June 5 News: North China ports: South African high-iron ore at yuan/mtu 32-32.5, down WoW from last Friday; South African semi-carbonate ore at yuan/mtu 37.8-38.3, down WoW from last Friday; Gabonese ore at yuan/mtu 41.2-41.8, flat WoW from last Friday; 46% grade Australian lumps at yuan/mtu 43.5-44, down WoW from last Friday; South African medium-iron ore at yuan/mtu 38.5-39, down WoW from last Friday. South China ports: South African high-iron ore at yuan/mtu 34.9-35.4, down WoW from last Friday; South African semi-carbonate ore at yuan/mtu 36.5-37, flat WoW from last Friday; Gabonese ore at yuan/mtu 41.7-42.2, flat WoW from last Friday; 46% grade Australian lumps at yuan/mtu 43.5-44, down WoW from last Friday; South African medium-iron ore at yuan/mtu 38-38.5, down WoW from last Friday. With weakening cost support outside China and sluggish end-use demand, spot manganese ore in China fluctuates downward overall, though the short-term decline has moderated somewhat.

[SMM Chrome Daily Review: Ferrochrome Market Stays Stable for Now, Chrome Ore Transactions Sluggish with Stealthy Declines] June 5, 2026 report: Ferrochrome and chrome ore markets fluctuate slightly......

[SMM Analysis] Weak Off-Season Demand and Firm Raw Materials Drive Up Stainless Steel Costs, Narrowing Profits This week, stainless steel production costs edged up slightly, while product prices remained stable overall, leading to a slight narrowing of steel mill profit margins. Using 304 cold-rolled as the calculation benchmark, the current raw material-calculated profit margin was 2.16%, while the inventory raw material-calculated profit margin was 1.44%. Nickel-based raw material cost side, this week high-grade NPI prices edged up. Although the market has entered the traditional consumption off-season for stainless steel, with weak end-use demand, insufficient market confidence, and strong steel mill desires to bargain down prices, the limited production cuts for 300-series stainless steel in June meant a relatively small decline in demand for high-grade NPI. Combined with persistent disturbances from Indonesian news and a firm stance on holding prices from upstream players, these factors collectively drove high-grade NPI prices to hold up well. As of this Friday, the mainstream grade of 10%-12% high-grade NPI rose by 0.5 yuan per nickel unit, closing at 1,144 yuan per nickel unit. Stainless steel scrap market side, this week stainless steel scrap prices edged up. Driven by the linkage effect of firm spot finished steel and strong high-grade NPI, scrap prices also moved higher synchronously. However, under the suppression of multiple bearish factors such as weak demand in the traditional off-season, tight supply of tax invoices, and steel mill process limitations, its upside room was limited. Currently, bullish and bearish factors are counterbalancing each other, and it is expected that in the short term, stainless steel scrap prices will mainly remain stable. As of this Friday, mainstream 304 off-cut prices in Shanghai rose by 100 yuan/mt, with the latest quotation at approximately 10,450 yuan/mt. Chrome-based raw material cost side, this week high-carbon ferrochrome prices remained stable. Although in the traditional consumption off-season for stainless steel, in June steel...

SMM June 5 News: From May 29 to June 4, 2026, SMM data showed that the weekly operating rate of secondary lead across four provinces in China was 28.4%, up 0.78 percentage points WoW. In Anhui, a major smelter resumed feed and production, offsetting production cuts by some loss-making enterprises, with the regional operating rate rising 2.22 percentage points; production in Henan, Jiangsu, and Inner Mongolia remained flat WoW. Next week, the restarted facilities in Anhui will continue to ramp up production, Henan will closely monitor raw material replenishment, and idled smelters in Jiangsu and Inner Mongolia are expected to restart in July. The overall operating rate is expected to edge up by 1.79 percentage points.

