[SMM Analysis: Secondary Copper Rod Sales Continue to Incur Losses, Operating Rate Decline Exceeds Expectations] In May, the operating rate of secondary copper rod was 29.92%, lower than the expected 32.74%, down 3.97% MoM and 12.13% YoY. In May, Sino-US trade tensions eased somewhat, but China still imposed a 10% tariff on all US imports. Therefore, it remained difficult for US secondary copper raw materials to enter the Chinese market, and expectations of a continued decline in overseas supply persisted. The supply of domestically produced secondary copper raw materials was affected by the narrow fluctuations in copper prices...

[SMM Steel Mill Guidance Price] Guidance prices for various series of domestic large stainless steel mills on June 6

[SMM Analysis:The Back structure is difficult to sustain ] Since 2024, the price of sulfuric acid in Chinese copper smelters has continued to rise, and the trend of sulfuric acid prices has formed a sharp contrast with the trend of spot processing fees for copper concentrates.

[SMM Analysis: Strong Profitability of Smelting Acid Supports Copper Smelting Business] SMM believes that the backwardation structure of SHFE will weaken in the future market, and the premise of our following discussion is based on the existing tariff levels in the US.