Today, DCE iron ore futures weakened in the morning but surged significantly in the afternoon. The most-traded contract I2509 closed at 722.5, up 1.69% for the day. Traders were actively selling their goods. Steel mills' wait-and-see sentiment intensified, with inquiry volumes decreasing compared to yesterday.

[SMM Spot Aluminum Lunch Review: Spot Market Remains Sluggish, East China Premiums Narrow Rapidly] On the inventory side, according to SMM's domestic aluminum ingot inventory data, the domestic inventory of electrolytic aluminum ingots in three regions stood at 329,000 mt on July 2, a destocking of 500 mt from the previous trading day. In the short term, despite the low aluminum ingot inventory, the increase in casting ingot production has supplemented market supply. Additionally, there is a strong fear of high prices in the spot market, coupled with poor downstream demand and significant production cuts, resulting in low purchase willingness. Transactions are occurring at discounts, and it is expected that the spot premiums will narrow in the short term.

According to the SMM survey, as of July 1, the operating rate of 50 electric furnace steel mills nationwide, which mainly produce building materials, was 31.86%, up 0.48% MoM from the previous period; the capacity utilization rate was 34.31%, up 0.51% MoM; and the daily average production of building materials was 76,400 mt, up 1,100 mt MoM.

SMM Steel News on July 1: According to SMM statistics, the estimated total shipments of resources in mainstream markets this week were 275,200 mt, an increase of 31,500 mt compared to the shipment level WoW. By market:

Today, DCE Iron Ore futures market was in the doldrums, with the most-traded contract I2509 closing at 708.5, down 1.32% for the day. Traders' willingness to sell was moderate. Steel mills mainly purchased as needed, with inquiries being average. The market transaction atmosphere was also average.

SMM Analysis: In June 2025, blister copper RCs in south China were quoted at 700-900 yuan/mt, with an average price of 800 yuan/mt, up 100 yuan/mt MoM. Blister copper RCs in north China were quoted at 650-850 yuan/mt, with an average price of 750 yuan/mt, unchanged MoM...