[SMM Tungsten Daily Review: Tungsten Market Trading Sluggish, Awaiting Tomorrow's Long-Term Contract to Set the Tone] SMM May 6 News: On the first day after the holiday, China's tungsten market continued its weak consolidation trend. The upstream raw material market was waiting for tomorrow's long-term contract guidance price, with very few transactions in the market. Downstream powder and cemented carbide intermediate products showed a catch-up decline. Wait-and-see sentiment pervaded the market, with transactions across all segments dominated by scattered small orders for rigid demand, lacking support from bulk transactions.

[SMM Aluminum Alloy Daily Review] Futures side, the aluminum alloy 2606 contract fluctuated upward today, opening at 23,145 yuan/mt and closing at 23,245 yuan/mt, up 335 yuan/mt from the previous settlement price, a gain of 1.46%. Spot side, ADC12 market price adjustments diverged today. Some enterprises attempted to slightly raise their offers driven by the recovery in futures, but overall momentum for increases remained insufficient, with most enterprises opting to hold prices steady and wait. The post-holiday market remained in a phase of tug-of-war between weak demand and cost support, with limited improvement in transactions. ADC12 prices are expected to maintain a narrow fluctuating trend in the short term.

[SMM Chrome Daily Review: Post-Holiday Market Temporarily Stable, Trading Activity Limited] May 6, 2026: The ferrochrome and chrome ore market saw limited fluctuations...

[SMM Daily Comment: Downstream Adopted a Wait-and-See Approach While Upstream Showed Strong Willingness to Hold Prices Firm, and the Market Held Up Well] On May 6, SMM high-grade NPI upstream sentiment factor was 3.58, up 0.04 MoM, and the high-grade NPI downstream sentiment factor was 2.6, flat MoM.

Futures platinum prices rose sharply today during the daytime session. The most-traded PT2606 contract on the Guangzhou Futures Exchange closed at 505.4 yuan/gram in the morning session, up 4.14%, ending the inversion between SGE Platinum 9995 and GFEX PT2606. Spot side, mainstream quotations for spot premiums were basically flat compared to the last trading day before the holiday. In the morning session, spot platinum traders' mainstream quotations were at a discount of 2-3 yuan/gram to GFEX PT2606. Some enterprises still refrained from participating in market quotations due to invoicing rectification reasons. Transaction side, according to SMM, it was difficult to close deals at the morning session quotation of a 2 yuan/gram discount to GFEX. As futures prices continued to rise during the morning session, some enterprises chose to lower their premiums. Downstream enterprises generally had low purchase willingness due to the sharp rise in futures prices and mostly adopted a wait-and-see approach. Overall spot market transactions were sluggish.

Today, SMM's premium quotations against the SGE Ag(T+D) ranged from TD -20 to -5 yuan/kg, with an average of -12.5 yuan/kg. Some traders had not yet participated in quotations after the Labour Day holiday. Overall market purchase willingness was low, with both offers and inquiries on the weak side. During the early Shanghai session, suppliers of national-standard silver ingots posted mainstream quotations at premiums of -20 to -10 yuan/kg against TD. Major smelter silver ingots were mostly quoted at parity, but transactions were difficult to conclude. Some enterprises lowered premiums to facilitate deals. Downstream consumption remained sluggish, and bank warrant floor prices also saw discounts widen to around TD -20 yuan/kg. In the Shenzhen market, a few non-delivery brands maintained larger discounts. Overall market trading was thin today.

[SMM Daily Comment: Downstream Adopted a Wait-and-See Approach While Upstream Showed Strong Willingness to Hold Prices Firm, and the Market Held Up Well] On May 6, SMM high-grade NPI upstream sentiment factor was 3.58, up 0.04 MoM, and the high-grade NPI downstream sentiment factor was 2.6, flat MoM.

[SMM Aluminum Alloy Daily Review] The ADC12 market overall remained in the doldrums today. SMM ADC12 prices were lowered by 100 yuan/mt to 23,800 yuan/mt. Affected by the pullback in primary aluminum prices and weak downstream demand, enterprises actively lowered their offers, and the mainstream transaction center shifted downward. With the Labour Day holiday approaching, downstream enterprises gradually entered production suspension or production cuts mode. Pre-holiday stocking demand was notably insufficient, and market trading sentiment turned sluggish.

Today's daytime session saw platinum futures prices continue to edge down. The most-traded PT2606 contract on the Guangzhou Futures Exchange closed at 483.85 yuan/gram in the morning session, down 0.81%. The SGE Pt9995 versus Guangzhou Futures Exchange PT2606 was inverted by 1-2 yuan/gram. Spot side, mainstream spot quotations showed discounts basically flat compared to the previous trading day. Morning session spot platinum trader mainstream quotations were at a discount of 1-3 yuan/gram to PT2606. Many enterprises temporarily withdrew from market quotations due to invoicing rectification and the approaching holiday. Transaction side, according to SMM, a small volume was traded at around a 3 yuan/gram discount to Guangzhou Futures Exchange contracts in the morning session. Downstream enterprises showed low purchase willingness and mostly adopted a wait-and-see approach. The overall market was dominated by a strong holiday atmosphere, with both trading and investment activity remaining subdued.

[SMM Chrome Daily Review: Wait-and-See Sentiment Dominated with Limited Transactions, Chrome Market Remained Stable for Now] April 29, 2026: The ferrochrome and chrome ore market saw limited fluctuations...