SMM June 16 News: Metal market: As of the midday close, base metals in the domestic market generally rose, with SHFE copper down 0.47% and SHFE aluminum down 1.69%. SHFE lead gained 0.96%. SHFE zinc rose 0.45%. SHFE tin climbed 1.17%. SHFE nickel edged up 0.27%. In addition, the most-traded foundry aluminum futures contract fell 1.03%, the most-traded alumina contract dropped 0.48%, and lithium carbonate main contract slid 2.4%. The most-traded silicon metal contract lost 1.6%, while the most-traded polysilicon futures contract tumbled 5.01%. Ferrous metals mostly fell, with iron ore down 0.2%, rebar down 0.38%, and HRC down 0.24%, while stainless steel surged 2.67%. In coking coal and coke: the most-traded coking coal contract fell 0.74%, and the most-traded coke contract edged up 0.1%. In overseas base metals markets, as of 11:39, LME metals showed mixed performance. LME copper fell 0.48%, LME aluminum dropped 0.71%, and LME lead rose 0.18%. LME zinc gained 0.14%, LME tin fell 0.63%, and LME nickel rose 0.34%. In precious metals, as of 11:39, COMEX gold dipped 0.21% and COMEX silver slid 0.68%. In the domestic precious metals market: the most-traded SHFE gold contract rose 1.63%, and the most-traded SHFE silver contract gained 1.65%. Furthermore, as of the midday close, the most-traded platinum futures contract fell 1.44%, and the most-traded palladium futures contract fell 1.33%. As of the midday close, the most-traded containerized freight index (Europe route) futures contract rose 1.42% to 3,834 points. As of 11:39 on June 16, some futures midday quotes: Spot Market and Fundamentals Silver: In the spot market, the spread in quoted prices remained wide today. The overall consumer market showed sluggishness in mid-to-late June, with the continuously rising silver prices suppressing some demand... Macro Front China: [NBS: In May, Industrial Added Value Above Designated Size Grew by 4.5%, National Economy Maintained Overall Stability with New and Improved Growth Drivers] In May, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, all regions and departments conscientiously implemented the decisions and arrangements of the Party Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully, accurately, and comprehensively implemented the new development philosophy, accelerated the establishment of a new development pattern, earnestly carried out more proactive and impactful macro policies, and effectively responded to external shocks and challenges. Production supply remained stable with slight increases, employment and prices were generally stable, foreign trade resilience continued to show, new growth drivers grew and expanded, and the national economy sustained a development trend of overall stability with new and improved growth drivers. NBS data showed: In May, the industrial added value of enterprises above designated size increased by 4.5% YoY in real terms, with the growth rate 0.4 percentage points faster than the previous month. On a MoM basis, May's industrial added value of enterprises above designated size grew by 0.40% compared with April. From January to May, the industrial added value of enterprises above designated size increased by 5.4% YoY. [From Scale Expansion to Resilience Allocation: China Commodity Development Report Released] The China Federation of Logistics and Purchasing released the "China Commodity Development Report (2026)" today (16th). According to the report, China remains one of the world's most important commodity import markets, with imports of crude oil, iron ore, soybeans, and other commodities staying high. Facing challenges, commodity market resilience has strengthened. According to the report, from 2025 to 2026, China's commodity market generally presents a fundamental pattern of "macro pressure, market divergence, intensified external shocks, enhanced trade resilience, and accelerated capacity building." China's commodity trade is shifting from scale expansion to resilience allocation. In 2025, China's goods trade scale maintained strong resilience, with major commodity imports remaining high. The import volumes of crude oil, iron ore, soybeans, and other commodities continued to demonstrate the Chinese market's global absorption capacity. (CCTV News) [PBOC Reverse Repo Injects Net 296.5 Billion Yuan Today] The PBOC conducted 449.5 billion yuan in 7-day reverse repo operations today. With 153 billion yuan in 7-day reverse repos maturing today, this resulted in a net injection of 296.5 billion yuan. US Dollar: As of 11:39, the US dollar index edged up 0.02% to 99.69. According to the CME "FedWatch": The probability of the Fed keeping interest rates unchanged in June was 98.5%, with a 1.5% probability of a cumulative 25bp rate cut. The probability of the Fed keeping rates unchanged through July was 