[SMM Stainless Steel Daily Review] SS Futures Retreated after Rapid Rise on First Day after Qingming Festival, Stainless Steel Spot Quotes Remained Stable SMM April 7 — SS futures retreated after a rapid rise. After the morning opening, SS futures once surged rapidly before being dragged down by the decline in non-ferrous futures, closing at 14,135 yuan/mt by the midday close. Spot market side, affected by the overall fluctuations in futures, spot traders continued to maintain a strategy of holding prices stable for shipments. Downstream end-users remained cautiously on the sidelines, purchasing mainly based on rigid demand, with mediocre inquiry and trading activity, and market quotes remained generally stable. The most-traded SS futures contract retreated after a rapid rise. At 10:15 AM, SS2605 was quoted at 14,200 yuan/mt, up 50 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area were in the range of 220-420 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained flat; for cold-rolled trimmed-edge 304/2B coils, the average price in Wuxi remained flat and in Foshan remained stable; cold-rolled 316L/2B coils in Wuxi remained flat; for hot-rolled 316L/NO.1 coils, Wuxi quotes remained flat; cold-rolled 430/2B coils in both Wuxi and Foshan remained stable. The stainless steel market is currently in the traditional peak consumption season of "Golden March and Silver April." Downstream demand fundamentals recovered compared with the earlier period, with end-user purchases continuing at a rigid-demand pace, and overall trading volume was sufficient to hold quotes firm. However, affected by macro news disturbances and futures fluctuations, downstream end-user clients still held a wait-and-see sentiment with no willingness to stockpile, and trading fluctuated with changes in news. Futures...

Maxeon Solar Technologies has filed for voluntary judicial management in Singapore to seek an arrangement with creditors and avoid liquidation. The decision follows two years of financial struggles triggered by the continued detention of its modules by 'US' Customs and Border Protection ('CBP') and recent legal actions seeking over $70 million in damages. After 'CBP' detained its Mexico-made products in 2024 and its former parent SunPower filed for bankruptcy, Maxeon pivoted its focus entirely to the 'US' market. In February 2026, the company abandoned its planned $1.9 billion facility in New Mexico in favor of using third-party 'US' manufacturers. An initial hearing is set for April 9.

SMM Nickel News, April 7: Macro and market news: (1) Trump: Tuesday was the deadline for reaching a deal (8:00 AM Wednesday Beijing time); Iran's proposal was not good enough; a plan had been drawn up to destroy Iran's bridges and power plants within 4 hours; rather than letting Iran collect strait tolls, the US should collect them instead. (2) To maintain ample liquidity in the banking system, today (April 7), the People's Bank of China conducted 800 billion yuan in outright reverse repo operations through fixed-quantity, rate-tendering, and multiple-price winning methods, with a term of 3 months (89 days) and a maturity date of July 5, 2026. Spot market: On April 7, SMM #1 refined nickel prices were flat compared with the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 3,650 yuan/mt, flat compared with the previous trading day; domestic mainstream brand electrodeposited nickel ranged from 600-400 yuan/mt. Futures market: The most-traded SHFE nickel 2605 contract surged sharply in the morning session before pulling back, closing at 133,420 yuan/mt in the morning session, down 0.64%. In the short term, Indonesia's policy tightening and cost support have built a solid floor for nickel prices, but high inventory and weak end-use demand capped upside room. The most-traded SHFE nickel contract is expected to operate within a core range of 133,000-143,000 yuan/mt.

Hedge fund manager David Einhorn predicts a historic shift in global reserves as central banks move away from U.S. dollars toward gold, citing unstable U.S. trade policy and soaring deficits.

[SMM Aluminum Express News] Emirates Global Aluminium (EGA) estimates it will take up to 12 months to fully resume aluminium production at its Al Taweelah smelter in Abu Dhabi following the Iranian missile and drone attack. The attack caused power loss and an uncontrolled shutdown, with molten metal solidifying inside the potlines, resulting in significant damage to the smelter and casthouse. EGA CEO Abdulnasser Bin Kalban said the company is assessing the damage and will work closely with affected customers. He noted that while the smelter may take up to a year to restart, the Al Taweelah alumina refinery (2.4 million tpy) and recycling plant (185,000 tpy) could resume operations earlier.

Gold has overtaken US Treasuries as the largest component of global central bank reserves for the first time since the mid-1990s, marking a significant shift in the structure of the international monetary system, Bloomberg reports.

World Gold Council data showed that from 2022 to 2024, global central banks bought more than 1,000 mt of gold annually on average, about twice the average of the previous decade. Even in 2025, when gold prices repeatedly hit record highs, global central bank gold purchases still reached 863 mt, accounting for 17.3% of global gold demand that year. However, some central banks recently reduced their holdings, and the gold-buying pattern weakened at the margin. The World Gold Council’s monthly report released on April 2 showed that central banks worldwide made net purchases of 19 mt of gold in February, below the 2025 monthly average of 26 mt, but rebounding from net purchases of 5 mt in

[Concerns Over Supply Shortfalls Triggered by Attacks on Middle Eastern Aluminum Plants Give Aluminum Prices Strong Upward Momentum] Overall, expectations of a substantive supply contraction triggered by attacks on Middle Eastern aluminum plants, combined with low global inventory and a recovery in peak-season demand in China, will provide strong upward momentum for aluminum prices. In the short term, aluminum prices are expected to break out of their trading range and hold up well.

[SMM Steel] The Indian rupee closed nearly unchanged at 93.06 per US dollar, supported by dollar sales from position unwinding but capped by importer hedging demand amid uncertainty linked to the Iran conflict. The currency had rebounded earlier after intervention signals from the Reserve Bank of India, recovering from a record low of 95.21.

Indonesian state-owned aluminum giant PT Inalum on Tuesday called on the government to halt new alumina and aluminum plant construction, citing concerns about oversupply and pressure on the country's bauxite reserves. Resource-rich Indonesia is keen to boost its domestic metals industry and has banned the export of raw ore to encourage investment in domestic factories.