[SMM Morning Meeting Summary: LME Zinc Center Shifts Downward Under Expectations for US Fed Interest Rate Hikes] Overnight, LME zinc recorded a large bearish candlestick, the lower Bollinger Bands provided support. Expectations for US Fed interest rate hikes increased, non-ferrous metals and global stock markets fell, the US dollar remained firm...

[SMM Daily Commentary: Bullish and Bearish Views Polarize, Nickel Iron Bid-Ask Spread Widens Significantly] Jun 22 news, SMM high-grade NPI upstream sentiment index stood at 2.72, down 0.07 MoM, while high-grade NPI downstream sentiment index was 1.9, down 0.03 MoM.

[SMM Stainless Steel Daily Review] Stainless Steel Futures Stop Rising and Pull Back, Spot Trading Weakens but Prices Hold Steady According to SMM on June 17, SS futures showed a stop-rise and pullback trend. Although the overall nonferrous metals futures market strengthened today, SHFE nickel remained in the doldrums. Additionally, after a rapid successive run-up earlier, stainless steel lacked sufficient momentum for further gains, leading to a slight pullback in futures today. As of the midday close, the most-traded SS contract settled at 15,190 yuan/mt. In the spot market, SS futures continued to climb during the week, lifting spot offers in tandem and strengthening them, while purchasing demand was largely released early in the week. After SS futures declined today, inquiries and transactions weakened somewhat, but spot offers remained firm. The most-traded SS futures contract. At 10:15 a.m., SS2607 was quoted at 15,210 yuan/mt, up 115 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged 10-410 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi was flat; for cold-rolled 304/2B coils with mill edge, average prices were flat in Wuxi and Foshan; cold-rolled 316L/2B coil prices in Wuxi rose 150 yuan/mt; hot-rolled 316L/NO.1 coil offers in Wuxi increased 50 yuan/mt; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. This week, stainless steel futures and spot markets both came under pressure and declined, with ex-China macro headwinds dominating the market and bearish sentiment spreading rapidly in the off-season. Industry expectations for the outlook weakened, end-users turned cautious, rigid demand remained sluggish, and traders concentrated on offering discounts to sell and destock. On the futures side, this week ex-China macro became...

[SMM Stainless Steel Daily Review] SS Futures Extend Gains, Off-Season Stainless Steel Market Sentiment Warms Up According to SMM on June 16, SS futures showed a further strong upward momentum. Although SHFE nickel trended somewhat weaker, SS continued to hold up well. As of the midday close, the most-traded SS contract settled at 15,180 yuan/mt. In the spot market, driven by the sustained gains in SS futures, trading and inquiry activity for stainless steel picked up. At the same time, coupled with the news of delayed production resumptions at steel mills, although the off-season has already set in and macro uncertainties remain high, market quotes edged up to some extent on improved sentiment. The most-traded SS futures contract. At 10:15 a.m., SS2607 was quoted at 15,095 yuan/mt, up 240 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 125-525 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was flat; for cold-rolled mill edge 304/2B coil, the average price in Wuxi rose 75 yuan/mt, and in Foshan rose 50 yuan/mt; the price of cold-rolled 316L/2B coil in Wuxi rose 100 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotes rose 50 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices both came under pressure and weakened, as macro headwinds from outside China dominated trading and pessimistic sentiment spread rapidly during the off-season. Industry expectations for the near-term outlook turned weaker, end-users remained heavily on the sidelines, rigid demand stayed sluggish, and traders concentrated on cutting prices to sell and destock...

[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…

[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…

[Leading Mills Keep Pushing Up Prices, Grain-Oriented Silicon Steel Prices to Remain Generally Stable with Slight Rise Next Week] This week, cold-rolled grain-oriented silicon steel spot prices held up generally stable with a slight rise, while end-users maintained a steady procurement pace of purchasing as needed. Ferrous metals futures swung wildly this week, limiting overall market price fluctuations. However, Baowu announced its July price policy for grain-oriented silicon steel with a MoM increase of 300 yuan/mt, opening up upside room for spot prices. Traders showed strong willingness to hold prices firm, and spot offers were gradually raised in line with the mill's policy, with low-priced resources in the market largely disappearing.