91.3%, with a 7.4% probability of a cumulative 25bp rate hike and a 1.4% probability of a cumulative 25bp rate cut. Leslie Falconio, Head of Taxable Fixed Income Strategy at UBS Global Wealth Management, said that after the US-Iran deal was announced, oil prices fell back and the US Treasury market subsequently strengthened, reducing the pressure on the Fed to hike rates this year. Falconio stated: "Even before the ceasefire agreement, Treasury yields were still rising because the market was pricing in an almost 100% probability of a rate hike in December." "Now the situation is that oil prices are falling, and the market is gradually withdrawing these rate hike expectations. Therefore, 2-year Treasury yields are beginning to pull back." The newly appointed Fed Chairman Warsh will preside over his first rate decision this week. Against the backdrop of previously surging crude oil prices reigniting inflationary pressures, voices within the FOMC supporting a rate hike this year have grown. Falconio said she expects the FOMC to formally drop its easing bias at this week's meeting, tilting the policy outlook more hawkish. However, she still believes the next Fed move will be a rate cut, occurring in 2027. US asset manager PGIM holds an out-of-consensus view, believing the Fed will hike rates three times this year to cool an overheating economy, then reverse the hikes in 2027. The company had previously forecast Fed rate cuts this year as recently as April. PGIM stated the US economy is "exceptionally strong" and inflation remains persistently high, requiring a new response strategy. Given this backdrop, and considering the Fed has missed its 2% target for five consecutive years, PGIM expects the Fed to hike rates three times this year to bolster its credibility and anchor inflation expectations. PGIM stated, "Warsh will have political cover if the rate hikes are framed as a 'precaution' to address supply-side inflation and recent long-term Treasury volatility." However, PGIM said it expects the Fed "will relatively quickly reverse these hikes, implementing three rate cuts in 2027, and another in 2028, reaching a terminal rate of 3.375%—lower than the current rate, possibly close to the neutral rate." (Jin10 Data APP) Other Currencies: The Bank of Japan (BoJ) raised its target rate by 25 bps from 0.75% to 1.00%, the highest level in 31 years, in line with market expectations, after standing pat at its previous three consecutive meetings. The BoJ raised rates to the highest level in 31 years on Tuesday, a long-anticipated move signaling its commitment to addressing inflationary risks from the Middle East conflict. At the conclusion of its two-day meeting on Tuesday, the board voted 7-to-1 to raise the short-term policy rate from 0.75% to 1.0%. This is the first rate hike since last December, bringing the BoJ's policy rate to levels not seen since 1995. BoJ Governor Kazuo Ueda, who is hospitalized for treatment, was absent from the meeting and did not participate in the vote. The afternoon press conference will be hosted by BoJ Deputy Governor Shinichi Uchida, whose remarks will be closely watched for clues on how the BoJ will continue to assess the negative economic fallout from the Iran war. (Jin10 Data APP) Data: Today's releases include the US ADP employment change for the week ending May 30, US annualized housing starts for May, US building permits total for May, US import price index MoM for May, the Reserve Bank of Australia's interest rate decision for June 16, Germany's June ZEW Economic Sentiment Index, the Eurozone's June ZEW Economic Sentiment Index, and Japan's central bank target rate for June 16, among others. Additionally, watch for: a State Council Information Office press conference on the national economic situation; the China Academy of Information and Communications Technology's seminar launching the High-Quality Token Service Capability Climbing Plan; the RBA's interest rate decision and RBA Governor Bullock's monetary policy press conference. Crude Oil: As of 11:39, both benchmark oil prices fell, with WTI oil down 0.09% and Brent oil down 0.26%. As the Trump administration nears completion of its plan to release 172 million barrels from the Strategic Petroleum Reserve (SPR) to alleviate fuel price spikes triggered by the Iran war, US emergency crude stockpiles have dropped to their lowest level since 1983. According to data released Monday by the DOE, the SPR—established after the 1970s Arab oil embargo—has fallen to approximately 340 million barrels, near a historic low. If the plan is completed, it would mark the second-largest release in the reserve's history, leaving roughly 243 million barrels, or about one-third of its statutory capacity. The dwindling inventory reduces US flexibility in responding to future supply