SMM Weekly Stainless Steel Futures Review — week of May 25–29, 2026. Indonesian nickel ore and ferroalloy policy expectations and a low-inventory floor steady the benchmark contract near RMB 14,800/mt in the week of May 25 – May 29.

[smm aluminum alloy futures review] the most-traded al2604 futures contract fluctuated upward today. after a slight pullback in the early session, it stabilized and continued to rise in the afternoon, reaching the day's high at the close. it closed at 23,180 yuan, up 450 yuan/mt from the previous close, with a gain of 1.98%. trading volume was 14,947, and open interest was 6,875, mainly due to short positions being reduced. during the day, trading volume slightly increased while open interest decreased, indicating a rise on reduced positions. the price broke through the recent range, closing with a bullish candlestick. the kdj indicator turned upward, suggesting that bulls had an advantage in the short term, and the sentiment in the futures market was relatively strong.

SMM February 27 News: The most-traded SHFE lead 2604 contract opened at 16,800 yuan/mt. With the pace of downstream resumption accelerating around the Lantern Festival, expectations for demand recovery strengthened, and market sentiment warmed up. After a brief dip, lead prices fluctuated upward, reaching a high of 16,850 yuan/mt, then consolidated sideways towards the end of the session, closing at 16,840 yuan/mt. It recorded a three-day winning streak, rising by 45 yuan/mt, or 0.27%. In the short term, the market is in a state of supply-demand contest, and it is expected that lead prices will continue to move sideways. Data Source Statement: Apart from publicly available information, other data are derived from public information, market communication, and SMM's internal database model, processed by SMM for reference only and do not constitute decision-making advice.

Feb. 26: The SM2605 contract opened at 5,748 yuan/mt and closed at 5,918 yuan/mt, up 2.85%, with the highest price at 5,968 yuan/mt and the lowest at 5,740 yuan/mt. Trading volume was 722,600 lots, and open interest stood at 451,708 lots. Futures showed an upward trend. Cost side, frequent news from manganese mines continues to stimulate the manganese ore market to hold up well. Regional divergence in electricity costs is significant, becoming a key factor affecting the competitiveness of alloy plants in different production areas. Electricity prices in northern production areas are expected to remain low, offering notable cost advantages, while the main production areas in south China see no downside room for electricity prices. The coking coal and coke markets overall remain in the doldrums, exerting a mild impact on SiMn costs. Supply side, SiMn supply diverges between the north and south markets. On one hand, some alloy plants in Inner Mongolia still have expectations to start production or resume production, which will lead to an increase in SiMn capacity release and gradually highlight supply-side pressure, likely restraining price increases. On the other hand, most SiMn producers in the south face difficulties resuming production due to rising costs from raised electricity pricing policies. Demand side, the mainstream steel tender prices for February have not been announced, and the market is watching for the impact of tender pricing on the market.

February 25 news: The SM2605 contract opened at 5,748 yuan/mt and closed at 5,752 yuan/mt, up 0.28%, with the highest price at 5,784 yuan/mt and the lowest at 5,736 yuan/mt. Trading volume was 140,400 lots, and open interest was 453,701 lots. Cost side, the manganese ore market continued to hold up well, serving as the core support for costs. Electricity prices showed significant regional divergence, becoming a key factor affecting the competitiveness of alloy plants in different production areas. Electricity prices in northern production areas are expected to remain low, offering notable cost advantages, while most southern production areas see no downside room for electricity prices. The coking coal and coke markets overall remained in the doldrums, exerting a mild impact on SiMn costs. Supply side, pressure from SiMn supply is set to further release, significantly restraining price rises. On one hand, alloy plants in Ningxia had already seen inventory accumulation before the holiday, facing considerable pressure to digest stocks after the holiday; on the other hand, some alloy plants in Inner Mongolia still have expectations to start production and resume operations, which will lead to increased SiMn capacity release, gradually highlighting supply-side pressure and likely curbing price increases. Demand side, February steel tender prices have not been announced, and the market is watching for the impact of tender pricing.

