[SS Futures Daily Review] Indonesian Nickel Ore News Boosts SS Back Above 14,000 Yuan/mt, Stainless Steel Spot Market Remains Stable During Holiday SMM, February 11 — SS futures showed a strong upward trend. Last night, the 2026 Indonesian nickel ore approval quota was officially announced, driving SHFE nickel and stainless steel futures higher; during the day, SS futures once again climbed above 14,000 yuan/mt, finally closing at 14,145 yuan/mt. On the spot market side, despite the strong performance of SS futures, most spot trading was suspended as traders and downstream enterprises were largely on holiday, resulting in minimal actual transactions and stable prices. The most-traded SS futures contract strengthened and probed higher. At 10:30 am, SS2604 was quoted at 14,010 yuan/mt, up 160 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 160-360 yuan/mt. In the spot market, the average price for 201/2B cold-rolled coil in Wuxi was reported at 8,500 yuan/mt; the average price for 304/2B cold-rolled mill-edge coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price for 316L/2B cold-rolled coil in Wuxi was 26,600 yuan/mt, and 26,600 yuan/mt in Foshan; the price for 316L/NO.1 hot-rolled coil in Wuxi was reported at 25,750 yuan/mt; the price for 430/2B cold-rolled coil was 7,800 yuan/mt in both Wuxi and Foshan. This week, repeated fluctuations in macro sentiment, combined with a significant pullback in precious metals prices, dragged down nonferrous metals futures overall, with stainless steel futures also...

[SMM Stainless Steel Daily Review] SS Futures Fluctuate Rangebound Ahead of Chinese New Year Holiday, Most Stainless Steel Traders on Holiday SMM, February 9: SS futures showed a relatively strong and rangebound fluctuation pattern. The phased impact from the macro perspective gradually faded, and with the approaching Chinese New Year holiday in China, market activity declined. SS futures operated on a relatively stable tone, finally closing at 13,735 yuan/mt. In the spot market, most traders have entered the holiday period, and those not yet on holiday are mostly in the closing stage. A small number of transactions mainly focused on post-holiday futures orders, with prices overall basically stable. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., SS2603 was quoted at 13,770 yuan/mt, up 15 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 400-600 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was reported at 8,500 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; cold-rolled 316L/2B coil in Wuxi was 26,600 yuan/mt, and in Foshan 26,600 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was quoted at 25,750 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan was 7,800 yuan/mt. This week, repeated fluctuations in macro sentiment combined with a significant pullback in precious metal prices dragged down the overall nonferrous metals futures, and stainless steel futures also showed wild swings in sync. At the beginning of the week, they once hit the limit down, then gradually staged a restorative rebound, …

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

This week, the price of 304 stainless steel scrap off-cuts in east China held steady, quoted at 9,600-9,700 yuan/mt; the price of the same specification stainless steel scrap off-cuts in Foshan dropped back slightly, with a price range of 9,400-9,700 yuan/mt. From the raw material side production cost perspective, the current cost of producing stainless steel entirely using stainless steel scrap is approximately 13,417.11 yuan/mt, while the cost of production using entirely high-grade NPI is 14,379.8 yuan/mt. This week, dragged down by the overall market environment, stainless steel scrap prices also trended in the doldrums. Approaching the Chinese New Year holiday, most traders at stainless steel scrap yards have entered a semi-holiday state, and the pre-holiday stockpiling demand seen earlier has largely concluded; coupled with the transmission of futures fluctuations this week, the pullback in finished stainless steel product prices, and the decline in the price of the substitute raw material high-grade NPI, stainless steel scrap prices moved lower in tandem. Wait-and-see sentiment continued to build, overall transactions for stainless steel scrap were sluggish, and industry participants generally maintained a cautious, watchful stance. Looking ahead, the significant pullback in the February stainless steel production schedule will directly suppress procurement demand for stainless steel scrap, but the significant economic advantage of stainless steel scrap relative to high-grade NPI remains quite pronounced, providing some support to prices; simultaneously, with the traditional peak consumption season of "Golden March, Silver April" approaching after the holiday, the market still holds bullish expectations for the future of stainless steel scrap.