disruptions. An Energy Department spokesperson stated that the government is managing the reserve according to its intended purpose: helping stabilize oil markets, protecting the US from supply disruptions, and enhancing US energy security. (Jin10 Data APP) Morgan Stanley sharply cut its oil price forecasts for the coming quarters, as the tentative US-Iran deal to reopen the Strait of Hormuz is expected to restore regional oil output and increase supply. In a June 15 report, analysts including Martijn Rats said they now forecast Brent crude to average $90/bbl in Q3, down from a prior estimate of $100/bbl, and $80/bbl for the final three months of the year, a $15 reduction from their earlier forecast. They also noted the expected timeline for restoring Middle East production has been pulled forward by one to two weeks. "Many issues remain to be negotiated and key risks persist, but this is a significant step toward de-escalating the conflict and increasing oil exports via the Strait of Hormuz," they said. "We expect a gradual production ramp-up starting from mid-July, with 50% of output restored by September, 80% by December, and the rest coming back online gradually in early 2027." (Jin10 Data APP) Spot Market Overview: ► ► ► ► Midday commentaries for other metals' spot markets will be updated later, please refresh to check~

SMM June 16 News: Metals Market: Overnight, base metals on the domestic and overseas markets showed mixed performance. LME tin led the gains with a 2.54% increase, while SHFE tin rose 1.52%. SHFE aluminum fell 1.8%, and LME aluminum dropped 4.52%, with the rest of the metals posting % changes within 1%. Alumina main contract fell 1.5%, and cast aluminum main contract declined 1.41%. Overnight, ferrous metals generally fell. Iron ore rose 0.39%, hot-rolled coil edged up 0.18%, and stainless steel gained 1.72%, while declines for the remaining metals were relatively small. For coking coal and coke, coking coal fell 0.7% and coke dipped 0.36%. Overnight in precious metals, COMEX gold rose 2.18% and COMEX silver jumped 3.07%. Domestically, SHFE gold gained 1.77% and SHFE silver climbed 2.49%. Overnight closing prices as of 6:44 AM on June 16: Macro Front Domestically: [NDRC and other departments: Launch a three-year action plan targeting energy conservation and carbon reduction upgrades in key sectors] The National Development and Reform Commission (NDRC) and other departments decided to organize and implement a three-year action plan targeting energy conservation and carbon reduction upgrades in key sectors including steel, aluminum, cement, flat glass, oil refining, ethylene, synthetic ammonia, methanol, and coal-fired power. It was mentioned that these key industries account for large-scale, high-intensity energy consumption and carbon dioxide emissions, making them the top priority for improving energy efficiency, reducing coal consumption, and lowering carbon emissions. Starting in 2026, the plan will focus on nine sectors—steel, aluminum, cement, flat glass, oil refining, ethylene, synthetic ammonia, methanol, and coal-fired power—to fully implement energy conservation and carbon reduction upgrades over three years, driving enterprises to elevate their energy and carbon efficiency levels as much as possible and significantly improve the industry's green, low-carbon development. Starting in 2028, the implementation scope is to be further expanded based on actual conditions, with additional sectors advanced progressively, and various regions can proceed in an orderly manner ahead of schedule in line with work needs. [PBOC's reverse repo delivers a net injection of 206.5 billion yuan today] The People's Bank of China conducted 425 billion yuan in seven-day reverse repo operations at an interest rate of 1.40%, unchanged from the previous day. Today, 218.5 billion yuan in reverse repo matured. US Dollar: Overnight, the US dollar index edged down 0.11% to 99.68. US asset manager PGIM holds a fringe view that the Fed will raise interest rates three times this year to cool an overheating economy, before reversing the hikes in 2027. The firm had forecast rate cuts this year as recently as April. PGIM stated the US economy is "exceptionally strong," and persistently sticky inflation requires a new approach. Given this backdrop, and with the Fed having missed its 2% target for five consecutive years, PGIM expects three rate hikes this year to bolster its credibility and anchor inflation expectations. "The rate hikes would be politically palatable for Warsh if they are characterized as 'preventive' measures to address supply-side inflation and the recent gyrations in long-term Treasuries," PGIM said. However, the firm noted it expects the Fed "to reverse these hikes relatively quickly, with three rate cuts in 2027 and one