[Weak Market Transactions During the Week, Guangdong Spot Premiums Continued to Decline] Zinc prices continued their upward trend this week, while downstream end-users in Guangdong showed weak purchasing interest. Coupled with the successive arrivals of some enterprises' long-term contract cargoes, market trading sentiment was sluggish, and spot premiums continued to decline......

Platinum prices held up well today, with the most-traded platinum contract on Guangzhou Futures Exchange, PT2606, closing the morning session at 502.55 yuan/gram, up 1.84. In the spot market, mainstream quotations for spot platinum in the morning session were at a discount of 5-9 yuan/gram to PT2606, or quoted at 5-9 yuan/gram against the SGE sell-1 price. Spot quotations were still basically flat in terms of discount versus the previous trading day. As for spot transactions, SMM learned that suppliers held prices firm in sales due to costs, delivery intentions, and the closure of overseas markets. In the morning session, spot quotations at a discount of 5-6 yuan/gram to the Guangzhou Futures Exchange were difficult to conclude. Some trading firms engaging in both spot and futures market inquired for spot-futures price spread opportunities, but reported that market quotations were relatively high and that there was limited availability of spot cargo at large discounts. Downstream buyers still mainly stayed on the sidelines, while some just-in-time procurement was concluded after negotiated lower premiums. Overall transactions in the spot market remained sluggish.

Precious metal prices fluctuated in consolidation today, and the spot-futures price spread between TD and the most-traded SHFE silver contract showed no obvious change for the time being, while significant differences still existed in spot market quotations. In the Shanghai market, during the morning session, mainstream quotations from suppliers of standard silver ingots were at premiums of 60-80 yuan/kg against TD, or at premiums of 0-30 yuan/kg against the SHFE silver 2604 contract. Some smelters quoted cargoes self-picked up from production site at a premium of 50 yuan/kg against TD, but due to sluggish downstream consumption, actual transactions were sparse. The spot silver ingot market was quoted but saw little trading, with a strong holiday atmosphere.

[SMM Rare Earth Price Flash] As of now, driven by the rise in futures prices, neodymium praseodymium oxide has seen small-volume transactions by some traders at 730,000-740,000 yuan/mt. Driven by rising raw material prices, coupled with tender procurement of Pr-Nd alloy by major magnetic material plants, metal quotations were also raised to 900,000 yuan/mt, with actual transactions following up. The latest market quotation for gadolinium oxide was 230,000 yuan/mt, and quotations for gadolinium iron were also raised to 215,000-220,000 yuan/mt, driven by downstream tender procurement.

[SMM Magnesium Weekly Review: Tight Supply and Recovering Demand Drove Magnesium Prices Steadily Higher This Week, Breaking 17,500] This week, China's magnesium industry chain as a whole held up well. On the raw material side, the dolomite market remained stable. Part of the suspended output in core production areas was supplemented by supply from surrounding regions, while stable operating rates at downstream primary magnesium smelting plants supported demand and the supply-demand balance. Affected by rising crude oil prices, subsequent delivered prices may rise slightly. The magnesium ingot market stayed firm, and both production and sales in major producing areas were strong. Geopolitical disruptions pushed up energy expectations, prompting producers to hold back sales and tightening supply. Rigid downstream demand, export order lock-ins, and a boost from industry conferences jointly drove magnesium prices higher. Offshore quotations were adjusted in line with ex-factory prices, and although bidding-based shipment prices were low at the beginning of the week, they rebounded later, while new orders declined. Magnesium powder remained firm, supported by higher magnesium ingot prices, while increased operating rates at magnesium plants ensured supply and both domestic and overseas demand recovered. The magnesium alloy market also stayed strong, with stable operating rates at top-tier enterprises, new capacity coming on stream, and downstream end-use demand being released, supported by ample orders and a supply-demand balance.

[SMM Rare Earth Weekly Review: Rare Earth Prices Hold Up Well, and Market Inquiry Activity Increases] The Pr-Nd oxide market as a whole continued to hold up well. Under the impact of expectations of tighter supply and pronounced fluctuations in futures prices, upstream suppliers kept raising their offers, while low-priced cargoes tightened rapidly, pushing Pr-Nd oxide prices up to 722,000-728,000 yuan/mt.

