In the spot market this week (6.1-6.5), SMM #1 lead average price initially stabilized and edged up before pulling back successively within the week. Spot premiums fluctuated in line with futures movements. Downstream users maintained just-in-time procurement throughout the week, with low willingness to purchase at high prices, leading to divergent spot order transactions. Regionally, Henan smelters posted discounts of 25 yuan/mt to premiums of 25 yuan/mt at the start of the week, while traders offered discounts of 180-150 yuan/mt against SHFE lead 2607. By Thursday and Friday, smelters suspended spot order quotations to fulfill long-term contracts, and traders narrowed their discounts to 130-110 yuan/mt, resulting in sluggish trading. In Hunan, ex-factory prices shifted from premiums of 0-30 yuan/mt to parity, then rebounded to premiums of 0-20 yuan/mt by the week's end. In Guangdong, suppliers initially offered discounts of 150 yuan/mt for self pick-up. Overall, as lead prices rose, smelters held back from selling while downstream users purchased sparingly. After the futures market dropped sharply, some rushed to offload cargoes at low prices while others held prices firm. Downstream users sought bargains at lower levels but remained cautious in procurement. Spot transactions were moderate early in the week, gradually weakened in the middle, and overall trading was on the soft side.

[SMM Analysis] Futures Recovery Boosts Transactions, Stainless Steel Social Inventory Continues Mild Destocking On May 28, SMM reported that stainless steel social inventory continued its mild destocking trend this week. Total inventory across the two core markets of Wuxi and Foshan pulled back slightly, dropping from 939,200 mt on May 21, 2026 to 936,300 mt on May 28, down 0.31% WoW, with the pace of destocking slowing down somewhat. SS futures edged up this week, and the recovery in futures effectively restored market trading sentiment, driving a recovery in spot cargo transactions at the beginning of the week. Combined with steel mill agents maintaining price-holding strategies and actively shipping to facilitate market circulation, downstream end-user rigid demand remained stable at this stage, with no obvious weakening signals of the consumption off-season emerging in the short term. The resilience of rigid demand continued to support market cargo digestion, and multiple favorable factors jointly drove stainless steel social inventory to continue pulling back slightly this week. Overall, the recovery in futures drove improved transactions this week, while stable downstream rigid demand release coupled with proactive shipments from steel mills jointly dominated the mild destocking trend. Supply side, although some stainless steel mills have announced maintenance and production cut plans for June, steel mill production margins remain within a reasonable range, production sentiment is moderate, and the actual magnitude of subsequent production schedule reductions is expected to be relatively limited. Currently, the stainless steel market is highly sensitive to futures fluctuations, and the market is about to fully enter the traditional consumption off-season. End-use demand faces pullback pressure going forward, and overall market uncertainty has increased. Short-term inventory is expected to maintain a mild destocking trend, but the degree of destocking may slow down further. Subsequent attention should focus on S...

[SMM Stainless Steel Daily Review] SS Futures Strengthened, Stainless Steel Spot Prices Remained Firm with Inquiries and Transactions Boosted SMM, May 25: SS futures continued to hold up well. Driven by the overall strength of non-ferrous metal futures and SHFE nickel, SS futures rose in tandem. As of the midday close, the most-traded SS contract was quoted at 14,805 yuan/mt. In the spot market, buoyed by the slight uptick in futures, spot quotes remained firm, with both market inquiries and transaction activity improving. However, the current macro environment still carried significant uncertainties, steel mill production schedules stayed high, and the traditional off-season was gradually approaching, intensifying industry participants' concerns about the market outlook. The most-traded SS contract held up well. At 10:15 AM, SS2605 was quoted at 14,860 yuan/mt, up 60 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area were in the range of 310-710 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained stable with a downward bias; for cold-rolled trimmed-edge 304/2B coils, Wuxi remained stable and Foshan's average price held steady; cold-rolled 316L/2B coils in the Wuxi area fell 50 yuan/mt; hot-rolled 316L/NO.1 coils in Wuxi dropped 175 yuan/mt; cold-rolled 430/2B coils in both Wuxi and Foshan remained stable. This week, the stainless steel market saw both futures and spot prices fluctuate within a stable range. Futures movements were mainly driven by industry news and expectations, with limited overall fluctuations. Market sentiment was divided — traders held a cautious stance, but downstream end-user just-in-time procurement remained resilient. Combined with traders' active shipments, market supply continued to be absorbed, with the overall situation showing...

