LME nickel futures rose for a fourth consecutive session, rebounding toward US$18,000/ton. Growing expectations of a Middle East peace accord pushed oil prices to a three-month low, easing global inflation concerns and weakening the US dollar, lifting nickel to a weekly high. Fed rate hold expectations for this month added further support, paring some of June's earlier losses. LME nickel inventories rose 942 tons to around 27.5mt. However, sluggish seasonal demand and elevated stockpiles exceeding 270,000 tons cap near-term upside, pointing to a volatile, range-bound outlook in the short term.

Chinese Taiwan's stainless steel leader Yusco reported consolidated revenue of NT$3.69 billion for May, up 37.3% YoY and 21.6% MoM, its highest level since November last year, driven by seven consecutive months of stainless steel price increases. Cumulative revenue for the first five months reached NT$14.95 billion, still down 7.8% YoY. Supported by overall market improvement and elevated raw material costs, Yusco raised June prices for its benchmark 304 hot-rolled and cold-rolled coils by NT$2,000/ton, bringing the two-month cumulative increase to NT$6,000/ton. Downstream inventory replenishment activity continues to strengthen full-year business prospects.

Chinese Taiwan's stainless steel sector showed a broad recovery in May, with export volumes rising 22% MoM to a yearly high of approximately 77,000 tons while export pricing climbed to its highest level in over a year, confirming international buyers' acceptance of consecutive stainless steel mill price hikes. Incoming shipments fell below recent monthly thresholds, easing market disruption from cheap foreign materials. The turnaround marks an end to a prolonged industry downturn dating back to 2023. With seven consecutive months of domestic price increases and strengthening global demand, markets are expecting a substantial improvement in corporate earnings ahead.

Walsin Lihwa expects Q2 earnings to substantially surpass Q1, with over NT$3.5 billion in gains from selling shares of Winbond and Walton Advanced Engineering set to be recognized in the quarter, contributing more than NT$0.8 per share. Q1 net profit reached NT$3.58 billion, up 428% YoY at NT$0.81 per share. May revenue rose 12.4% MoM to a one-year high of NT$17.46 billion (+11.13% YoY), driven by seven consecutive months of stainless steel price hikes including a NT$3,000/ton increase for 304 wire rods in June. Separately, rising international copper and nickel prices combined with heavy foreign investment drove the company's stock to its NT$37.7 daily limit last Friday (June 12).

In H1 2026, the Indonesian 10-12% high-grade NPI (delivered to port, tax inclusive) market trended steadily upward, with the SMM average price rising 12% compared to the same period in 2025. Price movements were characterized by “stepwise increases and fluctuations at highs.” Each round of supply-demand imbalance and policy disruption pushed prices onto a higher level.

SMM June 18 News: In metals markets: Overnight, base metals on both domestic and overseas markets collectively rose. LME zinc led the gains with a 1.4% increase, LME tin rose 0.85%, LME aluminum gained 0.99%, SHFE zinc climbed 0.67%, and SHFE nickel added 0.6%. All other metals saw small fluctuations. Alumina main contract rose 0.52% and aluminum casting main contract rose 0.17%. Overnight, the ferrous metals complex generally fell. Iron ore dropped 1.13%, recording a three-day losing streak. HRC, rebar, and stainless steel all fell within 1%. Coking coal and coke both declined, with coking coal down 2.26% and coke down 1.25%. Overnight in precious metals, COMEX gold fell 1.79% and COMEX silver fell 2.93%. Domestically, SHFE gold fell 0.84% and SHFE silver fell 1.36%. Overnight closing prices as of 6:43 AM on June 18: Macro Front China: [PBoC: Improve the Short-End Interest Rate Adjustment Mechanism] Pan Gongsheng, Governor of the People's Bank of China, stated that the short-end interest rate adjustment mechanism will be improved. Building on the temporary overnight repo and reverse repo tools established in July 2024, the mechanism for using the tools will be improved, and the operating rates will be adjusted to the 7-day reverse repo rate plus and minus 25 basis points, narrowing the corridor from 70 basis points to 50 basis points. The open market operations toolbox will be further enriched, and overnight reverse repo operation varieties will be added at appropriate times to better match the short-term