[SMM Tin Futures Review: Macro Sentiment Cools and Spot Cargo Consolidates in Parallel, the Most-Traded SHFE Tin Contract Is Expected to Run in the Doldrums]

[Zinc Ingot Inventory Accumulates, SHFE Zinc Fluctuates]: The most-traded SHFE zinc 2604 contract opened at 24,655 yuan/mt. At the beginning of the session, bulls increased their positions, and SHFE zinc quickly rose to a high of 24,755 yuan/mt. Subsequently, upward momentum weakened, and the price center moved downward. It finally closed up at 24,565 yuan/mt, rising 75 yuan/mt, or 0.31%. Trading volume decreased to 58,354 lots, while open interest increased by 2,652 lots to 77,738 lots.

2. On February 6, the SM2605 contract opened at 5,880 yuan/mt and closed at 5,856 yuan/mt, down 0.48%. The daily highest price was 5,930 yuan/mt, and the lowest price was 5,850 yuan/mt. Trading volume reached 206,300 lots, and open interest stood at 359,017 lots. Today, SiMn futures fluctuated downward under pressure. Cost side, overall manganese ore transaction prices remained high and the market was temporarily stable, providing strong cost support for SiMn alloy prices. In 2026, electricity prices in Inner Mongolia and south China were expected to likely increase alloy costs. This week, SiMn alloy cost support remained steady. Supply side, newly added SiMn furnaces in the main northern production areas gradually started producing iron, increasing supply pressure for standard SiMn. With the Chinese New Year approaching, operating rates at southern alloy plants remained stably low, as manufacturers opted for temporary shutdowns and adopted a strong wait-and-see attitude, pending post-holiday electricity settlement prices. Currently, loose SiMn supply pressure persisted. Demand side, HBIS Group's SiMn procurement for February 2026 awaited confirmation. The current SiMn market continued to be dominated by fluctuating movements.

2.4 News: The SM2605 contract opened at 5,842 yuan/mt and finally closed at 5,868 yuan/mt, up 0.31%. The daily highest price was 5,880 yuan/mt and the lowest price was 5,826 yuan/mt. Trading volume was 118,900 lots, and open interest was 354,221 lots. Today, SiMn futures edged up under pressure. Cost side, overall manganese ore transaction prices remained high and the market temporarily stabilized, providing strong cost support for SiMn alloy prices. In 2026, the cost support from local electricity prices in Inner Mongolia and electricity prices in south China for alloy costs was under verification, but a rise was likely. At the start of the week, SiMn alloy cost support temporarily stabilized. Supply side, newly added SiMn furnaces in the main northern production areas gradually started producing iron, increasing supply pressure for standard SiMn. Operating rates at alloy plants in south China remained stably low. In 2026, the intensity of electricity fee policies in Guangxi and Guizhou awaited verification; most plants maintained off-peak production. With the Chinese New Year approaching, manufacturers chose temporary shutdowns, adopting a strong wait-and-see attitude, pending post-holiday electricity settlement prices. Currently, loose supply pressure for SiMn persisted. Demand side, HBIS Group's SiMn procurement for February 2026 awaited verification. The current SiMn market continued to be dominated by volatile movements.

February 2 — SM2605 contract opened at 5,880 yuan/mt and closed at 5,834 yuan/mt, down 0.88%. The daily highest price was 5,916 yuan/mt, and the lowest price was 5,816 yuan/mt. Trading volume reached 186,200 lots, and open interest stood at 360,081 lots. SiMn futures came under pressure and declined today. Cost side, overall manganese ore transaction prices remained high and the market was temporarily stable, providing strong cost support for SiMn alloy prices. The cost support from Inner Mongolia regional electricity prices and south China electricity prices for alloy production in 2026 is still under verification, with a high likelihood of increase expected. SiMn alloy cost support remained steady at the beginning of the week. Supply side, newly added SiMn furnaces in the main northern production areas gradually started tapping metal, increasing supply pressure for standard-grade SiMn. Operating rates at alloy plants in south China remained stably low. The impact of 2026 electricity fee policies in Guangxi and Guizhou is yet to be verified, with most plants continuing valley-shift production. Coupled with the approaching Chinese New Year, many manufacturers chose temporary shutdowns, adopting a strong wait-and-see attitude pending post-holiday electricity settlement prices. Loose SiMn supply pressure persists. Demand side, HBIS Group's SiMn procurement for February 2026 awaits confirmation. Currently, the SiMn market continues to operate mainly with volatility.