This week, the ferrous metals series was in the doldrums, with the average price of steel dropping slightly WoW. In terms of news, the People's Bank of China and two other departments held a press conference on the morning of the 7th to introduce the "package of financial policies to support market stability and stabilize expectations," including multiple favorable policies such as a 0.5 percentage point reduction in the reserve requirement ratio (RRR), an expected injection of approximately 1 trillion yuan in long-term liquidity into the market, and a 0.25 percentage point reduction in the interest rate for individual housing provident fund loans. Market sentiment was somewhat boosted, but after a brief surge, steel futures prices weakened again...

[SMM Tin Midday Review: Bulls and Bears in the SHFE Tin Market Lock Horns Around the 260,000 yuan/mt Threshold, with Sluggish Spot Market Transactions] The most-traded SHFE tin contract (SN2506) opened at 262,500 yuan/mt, slightly higher than the previous trading day's closing price of 261,480 yuan/mt. The price fluctuated and consolidated during the session. In the morning, non-ferrous metals were under pressure overall. The most-traded SHFE tin contract closed at 259,980 yuan/mt at midday, down slightly by 0.26% intraday. Trading volume and open interest decreased slightly, with a strong wait-and-see sentiment prevailing in the market.

[SMM Tin Futures Brief Commentary: US Dollar Index Fluctuates at Highs, Suppressing Non-Ferrous Metal Prices; SHFE Tin Prices Jump Initially and Then Pull Back] The most-traded SHFE tin contract (SN2506) jumped initially and then pulled back today. In the morning session, it surged to 262,000 yuan/mt, buoyed by expectations of RRR cuts and interest rate cuts by the PBOC and the US-China economic and trade talks. However, it pulled back in the afternoon session due to uncertainties surrounding US tariff policies and a stronger US dollar, eventually closing at 261,480 yuan/mt, down slightly by 0.16% from the previous trading day. Total open interest in the night session declined slightly to 31,000 lots. Concerns Over the US Economy: Q1 GDP contracted by 0.3% QoQ, core PCE inflation rose to 3.5%, consumer confidence fell to a record low, and the manufacturing PMI pulled back to 48.7, indicating intensifying downward pressure on the economy. The US Fed kept interest rates unchanged, pushing back interest rate cut expectations to July. The US dollar index fluctuated at highs, suppressing the non-ferrous metal sector. On the demand side, solder companies' post-holiday orders remained stable but without significant increases. The US's electronic tariff policies on China suppressed downstream restocking expectations. Trading in the spot market was mediocre, with traders reporting low inquiry willingness. Spot transaction prices ranged from 260,500 to 262,500 yuan/mt. However, smelters held onto their prices and were reluctant to sell, with downstream companies primarily making just-in-time procurement, and low-priced supplies were favoured...

【Weekly Review of Aluminum Scrap and Secondary Aluminum: Off-Season Effects Emerge, Insufficient Upside Momentum for ADC12 Prices】The aluminum scrap market exhibited a differentiated adjustment trend after the Labour Day holiday. As of May 8, SMM A00 primary aluminum spot closed at 19,620 yuan/mt, down a cumulative 440 yuan/mt from the pre-holiday level (April 30). Aluminum scrap prices generally followed the decline in primary aluminum, but significant differences were observed across varieties and regions.