[China Iron Ore Brief Review: Tight Resources in West Liaoning, Local Ore Prices May Edge Up Slightly] The domestic ore market in west Liaoning was relatively stable, with the ex-factory prices of 66-grade iron ore concentrates, wet basis and excluding tax, at 730-740 yuan/mt. Supply and demand were clearly in a wait-and-see mode. Beneficiation plants, considering the relatively small inventory pressure, temporarily held back from selling. Against this backdrop, traders were not highly motivated to make inquiries, and only a few made price inquiries based on their own needs. Affected by safety and environmental protection inspections, mining was restricted, and a small number of operating beneficiation plants suspended production for maintenance due to constraints in ROM resources. Circulating spot resources remained tight, which still provided certain support for ore prices.

[China Iron Ore Brief Comment: Iron Ore Concentrates Prices in Tangshan Might Have Some Room to Move Higher] Iron ore concentrates prices in Tangshan were relatively stable today, with the ex-factory prices of 66-grade dry-basis iron ore concentrates including tax at 970-980 yuan/mt. The intensity of environmental protection inspections weakened, and steel mills as well as ore beneficiation gradually resumed production, but producers turned cautious in their operations, market inquiries were not active, and beneficiation plants considered costs as well as inventory

Dalian iron ore fluctuated upward today, with the most-traded contract I2605 finally closing at 787.5 yuan/mt, up 0.90% from the previous trading session. Meanwhile, spot prices rose 2-3 yuan from the previous trading day. Traders were moderately active in offering quotations, while steel mills made inquiries. Overall spot market transactions were sluggish. An SMM tracking survey showed that the operating rate of blast furnaces at 242 steel mills was 85.99% this week, while daily average hot metal production reached 2.3514 million mt, down 36,400 mt WoW. Multiple steel mills in Hebei underwent concentrated maintenance due to safety and environmental protection inspections, and the maintenance cycles were relatively short. Therefore, the decline in iron ore demand was more pronounced this week. Looking ahead, given that maintenance cycles for most blast furnaces were relatively short, the intensity of maintenance is expected to gradually ease in the later stage, and daily average hot metal production is expected to rebound quickly, with iron ore demand likely to improve next week. Overall, iron ore is likely to remain in the doldrums in the near term.

[China Iron Ore Brief: Iron Ore Concentrates Prices in West Liaoning May Have Room to Move Higher] Trading sentiment in the domestic ore market in west Liaoning was relatively cautious, with the ex-factory prices of 66-grade iron ore concentrates, wet basis and excluding tax, at 715-720 yuan/mt. Affected by safety and environmental protection inspections, local iron ore concentrates saw capacity utilization rates remain at relatively low levels, with overall resources tight, boosting sentiment among producers holding cargoes, while overall wait-and-see sentiment was relatively strong. Demand side, local steel mills mostly maintained normal production as planned

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Area May Fluctuate in the Doldrums] Domestic iron ore prices in the Tangshan area are relatively stable, with 66-grade iron ore concentrates at 980-985 yuan/mt. As the Chinese New Year holiday approaches, producers' operational pace has slowed down, and buyer inquiries for sourcing goods are fewer. Some have accelerated direct procurement of resources from large local mines, but apart from fulfilling steel mill orders, ore dressing plants still face certain obstacles in exporting resources.

SMM December 24: The SHFE aluminum 2601 contract fluctuated upward in the morning session. Trading sentiment in the east China market remained weak, as some companies suspended trade for year-end settlement and account closing, leading to a decline in both buying and selling sentiment. Market offers were mainly at a discount of 20 yuan/mt to a premium of 10 yuan/mt against the SMM average, with mainstream transactions occurring between a discount of 10 yuan/mt and the average. Approaching year-end, both selling and purchasing sentiment were weak. Today, the selling sentiment index in the east China market was 2.38, down 0.03 MoM; the buying sentiment index was 2.34, down 0.04 MoM. SMM's A00 aluminum price was quoted at 22,030 yuan/mt, up 160 yuan/mt from the previous trading day, at a discount of 170 yuan/mt against the 2601 contract, unchanged from the previous day. Trading in the central China market cooled again today. With current premiums and discounts relatively wide, the rebound in aluminum prices, coupled with lingering impacts from environmental protection inspections in the central China region, kept downstream purchasing sentiment persistently low. Some suppliers reported that large buyers were purchasing, but actual trading volume was limited. Final transaction prices mainly ranged from a discount of 20 yuan/mt to a premium of 10 yuan/mt against the central China price. Today, the selling sentiment index in the central China market was 2.77, up 0.02 MoM; the buying sentiment index was 2.25, down 0.19 MoM. SMM's central China aluminum price closed at 21,870 yuan/mt, up 160 yuan/mt from the previous trading day, at a discount of 330 yuan/mt against the 2601 contract, unchanged from the previous day; the price spread between Henan and Shanghai was -160 yuan/mt, also stable. Inventory side, aluminum ingot inventory in major consumption areas increased by 1,500 mt WoW on Wednesday, mainly due to resumed shipments from Xinjiang last week arriving this week, combined with weaker year-end consumption, leading to a rise in aluminum ingot inventory. In the short term, high aluminum prices may continue to suppress end-use demand, posing a risk of inventory buildup for aluminum ingots, and expectations for spot premiums and discounts to remain under pressure in the near term are unchanged.

[SMM Analysis]Secondary Aluminum Market Remains Strong in Short Term Focus on Demand Recovery and Policy Implementation

[SMM Daily Coke Market Briefing] In terms of supply, environmental protection inspections have been tightened. Additionally, some coke enterprises have voluntarily cut production due to losses and inventory pressure, leading to a contraction in coke supply. However, the willingness of downstream buyers to purchase is generally low, and inventories at some coke enterprises continue to accumulate. On the demand side, steel mills' coke inventories remain at a relatively high level. Combined with the impact of the traditional off-season, steel mills maintain a purchasing-as-needed strategy. In summary, market supply remains relatively loose, and the coke market may operate in the doldrums in the short term, with the expectation of a fourth round of price cuts still existing.

Metals generally rose, with LME zinc and coking coal up over 1%, while crude oil, NYMEX gold, and SHFE gold fell [Overnight Market]

SMM June 13: Overnight, LME lead opened lower with a gap at $1,988.5/mt. After touching a low of $1,983/mt in the Asian session, it fluctuated upward. Entering the European session, it reached a high of $1,999.5/mt, pulled back slightly in the tail end, and finally closed at $1,992/mt, down 0.08%. Overnight, the most-traded SHFE lead 2507 contract opened higher with a gap at 16,990 yuan/mt. After touching a low of 16,890 yuan/mt in the early session, it fluctuated upward and reached a high of 16,950 yuan/mt, finally closing at 16,925 yuan/mt, up 0.15%. This week, the production of primary lead smelters has steadily increased, while secondary lead enterprises are generally in a state of production reduction or suspension due to factors such as environmental protection, losses, and insufficient scrap supply, leading to a regional tightening of lead ingot supply. As there are not many sellers from secondary lead enterprises and prices remain firm, lead consumption has shifted towards the primary lead market. However, as the lead consumer market is still in the off-season, the improvement in spot lead market transactions has been limited. Next week, the front-month SHFE lead contract will enter delivery. The expectation of suppliers transferring inventory to delivery warehouse before delivery may still leave room for an increase in social inventory of lead ingots. In addition, we need to continue to monitor the impact of factors such as environmental protection inspections and scrap battery supply on the production of secondary lead enterprises, as well as the impact of maintenance at smelters producing delivery brand primary lead during the mid-month delivery period on the trend of lead prices.