Precious metal prices were in the doldrums today, and the spot-futures price spread between TD and the most-traded SHFE silver contract had not narrowed significantly for the time being, while relatively large differences in spot market quotations still existed. In the Shanghai market, during the morning session, mainstream quotations from suppliers of standard silver ingots were at premiums of 80-100 yuan/kg against TD, or at a premium of 50 yuan/kg against the SHFE silver 2606 contract. However, due to weak downstream purchase interest, some suppliers lowered premiums and concluded a small number of deals. It was understood that, as the situation surrounding the U.S.-Iran conflict remained unclear, investment demand for precious metals fell sharply, and downstream buyers generally stayed on the sidelines and purchased cautiously. Some smelters sold cargoes self-picked up from production site at reduced premiums of 50 yuan/kg against TD, and with relatively ample spot cargoes circulating in the market, overall spot transactions were sluggish.

[SMM Stainless Steel Daily Review] SS Futures Moved Sideways, with Cost Support Keeping Spot Stainless Steel Largely Stable SMM News on April 1: SS futures fluctuated. Stainless steel futures rose first and then fell, with a relatively small intraday change, closing at 14,180 yuan/mt by the midday close. In the spot market, SS futures fluctuated, while prices of various furnace charge materials remained relatively firm, supporting stainless steel prices. Market quotations were largely stable, with limited room to rise or fall. Although downstream end-users mainly made just-in-time procurement, current market inventory pressure was not high, and prices were still expected to remain relatively stable in the short term. The most-traded SS futures contract fluctuated. At 10:15 a.m., SS2605 was quoted at 14,275 yuan/mt, up 75 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 195-395 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi was unchanged; for cold-rolled burr-edge 304/2B coils, the average prices in both Wuxi and Foshan were stable; cold-rolled 316L/2B coils in Wuxi were unchanged; hot-rolled 316L/NO.1 coils in Wuxi were quoted flat; and cold-rolled 430/2B coils in both Wuxi and Foshan remained stable. The stainless steel market has now entered the traditional peak consumption season. Transactions from downstream end-users remained steady, but market sentiment turned cautious. End-user enterprises lacked willingness to stockpile, with procurement mainly driven by restocking based on demand, and the brisk trading pattern typically seen in the peak season had yet to emerge. Overall demand remained steady and neutral. Futures side, repeated disruptions from the Iran geopolitical conflict made it difficult for the short-term impact on SS futures to be fully eliminated; however, recently...

Precious metal prices held up well today, and the spot-futures price spread between TD and the most-traded SHFE silver contract changed relatively little from yesterday, while relatively large differences in spot market quotations still persisted. In the Shanghai market, during the morning session, mainstream quotations from suppliers of standard silver ingots were at premiums of 80-100 yuan/kg against TD, or at a premium of 30 yuan/kg against the SHFE silver 2604 contract. Some suppliers held prices firm and were reluctant to sell, quoting premiums of 100-120 yuan/kg against TD, or a premium of 50 yuan/kg against the SHFE silver 2604 contract. It was understood that quotation differences among circulating cargoes of different brands remained relatively large. Downstream buyers generally made substantial counteroffers for purchases, and the actual transaction price in the delivery brand silver ingot market was lowered to premiums of 70-90 yuan/kg against TD. Circulating cargoes in the market were relatively ample, and spot transactions remained sluggish.

Precious metal prices strengthened today, and the spot-futures price spread between TD and the most-traded SHFE silver contract widened slightly. As month-end approached, many suppliers still held prices firm and were reluctant to sell. In the Shanghai market, during morning trading, mainstream quotations from suppliers of standard silver ingots were at premiums of 100-120 yuan/kg against TD, or at a premium of 30 yuan/kg against the SHFE silver 2604 contract, with transactions mainly driven by just-in-time procurement. Some smelters, concerned about a decline in premiums in April, proactively lowered premiums to 70-100 yuan/kg to sell off cargoes. It was understood that market quotations varied widely among different brands of circulating cargoes. Some non-registered brand silver ingots were sold off at reduced prices or with separated goods and invoices. Downstream buyers generally stayed on the sidelines and purchased cautiously, or made only limited just-in-time procurement. Actual transactions still mainly concluded after downstream bargaining and price cuts, and sluggish market trading conditions remained unchanged.