This week, stainless steel spot production costs pulled back in sync, narrowing steel mills' profit margins. Taking 304 cold-rolled products as an example, based on raw material prices on the day, the full cost profit margin fell to -0.51% this week; if calculated using raw material inventory costs, it reached 3.16%. On the nickel-based raw material cost side, SHFE nickel futures pulled back this week. Driven by arbitrage operations between futures and spot, low-priced spot cargoes were sold off intensively, causing high-grade NPI spot prices to pull back quickly at the start of the week. Subsequently, SHFE nickel stopped falling and rebounded, and high-grade NPI prices recovered accordingly. However, as the Chinese New Year holiday approached, actual market transactions remained sluggish. As of Friday this week, high-grade NPI with 10-12% grade fell 14 yuan per mtu, closing at 1,040 yuan/mtu. In the stainless steel scrap market, stainless steel scrap prices weakened with the market this week. Approaching the Spring Festival, traders gradually began holidays, and pre-holiday stockpiling was largely completed; futures fluctuations transmitted to the spot market, with stainless steel finished products and high-grade NPI prices pulling back, driving down stainless steel scrap prices. Wait-and-see sentiment was strong, and transactions were sluggish. Looking ahead, the decline in stainless steel production schedules in February will suppress demand, but scrap steel's economic efficiency still provides support. Additionally, with the post-holiday "Golden March, Silver April" peak consumption season approaching, the market maintains bullish expectations for the future. As of Friday this week, Shanghai 304 off-cuts prices fell 100, with the latest offer around 9,650 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices continued to hold steady this week. Most stainless steel mills had completed pre-holiday stockpiling, and transactions in the high-carbon ferrochrome market were relatively sluggish. Stainless steel production fell significantly in February, leading to a pullback in demand for high-carbon ferrochrome; however, supported by high steel tender prices and chrome ore prices holding up well, ferrochrome prices remained stable for the time being. As of Friday this week, high-carbon ferrochrome prices in Inner Mongolia held steady WoW, closing at 8,550 yuan/mt (50% metal content).

[SMM Stainless Steel Daily Review] SS Futures in the Doldrums, Stainless Steel Traders Gradually on Holiday with Sluggish Trading SMM, February 6 – SS futures showed a weak and fluctuating pattern. During the day, nonferrous futures pulled back overall, and SS futures followed the decline, closing at 13,670 yuan/mt. In the spot market, although futures retreated, traders were gradually going on holiday, mostly in the winding-down stage, resulting in sluggish trading during the day, with quotations largely holding steady. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., SS2603 was quoted at 13,755 yuan/mt, down 5 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 415-615 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coils in Wuxi was 8,500 yuan/mt; for cold-rolled mill-edge 304/2B coils, the average price in Wuxi was 14,100 yuan/mt, and in Foshan, 14,050 yuan/mt; for cold-rolled 316L/2B coils in Wuxi, 26,600 yuan/mt, and in Foshan, 26,600 yuan/mt; for hot-rolled 316L/NO.1 coils in Wuxi, 25,750 yuan/mt; for cold-rolled 430/2B coils in both Wuxi and Foshan, 7,800 yuan/mt. This week, repeated fluctuations in macro sentiment, coupled with a sharp pullback in precious metal prices, dragged down the overall nonferrous futures market, with stainless steel futures also experiencing wild swings. At the beginning of the week, prices once hit the limit down, and although a corrective rebound gradually unfolded later, the overall weak trend did not fundamentally reverse. The spot market, dragged down by futures fluctuations, moved lower in sync, with market sentiment following the futures...

[SMM Aluminum Morning Meeting Minutes: Macro and Fundamentals Present Mixed Signals, Aluminum Prices Expected to Consolidate] Overall, amid earlier macro headwinds, substantial capital took profits and exited the market, leading to a pullback in aluminum prices and a decline in open interest. In the short term, aluminum prices are expected to consolidate.

This week, the comprehensive operating rate for aluminum processing stood at 57.9%, down 1.5 percentage points WoW, remaining generally stable with significant divergence across sectors. The operating rate of primary aluminum alloy dropped to 57.9%, affected by the Chinese New Year break, increased holiday days downstream, and high aluminum prices. Demand continued to weaken, with enterprises proactively cutting production, and a further decline is expected next week.

