Inter-product price spreads are a segment of the rebar spread system characterized by complex logic and abundant trading opportunities. Unlike the spot-futures price spread, which reflects the spot-futures structure, and calendar spreads, which reflect near- and far-term expectations, the core of inter-product price spreads lies in macroeconomic structural adjustment and profit distribution across the industry chain. From the perspective of the industry chain, inter-product price spreads for long steel products are mainly concentrated in the following four areas:

In Q1 2026, China’s aluminum semis exports showed a pronounced pattern of product-category divergence amid the interplay of three factors: the long-term impact of the cancellation of export tax rebates in December 2024, the divergence in demand structures outside China, and the sudden outbreak of geopolitical conflict in the Strait of Hormuz.....

As of March 30, the closing price of the most-traded HRC futures contract was 3,307. In March, the SMM national average spot price for HRC was 3,265.93 yuan/mt, with the monthly average price up 0.72% MoM.

[SMM Lead Morning Meeting Summary: Bullish and Bearish Factors Coexist, Lead Prices Are Expected to Continue Fluctuating Rangebound] Iran said the Strait of Hormuz had been closed and that three container ships had been turned back. Recently, lead ingot inventory in China has been destocked, including inventory at smelters and in social warehouses, and lead prices have shown signs of stabilizing after the decline...

After a strong start, the price of gold slipped twice to around $5,060 during this trading week. Now, it appears that gold prices might manage to stay just above $5,100 heading into the weekend, continuing the persistent sideways movement of the past five weeks.

Among them, the Gulf region was an important consumer market for China in the Middle East: China’s exports of aluminum plate/sheet and strip to Saudi Arabia reached 42,500 mt, and aluminum foil 58,000 mt; exports of aluminum plate/sheet and strip to the UAE reached 103,500 mt, and aluminum foil 93,800 mt; the other four countries (Bahrain, Qatar, Kuwait, and Oman) accounted for combined exports of about 22,000 mt of aluminum plate/sheet and strip and about 11,000 mt of aluminum foil.

[SMM Weekly Survey of the Aluminum Downstream Sector: Downstream Aluminum Operating Rate Continued to Rebound to 61.9%, with High Prices Suppressing the Peak "Golden March" Season] This week, the weekly operating rate of leading downstream aluminum processing enterprises in China rose 2.4 percentage points MoM to 61.9%, overall extending the post-holiday recovery trend, with all segments rebounding MoM, and the industry as a whole entering a normal production pace.

[Copper Foil Customs Data] According to data from the General Administration of Customs, in December 2025, China's copper foil exports by trade mode were as follows: Ordinary Trade (1,263.50 mt), Processing Trade with Supplied Materials (1,347.90 mt), Processing Trade with Imported Materials (2,631.70 mt), and other trade modes (171.01 mt). The main importing countries and regions were Taiwan, China (4,104.04 mt), Malaysia (1,235.78 mt), and Japan (521.01 mt). In the same month, China's copper foil exports by trade mode were as follows: Ordinary Trade (1,263.50 mt), Processing Trade with Supplied Materials (1,347.90 mt), Processing Trade with Imported Materials (2,631.70 mt), and other trade modes (171.01 mt). The main exporting countries and regions were Thailand (1,541.60 mt), South Korea (795.12 mt), and Vietnam (460.23 mt).

As the conflict between Israel and Iran continues to escalate, oil industry executives from companies such as ExxonMobil, TotalEnergies, and Shell issued warnings on Tuesday. They stated that further attacks on critical energy infrastructure could have severe consequences for global energy supply and prices.

