Metals Price Surge to Prompt Premature Restarts

[Tinjauan Mingguan Magnesium SMM: Pasar Magnesium Pasca-Libur Terkonsolidasi Melemah, Kelemahan Ganda Pasokan-Permintaan Menekan Harga] Rantai industri magnesium secara keseluruhan lesu minggu ini. Harga dolomit tetap stabil, dengan harga pengiriman ke pabrik terkonsolidasi di level tinggi. Kuotasi ingot magnesium turun akibat lemahnya restocking pasca-libur dan peningkatan pasokan berharga rendah, dengan harga FOB juga ikut turun tipis. Pasar serbuk magnesium dan paduan magnesium bertahan stabil dengan biaya pemrosesan yang kokoh, namun pembeli hilir tetap menunggu di pinggir, menunjukkan pola keseluruhan pasokan kuat dan permintaan lemah. Dalam jangka pendek, harga magnesium kemungkinan terus bergerak sideways.

[SMM Analysis: Futures Strength Fails to Offset Arrival Pressure, Stainless Steel Social Inventory Stops Falling and Rebounds] On May 7, SMM reported that stainless steel social inventory stopped falling and rebounded this week, ending the previous continuous destocking trend and shifting to a slight inventory buildup. Total inventory across the two core markets of Wuxi and Foshan edged up, rising from 945,900 mt on April 30, 2026 to 955,200 mt on May 7, up 0.98% WoW, showing a phased inventory buildup pattern. This week was the first week after the Labour Day holiday. The market gradually resumed normal trading. Driven by further strengthening of SS futures, stainless steel spot prices rose in tandem. The downstream mentality of "rush to buy amid continuous price rise and hold back amid price downturn" became prominent. Post-holiday stainless steel spot market trading volume warmed up notably, easing inventory buildup pressure to some extent. However, the core influencing factor lay on the supply side. Current stainless steel mill profitability remained favorable, and the production schedule pace stayed high. Recent steel mill arrivals were relatively concentrated, effectively alleviating the shortage of certain specifications that previously existed in the market. Arrivals exceeding trading volume became the dominant driver pushing stainless steel social inventory to stop falling and rebound this week. Overall, although SS futures strength drove a trading recovery this week, partially offsetting some inventory pressure, the concentrated release of arrivals still dominated the inventory trend. The current high production schedule pattern at steel mills remained unchanged, and subsequent arrival pressure persists. The sustainability of the downstream trading recovery still needs to be observed. In the short term, inventory is expected to maintain slight fluctuations, and subsequent focus should be on the direction of SS futures and the pace of steel mill arrivals...

[Kilat Berita Tungsten] SMM 6 Mei: Sebuah kelompok industri tungsten di Jiangxi merilis harga kontrak jangka panjang untuk paruh pertama Mei. Harga acuan untuk konsentrat wolframit standar nasional grade satu paruh pertama Mei 2026 adalah 720.000 yuan/ton standar (basis 65% WO3) (kontrak jangka panjang), turun 190.000 yuan/ton standar (basis 65% WO3) dari paruh kedua April.