Shanghai Metals Market

Review of China's Copper Billet Industry Operation in H1 2026 and Market Outlook for H2 [SMM Analysis]

Strict Control of Reverse Invoicing, Long-Term Restriction on Recycled Raw Material Circulation        In H1, fiscal and tax supervision became the core underlying constraint weighing on the copper ...
Shanghai Metals Market

ADC12 prices generally stable with slight rise, domestic-overseas inversion continues to repair [ADC12 Price Daily Review]

ADC12 Prices Generally Stable with Slight Rise, Inverted Domestic-Overseas Spread Continues to Narrow] Quotes in the secondary aluminum alloy market predominantly held steady with a slight rise today.
Shanghai Metals Market

[SMM Analysis] Indonesia's May Sulphur and Sulphuric Acid Import and Export Data

In May 2026, Indonesia's monthly total imports of sulphur were 277,834.30 mt in physical content, up 3.9% MoM and down 55.80% ...
Shanghai Metals Market

July copper billet operating rates set to fall further as off-season & supply bottlenecks intensify

SMM statistics show the comprehensive operating rate of China's copper billet enterprises was 46.09% in June, down 3.18 percentage points MoM and pulling back slightly by 0.06 percentage points YoY ...
Shanghai Metals Market

[SMM Nickel Morning Meeting Minutes] PBOC launched a 100 billion yuan 91-day outright reverse repo on July 6; the most-traded SHFE nickel contract moved sideways in morning trading

Morning Meeting Minutes] The central bank announced that on July 6, 2026, the People's Bank of China conducted a 1 trillion yuan outright reverse repo operation via a fixed-quantity, rate tender, and ...
Shanghai Metals Market

[SMM Analysis] H1 2026 Sulfur Industry Chain Review: Extreme Volatility Under Supply Shocks

The essence of this supply crunch is a "three-layered squeeze": Layer 1: Physical cutoff – the Hormuz blockade severed Middle ...
Shanghai Metals Market

Typhoon Impact Expectations Drive Stockpiling Demand Release, Shanghai Spot Copper Premiums Keep Rising [SMM Shanghai Spot Copper]

SMM Shanghai Spot Copper] Looking ahead to tomorrow, according to the Central Meteorological Observatory, this year's No. 9 typhoon "Bawei" has strengthened into a super typhoon. It is expected to ...
Shanghai Metals Market

[SMM Hot-Rolled Arrivals] The arrival-to-order ratio increased this period

Comparison of Arrivals in Mainstream Markets Source: SMM Steel Shanghai Market: Hot-rolled coil shipments into the Shanghai ...
Shanghai Metals Market

[SMM Nickel Flash News] Indonesia's ENC Project Set to Add New Battery-Grade Nickel Supply

MHP in July and refined nickel in August, marks another major expansion of the country's downstream nickel industry. While the project strengthens Indonesia's position as the world's leading battery ...
Shanghai Metals Market

[SMM Hot Rolled Arrivals] The arrival ratio increased this period.

Arrivals Comparison in Major Markets Source: SMM Steel Shanghai market: This week, hot coil shipments in the Shanghai market moved sideways WoW. Specifically, the decline was mainly from mainstream ...
Shanghai Metals Market

June Copper Cathode Rod Operating Rate Recovers YoY; Weak Subsequent Orders Weigh on July Operation [SMM Analysis]

According to SMM, the operating rate of copper cathode rod enterprises in June was 68.71%, up 1.16 percentage points MoM, 2.11 percentage points higher than expected, and up 1.42 percentage points YoY ...
Shanghai Metals Market

In June, the operating rate of secondary aluminum producers saw a narrowing MoM decline and a deep YoY pullback, with attention to production elasticity driven by price spreads ...

Secondary Aluminum Operating Rate in June Sees Narrower MoM Decline and Deep YoY Pullback; Attention on Production Flexibility Driven by Price Spreads] According to the SMM survey, in June 2026, the ...