During the night session, SHFE tin fluctuated downward. Overall trading in the spot market was sluggish [SMM Tin Morning Brief]. Futures market: After fluctuating downward, the most-traded SHFE tin contract (SN2507) maintained a low-level sideways trend and finally closed near 261,700 yuan/mt, dropping slightly by 0.57% compared to the previous trading day.

[SMM Analysis: Lead Concentrates Imports Continued to Decline in May 2025, with Lead Concentrate TCs More Likely to Fall Than Rise] According to customs data, imports of lead concentrates in May 2025 were approximately 104,000 mt, down 6.4% MoM but up 3.8% YoY. The cumulative imports for 2025 were approximately 552,676 mt, representing a 64% increase from 2024.

[SMM Analysis] On Friday evening last week, the price spread between futures contracts for the LME_CA_CASH contract and the July date suddenly surged to over $250/mt. By the day of publication, the LME copper CASH-July date price spread approached a backwardation of $275/mt. This fluctuation sparked various discussions in the US dollar copper market. Combined with the similar situation that occurred previously for LME aluminum, various speculations emerged. This article attempts to sort out the recent abnormal structure of LME copper based on some recent market anomalies.

[SMM Steel Mill Guidance Price] Guidance prices for various series of domestic large stainless steel mills on June 24

SMM Steel News on June 24: According to SMM statistics, the estimated total shipments of mainstream market resources this week were 243,700 mt, an increase of 16,300 mt from the shipping level WoW. By market:

The State Administration for Market Regulation (SAMR) recently launched a comprehensive national spot check on product quality for 2025, targeting 164 types of products. Samples will be extensively collected from production, circulation, and platforms, totaling over 16,000 batches. It is reported that this spot check adopts a problem-oriented approach, further emphasizing products related to people's livelihood. The number of batches for spot checks on products such as power banks (portable power supplies), e-bikes, and gas appliances has significantly increased. To ensure the healthy and orderly development of emerging industries, power batteries, drones, PV modules, and EV charging piles have also been included in the scope of this spot check.

[SMM Stainless Steel Daily Review: Will Stainless Steel Prices Hit Bottom Amid News of Production Cuts by Steel Mills?] SMM reported on June 24 that the SS futures market opened lower and hit bottom, refreshing a new five-year low. However, in the afternoon, influenced by news of production cuts by leading domestic stainless steel mills, the futures market stopped falling and rebounded. In the spot market, Tsingshan once again lowered the plate prices of 300-series stainless steel in the morning, with a decrease of 200-300 yuan/mt, leading to a further decline in spot prices. The base price of 304 cold-rolled steel coil with rough edges had dropped to 12,100 yuan/mt, returning to the price level of early 2020. The continuous decline in prices further intensified the wait-and-see sentiment among downstream buyers, and transactions did not recover despite the price pullback. At noon, news spread in the market about production cuts by leading large domestic stainless steel mills, boosting market sentiment and leading to a simultaneous rebound in futures and spot prices. In the futures market, the most-traded 2508 contract bottomed out and rebounded. At 10:30 a.m., SS2508 was reported at 12,340 yuan/mt, down 165 yuan/mt from the previous trading day. In the Wuxi region, spot premiums and discounts for 304/2B stainless steel were in the range of 280-530 yuan/mt. In the spot market, cold-rolled 201/2B coils in both Wuxi and Foshan were reported at 7,575 yuan/mt; cold-rolled rough-edged 304/2B coils had an average price of 12,575 yuan/mt in Wuxi and the same in Foshan; cold-rolled 316L/2B coils were priced at 23,700 yuan/mt in Wuxi and the same in Foshan; hot-rolled 316L/NO.1 coils were reported at 23,000 yuan/mt in both regions; cold-rolled 430/2B coils were priced at 7,350 yuan/mt in both Wuxi and Foshan...

Jinko Solar recently announced that its independently developed N-type TOPCon high-efficiency PV modules, tested and certified by the third-party authoritative institution TÜV SÜD, achieved a maximum conversion efficiency of 25.58%, setting a new global record for similar modules. Meanwhile, the conversion efficiency of Jinko Solar's 182N-type high-efficiency monocrystalline silicon cells (TOPCon) was tested and certified by the National PV Industry Metrology and Testing Center, achieving a full-area cell conversion efficiency of 27.02%, setting a new record for large-area N-type monocrystalline passivated contact (TOPCon) cell conversion efficiency.