[Macro sentiment continues to recover, SHFE zinc records four-day winning streak] The most-traded SHFE zinc 2508 contract opened at 22,095 yuan/mt. Subsequently, with bulls increasing their positions, SHFE zinc fluctuated upward, surpassing the daily average line and touching a high of 22,400 yuan/mt. Near the end of the trading session, bears increased their positions, causing SHFE zinc to drop back slightly. It finally closed up at 22,240 yuan/mt, rising by 195 yuan/mt or 0.88%. Trading volume increased to 168,000 lots, and open interest rose by 5,773 lots to 136,000 lots...

[SMM Daily Stainless Steel Review: Stainless Steel Prices Rebound and Explore Higher Levels, with Improved Transactions and Declining Inventory] SMM reported on June 26 that the SS futures market continued to maintain a strong upward trend, driven by the general rise in non-ferrous metal futures and news of production cuts by steel mills, successfully breaking through the 12,600 yuan/mt threshold. In the spot market, steel mills' morning prices continued to climb, and market quotes also strengthened. Although the overall increase was not as rapid as that in the futures market, low-priced supplies had basically disappeared. Against the backdrop of prices stabilizing and rebounding, despite a strong cautious wait-and-see sentiment prevailing in the market, there had been clear signs of recovery in market transactions compared to the previous period. During the week, social inventory declined. Additionally, when steel mills' prices were at a low level earlier, traders had been more active in purchasing futures orders, thereby alleviating the steel mills' shipping pressure to a certain extent. In the futures market, the most-traded contract 2508 strengthened and rose. At 10:30 a.m., SS2508 was quoted at 12,670 yuan/mt, up 19 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 100-300 yuan/mt. In the spot market, cold-rolled 201/2B coils in Wuxi and Foshan were both quoted at 7,625 yuan/mt; cold-rolled 304/2B coils with rough edges had an average price of 12,700 yuan/mt in Wuxi and 12,700 yuan/mt in Foshan; cold-rolled 316L/2B coils were priced at 23,800 yuan/mt in Wuxi and 23,800 yuan/mt in Foshan; hot-rolled 316L/NO.1 coils were quoted at 23,100 yuan/mt in both regions; cold-rolled 430/2B coils in Wuxi and Foshan...

[SMM Analysis: Is the downstream demand for Ningbo HRC inventory still performing well amid continuous inventory drawdown?] According to the SMM survey, the large-caliber inventory of Ningbo HRC was 269,300 mt (as of June 25) this week, down 4,700 mt WoW. The HRC futures market continued to exhibit a fluctuating trend this week, with a macro vacuum during the week and prices fluctuating rangebound. As of the afternoon close on June 26, the most-traded hc2510 futures contract closed at 3,103 yuan/mt. This week, spot prices in mainstream cities fluctuated and fell, with prices down 10-40 yuan/mt from last Thursday.

[Separator prices remained stable this week]

[Some cobalt chloride enterprises quoted prices at 63,000-65,000 yuan/mt]

The nickel salt market is sluggish, with prices remaining stable.

[SMM Daily Review: Ferrochrome Prices Remain Firm, Chrome Ore Inquiries Improve] On June 26, 2025: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia region is 7,750-79,000 yuan/mt (50% metal content), up 25 yuan/mt (50% metal content) MoM...

[Expected price of Co3O4 plants: 210,000-220,000 yuan/mt]

[Next week, Shanghai's electrical steel market is expected to remain in the doldrums, with relatively small possibility of volatile prices] Looking ahead at the subsequent market, the current market transaction performance remains sluggish, and it is difficult to reverse the situation of insufficient willingness to purchase among downstream enterprises in the short term. Considering various factors comprehensively, it is anticipated that the Shanghai electrical steel market will maintain a doldrums-like operation next week, with relatively small possibility of volatile prices.