liquidity needs of the banking system. (CCTV News) [PBoC Optimizes the Mechanism for Temporary Overnight Repo and Reverse Repo Open Market Operations] To flexibly and efficiently utilize temporary overnight repo and reverse repo open market tools, the People's Bank of China decided to optimize the operational elements effective immediately. The operation time is adjusted to 15:00-15:30 on working days, and the operating rates are adjusted to the 7-day reverse repo rate minus 25bp and plus 25bp, respectively. The rules for using the tools are further clarified. When the money market overnight rate (DR001) is persistently lower or higher than the corresponding tool's operating rate, the People's Bank of China will initiate corresponding operations based on the needs of primary dealers. (People's Bank of China) [Wu Qing‘s Speech at Lujiazui Forum: Expand the Scope of the Fifth Set of Standards to the AI Field, Support Hong Kong-Listed Companies for Domestic Listing] Wu Qing, Chairman of the China Securities Regulatory Commission, intensively released policy signals at the 2026 Lujiazui Forum on the 17th, covering reforms to the tech listing system, capital market opening-up, guiding long-term capital, and AI regulation, outlining the regulatory layer's policy blueprint for deepening capital market reforms. In his speech, Wu Qing said that the scope of the fifth set of listing standards will be expanded to the artificial intelligence field, actively supporting the listing of high-quality AI large model companies, and supporting qualified Hong Kong-listed companies to list domestically. He also stated that research on promoting RMB foreign exchange futures pilot programs will be accelerated. He further stated that efforts will be made to enhance cross-border regulatory collaboration, support legal and compliant cross-border investment and financing activities, and lawfully crack down on various cross-border illegal activities. Guiding opinions for regulating the development of capital market AI will be released in due course, with strict investigations and punishments for illegal activities such as riding hot topics, hyping concepts, or even market manipulation and insider trading in the name of technology. US Dollar: As of the overnight close, the US dollar index rose 0.82% to 100.38. The US Federal Reserve's monetary policy meeting this week stood pat as widely expected. The post-meeting statement emphasized the commitment to price stability by reducing high inflation, and the dot plot reflected a strong hawkish bias among Fed policymakers. On Wednesday, June 17 US Eastern Time, the Federal Reserve announced after its FOMC meeting that it would keep the target range for the federal funds rate unchanged at 3.50% to 3.75%. To date, after cutting rates at three consecutive meetings through last year-end, the FOMC has stood pat at all four monetary policy meetings in 2026. This decision was completely within market expectations. This was the first FOMC meeting with Warsh as Fed Chairman. Judging from the rate decision, his first major act in the new role was to significantly shorten the statement, including the rate guidance. The new statement emphasized only the inflation side of the dual mandate on employment and inflation. Its assessment of inflation and other economic areas was consistent with the previous one, reiterating that inflation remains high and noting that the Middle East conflict brings high uncertainty to the economy. Compared with the statement, the dot plot released after the meeting reflected an even more pronounced hawkish tilt: half of the Fed officials providing rate forecasts projected at least one rate hike this year. Bloomberg rates strategist Ira Jersey commented that given half of Fed officials foresee hikes, the market focusing on the dot plot makes the bear-flattening of the Treasury yield curve look logical. Nick Timiraos, a veteran Fed correspondent known as the "new Fed wire," described the dot plot as "very hawkish." He pointed out in the article title that the Fed held rates steady, but more officials expect the next move to be a hike. (Wall Street CN) According to CME "FedWatch": The probability that the Fed keeps rates unchanged in July stands at 64.0% (was 91.0% before the decision). The probability of a cumulative 25-basis-point rate hike is 35.1% (was 8.9%), and the probability of a cumulative 50-basis-point hike is 1% (was 0%). For December, the probability that the Fed holds rates steady is 14.2% (was 38.2%), with the chances