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he operating rate for secondary copper rod in November was 23.84%, higher than the expected 27.68%, down 2.62% MoM and down 12.46% YoY. The secondary copper rod market operated under pressure overall due to multiple factors including policy uncertainty, weak demand, and copper price fluctuations. The average monthly operating rate for the secondary copper rod industry continued to fluctuate at low levels, declining further from October and also showing a downward trend YoY. At the beginning of the month, stimulated by a pullback in copper prices, end-user restocking demand was briefly released, driving a slight rebound in the weekly operating rate.
The weekly operating rate of leading domestic aluminum downstream processing enterprises fell 0.4 percentage points WoW to 61.9%, with the market continuing to show structural divergence. The operating rate of primary aluminum alloy remained stable at 60.2%, as long-term contract deliveries at major enterprises were steady, but high aluminum prices suppressed spot order transactions, with cautious demand side sentiment.
[SMM Analysis]Cost-Driven ADC12 Aluminum Alloy Rally Continues, High-Level Scrap Aluminum Game Warns of Correction
SS Futures Pull Back, Stainless Steel Spot Trading Weakens [SMM Stainless Steel Daily Report]
[SMM Stainless Steel Daily Review: SS Futures Pulled Back and Spot Market Trading Weakened] SMM December 4 - SS futures showed a downward trend, pulling back. Positive macro factors have been largely digested by the market, and the stainless steel market returned to fundamentals. SS prices pulled back, with the intraday low falling to 12,400 yuan/mt. In the spot market, SS futures pulled back, boosting cautious wait-and-see sentiment. Additionally, as trading was relatively concentrated at the beginning of the week, downstream demand was met in phases, leading to sluggish spot trading. Stainless steel spot prices remained stable temporarily. This week, social inventory accumulated, up 0.1% WoW to 946.9kt. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., SS2601 was quoted at 12,455 yuan/mt, flat from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 315-515 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 7,950 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 12,700 yuan/mt in both Wuxi and Foshan; the price of cold-rolled 316L/2B coil was 23,775 yuan/mt in both Wuxi and Foshan; the price of hot-rolled 316L/NO.1 coil in Wuxi was 2,300 yuan/mt; the price of cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Recently, against the backdrop of strengthened expectations for US Fed interest rate cuts, metal futures generally showed a stronger trend. SS futures were influenced by SHFE nickel...
