Today, iron ore futures continued to shift from weakness to strength. The most-traded contract I2505 surged to 797 before slightly retreating, eventually closing at 792, with a daily gain of 1.86%. Traders showed good enthusiasm for selling, while steel mills restocked as needed. The market transaction atmosphere improved.

【SMM Analysis: Chinese Blister Copper RCs Rose Above 1,000 Yuan/mt, Market Supply Faces New Variables in April】 In March 2025, SMM reported blister copper RCs in south China at 750-1,050 yuan/mt, with an average of 900 yuan/mt, down 100 yuan/mt MoM. In north China, blister copper RCs were quoted at 700-900 yuan/mt, with an average of 800 yuan/mt, flat MoM...

Copper consumption has always been the focus of the industry. To provide a more in-depth and timely reflection of the market situation, the SMM Copper Research Team has been conducting in-depth research on the order volume and production status of enamelled wire enterprises since January 2025, forming weekly operating rate and order intake data.

According to SMM, the operating rate of copper wire and cable enterprises in March 2025 was 73.6%, up 12.71 percentage points MoM and up 1.72 percentage points YoY, only 2.4 percentage points higher than the expected operating rate. Specifically, the operating rate of large enterprises was 78.64%, medium-sized enterprises was 56.69%, and small enterprises was 42.88% in March.

In March, domestic FP production increased by 10% MoM and surged by 81% YoY. In terms of supply, most FP manufacturers raised their production schedules in March compared to February, leading to a significant boost in supply. Some companies had ample orders, operating their production lines at full capacity. Additionally, new entrants in the FP market are gradually ramping up their capacity, with production expected to continue rising in the future.

In March 2025, the domestic stainless steel market was well-supplied, with crude steel production reaching a record high. Driven by the anticipated peak demand season of "Golden March and Silver April" and high raw material prices, producers actively increased production, and both steel mills and spot merchants raised prices. However, downstream demand fell short of expectations, with few new orders, and only maintained essential restocking, leading to slow shipments, high inventory, and an oversupply in the market. In April, some companies carried out equipment renovation and maintenance due to environmental protection policies, affecting production.

According to SMM statistics, domestic aluminum production in March 2025 (31 days) increased by 3.7% YoY and 11.2% MoM. The operating capacity of domestic aluminum smelters rose MoM, mainly due to the gradual resumption of production at aluminum smelters, with some of the production resumed in February already yielding output. The proportion of liquid aluminum in domestic aluminum smelters rebounded to normal levels in March, with the industry's liquid aluminum proportion increasing by 3.2 percentage points MoM and 0.15 percentage points YoY to 74.2%. Additionally, due to losses, some downstream rod plants in Guangxi cut production recently, leading to a decline in the proportion of liquid aluminum at some local smelters by month-end. Based on SMM's liquid aluminum proportion data, domestic aluminum casting ingot production in March increased by 3.1% YoY to around 958,000 mt.