[SMM Stainless Steel Daily Review] SS Futures Fluctuated Downward, Stainless Steel Spot Prices Held Steady SMM, May 22: SS futures were in the doldrums. The new US Fed chairman officially took office today, and combined with the continued release of hawkish remarks from the US Fed recently, non-ferrous metal futures weakened overall today. SS also pulled back slightly following the trend. As of the close, the most-traded SS contract was quoted at 14,745 yuan/mt. On the spot market side, although SS futures were weak, the overall decline was limited. Spot prices mostly remained stable, with end-users mainly making just-in-time procurement, and intraday transactions were steady. The most-traded SS futures contract pulled back. At 10:15 AM, SS2605 was quoted at 14,800 yuan/mt, down 30 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area were in the range of 370-770 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi held steady; for cold-rolled trimmed-edge 304/2B coils, Wuxi held steady, and the average price in Foshan held steady; cold-rolled 316L/2B coils in Wuxi held steady; hot-rolled 316L/NO.1 coils were quoted steady in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. This week, the stainless steel market saw both futures and spot prices fluctuate steadily. Futures movements were mainly driven by industry news expectations, with limited overall fluctuations. Market sentiment was divided—traders held a weak sentiment, but end-user just-in-time procurement remained resilient. Combined with active shipments from traders, market supply continued to be depleted, presenting an overall pattern of news providing a floor, rigid demand offering support, and fundamentals under pressure. On the futures side, this week SS...

[SMM Analysis: Futures in the Doldrums with Rigid Demand Providing Support, Stainless Steel Social Inventory Saw Mild Destocking] On May 14, SMM reported that stainless steel social inventory continued its mild destocking trend this week. Total inventory across the two core markets of Wuxi and Foshan pulled back slightly, dropping from 955,200 mt on May 7, 2026 to 947,100 mt on May 14, down 0.85% WoW, showing mild destocking characteristics. SS futures were in the doldrums this week. On Thursday, SS futures dropped sharply due to uncertainties surrounding the Fed Chairman transition policy, putting macro sentiment under pressure. However, the spot market showed strong resilience against declines, with stainless steel spot prices falling only narrowly and not following futures to swing wildly. Supply side, steel mills' earlier cargo distribution pace was relatively low, limiting market arrival pressure; traders were cautious in purchasing high-priced cargoes, and speculative purchasing willingness in the market remained weak. Demand side, rigid demand transactions in the market were moderate this week, with end-user rigid demand maintaining a steady pace to pick up goods, largely unaffected by the weak futures performance. Rigid demand resilience supported continued destocking, jointly driving social inventory to pull back slightly this week. Overall, despite futures being under pressure and ongoing macro uncertainties this week, firm spot prices, low steel mill arrivals, and resilient downstream rigid demand collectively drove mild inventory destocking. Currently, the high production schedule pattern at steel mills has not changed, supply-side pressure persists, and futures may maintain wild swings amid the uncertain macro environment. Combined with the traditional peak consumption season gradually...

[SMM SHFE Tin Brief: Warm Macro Sentiment and Weak Trading Volume Offset Each Other, SHFE Tin Retreated after Rapid Rise and Closed at 423,000]

[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Generally Stable, Module Production Schedules Expected to Rise] Over the weekend, N-type recharging polysilicon was quoted at 34.1-36.5 yuan/kg. Weekend market prices remained temporarily stable. In the earlier period, frequent industry meetings were held, with results presenting a mix of bearish and bullish signals. Parties held divergent views, wait-and-see sentiment increased, and prices remained temporarily stable.

[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Order Signing Increased Significantly, Module Prices Rose Slightly] Over the weekend, N-type recharging polysilicon was quoted at 34-36 yuan/kg. Weekend market prices remained temporarily stable. Currently, the market is approaching lows, and frequent meetings are being held, providing some support for prices. However, downstream players are resistant to high-priced resources, and wait-and-see sentiment has re-emerged in the market.

[SMM Tin Midday Review: Geopolitical Tensions Release Easing Signals, Tin Prices Strengthen While Spot Trades Turn Sluggish]

[SMM Daily Review: Spot Lithium Carbonate Prices Fluctuate Upward on March 2] SMM's battery-grade lithium carbonate index price edged up compared to the previous working day. In terms of futures movement, the most-traded contract opened and surged to a high of 179,500 yuan/mt before fluctuating and pulling back, breaking below the 170,000 yuan/mt level, and then gradually stabilized and rebounded to consolidate around 172,000 yuan/mt. In the afternoon, prices edged up again, mainly fluctuating around 173,500 yuan/mt until the close. The open interest of the most-traded contract decreased by about 3,200 lots compared to the previous trading day. In terms of actual transactions, upstream lithium chemical plants maintained relatively firm quotes, with a weak willingness to sell spot orders. When futures prices dropped to 170,000 yuan/mt, some downstream material plants showed a slight recovery in purchase willingness, but most participants remained cautious, primarily adopting a wait-and-see approach. Overall, there were signs of a slight recovery in market inquiries and transactions.