SMM, June 11: This week, transaction sentiment in China's aluminum fluoride enterprise sector was moderate, and aluminum fluoride prices remained stable. As of now, SMM aluminum fluoride prices closed at 11,280-11,700 yuan/mt; cryolite prices were stable, with SMM quotations at 7,000-8,500 yuan/mt. Raw material side: This week, China's 97% fluorite wet powder market was steady, with mainstream delivery-to-factory prices at 3,100-3,400 yuan/mt and notable regional price spreads. Supply side, mine operations in the north continued to recover, and domestic spot supply increased steadily; imported cargoes from Mongolia arrived at ports gradually, further easing the supply surplus. However, recent coal mine accidents in Shanxi triggered market expectations of stricter mine safety and environmental protection supervision, which may cause periodic disruptions to some mine production subsequently, maintaining a wait-and-see sentiment on the supply side. Demand side remained persistently weak, as downstream hydrofluoric acid enterprises were dragged by insufficient terminal operating rates for refrigerants and fluoropolymers, resulting in primarily just-in-time procurement with limited large orders. Affected by weak raw materials and insufficient end-use demand, the price center for hydrofluoric acid shifted downwards, weakening support for fluorite. Overall, the domestic supply recovery, replenishment of low-priced imports, and sluggish downstream demand combined as multiple bearish factors, resulting in a loose supply-demand pattern, and short-term fluorite prices are likely to remain under slight downward pressure. This week, China's aluminum hydroxide market held up slightly, with the SMM weighted average price for aluminum hydroxide at 1,663 yuan/mt, edging up 0.4% MoM. Upstream costs underpinned spot offers, while downstream purchases were made as needed, limiting volume growth. This week, China's sulphuric acid market was in a stalemate at highs and moved sideways. Sulphur prices surged again, continuously strengthening bottom-level cost support; losses at sulphuric acid plants led to production cuts, and combined with ongoing maintenance at many acid plants, regional spot supply was differentiated and tight. Although the phosphate fertiliser industry was mired in losses and off-season procurement remained restrained, capping upside room, just-in-time procurement from the new energy LFP sector and base-level purchases from some chemical enterprises provided a floor. In the short term, the sulphuric acid market is consolidating at highs, stuck between upward and downward pressures. Overall, raw material markets for aluminum fluoride diverged this week, with rising aluminum hydroxide and sulphuric acid prices pushing the industry's overall cost center higher. Cost increases from raw materials were difficult to pass downstream smoothly, intensifying cost pressure on enterprise production. Supply side, the operational pattern of "rigid high costs—persistent profit pressure—low operating rates" continued. With sulphuric acid and aluminum hydroxide prices rising this week, the industry was generally in a state of losses, leading to more maintenance and flexible production at enterprises. The industry operating rate remained low at around 40%, with limited effective incremental supply. Demand side, downstream operating aluminum capacity stayed high and stable, forming rigid floor demand for aluminum fluoride, but aluminum smelters' procurement focused on just-in-time restocking and pushing for lower prices with a wait-and-see approach, with no additional incremental demand. Commentary: This week, raw material markets for aluminum fluoride showed mixed performance. Stronger aluminum hydroxide and sulphuric acid prices further pushed up overall costs, continuously squeezing enterprise operating profits. The industry maintained a "triple pressure" structure of high costs, low profits, and low operating rates, making it difficult to boost production enthusiasm. The market currently lacks a directional driver, with the tug-of-war between upstream and downstream causing a stalemate. Transactions were limited to just-in-time procurement. In the short term, aluminum fluoride prices are likely to remain stable, with limited room for wild swings. Close attention should be paid to subsequent developments in raw material cost dynamics and marginal adjustments in the procurement pace of downstream aluminum enterprises.

[SMM Chrome Daily: Market in the Doldrums, Transactions Remain Sluggish] June 11, 2026: The ferrochrome and chrome ore markets fluctuated slightly...

[SMM Stainless Steel Daily Review] Bullish and Bearish News Alternately Drive SS to Retreat After Rapid Rise; Stainless Steel Spot Prices Stay Stable, Transactions Mediocre SMM, June 8: SS futures showed an advance-then-decline trend. In the morning, due to an earthquake in the Philippines, the market feared that nickel ore supply would be impacted, driving SHFE nickel and SS futures higher together. However, in the afternoon, news emerged from Indonesia that nickel ore quotas were expected to be relaxed, causing SS futures to decline once again. As of the close, the most-traded SS contract was quoted at 14,665 yuan/mt. On the spot market, although SS futures showed strength in the morning, some stainless steel spot offers edged up, but market acceptance of higher prices was limited, and transactions were mediocre. The most-traded SS futures contract pulled back. At 10:15 a.m., SS2607 was quoted at 14,725 yuan/mt, up 90 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 345-945 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was flat; for cold-rolled raw edge 304/2B coil, average prices in Wuxi and Foshan were both flat; cold-rolled 316L/2B coil in Wuxi was flat; hot-rolled 316L/NO.1 coil offers in Wuxi held steady; and cold-rolled 430/2B coil in both Wuxi and Foshan remained stable. Stainless steel futures and spot markets experienced heightened volatility. Futures, swayed by overseas macro news, rose first and then fell, fully revealing the off-season character of the market. The industry's outlook for the near-term market is ambiguous, wait-and-see sentiment is strong, transactions see sporadic recovery but lack sustainability, traders are under rising shipment pressure, and many are boosting sales by offering price concessions. Overall, macro...