The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 08 Jun , 2026

[SMM Stainless Steel Daily Review] Bullish and Bearish News Alternately Drive SS to Retreat After Rapid Rise; Stainless Steel Spot Prices Stay Stable, Transactions Mediocre SMM, June 8: SS futures showed an advance-then-decline trend. In the morning, due to an earthquake in the Philippines, the market feared that nickel ore supply would be impacted, driving SHFE nickel and SS futures higher together. However, in the afternoon, news emerged from Indonesia that nickel ore quotas were expected to be relaxed, causing SS futures to decline once again. As of the close, the most-traded SS contract was quoted at 14,665 yuan/mt. On the spot market, although SS futures showed strength in the morning, some stainless steel spot offers edged up, but market acceptance of higher prices was limited, and transactions were mediocre. The most-traded SS futures contract pulled back. At 10:15 a.m., SS2607 was quoted at 14,725 yuan/mt, up 90 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 345-945 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was flat; for cold-rolled raw edge 304/2B coil, average prices in Wuxi and Foshan were both flat; cold-rolled 316L/2B coil in Wuxi was flat; hot-rolled 316L/NO.1 coil offers in Wuxi held steady; and cold-rolled 430/2B coil in both Wuxi and Foshan remained stable. Stainless steel futures and spot markets experienced heightened volatility. Futures, swayed by overseas macro news, rose first and then fell, fully revealing the off-season character of the market. The industry's outlook for the near-term market is ambiguous, wait-and-see sentiment is strong, transactions see sporadic recovery but lack sustainability, traders are under rising shipment pressure, and many are boosting sales by offering price concessions. Overall, macro...

[SMM Zinc Morning Comment] Last Friday, the most-traded SHFE zinc 2607 contract opened at 24,815 yuan/mt. In early trading, SHFE zinc surged to a high of 24,870 yuan/mt, before bulls took profits and prices pulled back. Towards the close, it dipped to a low of 24,640 yuan/mt, finally closing up at 24,695 yuan/mt, down 85 yuan/mt or 0.34%. Trading volume decreased to 59,844 lots, and open interest fell by 748 lots to 96,892 lots.

[SMM Morning Meeting Summary: Expectations for US Fed Rate Hikes Increase Significantly, LME Zinc Under Pressure]: Last Friday, LME zinc opened at $3,594/mt. In early trading, with bulls and bears intertwined, the center of LME zinc edged lower, fluctuating around $3,570/mt. The center then rebounded, and during the night session, LME zinc surged to a high of $3,602/mt. Subsequently, bears added a large number of positions, and at the end of the session, LME zinc dipped to a low of $3,522.5/mt, finally closing down at $3,540/mt, down $54.5/mt, a decline of 1.52%. Trading volume increased to 11,703 lots, and open interest increased by 3,251 lots to 234,000 lots.

In accordance with the provisions and requirements of the Guiding Opinions of the General Office of the State Council on Creating a Favorable Market Environment to Promote Structural Adjustment, Transformation, and Efficiency Improvement in the Nonferrous Metals Industry (Guobanfa [2016] No. 42), the Notice of the Ministry of Industry and Information Technology on Matters Related to Capacity Replacement through Mergers and Restructuring for Aluminum Enterprises (MIIT Yuan [2018] No. 12), and other relevant documents, the capacity replacement plan for the 115,000 mt aluminum energy conservation, carbon reduction, emission reduction upgrading and renovation project of Guangyuan Hongchangsheng Aluminum Co., Ltd. is hereby publicized. The publicity period is from June 2 to June 16, 2026. Supervision by the public is welcome. If there are any objections to the content publicized, please report them to the Department of Economy and Information Technology during the publicity period.

This week, nickel prices exhibited an accelerating decline, with macro bearish factors serving as the core driver for the pullback in prices. At the start of the week, the most-traded SHFE nickel contract held above 144,000 yuan/mt in volatile trading. However, as US economic data continued to beat expectations, market expectations for a US Fed rate hike this year heated up, the US dollar index rebounded, and the nonferrous metals sector generally came under pressure. During the week, the most-traded SHFE nickel contract successively broke through several round number levels, including 142,000, 140,000, and 139,000 yuan/mt, hitting a low of approximately 137,700 yuan/mt. Its weekly cumulative decline exceeded 3%, while LME nickel simultaneously fell below the $18,500/mt mark. In the spot market, the average price of SMM #1 refined nickel this week was 142,090 yuan/mt, down 5,250 yuan/mt WoW. The Jinchuan nickel premium rebounded slightly to 800 yuan/mt this week, while the premium range for mainstream domestic electrodeposited nickel remained at -600 to 300 yuan/mt. On the macro front, US economic data continued to beat expectations, and rate hike bets intensified. The US manufacturing PMI for May came in at 54, up 1.3% from April. On the geopolitical front, Trump stated he has no intention of restarting a full-scale war with Iran. Expectations for US-Iran negotiations have warmed up, and the market is betting on the resumption of shipping through the Strait of Hormuz, which could ease the sulfur transportation bottleneck. However, the US-Iran talks still face the risk of further twists and turns. On the inventory front, inventory in the Shanghai Bonded Zone this week stood at approximately 1,700 mt, flat WoW. China’s social inventory was around 120,000 mt, with an inventory buildup of about 3,500 mt WoW. Currently, the nickel market is locked in a tug-of-war between macro headwinds and cost support. In the short term, it is expected to remain in the doldrums. However, with policy and cost floors in place, downside room for a further sharp decline is limited. The most-traded SHFE nickel contract is expected to trade mainly within the range of 137,000–145,000 yuan/mt next week.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 05 Jun , 2026

On June 5, the SMM battery-grade nickel sulphate average price declined.

[SMM Stainless Steel Daily Comment] Macro Disturbances and Off‑Season Drag Weaken Stainless Steel Futures and Spot Prices, Inventory Buildup SMM, June 5 – SS futures fluctuated downward and gradually pulled back. Non‑ferrous metals futures continued the weak pattern of the previous day, with the downtrend intact and further weakening and pulling back, dragging SS futures down in tandem. As of the morning close, the most‑traded SS contract stood at 14,635 yuan/mt. In the spot market, pressured by the persistently weak SS futures, combined with the traditional off‑season and weak end‑use consumption, downstream enterprises were generally cautious in their inquiries and purchases, and market trading turned dull again. Meanwhile, social inventory shifted from decline to increase, showing an accumulating trend, and traders, under transaction pressure, cut their quotes to varying degrees. The most‑traded SS futures contract fell back. At 10:15 a.m., SS2607 was at 14,635 yuan/mt, down 135 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 435–1,035 yuan/mt. In the spot market, the average price of Wuxi cold‑rolled 201/2B coil was flat; for cold‑rolled 304/2B coil with matte edge, the average price in Wuxi fell by 50 yuan/mt, and in Foshan, it also fell by 50 yuan/mt; Wuxi cold‑rolled 316L/2B coil price was unchanged; for hot‑rolled 316L/NO.1 coil, Wuxi quotes remained stable; cold‑rolled 430/2B coil prices held steady in both Wuxi and Foshan. Stainless steel futures and spot markets experienced heightened volatility, with futures first rising and then falling, disturbed by macro news from outside China, and the off‑season characteristics of the market fully emerged. The industry’s outlook for the near term is unclear, wait‑and‑see sentiment is heavy, ...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 04 Jun , 2026