This week, the ferrous metals series fluctuated rangebound, with the average price of steel rising slightly WoW. On the news front, a meeting of the Political Bureau of the CPC Central Committee emphasized accelerating the issuance and utilization of local government special bonds and ultra-long-term special treasury bonds, among others. It also highlighted the need for timely RRR cuts and interest rate cuts to maintain ample liquidity, strengthen support for the real economy, expand consumption, and stabilize foreign trade, injecting a "shot in the arm" into the market. During the week, rumors of production restrictions circulated in the market again, prompting an immediate rally in steel futures prices. However, as no mandatory production restriction policies were subsequently implemented, the market once again engaged in a tug-of-war between bullish and bearish sentiments. On Wednesday, the National Bureau of Statistics released data showing that the manufacturing PMI for April was 49.0%, down 1.5 percentage points from the previous month...

【Weekly Review of Aluminum Scrap and Secondary Aluminum: Weak Supply and Demand in Secondary Aluminum Market, Short-Term Weakness Persists】This week, the aluminum scrap market showed a pattern of steady differentiation. As of April 30, SMM A00 primary aluminum spot closed at 20,060 yuan/mt, cumulatively rising 80 yuan/mt from last Thursday. The overall price of aluminum scrap remained stable, but performance varied among different grades: low-grade aluminum scrap, such as baled UBC, was supported by marginally improving demand, cumulatively rising 50 yuan/mt to 15,050-15,650 yuan/mt (tax excluded).