further cut in 2028, taking the terminal rate to 3.375%—below the current rate and likely close to the neutral rate." (Jin10 Data APP) Leslie Falconio, Head of Taxable Fixed Income Strategy at UBS Global Wealth Management, said the oil price pullback following the US-Iran agreement announcement saw the Treasury market strengthen, easing pressure on the Fed to hike rates this year. "Even before the ceasefire deal, as oil prices were coming down, the two-year yield was still rising because markets were pricing in a near-100% probability of a December hike," Falconio said. "Now what's happening is oil prices are falling and markets are unwinding those rate-hike expectations. As a result, the two-year yield is starting to decline." New Fed Chairman Warsh will preside over his first interest rate decision this week. After the recent surge in crude oil prices reignited inflationary pressures, voices within the FOMC supporting rate hikes this year have been growing. Falconio said she expects the FOMC to formally drop its easing bias at this week's meeting, making the policy outlook more hawkish. However, she still believes the Fed's next move will be a cut, occurring in 2027. (Jin10 Data APP) According to CME's "FedWatch": The probability of the Fed holding rates steady in June is 98.5%, with a 1.5% chance of cumulative 25bp of cuts. For July, the probability of holding rates unchanged is 91.3%, the probability of a cumulative 25bp hike is 7.4%, and the probability of cumulative 25bp of cuts is 1.4%. (Jin10 Data APP) Data Front: Data to be released today include China's May total retail sales YoY, China's May value-added of industrial output above designated size YoY, the US weekly change in ADP employment for the week ending May 30, US May annualized housing starts, US May building permits, US May import price index MoM, the Reserve Bank of Australia's interest rate decision as of June 16, Germany's June ZEW economic sentiment index, the Eurozone's June ZEW economic sentiment index, and the Bank of Japan's target rate as of June 16. Additionally, the National Bureau of Statistics (NBS) will release the monthly report on residential selling prices in 70 large and medium-sized cities, and the State Council Information Office will hold a press conference on the national economic performance. The China Academy of Information and Communications Technology will convene a seminar to launch the High-Quality Token Service Capability Climbing Plan. The Reserve Bank of Australia will announce its interest rate decision, and RBA Governor Bullock will hold a monetary policy press conference. Bank of Japan Deputy Governor Shinichi Uchida will hold a monetary policy press conference, and the BOJ will announce its interest rate decision. Crude Oil: Overnight, both oil benchmarks fell, with WTI crude down 4.38% and Brent crude down 4.55%. The US and Iran simultaneously announced a ceasefire memorandum of understanding was reached, with Trump authorizing a "free and open" Strait of Hormuz and lifting the naval blockade. The formal signing ceremony is scheduled for June 19 in Switzerland. As the Trump administration nears completion of its plan to release 172 million barrels from the Strategic Petroleum Reserve (SPR) to ease the surge in fuel prices triggered by the Iran war, the US emergency crude oil supply has fallen to its lowest level since 1983. According to data released by the US Department of Energy (DOE) on June 15, the US SPR, established after the Arab oil embargo in the early 1970s, has dropped to a near-historic low of approximately 340 million barrels. (From Wallstreetcn APP) According to local news from Iran on the 16th, three oil tankers and two ships carrying essential Iranian goods have breached the US-imposed naval blockade. Separate reports indicated that multiple Iranian vessels successfully transited the blocked area. According to vessel-tracking data, an Iranian Very Large Crude Carrier was heading from international waters toward an Iranian port and had passed the blockade zone. A ship carrying livestock feed had also crossed the blockade and was en route to Iran. Additionally, another Iranian oil tanker fully loaded with crude has passed through the Gulf of Oman and the blockade line, heading to its export destination. (CCTV News) (Jin10 Data APP)

The global stainless steel market navigated a series of sharp sentiment. The opening weeks saw Indonesia's mill closures and price hikes push the cost narrative to its highest point of the year, before a combination of easing geopolitical tensions triggered the first price reduction since December 2025. The month's defining characteristic was similar to April's. What differentiated May was the sharply higher amplitude of both the policy signals and the emotional swings that accompanied them.

