[SMM Morning Meeting Summary: LME Inventory Increased by 20kt, LME Zinc Came Under Pressure] Overnight, LME zinc opened at $3,277/mt. In early trading, LME zinc briefly rose to a high of $3,293/mt before bulls reduced open interest, sending LME zinc fluctuating downward throughout the session and touching a low of $3,210/mt during the night session. The center then rebounded slightly, and it finally closed down at $3,233/mt, down $46/mt, a decrease of 1.4%, with trading volume increasing to 13,404 lots and open interest falling by 3,868 lots to 214,000 lots.

Recently, the National Development and Reform Commission issued the "Resolution on the Approval of the Hami-Dunhuang Third 750 kV Line Project", officially approving the Hami-Dunhua Third 750kV Line Project in Xinjiang. The implementation of the project is of great significance for improving the main network structure of the northwest power grid, strengthening the interconnection capacity of the power grid in Gansu and Xinjiang, and improving the level of new energy consumption in Xinjiang. According to the previous environmental impact assessment information, the total static investment of the project is 1350.9 million yuan, and it is planned to be completed in March 2027.

Zheng Shanjie, Director of the National Development and Reform Commission (NDRC), noted that the NDRC will work in coordination with the Ministry of Commerce, MIIT, and other relevant departments to roll out a series of policies to expand capacity and improve quality, fully unleashing the enormous potential for high-quality development in the services sector. Looking ahead to the 15th Five-Year Plan period, the scale of the services sector is expected to achieve a new breakthrough, reaching a new level of over 100 trillion yuan. Meanwhile, efforts will continue to advance the BeiDou large-scale application program, with a focus on promoting the vigorous development of the BeiDou industry, striving to push the industry’s scale past the 1 trillion yuan threshold within five years.

The National Development and Reform Commission (NDRC) Price Monitoring Center stated that since September 2025, due to "explosive" growth in demand and a "cliff-like" shortage in capacity, the global memory market gap has widened, with prices for memory chips continuously rising. In the past month or so, the rate of increase has shown an expanding trend, and it is recommended to pay attention to the impact of memory chip prices on downstream prices. Surveys indicate that as of January this year, the prices of the two main products in the memory chip sector, DRAM and NAND flash, have reached their highest levels since 2016 when data became available. Taking mainstream models as an example, the average contract price for DRAM (DDR4 8Gb 1G*8) in January was $11.5, up about 24% from the previous month and approximately 83% higher than in September 2025; the average contract price for NAND flash (128Gb 16G * 8MLC) was $9.5, up around 65% from the previous month and nearly 1.5 times higher than in September 2025.

[SMM Tin Midday Review: Macro Expectations Tug-of-War; the Most-Traded SHFE Tin Contract Fluctuated at Highs Before Dropping Back Slightly]

[National Development and Reform Commission (NDRC): Accelerate the Elimination of Outdated and Inefficient Capacity in Industries Such as Steel] On May 20, the NDRC held a press conference for May. Li Chao, Deputy Director of the Policy Research Office of the NDRC and spokesperson for the Commission, stated that the NDRC, in response to the crux of cut-throat competition issues, has implemented industry-specific measures to address the root causes, resolve structural imbalances in key industries, and promote the healthy development and upgrading of industries. Specifically, firstly, it adheres to innovation-led development, accelerates industrial transformation and upgrading, strengthens the dominant position of enterprises in scientific and technological innovation, supports enterprises in improving product quality and core competitiveness through scientific and technological innovation, increases the supply of high-end capacity and high-quality products, continuously explores diversified markets, and enhances development resilience. Secondly, it strengthens local binding constraints and eliminates local protectionism and market segmentation. Thirdly, it optimizes industrial layout and curbs the expansion of outdated capacity. Fourthly, it strengthens market supervision and takes strong measures to rectify market chaos characterized by poor quality and low prices.

[National Development and Reform Commission: Continuously Enhancing Coal Production and Supply Capability] On March 13, the National Development and Reform Commission (NDRC) released a report on the implementation of the 2024 National Economic and Social Development Plan and the draft 2025 National Economic and Social Development Plan. The report highlighted active exploration of new pathways for the transformation and development of resource-based regions in 2024, along with comprehensive management of coal mining subsidence areas. Special actions for energy conservation and carbon reduction will be implemented in key industries such as steel, refining, synthetic ammonia, cement, aluminum, data centers, and coal power. The comprehensive energy consumption per unit product for crude steel, aluminum, cement clinker, and flat glass is expected to remain at a world-leading level. The construction of the energy production, supply, storage, and marketing system will be steadily advanced. The total primary energy production is expected to reach 4.98 billion mt of standard coal, including crude oil production of 213 million mt and natural gas production of 246.45 billion m³. The annual power generation is projected to reach 10.1 trillion kWh. Advanced coal production capacity will be released in an orderly manner, and coal inventories at nationally regulated power plants will be maintained at over 200 million mt.

On July 9, Li Chunlin, Deputy Director of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that in the next step, they will adhere to the principle of being moderately ahead of schedule without overdoing it, continuously consolidate foundations, leverage advantages, address weaknesses, and strengthen shortcomings, so as to propel the modern infrastructure system to continuously reach higher levels.

The National Development and Reform Commission (NDRC) held a meeting on February 27 to advance the work of deepening the pilot cooperation on investment-loan linkage. Liu Sushe, a member of the Party Leadership Group and Deputy Director of the NDRC, attended the meeting and delivered a speech. Representatives from 12 banks, including the China Development Bank, Agricultural Development Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and China CITIC Bank, participated in the meeting. The meeting emphasized the need to further identify the convergence points between investment policies and financial policies, continuously expand the scope of cooperation, enrich the content of cooperation, and enhance the quality and efficiency of cooperation. Efforts should be intensified to provide financing support for key national projects and facilitate their smooth implementation. Greater importance should be placed on promoting private investment, with continuous improvements in the convenience of financing for private investment projects. All parties involved in the cooperation mechanism must shoulder their responsibilities, strengthen coordination and collaboration, and ensure effective linkage between higher and lower levels. Solid progress in the pilot cooperation on investment-loan linkage should be made to contribute actively to expanding effective investment and promoting high-quality development.

[SMM Steel Market Morning News: National Development and Reform Commission (NDRC): Special Funds Will Continue to Be Allocated in 2025 to Support the Recycling and Processing of Used Household Appliances and Promote the Healthy Development of the Industry] Liu Dechun, Director-General of the Department of Resource Conservation and Environmental Protection of the National Development and Reform Commission (NDRC), stated at the State Council's regular policy briefing that efforts will focus on strengthening the recycling and utilization of waste in key areas. Supporting documents for the management measures of special funds for the treatment of waste electrical and electronic products will be introduced, and special funds will continue to be allocated in 2025 to support the recycling and processing of used household appliances, promoting the healthy development of the industry.