[SMM Daily Comment: Supply and Demand Resonate on Both Sides, NPI Prices Continue to Rise] On April 30, SMM high-grade NPI upstream sentiment factor was 3.58, up 0.04 MoM, and the high-grade NPI downstream sentiment factor was 2.6, flat MoM.

[SMM Aluminum Alloy Daily Review] The ADC12 market overall remained in the doldrums today. SMM ADC12 prices were lowered by 100 yuan/mt to 23,800 yuan/mt. Affected by the pullback in primary aluminum prices and weak downstream demand, enterprises actively lowered their offers, and the mainstream transaction center shifted downward. With the Labour Day holiday approaching, downstream enterprises gradually entered production suspension or production cuts mode. Pre-holiday stocking demand was notably insufficient, and market trading sentiment turned sluggish.

Today's daytime session saw platinum futures prices continue to edge down. The most-traded PT2606 contract on the Guangzhou Futures Exchange closed at 483.85 yuan/gram in the morning session, down 0.81%. The SGE Pt9995 versus Guangzhou Futures Exchange PT2606 was inverted by 1-2 yuan/gram. Spot side, mainstream spot quotations showed discounts basically flat compared to the previous trading day. Morning session spot platinum trader mainstream quotations were at a discount of 1-3 yuan/gram to PT2606. Many enterprises temporarily withdrew from market quotations due to invoicing rectification and the approaching holiday. Transaction side, according to SMM, a small volume was traded at around a 3 yuan/gram discount to Guangzhou Futures Exchange contracts in the morning session. Downstream enterprises showed low purchase willingness and mostly adopted a wait-and-see approach. The overall market was dominated by a strong holiday atmosphere, with both trading and investment activity remaining subdued.

[SMM Chrome Daily Review: Wait-and-See Sentiment Dominated with Limited Transactions, Chrome Market Remained Stable for Now] April 29, 2026: The ferrochrome and chrome ore market saw limited fluctuations...

The most-traded hot-rolled coil (HRC) contract fluctuated upward today, closing at 3,407, up 0.8% MoM. HRC spot prices followed suit, rising 10-30 yuan/mt. In terms of supply, the impact from maintenance on hot rolling this week was 199,500 mt, up 10,000 mt WoW; next week's impact from maintenance on hot rolling will be 18.85 mt, down 11,000 mt WoW, with short-term supply staying high. Demand side, as futures rose, some end-users began pre-holiday restocking at low prices, and willingness to purchase at low prices for basis trading and speculation also strengthened. Cost side, Brent crude oil continued to rise, and cost support remained. Looking ahead, sheets & plates were in a pattern of strong supply-demand dynamics in the short term, bullish sentiment existed outside China, and the..

[SMM Daily Comment: Downstream Transaction Volume Increase Drove Prices Up, Bullish Sentiment Strengthened] April 29 — The SMM high-grade NPI upstream sentiment factor was 3.54, up 0.24 MoM, and the high-grade NPI downstream sentiment factor was 2.6, up 0.71 MoM.

[SMM Stainless Steel Daily Review] Stainless Steel Futures Surged and Spot Prices Remained Firm, Trading Sluggish as Labour Day Holiday Approached On April 29, SMM reported that SS futures fluctuated upward strongly. Driven by the continued strengthening of SHFE nickel, SS futures maintained a strong trend. As of the morning close, the most-traded SS contract was quoted at 15,505 yuan/mt. Spot market side, SS futures continued to fluctuate at highs, boosting stainless steel traders' confidence. Spot offers were generally at relatively high levels, with low-priced resources hard to find. Although the holiday was approaching and rapid price increases made downstream buyers cautious and wait-and-see, with most making just-in-time procurement, trading was slightly sluggish. However, supported by the strong performance of SS futures, spot prices were unlikely to pull back. The most-traded SS contract strengthened and tested higher levels. At 10:15 AM, SS2605 was quoted at 15,475 yuan/mt, up 55 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from -5 to 195 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained flat; for cold-rolled trimmed-edge 304/2B coils, the average price in Wuxi rose 50 yuan/mt and in Foshan rose 125 yuan/mt; cold-rolled 316L/2B coils in Wuxi held steady; for hot-rolled 316L/NO.1 coils, Wuxi offers rose 50 yuan/mt; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. Currently, the stainless steel market was driven higher by the surge in SS futures, with spot offers strengthening in tandem and rising to highs not seen since 2023. However, the short-term price increase was relatively rapid and had limited correlation with changes in stainless steel fundamentals, and end-user acceptance remained limited...

Futures platinum prices continued under pressure today. In the daytime session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 491.7 yuan/gram, down 1.07%. The SGE Pt9995 versus GFEX PT2606 spread remained inverted. Spot side, mainstream spot quotations' discounts continued to narrow slightly compared to the previous trading day. In the daytime session, mainstream quotations from spot platinum traders were at a discount of 1-3 yuan/gram to PT2606. Recently, tax authorities launched a special campaign to regulate invoice practices, strictly controlling enterprise invoicing limits. However, as platinum and palladium trade volumes were relatively low in value, the market impact was relatively small compared to other products. Only some traders suspended precious metals quotations due to impacts on their main business, and a small number of spot cargoes with invoices dated this month were quoted at higher prices. Transaction side, according to SMM, daytime session transactions at the mainstream discount of 1-3 yuan/gram were hindered. Market purchase intention prices were around a 4 yuan/gram discount to GFEX. Downstream enterprises made rigid-demand bargain purchases. The overall market was in a strong holiday atmosphere, and consumption remained sluggish.

Today, SMM quoted premiums of TD-30 to 0 yuan/kg against the SGE Ag(T+D), with an average of -15 yuan/kg. Mainstream quotation premiums were basically flat compared with yesterday. Some traders in Shanghai temporarily withdrew from offering due to invoicing rectification, and the overall market holiday atmosphere was growing stronger. In the Shanghai morning session, suppliers of national-standard silver ingots quoted premiums of -20 yuan/kg to parity against TD. Major smelter silver ingots were quoted at parity or slight premiums against TD, but transactions near parity were difficult, with low downstream acceptance. In Shenzhen, a few non-delivery brands still maintained relatively large discounts. Overall, market consumption remained sluggish.

Today, the most-traded hot-rolled coil (HRC) futures contract pulled back from highs, closing at 3,378, down 0.82% MoM. HRC spot prices also retreated. In terms of supply, the impact from maintenance on hot-rolling this week was 199,500 mt, an increase of 10,000 mt WoW. Next week, the impact from maintenance on hot-rolling will be 18.85 mt, a decrease of 11,000 mt WoW, with short-term supply remaining at elevated levels. Demand side, futures pulled back, and combined with strong willingness among some market participants to hold prices firm, market transactions were lackluster. Cost side, the situation outside China remained uncertain, and cost support was relatively neutral. Looking ahead, sheets & plates are in a pattern of strong supply-demand dynamics in the short term, bullish....