This week, the copper scrap market operated under the interweaving influences of fluctuating copper prices, the approaching Dragon Boat Festival holiday, and ongoing compliance inspections on "reverse invoicing," presenting structural characteristics of "regional divergence in supply, essential demand-driven procurement, and transactions driven by invoices rather than prices

[SMM Analysis: LME Copper Prices Fluctuate at Highs; Procurement Slows Across China, Japan, and South Korea Amid Flat Market Turnover]This week, LME copper prices fluctuated at high levels. Quotations for bare bright copper held high at 98.5%–99% payability. In contrast, offers for No. 2 ccopper material scrap(Birch/Cliff) showed distinct divergence. However the global recycled raw material market currently exhibits a gridlock defined by "weak supply and demand."

On June 17th, Shenhuo Coal & Power Co., Ltd. released its investor relations activity record. Regarding the coal sector, the company has an annual production capacity of 7.95 million tons, with an estimated annual output of 6.95 million tons, mainly anthracite and lean coal, with a clean coal rate of approximately 75%, and prices fluctuating with market conditions. Since the beginning of this year, coal prices have generally stabilized and rebounded, leading to improved profitability in the coal sector. In the aluminum processing sector, the company currently has an aluminum foil production capacity of 140,000 tons/year and an aluminum foil billet production capacity of 265,000 tons/year. The 50,000-ton/year new energy battery aluminum foil project in Shangqiu is currently progressing smoothly.

This week, ferrous metals edged higher before extending their pullback, with coking coal posting the largest decline. At the beginning of the week, the National Development and Reform Commission (NDRC) and other departments issued a notice on launching a three-year campaign for energy conservation and carbon reduction in key industries, and news that the U.S. and Iran were to sign a memorandum of understanding on the 19th improved market sentiment, lifting all ferrous metals. In the latter half of the week, expectations for an eighth round of coke price hikes materialized in the futures market. However, as steel mill profits narrowed further and spot coke had largely priced in the eighth increase, further upside room was limited. Combined with emerging expectations of peak hot metal output, futures began to correct and cost support weakened. Meanwhile, May macro data came in below expectations, dragging the entire ferrous metals complex lower...

[Silicon metal futures fluctuate narrowly, spot market largely stable]: Downstream and trader procurement sentiment is cautious, with some users digesting previous low-price inventories. Clients outside China have purchase price expectations lower than current prices, and sentiment for new orders in the market is sluggish. Some users expect to purchase via futures point pricing at around 8,400-8,500 yuan/mt. On the supply side, the increase in operating rates of silicon enterprises in Sichuan and Yunnan during the rainy season is already within expectations, with few new variables in the market. As variables on both supply and demand sides are highly deterministic in the short term, market sentiment in the buyer-seller tug-of-war appears rational. The silicon metal price center is expected to remain near the low end of the range in the near term.

SMM Weekly Stainless Steel Futures Review — week of June 15–18, 2026. A mid-week hawkish Fed turn capped an early rally, but supply tightening and firm mill pricing lifted the SHFE board RMB 355/mt on the week of June 15–19.