[SMM Chrome Daily Review: Chrome Ore Edges Lower, Ferrochrome Remains Steady for Now] June 15, 2026: The ferrochrome and chrome ore markets fluctuated slightly...

The global secondary copper industry is at a critical juncture defined by tightening resources, green transformation, and intensifying global competition. As environmental protection policies continue to tighten and the energy crisis deepens, secondary copper—with its notable environmental advantages and economic value—is playing an increasingly prominent role in alleviating tight supply of primary copper and driving low-carbon development. Currently, the global copper industry chain is under multiple pressures, including supply fragility, demand transformation, and low-carbon upgrading. Major economies have listed copper among critical minerals, and international competition for secondary copper resources is becoming ever more intense. Optimizing the industry chain structure, improving recycling and recovery efficiency, and aligning global standards have become urgent priorities for the sector. To help the industry gain a comprehensive understanding of global policy trends and market dynamics. SMM and Qingyuan Xiangzhan Metal Trading Co., Ltd. have joined forces to create the , focusing on industry development directions, amplifying market voices, and aiming to provide practitioners with an authoritative and professional industry distribution guide. (Click the link to receive a free copy: ) Qingyuan Xiangzhan Metal Trading Co., Ltd. is a comprehensive enterprise specializing in non-ferrous metal material supply, processing and manufacturing, and international trade services. Its main business covers a wide range of products, including various high-quality materials, tin-plated materials, brass block materials in various specifications (natural or plated), copper block materials, copper pipe & tube materials, copper powder, copper bricks, copper ingots, copper alloy materials, 3-series and 4-series stainless steel, secondary aluminum, and aluminum ingots. The company’s operations span production and processing, procurement integration, import and export trade, and supply chain services. Leveraging its production site in Thailand and supply chain advantages in Southeast Asia, the company has established robust systems for raw material procurement, production management, quality control, and logistics distribution, and is committed to providing stable and reliable metal material products to global clients. Its products are widely used in electronic appliances, machinery equipment, hardware manufacturing, casting processing, automotive parts, new energy, and industrial manufacturing. Over the years, Xiangzhan Metal has upheld the philosophy of “Quality First, Integrity in Business, and Win-Win Cooperation,” continuously enhancing product quality and service standards. It has maintained long-term, close cooperative relationships with the Taiwan region and actively promoted industrial exchanges and resource integration across the Strait and within Southeast Asian markets. With professional market experience, stable supply capabilities, and comprehensive international trade services, the company has become a trusted partner to numerous clients. Looking ahead, Xiangzhan Metal will continue to deepen its industrial footprint in the metal materials sector, strengthen its global procurement and sales network, and enhance its processing technology and supply chain management capabilities, striving to become a competitive metal material supplier and international trade service provider in Asia. Qingyuan Xiangzhan Metal Trading Co., Ltd. Contact Information Ling Jingzhao 134 1727 8888 Cao Bangjiang 177 2882 2736 SMM Co-production Contact Person Liu Mingkang 156 5309 0867 liumingkang@smm.cn

SMM June 15 News: Metal market: As of the midday close, domestic base metals moved higher across the board. SHFE copper rose 1.35%, SHFE tin rose 4.35%. SHFE nickel rose 1.27%, SHFE aluminum rose 0.31%, SHFE zinc rose 2.37%, SHFE lead rose 1.21%. Additionally, the most-traded cast aluminum futures contract rose 0.67%, while the most-traded alumina contract edged lower. The most-traded lithium carbonate contract fell 1.8%, the most-traded silicon metal contract rose 0.29%, and the most-traded polysilicon futures contract rose 0.67%. Ferrous metals rose broadly, with iron ore up 0.39%, rebar up 0.41%, hot-rolled coil up 0.5%, and stainless steel up 1.54%. Coking coal and coke: The most-traded coking coal contract fell 1.97%, and the most-traded coke contract rose 1.06%. Overseas base metals: As of 11:38, LME metals nearly all rose. LME copper rose 0.89%, LME aluminum fell 0.17%, LME lead rose 0.56%, LME zinc rose 0.85%, LME tin rose 2.35%, LME