SMM April 23 News:
Metal Market:
As of the daytime close, most base metals in the domestic market rose, with only SHFE lead falling by 0.29%. SHFE copper led the gains with a 1.22% increase, SHFE zinc rose by 0.97%, and other metals saw slight fluctuations. Alumina main contract rose by 1.49%.
In addition, lithium carbonate main contract rose by 1.14%, silicon metal main contract rose by 1.08%, and polysilicon main contract rose by 2.7%. The European container shipping main contract rose by 0.33%.
The ferrous metals series collectively rose, with iron ore up by 2.11%, rebar and HRC both rose by over 1%, rebar rose by 1.46%, and HRC rose by 1.41%. In the coking coal and coke sector, coking coal rose by 2.56%, and coke rose by 3.14%.
In the overseas market, as of around 15:03, base metals collectively rose, with LME aluminum and LME zinc both up by over 1%, LME aluminum rose by 1.41%, and LME zinc rose by 1.75%. LME copper and LME nickel both rose by over 0.6%, LME copper rose by 0.64%, and LME nickel rose by 0.62%.
In the precious metals sector, COMEX gold saw a significant correction today, with a drop of 3.06% as of 15:03, and COMEX silver fell by 0.4%. Domestically, SHFE gold fell by 4.55%, and SHFE silver fell by 0.02%.
As of 15:03 today's market
》Click to view SMM market board
Macro Front
Domestic:
【SASAC: Vigorously Cultivate a Number of Strategic Emerging Industries and Future Industries with Core Competitiveness】 On April 23, the State-owned Assets Supervision and Administration Commission (SASAC) announced that on April 22, the "Promoting Entrepreneurial Spirit, Accelerating the Construction of World-Class Enterprises" special seminar (Phase 2), jointly organized by the Central Organization Department, the Central Financial Work Committee, and the SASAC, opened at the China Executive Leadership Academy in Dalian. Zhang Yu Zhuo, Party Secretary and Director of the SASAC, stated that it is essential to remember the "greatness of the nation" and deeply understand that strengthening, optimizing, and expanding state-owned capital and enterprises is an inevitable move to serve the modernization of China. Currently, central state-owned enterprises should accelerate the development of new quality productive forces, vigorously cultivate a number of strategic emerging industries and future industries with core competitiveness, and better leverage the role of technological innovation, industrial control, and security support. (Cailian Press)
【Preview: The People's Bank of China will hold a press conference at 15:00 on April 23 to introduce the "Action Plan for Further Enhancing Cross-border Financial Service Facilitation in the Shanghai International Financial Center"】 The People's Bank of China will hold a press conference at 15:00 on April 23 to introduce the "Action Plan for Further Enhancing Cross-border Financial Service Facilitation in the Shanghai International Financial Center".
US Dollar:
As of 15:03, the US dollar index rose by 0.23% to 99.21. According to CCTV News, on the 22nd local time, US President Trump stated that the US Fed should lower interest rates and that he has no intention of firing Fed Chairman Powell. In addition, Trump also expressed his hope that Powell would take more aggressive actions on interest rate issues.
Fed Governor Kugler said on Tuesday that due to US import tariffs being significantly higher than expected and potentially putting upward pressure on prices, the Fed should keep short-term borrowing costs unchanged until inflation risks subside. Minneapolis Fed President Kashkari said on Tuesday that it is still unclear how to adjust short-term borrowing costs to respond to tariffs and their expected impact on inflation and the economy. (Wenhua Comprehensive)
Data:
Today, the preliminary values of France's April SPGI Manufacturing PMI, Germany's April SPGI Manufacturing PMI, the Eurozone's April SPGI Manufacturing PMI, the UK's April SPGI Services PMI, the UK's April SPGI Manufacturing PMI, the Eurozone's seasonally adjusted trade balance for February, the revised monthly rate of US March building permits, the preliminary value of the US April SPGI Manufacturing PMI, and the seasonally adjusted annualized total of US March new home sales will be released.
In addition, it is worth noting that 2026 FOMC voter and Minneapolis Fed President Kashkari will speak; Fed Governor Kugler will speak on "Monetary Policy Transmission"; 2025 FOMC voter and St. Louis Fed President Moussalem and Fed Governor Waller will deliver opening remarks at an event; the G20 Finance Ministers and Central Bank Governors Meeting will be held until April 24.
Crude Oil:
As of 15:03, oil prices in both markets rose by over 1%, with US oil up by 1.65% and Brent oil up by 1.52%. New US sanctions on Iran supported oil prices. According to CCTV News, the US Treasury's Office of Foreign Assets Control (OFAC) issued a statement announcing sanctions on Iran's liquefied petroleum gas (LPG) giant Saeed Asadollah Emamjomeh and his corporate network. The statement said that the network is responsible for transporting hundreds of millions of dollars worth of Iranian LPG and crude oil to overseas markets. The possibility of Iranian crude oil exports being blocked has increased, stimulating oil prices to rebound further from the supply side. In this regard, ZCE Futures stated that geopolitical impacts on oil prices are mostly pulse-like. Market expectations of reduced supply are favorable for oil prices, but the actual supply situation of OPEC+ will still need to be watched, and its impact on the market will diminish over time.
From the inventory perspective, the weekly data released by API early this morning showed that as of the week ending April 18, US API crude oil inventories unexpectedly decreased by 4.565 million barrels, while the market had expected an inventory buildup of 1.5 million barrels. Cushing crude oil inventories decreased by 354,000 barrels, gasoline inventories decreased by 2.18 million barrels, and distillate oil inventories decreased by 1.64 million barrels. The report had an overall bullish impact on the oil market, further driving oil prices to rebound strongly. Continued attention will be needed to verify the EIA inventory report. (Wenhua Comprehensive)
SMM Daily Review
► 【SMM MHP Daily Review】 April 23: Indonesian MHP prices rebounded
► 【SMM Nickel Sulphate Daily Review】 April 23: Nickel sulphate prices remained stable
► Supply surplus persists, spot prices were in the doldrums 【SMM SiMn Daily Review】