for a cumulative 25-basis-point hike at 36.4% (was 43.0%), a 50-basis-point hike at 33.8% (was 16.2%), a 75-basis-point hike at 13.5% (was 2.4%), and a 100-basis-point hike at 2.1% (was 0.1%). (Jin10 Data App) Data: Today, China's May Swift RMB share in global payments, the US Federal Reserve's June 17 interest rate decision (upper bound), US initial jobless claims for the week ending June 13, the US Philadelphia Fed Manufacturing Index for June, and the US Conference Board Leading Index month-over-month change for May will be released. Also due are Switzerland's May trade balance and Swiss National Bank policy rate on June 18, the UK's ILO unemployment rate for the three months to April, UK May unemployment rate, UK May claimant count change, and the Bank of England‘s June 18 interest rate decision, as well as the Eurozone’s seasonally adjusted current account for April, among other data. In addition, China will open a new refined oil product pricing window. The Fed's FOMC will release its interest rate decision and Summary of Economic Projections. Fed Chairman Warsh will hold a monetary policy press conference. The Swiss National Bank and the Bank of England will announce their interest rate decisions, with the BoE also releasing meeting minutes. Notably, on June 18, there will be no night trading session on the Shanghai Gold Exchange, SHFE, Zhengzhou Commodity Exchange, and DCE in China due to the eve of the Dragon Boat Festival. On June 19, the NYSE will be closed for Juneteenth. On the same day, trading of precious metals, energy, foreign exchange, equity index, and US Treasury futures contracts on the US-based CME will close early at 01:00 Beijing Time on June 20 for Juneteenth. Also due to Juneteenth, trading of Brent crude oil futures contracts on the US-based ICE will close early at 01:30 Beijing Time on June 20. Crude Oil: As of the overnight close, both oil benchmarks fell. Brent crude fell 0.38% and WTI crude fell 0.35%. On June 17 local time, senior US officials read out the 14 terms of a US-Iran memorandum of understanding aimed at ending the war and promoting the reopening of the Strait of Hormuz to the media. According to the arrangement, both sides will begin 60 days of further negotiations this Friday (June 19) in Switzerland to reach a final agreement. The US commits that, effective immediately upon the signing of this memorandum and until sanctions are lifted, the US Treasury Department will issue exemption licenses for Iran's exports of crude oil, petroleum products, and derivatives, as well as related supporting services (including banking transactions, insurance, and transportation). (Jin10 Data App) Amid the chain reaction from easing Middle East tensions, the International Energy Agency (IEA) judged in its monthly oil market report released Wednesday that if a peace arrangement proves sustainable, the global crude market could shift to a clear oversupply next year. The IEA systematically assessed the impact of the end of the Iranian conflict for the first time in this report. The agency analyzed that as oilfields shut down for months due to the conflict gradually resume production, supply from the Gulf region will show a "gradual" recovery trend this year. On this basis, global crude oil production is expected to increase by 8 million barrels per day by next year, reaching a total scale of 110 million barrels per day. In contrast, global demand growth is estimated at about 2 million barrels per day, described as "relatively mild." The IEA noted in the report that this supply-demand mismatch will lead to a "massive surplus," which it suggested "could provide a welcome breathing space for the market and an opportunity to replenish depleted stocks or build new strategic reserves." Currently, oil inventories in OECD countries have fallen to their lowest levels since 1990. (Jin10 Data) The IEA also noted that oil prices experienced a sharp correction between May and mid-June, driven by market optimism about a peace deal and changes in Asian demand. Reduced crude oil procurement from Asia exerted clear downward pressure on prices. Affected by these combined factors, North Sea crude prices cumulatively fell by more than $40 per barrel during this period to around $82, indicating the market had already priced in expectations of increased supply and slowing demand. (Jin10 Data)

[SMM Chrome Daily Review: Ore Prices Continue to Fall, Market Expectations Bearish] June 17, 2026 – The ferrochrome and chrome ore markets fluctuated slightly...

