Hot News

• 

  The backwardation structure in both markets expanded significantly, with the expectation of tight supply in May coming true [[SMM Yangshan Copper Weekly Review]]

• Module Enterprises Exert Strong Pressure: Price Negotiation for New Glass Orders Falls Short of Quotation Expectations [SMM Analysis]

  [SMM Analysis: Module Enterprises Exert Strong Pressure, New Glass Order Negotiations Fall Short of Quotation Expectations] The current glass quotation prices for May are as follows: 2.0mm single-layer coating quotation (13-14 yuan/m²); 2.0mm double-layer coating quotation (14-15 yuan/m²); 3.2mm single-layer coating quotation (21.5-22 yuan/m²); 3.2mm double-layer coating quotation (22.5-23 yuan/m²); 2.0mm back glass quotation (12-13 yuan/m²). As of now, there have been no major orders closed in the May market, with most upstream and downstream enterprises still in negotiations. Due to the decline in module prices and demand, module enterprises have a strong desire to drive down prices this month. This week, the mainstream quotation for 2.0mm single-layer coated glass in the market was lowered to 13.5 yuan/m² by glass enterprises, with the lowest market quotation dropping to 13 yuan/m².

• [SMM Analysis] Tariff Negotiations Unlikely to Meet Market Expectations, Price of Non-Oriented Silicon Steel May Drop Slightly Next Week

  [Tariff Negotiations Unlikely to Meet Market Expectations; Prices of Non-Oriented Silicon Steel May Fall Slightly Next Week] This week, black futures have shown a trend of being in the doldrums, and the impact of mutual tariff impositions between China and the US has gradually emerged, with overall market transactions remaining weak. On the fundamental side, Baowu's tender price has not yet been announced. State-owned enterprises have barely managed to keep their quotes stable, but some private steel mills have gradually resumed production, leading to an increase in resource supply. To facilitate smooth sales, prices have been slightly lowered. Downstream terminal motor users remain cautious, as the market has already entered the off-season. Coupled with the impact of China-US tariffs, procurement strategies have become more conservative, with low willingness to replenish high inventory levels, and purchases are mainly made on a need-based basis. Looking ahead, despite China's agreement to negotiate with the US, both sides have adopted a tough stance. It is expected that the negotiation results will be unlikely to meet market expectations, and in the short term, tariff-related news will continue to exert a negative impact. The direct export of non-oriented silicon steel and the export of downstream motor enterprises will continue to face obstacles.

• High Price Spread Between Futures Contracts Suppresses Stockpiling, Hidden Concerns Linger; Operating Rate of Copper Cathode Rod May Continue to Fall Short of Expectations [SMM Weekly Review of Copper Cathode Rod Production]

  【High Price Spread Between Futures Contracts Suppresses Stockpiling, Hidden Concerns Linger as Copper Cathode Rod Operating Rate May Fall Short of Expectations for Consecutive Weeks】Copper cathode rod: The weekly (5.2-5.8) operating rate of major domestic copper cathode rod enterprises dropped sharply to 62.79%, down 17.10 percentage points WoW, 6.61 percentage points lower than expected, and up 9.68 percentage points YoY. However, the YoY growth rate has significantly narrowed.

• Shared Insights | India: A Potential New Force in the Global Mining Industry