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  Stainless Steel Inventory Declines for Ten Consecutive Weeks, Demand Gradually Recovers as Peak Season Arrives [SMM Analysis]

• The Shortage of Aluminum Scrap Intensifies, Costs Drive ADC12 Aluminum Alloy Prices to Accelerate Their Rise[Weekly Review of Aluminum Scrap and Secondary Aluminum]

  [SMM Analysis]Domestic aluminum scrap prices continued to climb this week, with single-day adjustments in some regions reaching 300 yuan/mt. As of September 4, the SMM A00 price closed at 20,860 yuan/mt, up 250 yuan/mt WoW. Supply in the aluminum scrap market remained tight, particularly for aluminum tense scrap resources, where prices stayed firm, with mainstream offers excluding tax hovering between 17,300-17,800 yuan/mt. Baled UBC prices, supported by rigid demand, fluctuated within the range of 15,650-16,150 yuan/mt.

• Toyota Tsusho Acquires Stake in LG-HY BCM: Building a Strategic Moat in the EV Era’s Critical Materials Supply Chain

  Amid intensifying global competition in the new energy sector, Toyota Tsusho Corporation has announced the acquisition of a 25% stake in LG-HY BCM Co., Ltd., marking a pivotal move in securing its position within the electric vehicle (EV) battery supply chain. This investment reflects Japan’s accelerating push into core materials and underscores the growing importance of upstream resource control and regional supply chain security.

• Futures fluctuate rangebound, market wait-and-see sentiment strong [SMM Silicon Manganese Futures Review]

  September 11 — The SM2601 contract opened at 5,862 yuan/mt and closed at 5,838 yuan/mt, down 0.24%. The highest price during the daytime session was 5,890 yuan/mt, and the lowest was 5,832 yuan/mt. Trading volume reached 148,736 lots, and open interest stood at 324,305 lots. Futures fluctuated rangebound today. Cost side, manganese ore prices and coke prices stabilized, providing overall steady cost support. Supply side, market supply pressure increased, and wait-and-see sentiment remained strong in the SiMn market, with spot prices holding steady for now. Demand side, HBIS Group launched its first round of September SiMn inquiry at 5,800 yuan/mt. August SiMn settlement was 6,200 yuan/mt (September 2024 settlement: 5,980 yuan/mt). Market attention remains on HBIS’s final settlement price for direction.

• SMM Analysis:Zinc Import Losses Worsen for Over Four Months !

  SMM Analysis：As of September 10, LME zinc inventory dropped to around 50,000 mt, hitting a low since June 2023, while the LME zinc 0-3 premium expanded to $23.01/mt. Amid "squeeze" risks, LME zinc prices continued to rise since late August. However, domestic zinc inventory kept accumulating, and SHFE zinc remained in the doldrums due to the surplus logic. The SHFE/LME price ratio weakened again, significantly narrowing China's zinc export losses. Market attention on the zinc export window gradually increased.....