[SMM Hot Topic] Weak Domestic Demand + Export Diversion Cool the “North-to-South Steel Flow”

Silver Prices Fluctuated and Stabilized, While Downstream Consumption Showed Slight Improvement [SMM Daily Review]

Negotiations Remained in Stalemate, and Continued Structural Tightening Kept Iron Ore Strong [SMM Brief Commentary]

Supplier Sell-Offs and Downstream Counteroffers, Shanghai Spot Copper Discounts Came Under Pressure [SMM Shanghai Spot Copper]

What Could Change if Middle East Aluminum Trade Reroutes—and Supply Becomes Substitutable