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  Silver Prices End Correction and Rise to Compensate for Earlier Gains, Spot Market Trading Moderate [SMM Daily Review]

• Buyer demand has clearly recovered, and B/L premiums have risen significantly [SMM Yangshan spot copper].

• [SMM Analysis] Supply-Demand Imbalance Persists in Grain-Oriented Silicon Steel Market, Price Stabilization Remains Uncertain

  [Supply-demand imbalance persists in grain-oriented silicon steel market, prices unlikely to stabilize] This week, grain-oriented silicon steel prices remained in the doldrums, with sluggish trading activity in the market. Influenced by the overall retreat after a rapid rise in ferrous metals futures, market sentiment turned cautious. State-owned mainstream resources maintained stable spot cargo quotations. From a supply perspective, state-owned mills have no concentrated maintenance plans in the near term, prioritizing production to fulfill long-term cooperative end-user orders. Resources are predominantly allocated to power grid and large equipment enterprises, keeping circulating volumes relatively controllable and further supporting rigid quotations.

• If the US dollar index continues to strengthen, the tin price may remain in the doldrums [SMM Tin Midday Review]

  [SMM Tin Midday Review: If US Dollar Index Continues to Strengthen, Tin Prices May Remain in the Doldrums] On the midday of September 19, 2025, the most-traded SHFE tin 2510 futures contract opened lower and extended losses, remaining in the doldrums. The contract opened at 268,270 yuan/mt, dipped during the session, and was tentatively reported at 268,840 yuan/mt by midday, down 1,400 yuan from the previous trading day's settlement price. Domestic market sentiment was cautious, with trading activity primarily driven by rigid demand, and spot market transactions were lukewarm. Overnight, tin prices on the London Metal Exchange (LME) were significantly under pressure, with tin futures closing at $33,750/mt, down $640 from the previous day, a decline of 1.86%. Trading volume was 1,215 lots, and open interest decreased by 2.09 million lots, indicating that some funds chose to exit.

• SMM Global Aluminium Scrap Markets Analysis (1) The EU's Scrap Aluminium Scare - Export Policies and Protectionism

  【SMM Scrap Aluminium Market Analysis】The European Union (EU) is one of the key exporters of scrap metals such as aluminium and copper globally. Amidst the ever-changing global political and economic market, the European market has been slowly inching towards a relatively careful approach towards their exports of scrap metal, which are key materials for the development of local industries, especially towards low carbon emission goals. As the scrap metals were not included in the tariffs outlined in Section 232, they are included under the general tariffs of 15% for EU exports to the US. Under this circumstance, European Aluminium acted as one of the biggest voices of the EU aluminium industries, actively highlighting how the USA’s tariffs make it an unfairly favourable export destination. This might lead into, not only the EU, but the global flow of scrap metal being preferentially exported to the US, leading to a larger shortage of metal scrap when markets are already struggling to fulfill their domestic demand for scrap as a raw material, creating pressure for local businesses and industries to stay afloat.