased 0.12%. SHFE aluminum rose 0.4%, SHFE lead increased 0.77%, and SHFE zinc climbed 1.31%. In addition, alumina rose 0.28%. Lithium carbonate increased 0.2%, silicon metal rose 0.62%, and polysilicon gained 0.17%. Ferrous metals series generally rose, with iron ore down 0.62%, rebar up 0.29%, HRC up 0.37%, and stainless steel down 0.24%. For coking coal and coke, coking coal rose 1.78%, and coke increased 0.19%. In the overseas metal market, as of 11:45, base metals in the overseas market all rose. LME tin increased 0.27%. LME nickel rose 0.25%. LME lead increased 0.13%, LME copper rose 0.51%, LME aluminum climbed 0.63%, and LME zinc gained 0.41%. In the precious metals sector, as of 11:45, COMEX gold rose 0.22%, while COMEX silver remained flat at $33.825/oz. Domestically, SHFE gold rose 1.22%, and SHFE silver increased 0.39%. As of the midday close, the most-traded contract for European container shipping fell 0.43% to 1,400.1 points. As of 11:45 on April 25, some futures midday market conditions: 》April 25 SMM Metal Spot Prices Spot and Fundamentals Copper: Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were reported at a premium of 180-230 yuan/mt, with an average premium of 205 yuan/mt, down 20 yuan/mt from the previous trading day. SX-EW copper was reported at a premium of 120-140 yuan/mt, with an average premium of 130 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,135 yuan/mt, down 35 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,060 yuan/mt, down 35 yuan/mt from the previous trading day. Spot market: Guangdong inventory has declined for 17 consecutive days, mainly due to increased cargo pick-up by downstream users. Although inventory continues to decline and copper prices remain relatively stable, some suppliers are eager to sell and have actively lowered premiums to cash out... 》Click for details Macro Front Domestic: 【Pan Gongsheng: Implement a Moderately Loose Monetary Policy to Promote High-Quality Development of China's Economy】 According to the central bank's official website, the second G20 Finance Ministers and Central Bank Governors Meeting of 2025 was held in Washington, D.C., on April 23-24. The meeting discussed the global economic outlook, improving the international financial architecture, and addressing development and growth challenges in Africa. Pan Gongsheng, Governor of the People's Bank of China, attended the meeting and delivered a speech, while Deputy Governor Xuan Changneng also participated. Participants noted that the global economy continues to recover, but downside risks have significantly increased, with trade tensions, tightening financing conditions, and long-term structural challenges intertwined. Concerns were raised about the negative impact of escalating trade frictions, and calls were made to strengthen dialogue and policy coordination, improve the multilateral trading system, and seek solutions that benefit all parties. Participants supported building a more stable, efficient, and resilient international financial architecture, enhancing the financing capacity of multilateral development banks, and continuing to provide development financing. Pan Gongsheng emphasized that economic fragmentation and trade tensions continue to disrupt industrial and supply chains, weakening global growth momentum. Trade wars and tariff wars have no winners, and major economies should strengthen their participation in international macroeconomic and financial policy coordination, take substantive actions to promote international cooperation, and maintain global economic and financial stability. The Chinese economy has started the year on a positive note, maintaining a recovery trend, with stable financial market operations. The People's Bank of China will implement a moderately loose monetary policy to promote high-quality development of China's economy. 【Central Bank Conducts Net Withdrawal of 91 Billion Yuan in Open Market Operations】 The central bank conducted 159.5 billion yuan in 7-day reverse repo operations today, with the operation rate unchanged at 1.50%. As 250.5 billion yuan in 7-day reverse repos matured today, a net withdrawal of 91 billion yuan was achieved. 