[SMM Notice] SMM China prices will be temporarily suspended during the Labour Day holiday. Ex-China prices will be updated as usual! Wishing everyone a pleasant holiday~

This week, ferrous metals moved sideways and upward. During the week, as US-Iran negotiations made no progress and the Strait of Hormuz remained closed, combined with declining US crude oil inventories, Brent crude oil surged sharply, driving coking coal higher. Although BHP port spot cargoes were available for purchase, which was bearish for market sentiment, futures had already priced in related expectations earlier, so iron ore pullback was limited and cost support was relatively neutral. The Politburo meeting held mid-week had low direct correlation with ferrous metals, and ferrous metals fluctuated at highs during the week. Spot market side, end-users restocked at low prices before the holiday, and as futures rose in the latter half of the week, speculative demand was also released...

In April, the Cloud Computing and Digitalization Research Institute of the China Academy of Information and Communications Technology (CAICT) officially released the *Research Report on Intelligent Computing Power Services*, based on continuous research and extensive surveys. The report, grounded in the trends of large-scale AI application and computing power servitization, systematically reviewed the development background, conceptual connotations, system architecture, key technologies, typical scenarios, market size, industry chain landscape, and future trends of intelligent computing power services. For the first time, it constructed a three-layer system architecture for intelligent computing power services, proposed three core service forms—intelligent computing power resource services, intelligent computing power interconnection services, and intelligent computing power application services—and estimated that China's intelligent computing power services market size exceeded 130 billion yuan in 2025.