nickel rose 1.12%. Precious metals: As of 11:38, COMEX gold rose 2.47%, COMEX silver rose 3.52%. Domestic precious metals: The most-traded SHFE gold contract rose 4.58%, and the most-traded SHFE silver contract rose 7.93%. Furthermore, as of the midday close, the most-traded platinum futures contract rose 2.67%, and the most-traded palladium futures contract rose 2.36%. As of the midday close, the most-traded Europe route container shipping futures contract fell 3.44% to 3,773.5 points. As of 11:38 on June 15, some futures midday market quotes: Spot and Fundamentals Zinc: Today, mainstream transaction prices for #0 zinc were concentrated at 24,650-24,885 yuan/mt, Shuangyan mainstream transactions were at 24,740-24,945 yuan/mt, and #1 zinc mainstream transactions were at 24,580-24,815 yuan/mt. In early trading, market quotes against SMM’s average price were at premiums of 10-30 yuan/mt, with no quotes against the futures price yet... Macro Front Domestic: [NDRC and Other Departments: Launching a Three-Year Campaign for Key Industries’ Energy-Saving and Carbon-Reducing Transformation] The National Development and Reform Commission (NDRC) and other departments have decided to organize a three-year campaign for energy-saving and carbon-reducing transformation in key industries, including steel, aluminum, cement, flat glass, oil refining, ethylene, synthetic ammonia, methanol, and coal-fired power. It was mentioned that key industries have large-scale and high-intensity energy consumption and carbon dioxide emissions, making them the top priority for improving energy efficiency, reducing coal consumption, and lowering carbon emissions. Starting from 2026, nine key industries—steel, aluminum, cement, flat glass, oil refining, ethylene, synthetic ammonia, methanol, and coal-fired power—will be the focus of a three-year initiative to fully implement energy-saving and carbon-reduction retrofits. This aims to drive enterprises to elevate their energy and carbon efficiency levels as much as possible, leading to a marked improvement in the green and low-carbon development of these industries. Beginning in 2028, the scope of implementation will be further expanded based on practical circumstances, with additional industries advanced in a phased manner. All regions may proceed in an orderly fashion as needed, based on local conditions. [PBOC Reverse Repo Injects Net 206.5 Billion Yuan Today] The PBOC conducted a 425 billion yuan 7-day reverse repo operation in the open market at an interest rate of 1.40%, unchanged from the previous day. Today, 218.5 billion yuan in reverse repos matured. US Dollar: As of 11:38, the US dollar index fell 0.27% to 99.53. Easing tensions in the Middle East led the market to scale back bets on US Fed interest rate hikes. Interest rate swaps showed traders now see a roughly 60% probability of the Fed raising rates by 25 basis points before December, down from about 80% last Friday. (Jinshi Data APP) Additionally, according to the CME "FedWatch" tool: The probability of the Fed holding interest rates steady in June is 98.5%, with a 1.5% chance of a cumulative 25-basis-point cut. The probability of holding rates steady through July is 91.3%, with a 7.4% chance of a cumulative 25-basis-point hike and a 1.4% chance of a cumulative 25-basis-point cut. (Jinshi Data APP) On the data front: US consumer confidence rebounded for the first time in four months in early June, as lower gasoline prices offered some relief to Americans grappling with surging inflation. A survey released Friday showed the University of Michigan's preliminary consumer sentiment index for June rose to 48.9 from May's record low of 44.8. Economists had expected a modest recovery to 46. Consumers anticipated prices would rise 4.6% YoY over the next year, down from 4.8% in May. They also projected costs would climb at an average annual rate of 3.4% over the next five to ten years, also below the prior month's expected increase. Although gasoline prices remain higher than pre-Ukraine war levels, the decline in recent weeks has lessened pessimism about personal finances among Americans. The report showed a notable improvement in sentiment among lower-income consumers, who typically allocate a larger share of their budgets to fuel costs. Nevertheless, against the backdrop of the Iran war and the resulting wave of inflation, overall economic sentiment remains at historically depressed levels. Survey Director Joanne Hsu stated, "While there has been some relief, gasoline prices still have a significant impact on consumers. As a result, current price levels remain broadly unacceptable to consumers and have dampened their view of the economy." (Jin10 Data APP) Data: Today will see the release of