[Alba Reports Decline in Q1 2025 Profit Despite Record Sales Volume and Strong Demand] Aluminium Bahrain (Alba) reported a net profit of BD18.1 million (US$48.2 million) for Q1 2025, marking a 25.9% year-over-year (YoY) decrease. Total comprehensive income fell 39.4% YoY to BD16.8 million, and gross profit dropped 11.3% to BD50.8 million. Despite these declines, revenue rose 22.2% YoY to BD408.9 million, driven by higher LME prices (+20%) and premiums (+38%), although increased production costs compressed margins. On the operational side, Alba achieved record sales of 374,809 MT (+3% YoY), while net finished production slightly declined to 396,866 MT (-2% YoY). Value Added Product (VAP) sales reached 71% of total shipments. The company also reported progress on cost-saving measures, reaching over half of its US$60 million 2025 target. Global aluminium demand rose 2% YoY, with growth in North America (+1%), China (+1%), and the Middle East (+3%). Supply grew just 1%, constrained by production limits in China and shutdowns in other regions. The market showed a surplus including China, but a deficit when excluding it.

SMM, May 12: Metal Market: As of the daytime close, domestic market base metals all rose. SHFE nickel increased by 2%, SHFE aluminum by 1.66%, SHFE lead by 1.22%, SHFE zinc by 1.08%, while SHFE copper and SHFE tin both rose by less than 1%. The main alumina contract rose by 0.67%. In addition, the main lithium carbonate contract rose by 0.53%, the main polysilicon contract by 2.49%, and the main silicon metal contract by 0.24%. The main European container shipping contract surged, ultimately closing at the daily limit of 16%. The ferrous metals series collectively rose, with rebar and HRC increasing by 1.52% and 1.51%, respectively. Iron ore rose by 3.16%, and HRC by 1.51%. In the coking coal and coke sector, coke rose by 0.75%, and coking coal by 0.68%. In the overseas market, as of 15:31, LME base metals all rose. LME lead increased by 0.86%, LME zinc by 1.75%, LME aluminum by 1.68%, LME copper by 1.23%, LME tin by 0.99%, and LME nickel by 0.51%. In the precious metals sector, as of 15:31, COMEX gold fell by 2.81%, and COMEX silver by 0.21%. Domestically, SHFE gold fell by 2.01%, and SHFE silver rose by 1.02%. Market conditions as of 15:31 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [Ministry of Commerce: Crack Down on Smuggling and Export of Strategic Minerals, Increase Inspection and Enforcement Efforts at Ports] A spokesperson for the Ministry of Commerce responded to questions from reporters regarding the special campaign to crack down on the smuggling and export of strategic minerals. Question: We have noticed that the National Export Control Coordination Mechanism Office recently deployed a special campaign to crack down on the smuggling and export of strategic minerals. What considerations are behind this campaign? What other work will be carried out? Answer: Strengthening export controls on strategic mineral resources is crucial for national security and development interests. Since implementing export controls on some strategic minerals, we have discovered that some foreign entities have colluded with domestic lawbreakers to evade export control measures through smuggling and other means. To curb smuggling and other trends, the National Export Control Coordination Mechanism Office held an on-site meeting in Shenzhen, Guangdong Province, on May 9, focusing on cracking down on the smuggling of strategic minerals, and made special arrangements. A series of actions will also be organized in the near future. The on-site meeting further clarified the task divisions among the Ministry of Commerce, the Ministry of Public Security, the Ministry of State Security, the General Administration of Customs, the State Post Bureau, and other departments in this special campaign. It required relevant departments to strengthen law enforcement collaboration, severely crack down on the smuggling and export of strategic minerals, form a high-pressure situation of "joint management and control," take practical and effective measures, and resolutely prevent the illegal outflow of strategic minerals.Relevant departments immediately took action to swiftly launch cross-departmental investigations and case consultations targeting recent illegal and irregular activities in the strategic minerals sector aimed at evading export controls, such as false declarations, concealment, smuggling through concealment, and transshipment via "third countries." They intensified inspection and enforcement efforts at ports, delved deep into uncovering illegal entities and smuggling networks operating behind the scenes, and rigorously and swiftly investigated and handled illegal cases. This ongoing effort aims to continuously enhance the effectiveness of export control law enforcement and effectively safeguard national security and development interests. (Cailian Press) [The Meeting on Strengthening the Whole-Chain Management and Control of Strategic Minerals Exports was Held] To thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council, on May 12, 2025, the Office of the National Export Control Coordination Mechanism organized the Ministry of Commerce, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of State Security, the Ministry of Natural Resources, the Ministry of Transport, the State-owned Assets Supervision and Administration Commission of the State Council, the General Administration of Customs, the State Administration for Market Regulation, the State Post Bureau, and local authorities from strategic minerals-rich provinces such as Inner Mongolia, Jiangxi, Hunan, Guangdong, Guangxi, Guizhou, and Yunnan to convene the Meeting on Strengthening the Whole-Chain Management and Control of Strategic Minerals Exports in Changsha City, Hunan Province. ► The central parity rate of the RMB exchange rate in the inter-bank foreign exchange market on May 12 was 1 US dollar to 7.2066 yuan. US dollar: As of 15:31, the US dollar index rose by 1.08% to 101.49. The release of the joint statement on the China-US Geneva Economic and Trade Talks has alleviated market concerns about tariffs. The spokesperson for the Ministry of Commerce made remarks on the joint statement. This round of high-level economic and trade talks between China and the US has achieved substantive progress, significantly reducing bilateral tariff levels. The US has removed a total of 91% of the tariff hikes, and China has correspondingly removed 91% of the retaliatory tariffs. The US has suspended the implementation of 24% of the "reciprocal tariffs," and China has also correspondingly suspended the implementation of 24% of the retaliatory tariffs. Beth Hammack, President of the Federal Reserve Bank of Cleveland, stated on Friday that the US Fed needs more time to observe the economy's response to US tariffs and other policies before finding the right countermeasures, noting that much of the government's agenda remains unclear. Traders are closely watching the US Consumer Price Index (CPI) to be released on Tuesday for new signals regarding the monetary policy outlook of the Federal Reserve (Fed). Macro: [Joint Statement on the China-US Geneva Economic and Trade Talks] ① Both sides committed to taking a series of measures before May 14, 2025, including revising and removing tariffs imposed on each other's goods, as well as suspending or removing non-tariff retaliatory measures.② Both sides will establish a mechanism to continue consultations on economic and trade relations, and may hold discussions in China, the US, or a third country. (Xinhua News Agency) 》Click for details Also worth monitoring: Data to be released today include China's M2 money supply YoY for April, China's total social financing (TSF) year-to-date for April, China's new RMB loans year-to-date for April, changes in Canada's employment for April, Canada's unemployment rate for April, etc. Also note the speech by Federal Reserve Governor Adriana Kugler; the National Energy Administration's release of nationwide electricity consumption data around the 15th of each month is also worth monitoring. Crude oil: As of 15:31, crude oil futures rose across the board, with WTI up 2.82% and Brent up 2.61%. Oil prices rose as easing global trade tensions boosted market sentiment. Toshitaka Tazawa, an analyst at Fujitsu Securities, said that easing trade tensions supported market confidence, but OPEC's plans to increase production limited gains. Tazawa was referring to the plan by the Organization of the Petroleum Exporting Countries and its allies (collectively known as OPEC+) to accelerate production increases in May and June, which will add more crude oil to the market. However, surveys showed that OPEC's oil production fell in April. (Wenhua Comprehensive) SMM Daily Review ► Copper inventories in major regions across China increased slightly by 3,000 mt over the weekend [SMM Weekly Data] ► Poor price ratios in the morning session led to sluggish offers and thin trading activity [SMM Yangshan Spot Copper] ► Increased production cuts in secondary lead led to a slight decline in social inventory of zinc ingots [SMM Social Inventory of Zinc Ingots] ► SMM's social inventory of zinc ingots in seven regions increased by 2,200 mt [SMM Data] ► [SMM Daily Review of Nickel Sulphate] On May 12, nickel sulphate prices held steady ► [SMM Iron Ore Shipping Data] Global shipments continued to decline slightly, while port arrivals increased slightly ► [SMM Steel Shipping] China's total steel exports fell 18% MoM last week ► [SMM Coking Coal Shipping] Total coal arrivals at SMM ports reached 7.101 million mt ► Progress made in China-US economic and trade talks; precious metal prices corrected in the morning session, with overall spot trading remaining sluggish [SMM Daily Review]