Guangdong is a core cluster for China's wire and cable industry, with complete upstream and downstream support, prominent regional advantages, and market reach covering South China, Hong Kong, Macau, and Southeast Asia. The industry is now undergoing transformation. Overseas infrastructure and new energy markets are favorable for enterprises going global, but fluctuations in copper and aluminum raw material prices, capacity homogenization, and market involution continue to squeeze profits. Intelligent and digital transformation has become an urgent necessity for breaking through the industry deadlock. will be held on July 14-15, 2026 at Wyndham Hotel, Guangzhou Design Capital, Guangdong . SMM , together with Baotou Zhenxiong Copper Co., Ltd. , invites you to attend. The conference will leverage data from the entire industry chain and resources in and outside China, focusing on market assessment, transformation and upgrading, supply-demand matching, and empowering go-global strategies, helping local enterprises improve quality and expand markets, and promoting high-quality international development of the regional wire and cable industry. Click , and we look forward to meeting you at the conference. Shanghai Cun'an Industrial Co., Ltd. is located in the Shanghai Nonferrous Metals Trading Center, specializing in commodity trading and supply chain services mainly for nonferrous metals. It is one of the earliest enterprises in China to practice the integration of futures and spot. Starting as a startup, it has grown into an industry benchmark with annual sales exceeding 100 billion yuan and serving over 2,000 manufacturing enterprises, forging a high-quality development path with its own characteristics, and is recognized by the Shanghai municipal government as a top-tier player. Corporate Competitiveness Research-driven and Continuous Innovation The company's market share of copper cathode/aluminum trading volume has consistently held a leading position in the industry. In 2025, annual sales of copper cathode reached 2.3 million mt, and including other products (copper rod, aluminum rod, aluminum ingot, zinc ingot, nickel, silver, tin, lead, lithium carbonate, etc.), total sales reached 4 million mt. Having deeply cultivated the industry for 30 years, the company is annually recognized by professional industry platforms such as "SMM" as a "price submitter," "quality supplier," and other honors. Professional Team, Flexible Models When Shanghai Cun'an was first established, its core team had already experienced multiple market cycles in the commodity sector. Facing industry changes brought by the internet, the company made two important strategic decisions: first, to stick to its core business in nonferrous metals and extend deeply into supply chain services; second, to respond to the Belt and Road Initiative and steadily expand into the African market. Currently, the company has nearly 30 projects underway in Africa, with over 3,000 Chinese and foreign employees, building momentum for international market expansion. Solid Channels, Service First Guided by the national plan to accelerate the development of new-type international trade, the company has established subsidiaries in the Lin-gang Special Area of Shanghai, Singapore, and Hong Kong, actively deploying cross-border finance and trade businesses. Aligning with the Belt and Road Initiative, the company has invested in Africa, where its industries now span various sectors across the continent, including manufacturing of production entities, agriculture, warehousing and logistics, ore and recycled metals, among others. Corporate Vision The vigorous development of the bulk commodity industry is both the aspiration and mission of Cun’an. Cun’an is willing to join hands with its peers, working together to build a more honest, standardized, and efficient non-ferrous metal trade circle, jointly promoting the effective allocation of commodity resources in the real economy environment, and striving to enhance the competitiveness and industry discourse power of China’s non-ferrous metal industry. Contact Information Business Director: Xiong Li 138 1660 9892 Business Manager: Xiong Xicheng 130 4415 6111 SMM Conference Contact Chen Bo 183 7089 1981 chenbo@smm.cn

As the mid-year period approaches, manufacturers are generally reluctant to build additional inventories and are instead consuming existing raw material stocks.

[SMM Silicone Weekly Review: DMC Transaction Center Shifts Down Again amid Stalemate in Tug-of-War Between Upstream and Downstream] This week, the supply-demand stalemate in China’s silicone DMC market intensified, and prices again appeared stable on the surface but declined in reality, with mainstream transaction prices at 14,000-14,300 yuan/mt, averaging 14,150 yuan/mt.

[SMM Coking Coal and Coke Daily Review] In news, some steel mills in certain regions have accepted the eighth round of coke price increases, with wet-quenched coke up by 50 yuan/mt and coke dry quenching up by 55 yuan/mt, effective June 22. Supply side, affected by the ongoing stringent safety inspections in Shanxi, coking coal supply remains tight, and the coking coal price increase has consistently outpaced the coke price increase; most coke producers are still incurring losses, and to reduce losses, these producers are voluntarily intensifying production restrictions, leading to a short-term decline in coke supply. Demand side, steel mill operating rates currently remain high, and due to the tight coke supply, their coke inventory replenishment has fallen short of expectations, leaving them with continued restocking demand for coke.