SMM News on June 17: Metal Market: As of the daytime close, domestic market base metals showed mixed performance. SHFE zinc rose by 0.48%, while SHFE copper and SHFE aluminum both increased by 0.34%. SHFE nickel led the declines with a 0.92% drop, and the rest of the metals saw slight declines. The main alumina contract rose by 0.46%, and the main aluminum casting contract increased by 0.75%. In addition, the main lithium carbonate contract rose by 0.74%, the main polysilicon contract fell by 0.07%, and the main silicon metal contract rose by 1.1%. The main European container shipping contract fell by 1.39%. In the ferrous metals series, stainless steel fell by 0.48%, and iron ore declined by 0.07%. In the coking coal and coke sector, coking coal rose by 0.7%, and coke increased by 1%. In the overseas market, as of 15:02, overseas market base metals generally declined, with only LME copper and LME aluminum rising together. LME aluminum increased by 0.18%, and LME copper rose by 0.09%. LME nickel fell by 0.52%, and the declines in the rest of the metals fluctuated slightly. In the precious metals sector, as of 15:02, COMEX gold fell by 0.33%, and COMEX silver rose by 0.29%. Domestically, SHFE gold fell by 1.46%, recording two consecutive declines. SHFE silver rose by 0.45%. Market conditions as of 15:02 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [US exhibitors at the third China International Supply Chain Expo increase by 15% compared to the previous edition] The third China International Supply Chain Expo will be held in Beijing from July 16 to July 20, with the theme of "Linking the World, Creating the Future Together." This morning (June 17), the State Council Information Office held a press conference to introduce the preparations for the third expo. Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade, introduced that the number of US exhibitors at the third expo has increased by 15% compared to the previous edition, continuing to rank first among overseas exhibitors. Relevant leaders from institutions such as the American Chamber of Commerce in China, the US Soybean Export Council, and the US Grains Council stated that China is a very important market, and US enterprises are willing to continue investing in China, participating in China's economic growth and innovation, and progressing together with the Chinese market and development. Li Xingqian stated that the essence of China-US economic and trade relations is mutual benefit and win-win. Promoting mutually beneficial cooperation between China and the US is in the common interests of the business communities of both countries. (Financial News Agency) ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on June 17 was 7.1746 yuan per US dollar. US Dollar Aspect: As of 15:02, the US dollar index rose by 0.04% to 98.19. The market is expected to focus on a series of monetary policy decisions by multiple central banks this week, primarily on the US Fed. It is widely expected that the US Fed will maintain interest rates unchanged at the end of its policy meeting on Wednesday. Comments made by Fed Chairman Powell after the US Fed's interest rate decision will be closely watched for more clues on the path of interest rate cuts. Macro Aspects: Today, data including the Bank of Japan's policy benchmark interest rate on June 17, the ZEW Economic Sentiment Indicator for the Eurozone in June, the ZEW Economic Sentiment Indicator for Germany in June, the monthly rate of the US import price index in May, the annual rate of the US import price index in May, the monthly rate of US retail sales in May, the monthly rate of US core retail sales in May, the annual rate of US retail sales in May, the monthly rate of the US retail sales control group associated with GDP, seasonally adjusted, in May, the monthly rate of US industrial production in May, the US capacity utilisation rate in May, the monthly rate of US manufacturing output in May, the US manufacturing capacity utilisation rate in May, and the annual rate of US industrial production, seasonally adjusted, in May, will be released. In addition, it is worth noting that: 182 billion yuan of 1-year medium-term lending facility (MLF) will mature today; Bank of Japan Governor Kazuo Ueda will hold a monetary policy press conference; the Bank of Japan will announce its interest rate decision; and US President Trump will visit Canada from June 15 to 17 to attend the G7 Leaders' Summit. Crude Oil Aspects: As of 15:02, oil prices in both markets fell simultaneously, with US crude oil down 0.3% and Brent crude oil down 0.36%. The crude oil market's attention remains focused on the Israel-Iran conflict. In the first half of June, the Strait of Hormuz, a crucial global oil transportation route, operated normally without any transportation disruptions as feared by the outside world. Iran's crude oil exports remained at around 1.75 million barrels per day, indicating that the previously feared risk of crude oil supply disruptions has not materialized for the time being. The latest monthly report released by OPEC shows that the average daily crude oil production of OPEC+ in May was 41.23 million barrels, an increase of 180,000 barrels from April. OPEC's forecast for global oil demand growth remains largely unchanged, at 1.29 million barrels per day this year and 1.28 million barrels per day next year. The supply increase from non-OPEC producers will decrease from 800,000 barrels per day this year to 730,000 barrels per day in 2026, by which time the growth rate of US oil production will slow to 210,000 barrels per day, a 25% decline from the previous level, reflecting reduced capital expenditure and a slowdown in drilling activities. Kazakhstan's oil production in May fell by 21,000 barrels per day to 1.803 million barrels per day, but again exceeded the quota set by OPEC. According to OPEC's latest agreement, Kazakhstan's quota for May was increased from 1.473 million barrels per day in April to 1.486 million barrels per day. (Comprehensive report by Wenhua) SMM Daily Review ► [SMM Daily Review of Nickel Sulphate] Nickel salt prices fell on June 17 ► Sluggish demand persists in the off-season for stainless steel consumption, with low prices failing to boost transactions [SMM Daily Review of Stainless Steel] ► Just-in-time procurement dominates, with rare earth prices remaining stable [SMM Daily Review of Rare Earths] ► [SMM Daily Review of MHP] Indonesian MHP prices slightly declined on June 17 ► Tender transaction prices for molybdenum concentrate remain firm, with strong wait-and-see sentiment in the market [SMM Daily Review of Molybdenum] ► Silver prices continue to consolidate sideways, with spot transactions appearing sluggish [SMM Daily Review]