[SMM Chrome Daily Review: Ferrochrome Market Temporarily Stable, Chrome Ore Prices Unchanged] April 8, 2026: The ferrochrome and chrome ore markets saw limited fluctuations...

[SMM Coking Coal and Coke Daily Brief] In terms of supply, coking costs declined slightly recently, coke producers' profitability recovered somewhat, production remained relatively stable, and coke producers' shipments were smooth, with coke inventory showing a downward trend. On the demand side, finished steel market sales improved, steel mill profits increased, and coupled with the steady rise in daily average hot metal production at steel mills, rigid demand for coke strengthened. In summary, the fundamental landscape remained in a tight balance, and the coke market may hold up well and be generally stable with slight rise in the short term.

[SMM Stainless Steel Daily Review] US-Iran Ceasefire Boosted SS Futures Higher, Stainless Steel Spot Market Showed Signs of Warming On April 8, SMM reported that SS futures showed a strengthening and upward-probing trend. Influenced by the US-Iran ceasefire agreement, non-ferrous metal futures generally opened higher in the morning session, with SS futures rising in tandem, closing at 14,325 yuan/mt by the midday session. Spot market side, driven by the news, the strengthening of SS futures lifted spot market activity, with inquiry enthusiasm increasing notably. Although downstream buyers had not yet accepted higher offers, traders' quotes had already edged up. The most-traded SS futures contract strengthened and probed higher. At 10:15 AM, SS2605 was quoted at 14,265 yuan/mt, up 65 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area ranged from 155-355 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 remained flat and in Foshan held steady; cold-rolled 316L/2B coils in Wuxi remained flat; hot-rolled 316L/NO.1 coils were quoted flat in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. The stainless steel market is currently in the traditional peak consumption season of "Golden March and Silver April." Downstream demand fundamentals recovered compared with the earlier period, with end-user procurement continuing at a just-in-time pace, and overall trading volume was sufficient to hold quotes firm. However, affected by macro news disturbances and futures fluctuations, downstream end-user clients still maintained a wait-and-see sentiment, showing no willingness to stockpile, and transactions fluctuated with changes in news. Futures side, the Iranian geopolitical conflict...

As of April 8, total construction material inventory in Xi'an stood at 552,500 mt, down 12,500 mt WoW, a decline of 2.21%, with a YoY decline of 14.26%.

[SMM Chrome Daily Review: Market Operated Steadily after the Holiday, Demand Remained Subdued and Transactions Were Slightly Mediocre] April 7, 2026: The ferrochrome and chrome ore market saw limited fluctuations...

[Ceasefire Unlikely to Resolve Supply Weakness; Aluminum Prices Retain Strong Support at High Levels] Overall, the two-week ceasefire news was unable to reverse the firm pattern underpinned by substantive supply damage and low inventory. Expectations of tangible supply contraction triggered by attacks on Middle Eastern aluminum smelters, combined with low global inventory and the recovery of peak-season demand in China, will provide strong upward momentum for aluminum prices. In the near term, aluminum prices are expected to hold up well.

Futures: Overnight, LME lead opened at $1,930.5/mt. During the Asian session, prices briefly fluctuated upward before pulling back under pressure, dipping to around $1,924.5/mt, then rebounded slightly before turning to fluctuate downward again; during the European session, lead prices fluctuated higher, touching an intraday high of $1,948.5/mt before dropping sharply, and in the late session lead prices gradually recovered to repair the losses, ultimately closing at $1,939/mt, up $4.5/mt, a gain of 0.23%. Overnight, the most-traded SHFE lead 2605 contract opened at a low of 16,715 yuan/mt, surged quickly at the start of the session, then pulled back under pressure, moved sideways briefly in the 16,730-16,760 yuan/mt range before trending higher, touching a high of 16,785 yuan/mt, dipped slightly near the close, and ultimately settled at 16,755 yuan/mt, posting a small bullish candlestick, up 25 yuan/mt, a gain of 0.15%. On the macro front: 1. Trump agreed to suspend bombing and strikes on Iran for two weeks. 2. Trump: Iran's 10-point proposal is a viable plan that can be used for negotiations. 3. Iranian media: The situation on Kharg Island has been brought under control. 4. Survey: OPEC oil production in March saw the largest decline in decades. 5. PBOC increased gold holdings for the 17th consecutive month. 6. The National Services Industry Conference is about to convene, with measures to expand and improve the services sector set to be rolled out. Spot fundamentals: SHFE lead pulled back relatively after surging higher. Returning from the holiday, suppliers were mostly active in shipments, with some lowering quoted premiums, especially for cargoes self-picked up from primary lead smelter production sites. Mainstream production areas quoted at premiums of -25~+25 yuan/mt against SMM #1 lead, ex-works. Secondary lead side, smelters quoted in line with the market, with secondary refined lead quoted at premiums of -50~0 yuan/mt against SMM #1 lead average price, ex-works. However, circulating spot cargoes in the market were ample, and coupled with elevated lead prices, downstream enterprises had strong wait-and-see sentiment, with minimal restocking after the holiday. Inventory side, as of April 7, LME lead inventory decreased by 225 mt to 281,425 mt; SMM five-region lead ingot social inventory rebounded slightly. Lead price forecast for today: Supply side, China's five-region lead ingot social inventory saw slight inventory buildup due to the Qingming Festival holiday; secondary lead enterprises accelerated resumption of production after the holiday with capacity continuing to release, and combined with imported lead inflows, circulating spot cargoes in the market were ample. Demand side, suppressed by elevated lead prices, downstream enterprises had strong wait-and-see sentiment, with subdued willingness to restock after the holiday. Resistance above SHFE lead is prominent, and lead prices are expected to maintain a fluctuating trend.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Spot silicon metal prices trended weaker yesterday. SMM east China oxygen-blown #553 silicon was at 8,900-9,100 yuan/mt, down 100 yuan/mt from the previous day. #441 silicon was at 9,200-9,300 yuan/mt, down 100 yuan/mt from the previous day. The SI2605 contract closed at 8,260 yuan/mt yesterday. The decline in silicon prices stimulated the release of some rigid demand orders from downstream buyers and traders. With weak supply and demand, silicon prices consolidated at lows. Polysilicon: N-type recharging polysilicon was quoted at 34.5-37.5 yuan/kg. Polysilicon prices continued to decline recently, and bearish sentiment persisted in the market. Some individual transactions below current mainstream transaction prices emerged. Polysilicon inventory pressure remained significant, exerting pressure on future prices.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2605 contract opened higher with a gap at 23,920 yuan/mt. At the beginning of the session, SHFE zinc briefly touched a high of 23,970 yuan/mt before futures pulled back under pressure, hitting a low of 23,725 yuan/mt during the session. Towards the close, it rebounded slightly to maintain a fluctuating trend, ultimately closing up at 23,820 yuan/mt, up 90 yuan/mt or 0.38%. Trading volume increased to 53,312 lots, and open interest increased by 337 lots to 78,650 lots.

[SMM Morning Meeting Minutes: Strong Wait-and-See Sentiment in the Market, LME Zinc Center Moves Higher] Overnight, LME zinc recorded a bullish candlestick, with the upper Bollinger Bands rail exerting pressure from above and the 10/20-day moving averages providing support from below. The market adopted a wait-and-see attitude ahead of the deadline set by the US, the US dollar index declined, and the LME zinc center rose. Attention is on the upcoming US-Iran negotiations.