Switzerland’s May Consumer Confidence Index, the Eurozone’s April seasonally adjusted trade balance, Eurozone April industrial production MoM, Canada April wholesale sales MoM, the US June Empire State manufacturing index, US May industrial production MoM, the US June NAHB Housing Market Index, and China’s May total electricity consumption YoY (to be determined), among other data. Attention should also be paid to: ECB President Lagarde’s speech; the National Energy Administration’s release of total electricity consumption data around the 15th of each month; and the opening of the G7 summit, which runs through June 17. Crude Oil: As of 11:38, oil prices on both sides of the Atlantic fell sharply, with WTI down 5.58% and Brent down 4.76%. A US-Iran peace agreement is expected to be signed soon, easing market concerns over crude supply and putting oil prices under pressure. According to Xinhua News Agency, US President Trump stated on social media on the 14th that with the signing of the US-Iran agreement on the 19th, the Strait of Hormuz will be reopened for mine-clearing operations. Iran’s Deputy Foreign Minister also indicated that an immediate and permanent halt to military operations on multiple fronts, including in Lebanon, will be announced starting tonight. Patrick DeHaan, head of petroleum analysis at GasBuddy, said the US nationwide average gasoline price fell below $4 per gallon on Sunday for the first time since April 20. He expects that in an optimistic scenario, the nationwide average price could fall below $3.75 per gallon before July 4, but the hurricane season could be a major variable in the latter half of the summer. " The coming weeks are critical—any major misstep could significantly impact the subsequent oil price trajectory." (Wall Street CN) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ► ►

[SMM Stainless Steel Daily Review] Stainless Steel Futures Stabilize, Spot Trades Pick Up SMM reported on June 12 that SS futures stopped falling and stabilized. News of easing US-Iran conflict emerged again, nonferrous metal futures generally staged a recovery, and SS strengthened in tandem. As of midday close, the most-traded SS contract was quoted at 14,715 yuan/mt. In the spot market, driven by the strengthening of SS futures, market activity improved. In the morning session, both inquiries and transactions recovered, and traders raised their offers. The most-traded SS futures contract pulled back. At 10:15 a.m., SS2607 was reported at 14,705 yuan/mt, up 300 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 365-915 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi remained flat; for cold-rolled 304/2B trimmed edge coil, the average price in Wuxi rose 50 yuan/mt, and in Foshan rose 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi fell 200 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was flat; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices both declined under pressure, as macro headwinds outside China dominated the market and off-season pessimism spread quickly. The industry’s outlook expectations weakened, end-users remained on the sidelines, and rigid demand stayed sluggish. Traders concentrated on selling to destock and offered discounts. On the futures front, overseas macro developments were the core driver this week. The US non-farm payrolls data significantly exceeded expectations, the unemployment rate stayed low, and the market delayed or even canceled expectations for a US Fed interest rate cut within the year…

As of now, the Indonesia MHP nickel FOB price is $16,398/mt Ni, and the Indonesia MHP cobalt FOB price is $51,302/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) is 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 95. The Indonesia high-grade nickel matte FOB price is $16,485/mt Ni.

On June 15, the SMM battery-grade nickel sulphate average price slightly rose.

Brussels is considering extending free ETS certificate allocations beyond the originally planned 2036 phase-out, which would continue to benefit blast furnace producers while leaving early adopters of cleaner electric arc furnace technology largely uncompensated, creating perverse incentives. The proposal has exposed a deep dilemma within Germany's IG Metall union, which represents workers at both blast furnace and EAF facilities with diametrically opposed interests; Saarland's union chapter vocally opposes ETS dilution while the national Berlin organization has remained silent on the issue. Meanwhile, WV Stahl is demanding permanent electricity price relief to EUR 50/MWh, with critics noting this would ultimately be funded by German taxpayers. In base metals, Asian and European markets posted broad gains on Friday, with zinc leading at over 2%.