Long steel social inventories in Guangzhou declined 8% on week

[SMM Analysis: LME Copper Prices Fluctuate at Highs; Procurement Slows Across China, Japan, and South Korea Amid Flat Market Turnover]This week, LME copper prices fluctuated at high levels. Quotations for bare bright copper held high at 98.5%–99% payability. In contrast, offers for No. 2 ccopper material scrap(Birch/Cliff) showed distinct divergence. However the global recycled raw material market currently exhibits a gridlock defined by "weak supply and demand."

This week, ferrous metals edged higher before extending their pullback, with coking coal posting the largest decline. At the beginning of the week, the National Development and Reform Commission (NDRC) and other departments issued a notice on launching a three-year campaign for energy conservation and carbon reduction in key industries, and news that the U.S. and Iran were to sign a memorandum of understanding on the 19th improved market sentiment, lifting all ferrous metals. In the latter half of the week, expectations for an eighth round of coke price hikes materialized in the futures market. However, as steel mill profits narrowed further and spot coke had largely priced in the eighth increase, further upside room was limited. Combined with emerging expectations of peak hot metal output, futures began to correct and cost support weakened. Meanwhile, May macro data came in below expectations, dragging the entire ferrous metals complex lower...

[SMM Aluminum Alloy Daily Review] Futures side, the most-traded cast aluminum alloy 2608 contract opened at 23,330 yuan/mt today. It rallied to an intraday high of 23,420 yuan/mt before bulls lost momentum and the price came under pressure, falling to a low of 23,250 yuan/mt. As of the morning close, it edged down 0.15% on the day. Spot side, the ADC12 market overall maintained a stable price trend today with limited fluctuations. SMM ADC12 held steady at 24,100 yuan/mt. With the Dragon Boat Festival holiday approaching, downstream die-casting enterprises showed limited purchasing interest, mostly restocking as needed, and no significant pre-holiday stockpiling activity emerged. Against a backdrop where both sellers and buyers lacked new drivers, enterprises generally held prices steady an