Recently, China's EMM market displayed a distinct dual pattern of "strong cost support with loosening at highs," with intensifying industry supply-demand and cost dynamics.

[SMM Stainless Steel Daily Review] Geopolitical Risks Eased, SS Futures Stopped Falling and Rebounded, Stainless Steel Spot Transactions Recovered SMM April 22 reported that SS futures showed a trend of stopping falling and rebounding. The US-Iran conflict cooled down, with the US announcing an indefinite ceasefire and Iran suspending military operations. Influenced by this, non-ferrous futures strengthened, and SS futures rose in tandem. As of the morning session close, the most-traded SS contract was quoted at 14,920 yuan/mt. Spot market side, although SS futures stopped falling today, futures prices had already pulled back from earlier levels. In addition, after stainless steel spot prices surged significantly, downstream acceptance was low and transactions were weak. However, traders held low-priced cargoes from earlier periods and had room to offer concessions, so spot quotes pulled back accordingly, with inquiries and transactions recovering somewhat. The most-traded SS contract stopped falling and strengthened. At 10:15 AM, SS2605 was quoted at 14,885 yuan/mt, down 15 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 35-235 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained flat; for cold-rolled untrimmed 304/2B coils, the average price in Wuxi fell by 50 yuan/mt and in Foshan by 100 yuan/mt; cold-rolled 316L/2B coils in Wuxi held steady; hot-rolled 316L/NO.1 coils were quoted stable in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. The current stainless steel market is in the traditional peak season of "Golden March and Silver April." Driven by futures, spot quotes strengthened somewhat, but cautious wait-and-see sentiment among downstream end-users persisted, with concerns over short-term price fluctuations and purchases yet to materialize...

According to recent SMM on-site surveys, sulphur and sulphuric acid supply in Zambia and the DRC has not experienced significant shortages, and has not yet had a substantive impact on copper and cobalt smelting production in the two regions. Zambia's domestic sulphuric acid supply is self-sufficient, with supply pressure concentrated in the DRC. Currently, raw materials in the DRC can be procured normally, but prices fluctuate at high levels, with the delivery-to-factory price of sulphuric acid ranging from $1,000 to $1,400/mt, reaching a peak of $1,400/mt. Sulphur DAP quotes range from $1,500 to $1,800/mt, and DDP quotes range from $2,300 to $2,500/mt. Dar es Salaam port holds sulphur inventory, mostly held by traders holding back from selling while waiting for higher prices.

[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Order Signing Increased Significantly, Module Prices Rose Slightly] Over the weekend, N-type recharging polysilicon was quoted at 34-36 yuan/kg. Weekend market prices remained temporarily stable. Currently, the market is approaching lows, and frequent meetings are being held, providing some support for prices. However, downstream players are resistant to high-priced resources, and wait-and-see sentiment has re-emerged in the market.

[SMM Stainless Steel Daily Review] Indonesia nickel ore news continues to boost stainless steel futures, which hold up well On April 16, SMM reported that SS futures continued to hold up well. News related to Indonesian nickel ore continued to boost market sentiment, driving SS futures to maintain a fluctuating trend on the strong side. As of the morning close, the most-traded SS contract was quoted at 14,810 yuan/mt. On the spot market front, SS futures largely held firm at elevated levels. Although actual order transactions from downstream end-user clients remained lackluster, with a cautious stance still prevailing toward purchasing high-priced cargoes, some futures-spot arbitrage orders traded actively. Combined with some traders offering discounts on select specifications to facilitate shipments, the market was broadly confident and bullish on the outlook, and stainless steel prices are expected to remain firm in the near term. The most-traded SS futures contract strengthened and moved higher. At 10:15 AM, SS2605 was quoted at 14,798 yuan/mt, down 20 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area ranged from 30-230 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi held steady; for cold-rolled untrimmed 304/2B coil, the average price in Wuxi held steady and the average price in Foshan held steady; cold-rolled 316L/2B coil in the Wuxi area held steady; for hot-rolled 316L/NO.1 coil, Wuxi quotes rose by 100 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. The stainless steel market is currently in the traditional peak season of "Golden March and Silver April." In the short term, macro tailwinds have helped restore confidence, and spot inquiry activity has picked up. However, cautious sentiment among downstream end-users has not dissipated, with purchasing still driven mainly by rigid demand and acceptance of high-priced cargoes remaining...

[SMM Stainless Steel Daily Review] Indonesia Nickel Ore HMP Price Adjustment Drives Stainless Steel Futures and Spot Prices Higher On April 15, SMM reported that SS futures continued their strong upward trend. The market was further influenced by the adjustment of Indonesia's nickel ore HMP benchmark price, with SHFE nickel and stainless steel futures strengthening further. As of the midday close, the most-traded SS contract was quoted at 14,850 yuan/mt. Spot market side, driven by the dual factors of SS futures successively breaking through yearly highs and rising NPI costs following the adjustment of Indonesia's nickel ore HMP benchmark price, cost support for stainless steel strengthened significantly. Market sentiment returned to an actively bullish stance, and intraday quotes were raised. However, against the backdrop of rapidly rising prices, downstream end-users remained cautious. Although inquiries were active intraday and cargo pick-up for earlier orders was solid, actual transactions remained cautious. The most-traded SS futures contract strengthened. At 10:15 AM, SS2605 was quoted at 14,810 yuan/mt, up 220 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 10-210 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi rose by 50 yuan/mt; for cold-rolled untrimmed 304/2B coils, the average price in Wuxi rose by 200 yuan/mt and in Foshan by 100 yuan/mt; cold-rolled 316L/2B coils in Wuxi rose by 200 yuan/mt; hot-rolled 316L/NO.1 coils in Wuxi rose by 150 yuan/mt; cold-rolled 430/2B coils in both Wuxi and Foshan remained stable. The current stainless steel market is in the traditional peak season of "Golden March and Silver April." In the short term, macro...