SMM, June 17: In the metals market: As of the midday close, base metals on the domestic market showed mixed performance. SHFE copper edged up 0.33%, SHFE aluminum edged up 0.17%, SHFE lead increased 1.04%, SHFE zinc fell 0.48%, SHFE tin fell 0.33%, and SHFE nickel fell 0.22%. In addition, the most-traded foundry aluminum futures contract rose 0.58%, the most-traded alumina contract fell 0.1%, the most-traded lithium carbonate contract rose 1.54%, the most-traded silicon metal contract edged up, and the most-traded polysilicon futures contract fell 1.68%. Ferrous metals mostly fell, with iron ore down 1.89%, rebar down 0.38%, HRC down 0.3%, and stainless steel up 0.66%. In coking coal and coke: the most-traded coking coal contract fell 0.48%, and the most-traded coke contract fell 0.95%. For base metals on the overseas market, as of 11:39, LME metals showed mixed performance. LME copper and LME nickel edged up, LME aluminum rose 0.53%, LME lead fell 0.1%, LME zinc rose 0.13%, and LME tin rose 0.27%. In precious metals, as of 11:39, COMEX gold fell 0.08%, and COMEX silver rose 0.39%. On the domestic precious metals market: the most-traded SHFE gold contract fell 0.26%, and the most-traded SHFE silver contract fell 0.27%. In addition, as of the midday close, the most-traded platinum futures contract rose 1.59%, and the most-traded palladium futures contract edged up. As of the midday close, the most-traded container shipping index futures contract fell 2.95% to 3,697.5 points. Selected futures midday quotes as of 11:39 on June 17: Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper was quoted at 210 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 150 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a premium of 90 yuan/mt, unchanged from the previous trading day. The average price of Guangdong #1 copper cathode was 105,500 yuan/mt, up 565 yuan/mt from the previous trading day, and the average price for SX-EW copper was 105,410 yuan/mt, up 565 yuan/mt from the previous trading day. Spot market: Guangdong inventory declined again today after two consecutive days of increases, mainly due to fewer arrivals and more shipments... Macro Front China: [NFRA: Promote the flow of financial resources toward emerging and future industries] Ding Xiangqun, head of the National Financial Regulatory Administration (NFRA), stated that serving the real economy is the foundation of finance. It is necessary to optimize the supply structure of funds, deliver on the five priority areas of finance, and focus on promoting the development of new quality productive forces. The country should continuously improve full-cycle tech-finance service systems, strengthen financing support and insurance guarantees, and promote the flow of financial resources toward emerging and future industries. Efficiently support the strategy of expanding domestic demand. Financial regulatory authorities should guide financial institutions to deeply engage in fiscal-financial coordination to boost domestic demand, help implement the special campaign to invigorate consumption and the action to expand capacity and improve quality in the service sector, and strengthen financial services for major projects under the 15th Five-Year Plan. Enhance financial support for vulnerable areas. Promote a substantial improvement in quality and reasonable growth in volume for loans to small and micro enterprises. Develop tailored inclusive financial products for new employment groups, namely the "two drivers and two delivery workers"—truck drivers, ride-hailing drivers, couriers, and food delivery workers. Continuously improve the level of financial services for disaster prevention, mitigation, and relief, and fortify the line of defense for public safety. (CCTV News) [PBoC: Improve the short-end interest rate adjustment mechanism] Pan Gongsheng, Governor of the People's Bank of China, stated that the short-end interest rate adjustment mechanism will be improved. Building on the temporary overnight standing repo and reverse repo facilities established in July 2024, the mechanism for using these tools will be refined, and the operating rates will be adjusted to the 7-day reverse repo operating rate plus and minus 25 basis points, narrowing the corridor from 70 basis points to 50 basis points. The toolbox for open market operations will be further enriched, and overnight reverse repo operation instruments will be added when appropriate to better match the short-term liquidity needs of the banking system. (CCTV News) [Full text of the Action Plan for Shanghai International Financial Center to Develop Offshore Finance is released] The People's Bank of China, the National Development and Reform Commission (NDRC), the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Shanghai Municipal People's Government jointly issued the Action Plan for Shanghai International Financial Center to Develop Offshore Finance. It mentions that by the end of 2027, a preliminary institutional framework encompassing business rules, risk management and resolution, and the business environment adapted to offshore financial businesses is expected to be established, with explorations of offshore financial business at the forefront of digitalization to better serve enterprises going global. By the end of 2030, a relatively mature offshore financial institutional and legal framework is expected to gradually take shape, providing secure and reliable financial services for the sustained international investment and trade of Chinese enterprises, conducting tests for the reform of the onshore financial system, and strongly supporting the development of global allocation and risk management functions for RMB assets. By the end