【SMM Flash News】Vale Base Metals Targets 20% Reserve Growth by 2027 Amid Exploration Success

[Zinc Concentrate TCs Continued to Fall, SHFE Zinc Maintained Fluctuating Trend] The most-traded SHFE zinc 2608 contract opened at 24,800 yuan/mt. After opening, SHFE zinc maintained fluctuating trend below the daily average line, touching a high of 24,870 yuan/mt at the beginning of the session, dipping to a low of 24,725 yuan/mt during the session, and finally closing down at 24,820 yuan/mt.....

This week, ferrous metals edged higher before extending their pullback, with coking coal posting the largest decline. At the beginning of the week, the National Development and Reform Commission (NDRC) and other departments issued a notice on launching a three-year campaign for energy conservation and carbon reduction in key industries, and news that the U.S. and Iran were to sign a memorandum of understanding on the 19th improved market sentiment, lifting all ferrous metals. In the latter half of the week, expectations for an eighth round of coke price hikes materialized in the futures market. However, as steel mill profits narrowed further and spot coke had largely priced in the eighth increase, further upside room was limited. Combined with emerging expectations of peak hot metal output, futures began to correct and cost support weakened. Meanwhile, May macro data came in below expectations, dragging the entire ferrous metals complex lower...