[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2606 contract opened higher with a gap at 24,350 yuan/mt. At the beginning of the session, SHFE zinc briefly rose to a high of 24,410 yuan/mt, then pulled back under pressure. Near the end of the session, it moved below the daily average line to a low of 24,280 yuan/mt, ultimately closing up at 24,315 yuan/mt, up 30 yuan/mt, a gain of 0.12%. Trading volume decreased to 41,272 lots, and open interest increased by 895 lots to 90,766 lots.

[SMM Morning Meeting Minutes: Driven by Macro Factors, LME Zinc Rose to Record a Three-Day Winning Streak] Overnight, LME zinc opened at $3,397.5/mt. Early in the session, LME zinc experienced small fluctuations downward to a low of $3,392.50/mt. Subsequently, bulls increased open interest to push prices to fluctuate upward, reaching a high of $3,461.00/mt. Late in the session, LME zinc pulled back slightly, ultimately closing higher at $3,447.00/mt, up $37.5/mt, a gain of 1.10%. Trading volume increased to 87,481 lots, and open interest increased by 892 lots to 237,000 lots.

According to the National Energy Administration, during this Labour Day holiday, NEVs were charged a total of 3.9784 million times on expressways, with total charging volume reaching 94.9314 million kWh. The daily average charging volume was 18.9863 million kWh, up 52.8% YoY, and 2.34 times the regular daily level this year.

[SMM HRC Daily Trading] On May 7, the combined daily trading volume of HRC from SMM's sample enterprises across four cities (Shanghai, Lecong, Tianjin, Ningbo) totaled 16,260 mt, down 1,000 mt DoD (-5.8%), up 65.75% YoY (solar calendar), and up 46.09% YoY (lunar calendar).

On May 7, 2026, the iron ore market showed a volatile but strengthening trend with intense trading activity. The main contract I2609 finally closed at 817 yuan/ton, up 0.62% from the previous trading session.

On May 7, 2026, iron ore futures fluctuated upward with intense trading, and the most-traded contract I2609 closed at 817 yuan/mt, up 0.62% from the previous trading session. Port spot prices were basically flat compared to the previous day. Traders showed moderate quoting activity, and steel mills remained cautious in procurement; overall spot transaction sentiment was lukewarm. Currently, iron ore supply-demand fundamentals remain stable. However, oil prices transmitted through the shipping market, leading to a significant rise in iron ore freight costs today, further supporting iron ore prices. In addition, reports indicated that the US and Iran are negotiating on resolving conflicts and reopening the Strait of Hormuz, with oil prices having fallen for three consecutive days. This news may boost market sentiment in the short term, providing positive sentiment-driven support for iron ore prices.

SMM News Flash: Indian steel mills sold around 200,000 tonnes of HRC at 580-600 USD/tonne CFR Vietnam since mid-April, while current SAE-grade offers increased to 600-610 USD/tonne CFR Vietnam. The higher offers reflect firmer regional pricing and tightening availability following previous transactions. Market sentiment is firm but cautious, with buyers becoming more resistant at elevated price levels.

[China Iron Ore Brief] Iron ore concentrates prices in west Liaoning remained relatively stable, with the current ex-factory price of 66-grade iron ore concentrates at 740 yuan/mt on a wet basis and tax-exclusive. On the mines and beneficiation plants side, the impact of safety and environmental protection inspections persisted, and overall iron ore concentrates resources remained relatively tight. On the steel mills side, most steel mills maintained normal production as planned, while individual steel mills recently began maintenance on their pellet plants, affecting demand for iron ore concentrates

[TCs Continued to Decline, SHFE Zinc Fluctuated at Highs]: The most-traded SHFE zinc 2606 contract opened at 24,200 yuan/mt. After the opening, SHFE zinc fluctuated around the daily average line, touching a low of 24,105 yuan/mt during the session and reaching a high of 24,305 yuan/mt near the close, ultimately closing higher at 24,285 yuan/mt.

[SMM Coking Coal and Coke Daily Brief] Supply side, coking costs increased, squeezing coke enterprise profits. Currently, coke enterprises maintained normal shipments, with their own coke inventory at low levels, and coke production levels were generally stable with slight increases. Demand side, steel mills currently had high production enthusiasm, hot metal production declined slightly but remained at a relatively high level, sustaining rigid demand for coke. Additionally, finished steel prices rose notably after the holiday, expanding steel mill profits. In summary, the third round of coke price increase has not yet been implemented, with coke and steel enterprises continuing to negotiate. In the short term, the coke market is expected to hold up well, remaining generally stable with slight rise.