[Steel Mill Price Adjustment] February 20th, Anhui Changjiang Steel's Construction Material Guiding Prices: Rebar Flat, Coiled Rebar Flat, Wire Rod Flat

[2.2 Nickel Morning Meeting Summary] SMM February 19 News: Spot Premiums/Discounts: The mainstream spot premiums for Jinchuan No. 1 nickel were quoted in the range of 2,000-2,100 yuan/mt, with an average premium of 2,050 yuan/mt, down by 50 yuan compared to the previous trading day. The quotation range for Russian nickel premiums/discounts was -100 to 100 yuan/mt, on par with recent trading days. Regarding futures...

[SMM Aluminum Morning Meeting Summary:] Recently, the macro front and fundamentals have shown a tug-of-war between longs and shorts. In the short term, aluminum prices may maintain a fluctuating trend: on one hand, inventory pressure and cost easing limit the upside room; on the other hand, expectations of macro policies and hopes for consumption recovery provide underlying support. In Q2, with the arrival of the traditional consumption peak season and the release of policy dividends, aluminum prices are expected to strengthen amid fluctuations driven by demand recovery. However, attention should be paid to the systemic risks brought by an unexpectedly rapid tightening of overseas liquidity.

[SMM Morning Meeting Summary: Macro Uncertainty Persists, Copper Prices Expected to Maintain Fluctuating Trend] On February 19, spot #1 copper cathode against the SHFE 2503 contract was quoted at a discount of 130-90 yuan/mt, with an average price at a discount of 110 yuan/mt, down 5 yuan/mt from the previous trading day. Trading activity yesterday was slightly quieter compared to the previous day, as downstream operating rates have yet to recover and market buying interest remained weak.....

[SMM Lead Morning Meeting Summary: Lead Prices Continue to Fluctuate Downward, Downstream Remains Cautious] In the spot market, downstream demand recovery is slow, and the supply of refined lead in circulation is relatively ample. At the beginning of the week, inventory accumulation temporarily weighed on lead prices. However, after lead prices weakened, scrap battery prices remained firm, narrowing the profit margin of secondary refined lead, with some regions experiencing inverted primary lead quotations.

The US Fed Is Not in a Hurry to Cut Interest Rates Further; Spot Market Transactions Slightly Increased [SMM Tin Morning Brief] The minutes of the US Fed meeting revealed that the Fed wants to see "further progress on inflation" before deciding on another interest rate cut. Citing rising inflation pressure, the Fed kept rates steady at the 4.25%-4.5% range during the last meeting, and the market expects no interest rate cut in the March meeting either. According to the minutes, the committee unanimously agreed that "the Fed has ample time to assess the evolving outlook for economic activity, the labour market, and inflation." Many economists and market strategists are concerned that tariffs and stricter immigration policies could exacerbate inflation pressure, potentially offsetting the positive effects of tax cuts and deregulation. The Fed has previously indicated that it is not in a hurry to cut interest rates further due to persistently high inflation. Inflation has fallen back from highs seen after the pandemic but remains stubbornly above the Fed's desired level.

[SMM Zinc Morning Comment] SHFE zinc recorded a small bearish candlestick overnight, with the KDJ indicator narrowing. Currently, macro sentiment is relatively positive, which diverges from the expectation of a surplus on the mine side. Zinc prices currently lack clear direction and are mainly fluctuating.

[SMM Morning Meeting Summary: US Dollar Index Strengthens, LME Zinc Jumps Initially and Then Pulls Back] Overnight, LME zinc recorded a bearish candlestick, with support provided by the 5-day moving average below. The potential impact of Trump's policies has raised concerns within the US Fed about rising inflation, pushing the US dollar index higher, and zinc prices jumped initially and then pulled back.

[Market Consumption Suppressed, Buying Interest Sluggish, Copper Prices Show Resilience Amid High Volatility] Macro side, the US Fed's January meeting minutes revealed that several participants suggested it might be appropriate to pause or slow balance sheet reduction until the debt ceiling issue is resolved. Additionally, Trump warned Zelensky to make a swift decision on peace talks, or he "will lose his country." Meanwhile, after Trump announced a roughly 25% tariff on cars and chips, the EU trade commissioner stated readiness to discuss reducing car tariffs with the US. Market uncertainty persists, and copper prices have risen.

[SMM Silicon-Based PV Morning Meeting Summary: Module Prices Increased, Solar Cell Supply Steadily Growing] In the current module market, the mainstream transaction prices for centralized projects are as follows: PERC 182mm at 0.63-0.68 yuan/W, PERC 210mm at 0.64-0.69 yuan/W, N-type 182mm at 0.64-0.66 yuan/W, and N-type 210mm at 0.64-0.66 yuan/W. Some Topcon distributed merchants have raised prices by 0.01 yuan.