【SMM Spot Copper】The futures market declined, and downstream buyers actively priced below 79,050 yuan/mt, but bearish sentiment rose, leading to a decrease in purchase volume compared to yesterday. According to SMM data, Shanghai's inventory on Thursday recorded 210,786 mt, down nearly 8,000 mt from Monday. During the week, copper prices fell, increasing downstream cargo pick-up sentiment, along with stockpiling factors for the Qingming Festival. Spot premiums are expected to rise further next week, but with warrants still not significantly digested, the increase is expected to be limited.

Ningbo Zinc: Premiums in Ningbo Rose, Spot Cargo Transactions Moderate. The transaction price of mainstream brand 0# zinc in the Ningbo market was around 23,085-23,255 yuan/mt. The premium of conventional brands in Ningbo against the 2505 contract was 120 yuan/mt, and the premium against Shanghai spot cargo was 50 yuan/mt. Mainstream brands in Ningbo quoted against the 2505 contract...

【SMM Steel Mill Guidance Price】On April 3, the guidance prices for various series of domestic large stainless steel mills remained stable before the holiday.

March 31-April 3, 2025 This week, the average cost in the APT industry was 210,281 yuan/mt, with an average profit of -1,156 yuan/mt and an average profit margin of -0.55%. Currently, the tug-of-war between sellers and buyers in the tungsten market remains intense. Upstream suppliers hold back cargoes, expecting further price increases, which has not alleviated the cost pressure on smelters. Meanwhile, downstream market orders show weak growth, and downstream enterprises mainly make just-in-time procurement. The overall market appears sluggish due to the stalemate between upstream and downstream, resulting in relatively small changes in the cost and profit of smelters WoW. Market sentiment is generally cautious and watchful.

On April 2, the list of successful candidates for the 2025-2026 concentrated procurement of PV modules by the South-to-North Water Diversion Middle Route New Energy (Beijing) Co., Ltd. was announced. The selected companies included Tongwei Co., Ltd., Jinko Solar Co., Ltd., LONGi Green Energy Technology Co., Ltd., JA Solar Technology Co., Ltd., DAS Solar Co., Ltd., Chint New Energy Technology Co., Ltd., TrinaSolar Co., Ltd., Risen Energy Co., Ltd., AIKO Solar Technology Co., Ltd., Anhui Huasheng New Energy Technology Co., Ltd., Anhui Guosheng New Energy Technology Co., Ltd., and Gokin Solar Co., Ltd.