[SMM Electric Furnace Operating Rate] Electric Furnace Plants Gradually Enter Annual Shutdown, Overall Operating Rate Continues to Decline

This week, ferrous metals fluctuated at highs, with raw material ore and coking products outperforming steel. Against the backdrop of the escalating conflict in the Middle East, ore and coking products held up well, supported by higher shipping costs and transmission from coal and coke as energy substitutes. In the second half of the week, supply and demand data for hot-rolled coil and rebar were released. The increase in rebar inventory slowed markedly; however, hot-rolled coil demand was lower than the same period last year, and the pace of post-holiday recovery was relatively slow, leaving steel as a whole with limited upward momentum, while futures retreated after rapid rise. In the spot market, trading in the Chinese market was average this week.....

[SMM Aluminum Alloy Daily Review] Futures: Today, aluminum alloy 2604 fluctuated upward after opening, hitting an intraday high of 23,160 yuan/mt before noon. Momentum from the bulls then faded, and prices pulled back step by step. In the afternoon, losses widened, with the low dipping to 22,180 yuan/mt. The decline narrowed slightly late in the session, and it finally closed at 22,810 yuan/mt, down 485 yuan/mt from the previous trading day, a drop of 2.08%. Spot: Market quotes generally moved lower today, with the SMM ADC12 price down 300 yuan/mt. Driven by the price pullback and weekend restocking demand, market trading sentiment recovered somewhat from the previous period, and downstream purchase willingness to buy the dip increased, supporting improved transactions at some enterprises.

[SMM Tin Midday Commentary: Tin Prices Narrowly Recovered After a Sharp Drop, and Spot Trading Activity Pulled Back Slightly]