According to the SMM survey, as of April 2, the blast furnace operating rate of 242 steel mills surveyed by SMM was 87.49%, up 0.02 percentage points MoM. The blast furnace capacity utilization rate was 89.40%, up 0.17 percentage points MoM. The daily average pig iron production of the sampled steel mills was 2.4131 million mt, up 4,600 mt MoM.

Nickel prices fluctuated rangebound in the early session. The mainstream spot premiums for Jinchuan No. 1 nickel were quoted in the range of 1,700-1,800 yuan/mt, with an average premium of 1,750 yuan/mt, up 50 yuan/mt from the previous trading day. The premiums and discounts for Russian nickel were quoted in the range of -100 to 300 yuan/mt, with an average premium of 100 yuan/mt, up 50 yuan/mt from the previous trading day.

【SMM Spot Copper】SMM #1 copper cathode standard-quality copper was quoted at a premium of 10 yuan/mt to 30 yuan/mt against the front-month contract, while premium-quality copper was quoted at a premium of 30 yuan/mt to 50 yuan/mt. The market trading in the morning session did not show significant improvement, and the main reason for the premium increase was downstream firms standing firm on quotes and holding back sales. Before the morning close, some downstream firms actively bargained, leading to a slight downward shift in the trading center. The pre-holiday stockpiling demand ahead of the Qingming Festival holiday is expected to push up the premium in actual transactions tomorrow.

【SMM】On April 2, SMM A00 aluminum (Foshan) was quoted at 20,520 yuan/mt, down 20 yuan/mt, with a discount of 30 yuan/mt against the current month, widening by 10 yuan/mt. On April 2, SMM A00 aluminum (Foshan) was quoted at 20,520 yuan/mt, down 20 yuan/mt, with a discount of 30 yuan/mt against the current month, widening by 10 yuan/mt. (Unit: yuan/mt) In terms of aluminum billet inventory, according to SMM statistics, domestic aluminum billet inventory in two regions showed Guangdong aluminum billet inventory at 154,500 mt, Wuxi aluminum billet inventory at 41,000 mt, totaling 195,500 mt, a decrease of 4,700 mt MoM. Affected by the macro environment, SHFE aluminum maintained low-level consolidation, attempting to recover the 20,500 level, but prices still experienced a pullback during the session. Suppliers held firm on their offers, while downstream buyers pressed for lower prices, resulting in slightly weaker market transactions compared to the previous day. Today, the Foshan aluminum billet market was quoted at 240/290 yuan/mt, down 10 yuan/mt; the Wuxi market processing fee was quoted at 350/380 yuan/mt, up 10 yuan/mt; the Nanchang region processing fee was quoted at 280/330 yuan/mt, unchanged. (Unit: yuan/mt)

Guangdong Zinc: Spot Trades Continued, Premiums and Discounts Rose Today. The mainstream transaction price of Guangdong 0# zinc was 23,280-23,510 yuan/mt. The mainstream brands quoted a premium of 40-60 yuan/mt against the 2505 contract, with a spot discount of 30 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread remained...

SMM Lead Midday Review: Ex-Factory Quotation Discount for Refined Lead Narrows, Downstream Maintains Just-in-Time Procurement SMM, April 2: Today, the SMM 1# lead average price dropped by 50 yuan/mt to 17,100 yuan/mt compared to yesterday. Spot order quotations for secondary refined lead were limited, with most companies focusing on long-term contract shipments.