Rio Tinto, in collaboration with Indium Corporation, has reportedly extracted the first batch of primary gallium in its Vaudreuil alumina refinery in Quebec, the only refinery in Canada, as part of the move to produce commercial quantities of critical and strategic minerals present in the bauxite.

This week, the ferrous metals series fluctuated downward. In terms of news, at the beginning of the week, the State Council Information Office held a press conference to introduce the national economic operation for January-February 2025, during which it was reported that the new construction area of houses reached 66.14 million m², a decrease of 29.6%...

Today, the most-traded iron ore futures contract moved downwards after a higher opening and fluctuated downward throughout the day. The most-traded I2505 contract closed at 757.5, with a daily decline of 0.33%. Traders' willingness to sell was relatively low; as the weekend approached, inquiries from steel mills decreased, and some mills purchased as needed; the market transaction atmosphere was quiet. Mainstream transaction prices fell by 2-5 yuan/mt compared to yesterday. As of March 21, recent continuous declines in ore prices have intensified bearish sentiment, and purchase willingness has declined. Looking ahead to next week, both supply and demand for iron ore are expected to increase, but support is limited. However, considering the relatively small imbalance in the industry recently, the market's reaction to production limits and tariffs has weakened, and it is expected that ore prices may rebound slightly after bottoming out next week.

Today, the most-traded iron ore futures contract opened higher but moved downwards, fluctuating downward throughout the day. The most-traded I2505 contract closed at 757.5, with a full-day decline of 0.33%. Traders' willingness to sell was average; as the weekend approached, steel mills inquired less, and some mills purchased as needed; the market transaction atmosphere was quiet. Mainstream transaction prices fell by 2-5 yuan/mt compared to yesterday. As of March 21, recent continuous declines in ore prices have intensified bearish sentiment, and purchase willingness has decreased. Looking ahead to next week, both supply and demand for iron ore are expected to increase, but support is limited. However, considering the relatively small imbalance in the industry recently, and the market's weakening response to production limits and tariffs, it is expected that ore prices may rebound slightly after bottoming out next week.

In August 2024, Indonesia's high-grade nickel matte production was 28,200 mt (Ni contained), down 4.08% MoM, up 12.8% YoY.

Tungsten, known for its robust properties, is a versatile metal extensively utilized across various industries. From tungsten carbide in wear-resistant materials to its application in electronics, lighting, and aerospace, tungsten plays a pivotal role. Understanding the fluctuations in tungsten prices is crucial for businesses and consumers alike to make informed decisions.

SMM data showed that in January, China's copper cathode output was 969,800 mt, a month-on-month decrease of 29,600 mt or 2.96%, but a year-on-year increase of 13.65% or 116,500 mt; the output is 16,200 mt higher than the expected 953,600 mt.

Imported iron ore market swung on a subdued trajectory last week, mainly because steel mills saw weak demand, profit slip and environmental protection-related production limit.