[Weak Downstream Consumption in Off-Season, Spot Premiums Edged Down During the Week]: Spot premiums in Ningbo edged down this week, with the weekly average price declining 15 yuan/mt WoW. As of this Friday, spot prices against the 2607 contract were quoted at a discount of 50 yuan/mt, with a premium of 30 yuan/mt against the Shanghai premium. The premium against the Shanghai premium maintained a fluctuating trend during the week.

[SMM Chrome Daily Review: Procurement of Ferrochrome Remained Stable for Now, Ore Prices Fell amid Inventory at High Levels] May 29, 2026: The ferrochrome and chrome ore market experienced slight fluctuations...

[Rising Interest Rate Cut Expectations Boost Market Sentiment; Aluminum Prices Continue LME Outperforms SHFE Sideways Pattern] On the domestic front, driven by improved export profits, aluminum semis exports recovered somewhat and are expected to remain at a relatively high level in the short term. However, the pace of inventory destocking in China remained slow, spot aluminum transactions were lackluster, and downstream purchasing remained cautious, limiting SHFE aluminum's upside room. Overall, aluminum prices are expected to continue the LME outperforms SHFE sideways pattern in the short term.

[SMM Morning Meeting Minutes: Weak US Dollar, Zinc Prices Rise Accordingly] Overnight, LME zinc recorded a large bullish candlestick with a long lower shadow, with the middle Bollinger Bands providing support below. The US core PCE price index annual rate in April rose to 3.3%, in line with market expectations...

The domestic electrolytic manganese market has stabilized slightly after a minor decline recently, with a lingering weak and sluggish market sentiment. Although the price drop has slowed down without continuous sharp declines, market pessimism remains prevalent, and downward pressure is still prominent.

On May 22, TISCO announced its tender purchase price for high-carbon ferrochrome for June at 8,295 yuan per 50 metric base tons. Tsingshan Group set its price at 8,495 yuan per 50 metric base tons simultaneously. Both prices were unchanged month-on-month from May, largely in line with market expectations. Market sentiment has stabilized, and retail prices of ferrochrome have halted their decline and leveled off.

[SMM Daily Comment: Supply Contraction Expectations Heat Up, NPI Price Center Shifts Upward] May 27 — The SMM high-grade NPI upstream sentiment factor was 3.1, up 0.01 MoM, while the high-grade NPI downstream sentiment factor was 1.97, down 0.03 MoM.

SMM May 26 update: During the morning session, the SHFE aluminum 2606 contract fluctuated downward, with the overall price center moving lower compared to the previous trading day. Affected by the decline in aluminum prices, some sellers held prices firm. Combined with the recent low aluminum prices, buyer buying sentiment picked up, and the overall market trading atmosphere improved. The mainstream spot quotation in the market was around SMMA00 average price to +10 yuan/mt. Today, the east China market shipment sentiment index was 3.04, down 0.02 MoM; the procurement sentiment index was 3.17, up 0.01 MoM. Recently, the Henan-Shanghai price spread was relatively small and higher than long-term contract prices. Downstream processing enterprises in the central China market had low buying sentiment and preferred long-term contract settlement, with overall market transactions being rather sluggish. Additionally, aluminum prices surged at the market opening, and suppliers offered lower quotes with weak willingness to hold prices firm. Ultimately, the actual transaction price range in the central China market hovered between a premium of 20 yuan and a discount of 30 yuan to the central China price. Today, the central China market shipment sentiment index was 2.82, down 0.02 MoM; the procurement sentiment index was 2.25, down 0.01 MoM. Inventory side, aluminum ingot inventory in major consumption areas rose by 500 mt MoM today, with the inventory buildup mainly originating from Guangdong and Gongyi.

[SMM Chrome Daily Review: Prices Moved Sideways as Tug-of-War Between Sellers and Buyers Continued] May 26, 2026: The ferrochrome and chrome ore market fluctuated slightly...

SMM May 25 reported: During the morning session, the SHFE aluminum 2606 contract traded in a range, with the overall price center moving lower compared to the previous trading day. Some buyers had strong bullish sentiment, and as the impact of tax invoice reductions gradually eased, overall buying sentiment in the market improved somewhat, while some sellers held prices firm. The mainstream spot quotation in the market was around SMMA00 average to +10 yuan/mt. Today, the east China market shipments sentiment index was 3.06, flat MoM; the purchasing sentiment index was 3.16, up 0.06 MoM. Recently, the price spread between central China and Shanghai was relatively small and higher than long-term contract prices. Downstream processing enterprises in the central China market had low buying sentiment and preferred long-term contract settlement, with overall market transactions being sluggish. Additionally, aluminum futures prices surged at the opening, and suppliers offered lower prices with weak willingness to hold prices firm. Ultimately, the actual transaction price range in the central China market was between a premium of 20 yuan and a discount of 30 yuan to the central China price. Today, the central China market shipments sentiment index was 2.84, flat MoM; the purchasing sentiment index was 2.26, down 0.02 MoM. Inventory side, today the aluminum ingot inventory in major consumption areas rose 9,500 mt MoM, with the inventory buildup mainly originating from Guangdong and Wuxi.