SMM June 4 update: This week, the aluminum fluoride tender price from downstream benchmark enterprises was finalised, and aluminum fluoride prices declined. As of now, SMM aluminum fluoride prices closed at 11,280-11,700 yuan/mt; cryolite prices remained stable, with SMM cryolite quoted at 7,000-8,500 yuan/mt. Raw material side: This week, China's 97% fluorite wet powder market remained stable, with mainstream delivered transaction prices concentrated at 3,100-3,400 yuan/mt, and regional price spreads remained notable. Supply side, as mine operating rates in northern major producing areas continued to recover, domestic spot supply steadily increased; meanwhile, Mongolian imported fluorite cargoes arrived at ports successively and flowed into the market, further exacerbating the loose supply pattern. However, recent coal mine safety accidents in Shanxi triggered market expectations of stricter mine safety and environmental protection supervision, which may cause periodic disruptions to production pace at some mines going forward, and the market still held certain wait-and-see sentiment toward the supply side. Demand side performance remained weak. Downstream hydrofluoric acid enterprises, constrained by insufficient operating rates in end-use industries such as refrigerants and fluoropolymers, maintained just-in-time procurement for raw materials, with limited follow-up on large orders, and overall market trading atmosphere was sluggish. Affected by weak raw materials and insufficient end-use demand, the hydrofluoric acid market price center continued to shift downward, further weakening support for the fluorite market. Overall, under the combined influence of multiple bearish factors including domestic supply recovery, continuous supplementation of low-priced imported cargoes, and weak downstream demand, the overall supply-demand pattern remained loose, and fluorite prices are likely to continue weak consolidation in the short term. This week, China's aluminum hydroxide market held up well within a narrow range, with SMM aluminum hydroxide weighted average price at 1,656 yuan/mt, up 0.3% WoW. Upstream cost supported spot quotes, while downstream made purchases on demand with limited transaction volume growth. This week, domestic sulphuric acid stayed high and held up well. High sulphur costs combined with concentrated maintenance at multiple facilities and tight spot supply; although phosphate fertiliser downstream was in the traditional off-season, suppressing room for price increases, just-in-time chemical demand provided a floor, and short-term sulphuric acid prices are expected to continue fluctuating at highs with an overall firm pattern. Overall, this week aluminum fluoride's main raw materials were generally stable with slight rise. Rising aluminum hydroxide and sulphuric acid prices drove the industry's comprehensive cost center upward, and raw material price increases were difficult to pass through smoothly downstream, intensifying pressure on enterprise production costs. Supply side continued the pattern of "rigid high costs—sustained profit pressure—low operating rates." This week, sulphuric acid and aluminum hydroxide prices rose, the industry was generally in a state of losses, enterprise maintenance and flexible production increased, and the industry operating rate remained at a low level of around 40%, with limited effective incremental supply. Demand side, downstream operating aluminum capacity remained stable at high levels, providing rigid floor demand for aluminum fluoride, but aluminum enterprise procurement was dominated by just-in-time restocking and pushing for lower prices with a wait-and-see approach, with no additional incremental demand for now. Brief comment: Recently, the raw material market was generally stable with a strengthening trend. Within the week, the industry's comprehensive cost center rose, enterprise profit margins continued to be squeezed, and sustained losses dampened production enthusiasm. On the demand side, downstream aluminum enterprises still maintained just-in-time procurement. Within the week, the June benchmark aluminum enterprise aluminum fluoride tender price was officially finalised, down 200-220 yuan/mt WoW. Driven by the tender price reduction, market transaction price center shifted downward accordingly. Going forward, close attention should be paid to dynamic changes on the raw material cost side, as well as marginal adjustments in downstream aluminum enterprise procurement pace.

[Silicon Coal Prices Rose Slightly, Trading Game Sentiment Increased in Silicon Metal Market]: Supply side, northern silicon enterprises' operating rates were basically stable, while southwestern silicon enterprises' operating rates gradually improved. As the southwest successively entered the rainy season with electricity prices adjusted downward, a small number of silicon enterprises resumed production or increased operations, but the pace of production release was relatively slow. Cost side, although southwestern rainy season costs were periodically adjusted downward, current regional costs remained higher than those of northern silicon enterprises in production. Therefore, rising silicon coal raw material prices provided strong cost support below silicon metal prices, while prices above were constrained by the supply-demand relationship. Silicon metal was in a trading game phase, with attention on changes in market sentiment.

[SMM Magnesium Weekly Review: Limited Support from Raw Materials, Magnesium Products Overall in the Doldrums This Week] This week, prices of various products across the industry chain followed magnesium ingots in a weak consolidation trend. Dolomite supplies were replenished adequately across regions; although raw materials tightened in some areas, overall inventory remained ample, and ex-factory prices stayed stable. Magnesium ingot prices in major producing areas first declined then stabilized during the week, with weekly quotes lowered by 250 yuan/mt. Low-priced factories held back from selling, supporting prices to stop falling, while downstream buyers restocked on an as-needed basis. FOB quotes at Tianjin port saw limited fluctuations, and a wait-and-see approach outside China led to sluggish transactions. Magnesium powder stabilized after declining alongside raw materials, with both domestic and external demand in the off-season, limited to just-in-time procurement. Magnesium alloy prices weakened, dragged down by raw materials. Demand divergence was evident, with moderate automotive orders but weak two-wheeler demand. The market faced oversupply, and enterprises lowered processing fees to boost shipments.

[SMM Chrome Daily Review: Loose Supply Pattern Unlikely to Change in the Short Term, Chrome Market Mainly in the Doldrums] June 4, 2026: The ferrochrome and chrome ore market experienced slight fluctuations...

[SMM Chrome Daily Review: Ore Prices Edged Down, Alloy Market Remained Stable] June 3, 2026: The ferrochrome and chrome ore market experienced slight fluctuations...

June 3 News: Northern ports: South African high-iron 32-32.5 yuan/mtu, down from last Wednesday; South African semi-carbonate 37.8-38.3 yuan/mtu, down from last Wednesday; Gabon 41.2-41.8 yuan/mtu, down from last Wednesday; 46% Australian lumps 43.5-44 yuan/mtu, down from last Wednesday; South African medium-iron 38.5-39 yuan/mtu, down from last Wednesday. Southern ports: South African high-iron 34.9-35.4 yuan/mtu, down from last Wednesday; South African semi-carbonate 36.5-37 yuan/mtu, down from last Wednesday; Gabon 41.7-42.2 yuan/mtu, down from last Wednesday; 46% Australian lumps 43.5-44 yuan/mtu, down from last Wednesday; South African medium-iron 38-38.5 yuan/mtu, down from last Wednesday. The current manganese ore market presents a pattern of strong cost expectations but weak actual demand, with short-term prices expected to move sideways. Going forward, the key focus will be on the pace of downstream alloy enterprises resuming production, as well as port inventory destocking.