Metals Show Mixed Performance Silicon Metal, Rebar, Coke All Rise Over 1% European Line Container Shipping Up 5.71% [SMM Midday Review]

SMM March 25 News: Metal Market: As of the midday close, domestic base metals generally fell. SHFE lead dropped 0.46%, SHFE copper rose 0.74%. SHFE nickel fell 0.26%. SHFE aluminum decreased 0.1%, SHFE zinc increased 0.27%. SHFE tin declined 0.81%. Additionally, alumina rose 0.1%. Lithium carbonate increased 0.19%, silicon metal rose 1.38%. The most-traded polysilicon futures contract gained 0.42%. Ferrous metals mostly rose, with iron ore up 0.97%, rebar up 1.1%, HRC flat at 3,380 yuan/mt, and stainless steel slightly up. In the coking coal and coke sector, coking coal rose 0.64%, and coke increased 1.31%. Overseas market: As of 11:40, overseas base metals showed mixed performance. LME lead rose 0.37%. LME copper slightly fell, LME zinc slightly rose, LME aluminum fell 0.25%, LME tin dropped 0.19%. LME nickel increased 0.11%. Precious metals: As of 11:40, COMEX gold rose 0.09%, COMEX silver increased 0.43%. Domestically, SHFE gold rose 0.12%, SHFE silver gained 0.4%. George Milling-Stanley, chief gold strategist at State Street Global Advisors, said that although the US dollar index successfully held above the key long-term support level of 103, it would not pose a significant threat to the gold rally, as US interest rates would not provide much support for the dollar. Ole Hansen, head of commodity strategy at Saxo Bank, noted that silver prices have been rising, partly due to growing demand in the US. Despite recent volatility, silver is still looking to reach $40. (Webstock Inc.) As of the midday close, the main European shipping futures contract rose 5.71% to 2,191 points. As of 11:40 on March 25, some futures midday performances: 》March 25 SMM Metal Spot Prices Spot and Fundamentals Copper: Today, in North China, #1 copper cathode spot prices against the front-month contract ranged from a discount of 210 yuan/mt to 150 yuan/mt, averaging a discount of 180 yuan/mt, unchanged from the previous trading day. Transaction prices were 81,250-81,550 yuan/mt, with an average of 81,400 yuan/mt, up 555 yuan/mt from the previous trading day. 》Click for more details Macro Front Domestic: [NDRC Deputy Director Zheng Bei Meets BMW Group Chairman Oliver Zipse] NDRC Deputy Director Zheng Bei met with BMW Group Chairman Oliver Zipse on the morning of the 24th, where they discussed Sino-European automotive industry cooperation. Zheng stated that China, as the world's largest auto market, has always strongly promoted the opening up of the automotive industry. The NDRC firmly supports BMW in strengthening its R&D capabilities in China, advancing major projects, and deepening practical cooperation with Chinese enterprises to jointly explore the global market. Zipse said that China is BMW's largest single market, and BMW is optimistic about China's economic prospects and continues to increase investment in China. BMW has repeatedly publicly opposed trade protectionism and will continue to work with Chinese partners to expand the global NEV industry chain. (Cailian Press) [PBOC Conducts Net Injection of 104.6 Billion Yuan in Open Market Operations] The PBOC conducted 377.9 billion yuan in 7-day reverse repo operations today, with a winning bid rate of 1.50%, unchanged from before. With 273.3 billion yuan in 7-day reverse repos maturing today, the net injection was 104.6 billion yuan. [Shanghai Releases 2025 Key Industry Layout Map] The 2025 key industry layout map for Shanghai was released at the opening ceremony of the Shanghai Global Investment Promotion Conference, including the forward deployment of 10 key industrial chains, the initial "city-district collaboration" achievements in building trillion-yuan industrial clusters, and 14 district-level dominant industry characteristic track agglomeration areas. Among them, Shanghai's 10 key industrial chains (integrated circuits, artificial intelligence, biopharmaceuticals, high-end equipment, intelligent connected new energy vehicles, next-generation electronic information, fashionable consumer goods, new energy and green low-carbon, advanced materials, software and information services) have fully formed four trillion-yuan industrial clusters in electronics and information, automobiles, high-end equipment, and software and information services, leading the construction of world-class industrial clusters in the Yangtze River Delta. (The STAR Market Daily) 》On March 25, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.1788 yuan per US dollar. US Dollar: As of 11:40, the US dollar index rose 0.01% to 104.32. Concerns over US tariffs have eased somewhat, and a Federal Reserve official said he is cautious about cutting interest rates this year. Atlanta Fed President Raphael Bostic said he expects progress on inflation to slow in the coming months, and currently sees the Fed lowering the benchmark rate by only 25 basis points by the end of the year. Bostic had previously expected two rate cuts this year, and his colleagues largely maintained this view at last week's meeting, when policymakers' median forecast was for two 25-basis-point cuts in 2025. The market will next focus on the Fed's preferred inflation gauge, the personal consumption expenditures (PCE) price index, due out on Friday. Other Currencies: Divergences within the European Central Bank (ECB) over the direction of monetary policy are intensifying, with dovish officials like ECB Executive Board member Fabio Panetta arguing that the case for further rate cuts is growing, while other policymakers remain cautious. This divergence highlights the difficult choices facing the ECB amid ongoing uncertainty about the European economic outlook. (Forex.com) Data: Today, data to be released include Germany's IFO Business Climate Index for March, the UK's CBI Retail Sales Differential for March, the US February Construction Permits Monthly Revision, the US February Annualized Total Construction Permits Revision, the US March Conference Board Consumer Confidence Index, and the US February Seasonally Adjusted New Home Sales Annualized Total. Additionally, Bank of England Governor Andrew Bailey will deliver a speech; Federal Reserve Governor Michael Barr will speak on "Small Business Lending"; and FOMC permanent voter and New York Fed President John Williams will give opening remarks at an event. Crude Oil: As of 11:40, crude oil futures fluctuated rangebound, with WTI down 0.04% and Brent down 0.01%. The market is weighing the potential impact of US trade policies on global economic growth and oil demand. Goldman Sachs said on Monday that it expects non-OPEC production growth to slow by about 300,000 bpd over 12 months for every $10 decline in Brent crude prices above $70. The bank expects non-OPEC supply growth to fall from 1.05 million bpd to 600,000 bpd in 2026 if Brent crude is at $60 per barrel, and to drop by another 100,000 bpd if Brent crude is at $50 per barrel. Market sources say OPEC+ may implement a second consecutive monthly increase in oil production in May, as oil prices stabilize and plans to force some members to cut output to make up for past overproduction. OPEC+ accounts for more than 40% of global oil production. The organization plans to increase production by 135,000 bpd in May. (Webstock Inc.) Spot Market Overview: 》Market Performance Quiet, Spot Premiums and Discounts Stable [SMM North China Copper Spot] 》[SMM Survey] This period, the operating rates of wire rod mills in Central China remained unchanged, with relatively stable production rhythms. 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