【Shanghai Vice Mayor Xie Dong: Shanghai is Committed to Building a Global Investment Safe Haven】 At the opening ceremony of the Shanghai Forum 2025, Shanghai Vice Mayor Xie Dong stated in her speech that, looking to the future, Shanghai will continue to follow the path of openness and play the innovation card, committed to building a global investment safe haven. Shanghai will create a more stable, transparent, and predictable environment for foreign enterprises to develop in the city, working with global enterprises and talent to promote stable economic growth. Xie Dong also stated that Shanghai will focus on building a new highland for technological innovation, opening its arms to welcome technology companies, international talent, and various factors to gather in Shanghai, driving continuous innovation in scientific and technological achievements. Shanghai will focus on building a bridgehead for cooperation and exchange, continuing to strengthen the construction of high-level international cooperation and exchange platforms such as the Shanghai Forum, actively participating in global governance innovation, and striving to build consensus, enhance understanding, and solve problems. ► On April 25, the central parity rate of the RMB in the interbank foreign exchange market was 7.2066 yuan per US dollar. US Dollar: As of 11:45, the US dollar index rose 0.45% to 99.74. Cleveland Fed President Hammack stated on Thursday that she believes policymakers need patience in assessing how tariffs will affect inflation and economic growth, rather than acting preemptively. This was her first broadcast interview since taking office in August 2024, and she noted that current uncertainty is high, without committing to specific actions on interest rate policy. Hammack does not have a vote on the Federal Open Market Committee (FOMC) this year but will vote in 2026. According to data from the CME Group, the market strongly expects the US Fed to keep rates unchanged at the May 6-7 meeting, then resume rate cuts in June, with a total of three to four cuts possible by year-end. Other Currencies: Latest data shows that Tokyo's core consumer price index (CPI) rose 3.4% YoY in April, far exceeding market expectations of 3.2% and marking the second consecutive month of acceleration. This jump in inflation data is mainly due to government subsidy cuts and widespread food price increases, once again putting the Bank of Japan in a policy dilemma in the face of external risks from US tariff hikes. The market generally expects the Bank of Japan to keep current rates unchanged at the end-of-April meeting, but persistently high inflation pressure may prompt it to take further rate hikes earlier. (Huitong Finance) Data: Today, the UK's seasonally adjusted retail sales MoM for March, the UK's seasonally adjusted core retail sales MoM for March, Canada's retail sales MoM for February, Canada's core retail sales MoM for February, and the final value of the University of Michigan Consumer Sentiment Index for April will be released. Additionally, it is worth noting that Swiss National Bank President Schlegel will deliver a speech; global financial leaders will attend the IMF-World Bank Spring Meetings, until April 26. Crude Oil: As of 11:45, crude oil futures rose, with US crude up 0.51% and Brent crude up 0.5%. Weekly losses are expected due to potential increases in global supply, though US tariff signals have limited demand prospects. The market is focused on Iran's supply outlook, as the country is the third-largest oil producer in OPEC, after Saudi Arabia and Iraq. However, global trade tensions continue to cloud demand prospects. (Webstock Inc.) Spot Market Overview: ► Some Suppliers Eager to Cash Out, Actively Lower Prices, Spot Premiums Decline [SMM South China Copper Spot] ► [SMM Ferrous Party] "Golden March, Silver April" Expectations Fall Short, Can Steel Prices Rebound in May? ► [SMM Analysis] Pre-Labour Day Stockpiling Begins, Pushing Iron Ore Prices to Continue Rising Other metal spot midday reviews will be updated later, please refresh to view~

SMM Midday Review: US Dollar Declines for Two Consecutive Days, Metals Mostly Fall, SHFE Tin Drops Nearly 5%, Coking Coal and Coke, SHFE Zinc, SHFE Aluminum, and SHFE Copper Lead Declines. Domestic market base metals all fell, with SHFE copper down 2.03%, SHFE tin down 4.95%, SHFE aluminum down 2.2%, lithium carbonate down 1.56%, and silicon metal down 0.78%. Ferrous metals series all fell, with iron ore down 2.68%, coking coal down 3.82%, and coke down 3.05%. As of 11:40, overseas market base metals nearly all fell, with LME tin down 2%. COMEX gold rose 1.08%. The most-traded contract for European container shipping fell 9.52%.

[SMM Indonesia Nickel Ore Market Daily Review] Recently, the mainstream premium on Sulawesi Island remained at $19-20. This week, Indonesia's ESDM announced the second phase of the March 2025 reference price for metallic minerals (HMA), with the nickel HMA price calculated as "the average of LME spot settlement prices from the 19th of the month prior to the HPM cycle to the 9th of the current month," set at $15,534.62/mt, up $258/mt from the first phase of March HMA, an increase of 1.69% MoM, which may lead to a slight rise in Indonesia nickel ore CIF prices. Supply and demand side, this year, the rainy season in the main mining area of Sulawesi Island has not yet ended, with the prolonged rainy season exerting certain pressure on mine shipments, while downstream smelters still maintain rigid demand, keeping the nickel ore supply relatively tight. SMM expects nickel ore prices to rise slightly this week.