SMM News on June 18: Metal Market: As of the daytime close, domestic market base metals generally rose, with SHFE aluminum leading the gains with a 1.35% increase. SHFE zinc rose by 0.85%, while SHFE lead fell by 0.68% and SHFE nickel by 0.42%. The remaining metals experienced minor fluctuations in their gains. The main alumina contract rose by 2.31%, recording two consecutive days of gains. The main casting aluminum contract rose by 0.95%. In addition, lithium carbonate rose by 0.1%, polysilicon fell by 2%, and silicon metal rose by 1.09%. The main European container shipping contract rose by 3.18%. In the ferrous metals series, iron ore fell by 0.5%, HRC rose by 0.32%. In the coking coal and coke sector, coking coal fell by 0.57%, while coke rose by 0.62%. In the overseas market, as of 15:02, overseas market base metals generally rose, with LME tin leading the gains with a 0.94% increase. LME zinc rose by 0.63%, and LME copper by 0.48%. The remaining metals experienced minor fluctuations in their gains. In precious metals, as of 15:02, COMEX gold fell by 0.13%, while COMEX silver rose by 0.39%, reaching a high of $37.405 per ounce during the session, a new high since March 2012. Domestically, SHFE gold fell by 0.21%, while SHFE silver rose by 2.35%. Notably, SHFE silver surged to a high of 9,075 yuan/kg during the session, a new all-time high since its listing. Market conditions as of 15:02 today 》Click to view SMM Market Dashboard Macro Front Domestic: [US exhibitors at the 3rd China International Supply Chain Expo increase by 15% compared to the previous edition] According to CCTV News, at the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced eight major financial policies. The first is to establish a trade repository for the interbank market. This will involve high-frequency aggregation and systematic analysis of transaction data from various financial sub-markets, including interbank bonds, currencies, derivatives, gold, and bills, to serve financial institutions, macroeconomic regulation, and financial market supervision. The second is to establish an international operation center for the digital yuan. This will promote the international operation of the digital yuan and the development of financial market businesses, serving digital financial innovation. The third is to establish personal credit reporting agencies. These will provide diversified and differentiated personal credit reporting products for financial institutions, further improving the social credit reporting system. 》Click to view details [Li Yunze: Will jointly release an action plan with the Shanghai Municipal Government to support the construction of Shanghai as an international financial center] Today, at the 2025 Lujiazui Forum, Li Yunze, Director of the National Financial Regulatory Administration, stated that in recent years, the construction of Shanghai as an international financial center has achieved a series of new progress and breakthroughs. During the forum, the National Financial Regulatory Administration and the Shanghai Municipal Government will jointly release an action plan to support the construction of Shanghai as an international financial center, introducing a series of deployment measures. These include encouraging Shanghai to carry out innovative pilots in the fields of technology finance and cross-border finance, supporting eligible national banks to establish financial asset investment companies in Shanghai, and enhancing Shanghai's international reinsurance and shipping insurance underwriting capabilities and global service levels. (Cailian Press) [State Administration of Foreign Exchange to Implement a Package of Innovative Foreign Exchange Policies in Pilot Free Trade Zones] Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, stated at the 2025 Lujiazui Forum that the State Administration of Foreign Exchange will implement a package of innovative foreign exchange policies in pilot free trade zones. These include 10 facilitation policies, such as optimizing settlement for new-type international trade and expanding the Qualified Foreign Limited Partner (QFLP) pilot program, actively supporting the strategy to enhance the pilot free trade zones. [National Mine Safety Administration: Public Consultation on the "Key R&D Catalog for Intelligent Mine Robots"] To thoroughly implement the "Guiding Opinions on Deeply Promoting Intelligent Mine Construction and Facilitating Mine Safety Development" issued by the National Mine Safety Administration and seven other departments, and to accelerate the construction of intelligent mines and the R&D and application of robots, the General Office of the National Mine Safety Administration, in collaboration with relevant departments, has drafted the "Key R&D Catalog for Intelligent Mine Robots (Draft for Public Consultation)", which is now open for public comments. ► On June 18, the central parity rate of the RMB in the interbank foreign exchange market was set at 7.1761 RMB per US dollar. US dollar: As of 15:02, the US dollar index fell by 0.25% to 98.57. The market generally expects the US Fed to remain on hold this time, but expectations for Fed easing in H2 have risen. Attention should be paid to the Fed's policy stance and forecasts for future economic trends early tomorrow morning. The market expects the Fed to maintain the benchmark interest rate within the range of 4.25%-4.50%. However, IG market analyst Tony Sycamore stated that risks from the Middle East conflict and the slowdown in global economic growth may prompt the Fed to cut interest rates by 25 basis points in July, earlier than the current market expectation of September. US retail sales in May recorded the largest decline since the beginning of the year, indicating that new tariffs have curbed consumer spending, particularly in the automotive sector. Data released by the US Department of Commerce on Tuesday showed that retail sales, unadjusted for inflation, fell by 0.9% MoM in May, following a revised decline of 0.1% in April. Retail sales excluding automobiles fell by 0.3%. Macro: Today, data such as the UK's May CPI YoY, UK's May core CPI YoY, UK's May retail price index YoY, Eurozone's May harmonized CPI YoY - unadjusted final value, Eurozone's May core harmonized CPI YoY - unadjusted final value, US's May preliminary monthly rate of building permits, US's May preliminary annualized total of building permits, US initial jobless claims for the week ending June 14, US continuing jobless claims