of 2035, it is expected to become a strategic hub for high-level coordinated and integrated development of offshore and onshore finance, leading the nation's high-standard financial opening and high-quality development. (From Wallstreetcn APP) [People's Bank of China launches the Foreign Institutional Investor and Central Banks RMB Repo Facility] To support the high-standard opening of China's financial market and facilitate RMB liquidity management for foreign central bank institutions, the People's Bank of China will use the Foreign Institutional Investor and Central Banks RMB Repo (FIMA RMB Repo) facility to provide RMB liquidity to eligible foreign central bank institutions. Overseas central bank-type institutions refer to overseas central banks or monetary authorities, international financial organizations, and sovereign wealth funds. The repo tool can be conducted via pledged repo or outright repo. Eligible repo bonds include Chinese government bonds, PBOC bills, policy financial bonds, and other high-grade RMB bonds approved by the PBOC. Repo terms include 7 days, 1 month, and 3 months. Repo rates are set by adding a spread to the 7-day reverse repo operation rate in the open market. (PBOC) [PBOC Optimizes Temporary Overnight Repo and Reverse Repo Operation Mechanism in the Open Market] To use the temporary overnight repo and reverse repo tools in the open market flexibly and efficiently, the PBOC decided to optimize operating parameters effective immediately, adjusting the operation window to 15:00-15:30 on working days and setting the operation rates at the 7-day reverse repo rate minus 25bp and plus 25bp, respectively. It further clarified the rules for using the tools: when the overnight money market rate (DR001) stays persistently below or above the corresponding tool operation rates, the PBOC will launch the relevant operations based on the needs of primary dealers. (PBOC) [Wu Qing: Social Security, Insurers Net Purchases of A-Shares at 1.3 Trillion Yuan Since New “Nine Guidelines”] At the opening ceremony of the 2026 Lujiazui Forum, Wu Qing, Chairman of the China Securities Regulatory Commission, delivered a keynote speech titled “Further Improving Capital Market Functions to Coordinate Investment and Financing, Better Serving New Quality Productive Forces and High-Quality Economic Development.” He said that over the two-plus years since the release of the new “Nine Guidelines,” the market value of A-shares held by social security funds, insurers, etc. increased by 85%, with net purchases of A-shares reaching 1.3 trillion yuan. Wu Qing stated that efforts should be made to actively expand funding sources, support complementarity between state-backed funds and social capital, guide pension funds and insurance funds to increase equity investments, and promote the further smooth functioning of the “fundraising, investment, management, and exit” cycle. (from Wall Street CN APP) [Zhu Hexin: Higher Convenience for Entities with Sound Operations and Good Credit] Zhu Hexin, Deputy Governor of the PBOC and Administrator of the State Administration of Foreign Exchange, said at the 2026 Lujiazui Forum that the next step would be to shift from convenience for individual business items to convenience for business entities, granting higher convenience to entities with sound operations and good credit. (from Wall Street CN APP) [PBOC Reverse Repos Net Injection of 261.3 Billion Yuan Today] The PBOC conducted 420.3 billion yuan of 7-day reverse repos today. With 159.0 billion yuan of such reverse repos maturing today, this resulted in a net injection of 261.3 billion yuan. (Jin10 Data APP) 》On June 17, the central parity rate of the RMB against the US dollar in the interbank foreign exchange market was 6.8096 yuan per US dollar. On the dollar side: As of 11:39, the US dollar index was down 0.03% at 99.53. Option traders are increasingly divided on the US Fed’s near-term interest rate path, placing bets that range from rate cuts in coming months to rate hikes of varying magnitudes. Swaps market pricing shows that the Fed is almost certain to hold interest rates steady at its Wednesday meeting, with all eyes turning to Chairman Warsh’s first press conference for clues on future policy. Although the US and Iran are set to formally sign a temporary peace deal, with oil prices already falling to three-month lows and offering some relief from inflationary pressures, the policy outlook remains uncertain. (Jin10 Data APP) The Federal Reserve will conclude its policy meeting in the early hours of Thursday Beijing time, and the market is now focused on a key variable: the dot plot may lack a key dot. The Federal Open Market Committee (FOMC) will release its quarterly Summary of Economic Projections (SEP) after the meeting, which includes individual officials’ assessments of the interest rate path for 2026 to 2028 and beyond—the closely watched dot plot. Investors will parse the distribution of dots to gauge the overall bias of officials on the economic outlook and monetary policy. However, most Wall Street Fed watchers expect that new Chairman Warsh Kevin (Warsh Kevin) will not submit his own rate projection dot. He only assumed his post on May 22 and feels he has not yet prepared a full forecast; additionally, he has consistently been critical of the dot plot and the broader forward guidance communication framework. Should Warsh decline to submit a dot, it would break from a practice that has persisted for 14 years since the financial crisis, and could also ruffle feathers among FOMC members who rely on the dot plot to convey policy signals. Yet, this move would also serve as his first step in pushing for fundamental reforms at the Fed. (Jin10 