Latest Update in the SMM Other Materials Market

[SMM Lead Midday Review: Sluggish Trading Atmosphere in Spot Market, No Advantage in Secondary Refined Lead Transactions] SMM reported on May 8: Today, the SMM 1# lead average price rose by 75 yuan/mt from yesterday to 16,625 yuan/mt, with the price difference between primary metal and scrap at 25 yuan/mt.

[Tianjin Zinc: Futures Market Rises Slightly, Premiums Decline] In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at 22,610-22,920 yuan/mt, with Zijin transactions at 22,770-23,020 yuan/mt. #1 zinc ingot transactions were concluded around 22,070-22,310 yuan/mt, while Huludao reported prices at 26,210 yuan/mt. The premium for ordinary #0 zinc against the 2506 contract was reported around 420-500 yuan/mt, with Zijin reporting a premium of 580-600 yuan/mt against the 2506 contract. Tianjin reported a discount of around 20 yuan/mt compared to Shanghai.

[SMM Tin Midday Review: Trump May Announce a Trade Deal Between the US and the UK on Thursday; SHFE Tin Prices Fluctuate Upward] The most-traded SHFE tin contract (SN2506) fluctuated upward today. In the morning session, it continued to rise, buoyed by news that US President Trump was expected to announce a trade deal between the US and the UK on Thursday. It ultimately closed at 263,000 yuan/mt, up slightly by 0.42% from the previous trading day. Trading volume and open interest decreased slightly by 1,443 lots, with total open interest reaching 30,500 lots.

[SMM Analysis: Is the Weakening of Polysilicon Futures Market Justified? How Will the Supply and Demand of Polysilicon Be in May?] Regarding the market supply and demand situation, according to SMM data statistics, the global polysilicon production in May is expected to be around 99,000 mt (including 94,500 mt of domestic production), showing a decrease of approximately 2% MoM from April. Although the downstream wafer production has also declined MoM, the overall global wafer production is expected to be around 57-58 GW, with the demand for polysilicon from wafers being approximately 110,000 mt. There is an expectation of some destocking for polysilicon in May. Currently, the delivery brands held by many enterprises among the five are relatively limited (mostly concentrated in a few thousand mt). However, it cannot be denied that polysilicon enterprises have been facing some inventory pressure recently, and the raw material inventory held by crystal pulling plants is also relatively abundant, which is the main reason for the weakness in the polysilicon spot market at the end of Q1 and the early stage of Q2. It is expected that some of this pressure will be alleviated as the supply-demand relationship eases in the future.