for the week ending June 7, US May housing starts annualized monthly rate, and US May housing starts annualized total will be released. In addition, it is worth noting that the Bank of Canada will release the minutes of its monetary policy meeting; Bank of Canada Governor Macklem will deliver a speech on Canada's economic outlook, inflation trends, and interest rates; and the 2025 Lujiazui Forum will be held in Shanghai. Crude Oil: As of 15:02, both WTI and Brent crude oil prices fell by 0.2%. The Israel-Iran conflict has introduced new uncertainties into the global oil market. Additionally, analysts have stated that the market is primarily concerned about potential supply disruptions through the Strait of Hormuz, through which one-fifth of the world's seaborne oil passes. From the inventory perspective, according to the report released by the American Petroleum Institute (API) in the early morning, US crude oil inventories fell sharply by 10.133 million barrels in the week ending June 13. This decline not only far exceeded market expectations but also marked the largest weekly drop since the week ending August 25, 2023. Meanwhile, gasoline inventories decreased slightly by 202,000 barrels, while distillate fuel oil inventories increased by 318,000 barrels. Before the API data was released, analysts generally expected crude oil inventories to decline by about 1.8 million barrels, gasoline inventories to increase by about 600,000 barrels, and distillate fuel oil inventories to increase by about 400,000 barrels during the week. The API report reflects that with the arrival of the traditional peak summer oil consumption season, market demand for petroleum products is rebounding, and the significant decline in crude oil inventories suggests that the current destocking trend may continue for some time. Influenced by these positive factors, the price increases of domestic and overseas crude oil futures have expanded significantly. The International Energy Agency (IEA) released its monthly report for June, slightly lowering its demand forecast and significantly raising its supply growth projection. The IEA believes that the ongoing Israel-Iran conflict in the Middle East poses risks to the market but has not yet affected supply. If geopolitical risks do not spiral out of control, the surplus pressure will further increase. Specific data shows that the IEA has revised down its average oil demand growth forecast for 2025 to 720,000 barrels per day, from a previous estimate of 740,000 barrels per day, and for 2026 to 740,000 barrels per day, from a previous estimate of 760,000 barrels per day. From the inventory perspective, according to the report released by the American Petroleum Institute (API) in the early morning, US crude oil inventories fell sharply by 10.133 million barrels in the week ending June 13. This decline not only far exceeded market expectations but also marked the largest weekly drop since the week ending August 25, 2023. Meanwhile, gasoline inventories decreased slightly by 202,000 barrels, while distillate fuel oil inventories increased by 318,000 barrels. Before the API data was released, analysts generally expected crude oil inventories to decline by about 1.8 million barrels, gasoline inventories to increase by about 600,000 barrels, and distillate fuel oil inventories to increase by about 400,000 barrels during the week. The API report reflects that as the traditional peak oil consumption season in summer approaches, market demand for petroleum products is rebounding. The significant decline in crude oil inventory suggests that the current trend of destocking may continue for some time. Influenced by these positive factors, the increase in crude oil futures prices in both domestic and overseas markets has expanded significantly. The International Energy Agency (IEA) released its monthly report for June, in which it slightly lowered its demand forecast and significantly raised its supply growth estimate. The IEA believes that the ongoing Israel-Iran conflict in the Middle East poses risks to the market, but has not yet affected supply. If geopolitical risks do not spiral out of control, the surplus pressure will further intensify. Specific data shows that the IEA has revised down its average oil demand growth forecast for 2025 to 720,000 barrels per day, from a previous estimate of 740,000 barrels per day, and revised down its average oil demand growth forecast for 2026 to 740,000 barrels per day, from a previous estimate of 760,000 barrels per day. (Wenhua Comprehensive) SMM Daily Review ► Aluminum prices approach the 21,000 resistance level, with aluminum scrap prices showing limited increases [Daily Review of Aluminum Scrap] ► June 18: SHFE aluminum surged unilaterally, destocking significantly hindered, and processing fees collapsed [Daily Review of Spot Aluminum Billet] ► [SMM Daily Review of Nickel Sulphate] June 18: Nickel salt prices maintained a downward trend ► Market fluctuations are relatively small, with spot prices temporarily stable [SMM Daily Review of EMM] ► [SMM Daily Review of MHP] June 18: Indonesian MHP prices slightly declined ► Traders lower quotes, rare earth prices slightly weaken [SMM Daily Review of Rare Earths] ► Silver prices surge significantly, attempting to break through previous highs, with spot-futures price spread widening and contango rising [SMM Daily Review]

According to CCTV News, on June 12, Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked about the meeting of the China-U.S. Economic and Trade Consultation Mechanism. Lin Jian stated that he would like to emphasize that this meeting was held under the strategic guidance of the heads of state of the two countries. The two sides reached a consensus in principle on the framework of measures to implement the important consensus reached during the phone call between the heads of state of the two countries on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing each other's economic and trade concerns. The Chinese side has always delivered on its promises. Now that a consensus has been reached, both sides should abide by it. It is hoped that the U.S. side will work with the Chinese side to implement the important consensus reached during the phone call between the heads of state of the two countries, give full play to the role of the China-U.S. Economic and Trade Consultation Mechanism, and enhance consensus, reduce misunderstandings, and strengthen cooperation through communication and dialogue.