[SMM Hot-Rolled Coil Daily Trading Volume] On June 24, the total daily hot-rolled coil trading volume of sample enterprises in SMM’s four cities (Shanghai, Lecong, Tianjin, Ningbo) was 12,300 mt, up 260 mt or 2.1% day-on-day, up 9.04% YoY in the solar calendar and up 25.77% YoY in the lunar calendar.

The most-traded HRC contract closed at 3,325 today, slipping 0.03% throughout the day. Spot side, HRC prices firmed, edging up 10 yuan/mt, while CRC prices remained flat, with overall trading on the weak side. City-level HRC inventory data was released today. Zhangjiagang, Ningbo, and Lecong continued destocking, but the pace of destocking slowed down, while Shanghai and Tangshan experienced inventory buildup. City inventory trends diverged. Due to the Dragon Boat Festival holiday, a temporary, modest buildup in HRC social inventory is expected this week. Going forward, impacted by the Dragon Boat Festival holiday and the failure of demand to rebound post-holiday, the fundamental pressure on sheets & plates is emerging. However, with market talk of coke initiating a ninth round of increase, cost support for sheets & plates prices still holds. In the near term, plates & sheets prices are projected to remain in the doldrums.

[SMM Morning Meeting Summary: LME Zinc Center Shifts Downward Under Expectations for US Fed Interest Rate Hikes] Overnight, LME zinc recorded a large bearish candlestick, the lower Bollinger Bands provided support. Expectations for US Fed interest rate hikes increased, non-ferrous metals and global stock markets fell, the US dollar remained firm...

[SMM HRC Daily Trading Volume] On June 23, the total daily HRC trading volume of sample enterprises in four SMM cities (Shanghai, Lecong, Tianjin, Ningbo) was 12,040 mt, down 230 mt (-1.9% day-on-day), up 8.47% calendar YoY, and up 19.92% lunar YoY.

[SMM Morning Meeting Summary: LME Zinc Held Up Well on Expectations of De-escalation in Geopolitical Conflict] Overnight, LME zinc formed a bullish candlestick, with the 10/20-day moving averages providing support below and the upper Bollinger Band exerting resistance above. Preliminary talks between the U.S. and Iran may pave the way for a war agreement, reigniting optimism and keeping LME zinc firm.

[SMM HRC Daily Trading Volume] On June 22, the total HRC daily trading volume of sample enterprises in four cities (Shanghai, Lecong, Tianjin, Ningbo) tracked by SMM was 12,270 mt, up 180 mt (+1.4%) DoD, up 16.41% YoY on a Gregorian calendar basis, and down 11.60% YoY on a lunar basis.

[SMM Morning Meeting Summary: Expectations for US Fed Interest Rate Hikes Heat Up, LME Zinc Center Slightly Declines] Last Friday, LME zinc recorded a large bearish candlestick, with support from the middle Bollinger Band below and resistance from the upper Bollinger Band above, while the MACD bearish candlestick expanded. Last Friday, expectations for US Fed interest rate hikes heated up......

[SMM HRC Daily Trading Volume] On June 18, the total daily trading volume of HRC from sample enterprises in SMM’s four cities (Shanghai, Lecong, Tianjin, Ningbo) was 12,090 mt, down 1,070 mt (7.6% DoD), with a Gregorian calendar YoY decline of 7.99% and a Chinese lunar calendar YoY increase of 18.30%.

[This Week Zinc Futures Prices Rebound from Lows; Downstream Enterprises Wary of Highs and Stand on Sidelines]: This week, Ningbo spot premiums declined, but the overall average price rose by 5 yuan/mt WoW. As of this Friday, Ningbo spot prices against the 2607 contract were quoted at a discount of 20 yuan/mt, with a premium of 30 yuan/mt against Shanghai. During the week, the premium against Shanghai maintained a fluctuating trend..

On June 18, GEM disclosed that its main business growth drivers include focusing on core businesses such as key metal recycling and extraction, power lithium battery recycling, and new energy material core manufacturing. In the ternary precursor business, the company focuses on expanding the high-end product market. Regarding ternary cathode materials, the company focuses on high-profit segments such as small power applications, planning shipments to exceed 35,000 tons in 2026 and 60,000 tons in 2028. At the same time, the company is actively positioning itself in next-generation battery material technologies. High-nickel, ultra-high-nickel ternary cathode materials, and lithium-rich manganese-based cathode materials are considered the mainstream research directions for future solid-state batteries. The company has teamed up with Ningbo Eastern University of Technology and the academician team of Sun Xueliang to promote the industrialization of related technologies.