SMM April 9 reported that this week, the total stainless steel inventory across the Wuxi and Foshan markets saw slight destocking, declining from 984,100 mt on April 2, 2026 to 978,700 mt on April 9, 2026, down 0.55% WoW. Stainless steel social inventory showed a slight destocking trend this week. The week entered April, coinciding with the Qingming Festival, but the holiday was relatively short, and the market did not see significant stockpiling demand. Downstream end-user procurement remained driven by rigid demand throughout, with no concentrated restocking wave forming. Futures side, the US-Iran conflict de-escalated during the week, with news of a two-week ceasefire between the two sides, easing market sentiment. Futures were lifted accordingly and probed higher, which in turn boosted spot market confidence. Spot inquiries and transactions recovered somewhat, directly driving a slight inventory reduction. However, it should be noted that geopolitical conflict risks had not been fully eliminated, short-term disruptions persisted, and the cautious sentiment among downstream end-users had not entirely dissipated, with a consistent lack of willingness to proactively stockpile. Supply side, steel mills concentrated their distribution to the market at the end of March, resulting in elevated arrivals in the earlier period, while this week's market arrivals decreased WoW, alleviating inventory accumulation pressure to some extent. However, stainless steel mill production schedules remained at high levels in April, and supply-side pressure continued to persist, posing significant challenges to further destocking. Coupled with the potential uncertainties of geopolitical conflicts at the macro perspective, the overall cautious atmosphere in the market had not fully faded, further constraining the pace of destocking. Overall, this week's slight destocking was primarily driven by the combined effects of the US-Iran ceasefire lifting futures, improved spot transactions, and reduced arrivals this week. Currently, steel mills' high production schedule pace had not changed significantly, and social inventory still faced considerable destocking pressure against the backdrop of high supply. Although spot transactions recovered somewhat, the cautious sentiment among downstream players was difficult to change, making significant destocking unlikely in the short term. Going forward, the trajectory of inventory will still hinge on the evolution of geopolitical conflicts, the direction of futures, and the intensity of actual downstream demand release.

[SMM Hot Rolled Daily Trading] On April 9, the combined daily trading volume of hot rolled coils from SMM sample enterprises in four cities (Shanghai, Lecong, Tianjin, Ningbo) totaled 14,470 mt, down 230 mt MoM, down 1.6%, up 27.49% YoY on the Gregorian calendar, down 5.55% YoY on the lunar calendar.

Refined Cobalt: Spot prices of refined cobalt continued to fluctuate downward this week, dragged by capital flows and macro sentiment. Supply side, mainstream smelters maintained stable ex-factory quotes; after spot prices moved lower, traders showed stronger willingness to hold prices firm, and the spot-futures price spread rebounded to above parity. Demand side, the pullback in prices slightly stimulated downstream procurement demand, but end-users remained cautious due to fluctuations in associated metal prices. The DRC announced an extension of the Q4 2025 cobalt intermediate product export quota, and uncertainty over intermediate product exports persisted. The structural tightness in China's raw material supply continued, providing bottom support for cobalt prices. Cobalt Intermediate Products: Cobalt intermediate product prices continued to run steadily this week, with the market remaining in a "quoted but not traded" state. Supply side, apart from the domestic miner quotes from last week, other suppliers maintained a bullish stance and held off on quoting, with available supplies remaining tight. Demand side, most smelters adopted a cautious procurement stance due to insufficient rebound momentum in cobalt salt prices, and actual transactions were scarce. Based on current shipping progress, the concentrated arrival of cobalt intermediate products at ports may be delayed to June-July. Once downstream orders materialize and restocking demand kicks in, intermediate product prices still have room to move higher. Subsequent attention should be paid to the DRC's export approval progress and the pace of downstream demand recovery. Cobalt Sulphate: Spot prices of cobalt sulphate moved sideways this week. Supply side, the raw material shortage pattern continued, underpinning smelter quotes, with the mainstream price range maintained at 95,000-98,000 yuan/mt; some recycling enterprises and traders continued to offer concessions for shipments due to capital turnover pressure, with individual quotes dipping to 90,000-93,000 yuan/mt, but such supplies were limited in volume, not enough to shake the mainstream price center. Demand side, market sentiment remained subdued, with downstream enterprises holding conservative expectations for subsequent orders, and current raw material inventory still at safe levels, leading to weak restocking willingness, with only sporadic purchases of low-priced supplies and insufficient overall transaction activity. In the short term, the market remained in a destocking phase, with sellers and buyers in a stagnant tug-of-war, and prices lacked breakthrough momentum. From a medium and long-term perspective, the uncertainty of DRC raw material supply provides bottom support on the cost side; once downstream inventory is effectively depleted and procurement demand recovers, cobalt sulphate prices are expected to see a corrective rebound.

