Rise in Overseas Steel Prices and Steel Scrap Prices to Slow Down in March after Massive Blast Furnace Restarts

During the day, SMM 1# lead prices continued to fall, the discounts of smelters remained unchanged compared with yesterday.

SHANGHAI, May 10 (SMM) – The most-traded SHFE zinc contract crashed below 26,000 yuan/mt to 25,355 yuan/mt last night, its lowest since March 22.

According to the SMM survey, at present, the supply tightness of copper cathode in east China has been greatly alleviated.

On May 6, a large mine in Heilongjiang province, which has been "silent for a long time", suddenly offered concentrate available for sale, and its 50-55% molybdenum concentrate was as low as 2,780-2,800 yuan/mtu, 40-60 yuan/mtu lower than the current market price.

LME base metals closed mostly with gains as the US Fed Chair Powell suggested that a 75 basis point rate hike is not an “active choice” in the future, which pulled down the US Dollar index which had paid off in previous sessions.

Pilbara's first auction results in 2022 came out with a price of $5,650/mt.

SHFE nickel prices kept dropping today. As of around 14: 52, the prices were 219,850 yuan/mt, down 7.97%.

According to the latest customs data, in the first quarter of 2022, China exported a total of 6,450 mt of tungsten products, a year-on-year increase of 28.1%.

Recently, the long and short funds intertwined, while prices of iron ore futures fluctuated. Analysis of the main influencing factors is as follows.

[SMM Analysis: Can the Notice Issued by the Ministry of Transport Relieve the Transportation Pressure of Aluminium Scrap?] On April 18, the Ministry of Transport issued a document requiring to directly let pass truck drivers with negative nucleic acid test certificate within 48 hours, green health code and normal body temperature. How about the implementation in various regions?