[SMM Cast Aluminum Alloy Morning Comment: Overnight Futures Narrowly Recover, Spot Cargo Lacks Uward Momentum in Off-Season] Overnight, the aluminum alloy 2610 contract opened at 22,905 yuan/mt. After a quick dip at the night session's open, buying gradually stepped in, driving prices to consolidate and rebound, hitting an intraday high of 23,055 yuan/mt before closing at 23,035 yuan/mt, up 0.41%.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,890.5/mt, dipped to $13,875/mt in early trading, then its center moved up to a high of $14,058/mt, and finally closed at $14,051.5/mt, up 0.64%. Trading volume reached 23,000 lots and open interest stood at 261,000 lots, a decrease of 8,415 lots from the previous trading day, indicating a reduction in bearish positions. Overnight, the most-traded SHFE copper 2609 contract opened at 107,020 yuan/mt, quickly hit a high of 107,340 yuan/mt in early trading, then its center declined to a low of 107,010 yuan/mt, and finally moved sideways to close at 107,230 yuan/mt, up 0.23%. Trading volume reached 25,000 lots and open interest stood at 171,000 lots, a decrease of 4,636 lots from the previous trading day, indicating a reduction in bearish positions.

[Aluminum Social Inventory Destocking Underpins Futures, Short-Term Prices to Consolidate Within Range] Overall, domestic aluminum prices are expected to mainly consolidate in the short term, with upside room likely to be suppressed by production resumption expectations.

The Export-Import Bank of Korea said on August 17 that it will provide $1 billion in financial support to Glencore, on the condition that the company supplies copper to Korean companies during the loan period. The funds will be used as Glencore’s general operating capital, while the financing structure is designed to help Korean companies secure key raw materials. Glencore operates mines, smelting assets and trading networks across multiple regions, including exposure to copper-producing countries such as Chile and Peru. Korea Eximbank said Glencore’s diversified asset and trading base could provide alternative procurement channels if supply disruptions occur in a specific country or mine. The arrangement does not add near-term copper production, but it strengthens copper procurement security for Korean companies.

HRC futures closed at 3,286 today, gaining 0.4% for the full day. In the spot market, spot HRC prices edged up 10 yuan/mt while remaining largely stable, cold-rolled prices were flat, and overall trading was moderate today. HRC city inventory data was released today: inventories in Zhangjiagang, Shanghai, Ningbo, and Tangshan built up, while those in Lecong and Shenyang saw slight destocking. Overall, HRC social inventory is expected to build up this week. Cost side, expectations for price hikes in coking coal and coke are heating up, strengthening the support from raw materials for HRC’s bottom. Steel mills have become somewhat more inclined to hold prices firm. However, end-use demand has yet to improve materially, capping upside room. In the short term, HRC lacks a directional driver. The futures market is trading on expectations for the September peak season. The upside is pressured by weak demand, while the downside is cushioned by costs. Prices are most likely to continue moving sideways.

India’s aluminium scrap import data reflects the changing sourcing pattern. Imports under HS Code 76020010 from the UAE fell 1.19% year on year to $38.80 million in June 2026. Imports during April–June declined 26.59% to $77.81 million.

[SMM Stainless Steel Daily Review] SS Futures Weaken, Spot Stainless Steel Transactions Mediocre, Awaiting Peak Season Validation SMM, August 19 – SS futures maintained a subdued consolidation trend. Dragged lower by the broad decline in nonferrous metals, SS prices pulled back in tandem. As of the close, the most-traded SS contract settled at 14,260 yuan/mt. In the spot market, although SS futures pulled back somewhat, the overall decline was relatively small. Stainless steel traders mostly held their offers steady, with only occasional small discounts. Overall transactions remained sluggish, showing no signs of recovery ahead of the “September-October peak season.” The Most-Traded SS Futures Contract. At 10:15 a.m., SS2610 was at 14,260 yuan/mt, up 25 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 410-610 yuan/mt range. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was steady; for cold-rolled 304/2B coil with mill edge, Wuxi average price was flat, Foshan average price was flat; the price of Wuxi cold-rolled 316L/2B coil fell by 100 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotation was flat; cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, stainless steel futures were continuously disturbed by macro sentiment, maintaining an overall weak pullback trend. During the week, news on Indonesia’s RKAB nickel ore approval repeatedly disrupted industry expectations. Coupled with the hawkish tone of the US Fed’s policy stance and the unresolved US-Iran geopolitical conflict, macro uncertainty stayed high. Multiple bearish factors dragged SS futures down continuously throughout the week, with bearish sentiment dominating the market and futures movement...