[SMM Silicone Weekly Review: Silicone Full-Range Product Quotes Raised, New Order Transactions Mainly Rigid] This week, China's silicone DMC market traded in the range of 14,400-14,500 yuan/mt, up 200 yuan/mt WoW. Regional quotes, monomer enterprises in Shandong quoted 14,400 yuan/mt, up 400 yuan/mt from early March. Mainstream monomer enterprises in other regions mostly quoted 14,500 yuan/mt, up 200 yuan/mt from early March, with the regional price spread narrowing. New order transactions were overall mediocre this week. Mid- and downstream enterprises were generally focused on consuming existing raw material inventory, with only small volumes purchased for rigid demand.

[SMM Coking Coal and Coke Daily Brief] News: Individual coke enterprises in Inner Mongolia initiated a coke price increase of 50-55 yuan/mt, effective from 00:00 on April 13. In terms of supply, most coke enterprises currently had relatively small losses, with stable operating rates and good shipments, and in-plant coke inventory continued to decline. Demand side, steel mills maintained high and stable operating rates, hot metal production fluctuated at highs, daily coke consumption increased, and affected by maintenance on some railway sections, coke arrivals were disrupted, leading to a slight decline in coke inventory at some steel mills. In summary, some coke enterprises still held bullish expectations for the market outlook, and the coke market is expected to be generally stable with slight rise in the short term.

[Magnesium Alloy Demand Accelerating Release, Lightweight Applications Entering Full-Scale Boom] In 2026, the magnesium alloy market demand entered a high-speed growth cycle. Applications in NEV lightweighting, high-end equipment, and high performance transportation equipment continued to expand. The industry ushered in a golden window period of improved supply-demand structure and accelerated technology commercialization, with coordinated deployment across the upstream and downstream of the industry chain picking up pace.

[SMM Chrome Daily Review: Overseas Market Offers Remained Flat, Trading Sentiment Was Subdued] April 9, 2026: The ferrochrome and chrome ore market saw limited fluctuations...

【SMM Steel】Tata Steel Nederland suspended operations at its Eemeden DSP due to excessive chromium-6 emissions, a preventive shutdown after tests revealed levels above legal limits. Working with the regulator, the company idled the casting/rolling mill to address risks. Technical/organizational adjustments are underway. Operations will resume only when testing confirms emissions are within limits. No specific restart timeline exists. The move prioritizes environmental safety.

【SMM Steel】The USITC determined revoking AD duties on Mexican rebar and CVD on Turkish rebar would likely lead to continuation/recurrence of material injury. Existing orders remain. Following a sunset review, an expedited assessment was conducted. Domestic responses were adequate; foreign responses insufficient. The final ruling ensures trade protections stay active to prevent renewed harm to US steelmakers.

【SMM Steel】Alleima's Kanthal opened a new service center in Concord, NC, to meet rising US demand for high-temperature heating solutions. The facility expands Globar® SiC heating element production, supporting electronics, glass, and steel manufacturers to replace fossil fuels with electric alternatives. The elements operate up to 2,950°F, cutting CO₂ and improving efficiency. The Concord site is part of an $11m global investment, increasing capacity 40%. US customers now benefit from local production of metallic and SiC elements.