Jinlong Copper's Crude Selenium Bidding Successfully Concluded

【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.

Previously, SMM made the following reminder about the discontinuation of high-grade NPI price updates by region: SMM Announcement: The Publication of High-Grade NPI Prices by Region Will Soon Be Discontinued

Last Friday night, LME copper opened at $9,794/mt, with the highest price reaching $9,887.0/mt and the lowest price dropping to $9,773.0/mt.

In March 2025, China's aluminum processing industry composite PMI rose to 61.6%, entering expansion territory, driven by policy dividends and seasonal peak effects that propelled structural recovery. Aluminum plate/strip (63.3%) and foil (69.3%) benefited from automotive/battery demand and old-for-new policies, though constrained by Indian anti-dumping measures and declining overseas orders. Architectural aluminum profile new orders exceeded 70%, while industrial profiles maintained expansion through new energy/solar demand, yet SMEs faced over 50% idle capacity due to technical bottlenecks. Aluminum cable production index surged to 73.05% as industry leader, driven by front-loaded ultra-high voltage orders and grid delivery schedules. Recycled aluminum PMI jumped 27.7 percentage points to 70.4%, but high aluminum prices suppressed procurement, revealing weak recovery in primary aluminum and inventory risks in recycled sectors. Although April's solar policy updates and grid peak season may sustain growth momentum, aluminum prices exceeding ¥21,000/ton could dampen purchasing enthusiasm. Coupled with export pressures and SME overcapacity, the industry's overall upside potential remains constrained.

NICKEL ORE The tight supply of Indonesian ore continues, and pyrometallurgical ore prices may rise again High-Grade NPI The supply increment of high-grade NPI may be limited, and short-term prices are expected to remain relatively stable.