Data APP) According to CNBC, the Federal Reserve will release its latest dot plot on Wednesday, showing officials’ expectations for the interest rate trajectory. However, most Wall Street Fed watchers expect new Fed Chairman Warsh Kevin not to participate, possibly because he feels unprepared or simply because he dislikes the dot plot. Warsh has previously spoken out against dot plots and other forward guidance methods, arguing that they constrain the Fed’s decision-making ability. Should Warsh refuse to provide a dot plot projection, it would run counter to the practice the Fed has followed for roughly 14 years since the financial crisis and could distance him from other Fed officials who support this communication tool. Yet, for Chairman Warsh, who has pledged to fundamentally reform the way the institution operates, this could serve as an effective first step. “In my opinion, he likely does not want to submit a rate forecast.”Bill English, former head of monetary policy at the US Fed and now a professor at Yale University, said, “There may be others on the committee who don’t particularly like the dot plot, and they might be willing to do the same.” According to CME FedWatch, the probability that the Fed would keep interest rates unchanged in June was 99.5%, and the probability of a cumulative 25bp rate cut was 0.5%. The probability that the Fed would keep rates unchanged through July was 92%, with a 7.9% probability of a cumulative 25bp rate hike and a 0% probability of a cumulative 25bp rate cut. In other currencies: Goldman Sachs economist Akira Otani said that the Bank of Japan is very likely to raise interest rates again in January 2027, but there is high uncertainty over the timing of future rate hikes. “With underlying inflation near 2%, even a small change, such as a further modest depreciation of the yen, could significantly increase the risk of inflation exceeding 2%,” the economist noted, “Thus, the probability distribution of the timing of the next rate hike is seen as skewed towards an earlier move.” Otani added that the actual timing of the rate hike would be “significantly influenced by the progress of communication with the government.” (Jin10 Data APP) A senior official at the Reserve Bank of Australia said on Wednesday that as a tense geopolitical environment reshapes financial and economic linkages, Australian institutions need to prepare for a financial system that is more susceptible to shocks. RBA Deputy Governor Brad Jones said, “We have to accept the world as it is, not as we would like it to be, and it is against this backdrop that policymakers are intensifying efforts to ensure the financial system can cope with a more challenging risk environment.” Jones noted that the high level of foreign ownership in Australia’s fixed-income market means the country’s financial system will not be immune to external shocks. Referring to pension funds, he said, “About half of the assets in our superannuation fund industry are invested offshore.” (Jin10 Data APP) Data: Due for release today are the US May retail sales month-over-month rate, US April business inventories month-over-month rate, US May pending home sales index month-over-month rate, UK May CPI month-over-month rate, UK May retail price index month-over-month rate, eurozone May final CPI year-over-year rate, eurozone May final CPI month-over-month rate, and other data. Also in focus: ECB President Lagarde is participating in a summit on the impact of artificial intelligence (AI); the 2026 Lujiazui Forum in China takes place from June 17 to 18. Oil: As of 11:39, both oil benchmarks extended their losses from the previous four trading sessions, with WTI down 0.32% and Brent down 0.32%. Trump stated that the Strait of Hormuz will reopen this Friday, with both US and Iranian sides expected to sign a preliminary agreement memorandum in Switzerland at that time, though the full text of the agreement has not yet been released. The preliminary agreement between the US and Iran to reopen the Strait of Hormuz triggered wild swings in the global oil market. According to the Wall Street Journal, people familiar with the matter said that under the agreement, the US will allow Iran to immediately resume oil and fuel export sales, providing Tehran with an upfront economic incentive to help de-escalate the conflict. Provisions in the deal exempting oil sales from sanctions will take effect immediately upon the signing of the agreement this week. Meanwhile, essential services supporting oil sales, such as banking, transportation, and insurance, will also be exempted to ensure smooth execution of relevant transactions. United Against Nuclear Iran stated that a supertanker loaded with Iranian crude oil had departed from Chabahar port, crossed the US blockade, and sailed out of the Gulf of Oman on Tuesday with its transponder turned on. This marks the first such occurrence since the US imposed a maritime blockade in April this year. A senior US official said on Tuesday that while Iran will receive upfront sanctions relief for oil sales, long-term and sustained sanctions relief will depend on Iran's compliance with US demands, including issues related to the opening of the Strait and its nuclear program. The official added that Iran still will not immediately gain access to tens of billions of dollars frozen outside China. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

[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...

As of now, the FOB price for Indonesian MHP nickel is $16,244/mt Ni, and the FOB price for Indonesian MHP cobalt is $51,333/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 95. The FOB price for Indonesian high-grade nickel matte is $16,330/mt Ni.