[SMM Rare Earth Daily Review: Rare Earth Prices Diverge, Pr-Nd in the Doldrums, Dysprosium and Holmium Rise] Overall, inquiry activity in the rare earth market remains subdued, and price performance is divergent: the Pr-Nd market sees sluggish trading and prices in the doldrums; for dysprosium products, due to procurement by large manufacturers, low-priced supply is tightening, and suppliers are raising their offers. It is expected that in the short term, affected by persistently sluggish trading, Pr-Nd product prices will likely continue to move sideways in a narrow range.

As of now, the FOB price of Indonesian MHP nickel is $14,945/mt Ni, and the FOB price of Indonesian MHP cobalt is $41,267/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) is 83-84.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 80. The FOB price of Indonesian high-grade nickel matte is $15,490/mt Ni.

Recently, an SMM delegation, including Jianhua Ye, Big‑Data Director, and Daisy Dai, Senior Overseas Sales Manager of Lead‑Zinc Division, paid an on‑site visit to SG Galvanizing (S) Pte Ltd for industry‑focused exchanges, and was warmly welcomed by the company's management executives, including General Manager Chris Pok and Operations & Marketing Manager Sam Neo. Both sides engaged in detailed discussions covering key topics such as technological upgrades within the hot‑dip galvanizing sector, market demand, delivery services and broader industry outlooks. Besides, SG Galvanizing (S) Pte Ltd also introduced its hot‑dip galvanizing production processes, quality‑control frameworks and operational status. Company Profile Boasting a mature production system, rigorous quality‑control protocols, highly efficient delivery performance and dedicated professional services, SG Galvanizing (S) Pte Ltd has built a solid reputation across the local galvanizing market with distinct core competitive strengths. In terms of production and delivery, the company runs a 7×24‑hour non‑stop operation model that overcomes conventional production time limits. It flexibly accommodates diverse customer order requirements including bulk and rush orders, substantially cuts production‑delivery lead times, swiftly responds to market timelines, and helps clients achieve cost reduction and efficiency gains. For quality assurance, the firm has rolled out a full‑value‑chain standardized QC system covering raw material inspection, pre‑treatment, galvanizing, post‑processing and finished‑goods testing. It has further optimized process parameter specifications and non‑conformance management workflows. Backed by strict inspection protocols, every product batch features consistent coating, stable performance and superior corrosion resistance, enabling the company to reliably supply premium galvanized items that surpass customer expectations. From a service and technology perspective, the company boasts a highly‑experienced, proficient core team for technical support and operations. With years‑long specialization in hot‑dip galvanizing, the team is well‑versed in technical hurdles for galvanizing diverse steel products as well as clients' personalized needs. It is capable of delivering customized galvanizing solutions for clients from varied industries with different workpiece specifications, effectively resolving their practical production and application bottlenecks. Meanwhile, the company adheres to the business philosophy of integrity and mutual benefit, forging long‑term, stable and high‑value strategic partnerships while prioritizing the core needs of each client and collaborator. Supported by dependable product quality, agile response and thoughtful tailor‑made services, SG Galvanizing has accumulated abundant premium industry resources and earned widespread market recognition, underpinned by steadily‑enhancing core competitiveness. Following this visit, SMM gained a clearer understanding of the hot-dip galvanizing production and operation system of SG Galvanizing (S) Pte Ltd. In the future, SMM will continue to monitor process iteration and market landscape changes in the hot-dip galvanizing industry, continuously build industrial exchange and connection platforms, and help upstream and downstream enterprises achieve interconnection and coordinated development, thus promoting the high-quality upgrading of the industry. This visit has enabled SMM to acquire deeper insights into SG Galvanizing (S) Pte Ltd's hot‑dip galvanizing production and operational framework. Moving forward, SMM will keep tracking process innovations and market shifts across the hot‑dip galvanizing sector. SMM is committed to developing more platforms for industry dialogue and networking, facilitate link‑ups and coordinated growth between upstream and downstream players, and driving the high‑quality transformation of the whole industry.