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The 2025 SMM (20th) Lead and Zinc Conference & Industry Expo Successfully Concluded! Check Out the Key Takeaways SMM, April 14: Metal Market: As of the day's close, domestic base metals collectively rose, with SHFE tin leading the gains at 3.02%, SHFE copper up 2.06%, and SHFE nickel up 1.
79%. Other metals saw gains of less than 1%. The main alumina contract rose 1.
87%. Additionally, the main lithium carbonate contract rose 0.83%, while the main silicon metal contract fell 2%, and the main polysilicon contract dropped 0.
51%. The main European container shipping contract fell 5.3%.
In the ferrous metals series, most prices rose, with rebar flat at 3,126 yuan/mt, and iron ore up 0.28%. In the coking coal and coke sector, coking coal rose 0.
84%, and coke increased 1.21%. In the precious metals sector, as of 15:05, COMEX gold rose 0.
06%, and COMEX silver gained 0.27%. Domestically, SHFE gold rose 1.
45%, hitting a record high of 766.5 yuan/gram during the session, while SHFE silver rose 2%, marking its fifth consecutive gain. Market as of 15:05 today Click to view the SMM Market Dashboard Macro Front Domestic: [Steady Start! China's Q1 Goods Trade Imports and Exports Reach 10.
3 Trillion Yuan, Up 1.3%] Amid increasing external challenges, various departments and foreign trade entities actively responded, driving a steady start to China's foreign trade in Q1. Exports exceeded 6 trillion yuan, achieving a robust 6.
9% growth, demonstrating strong resilience under pressure. Exports to over 170 countries and regions increased. The transformation of Chinese manufacturing towards high-end, intelligent, and green sectors showed strong momentum.
Exports of ships and marine engineering equipment, as well as specialized equipment, rose 10.8% and 16.2%, respectively.
New energy products continued to play a significant role in the global green transition, with exports of wind turbines, lithium batteries, and EVs increasing 43.2%, 18.8%, and 8.
2%, respectively. Click for details SMM compiled import and export data for some metal industry products based on customs data, as follows: Click for detailed data [PBOC: Q1 Social Financing Increases by 15.18 Trillion Yuan, New RMB Loans Reach 9.
78 Trillion Yuan, M2 Up 7% YoY in March] According to preliminary PBOC statistics, the cumulative increase in social financing in Q1 2025 was 15.18 trillion yuan, 2.37 trillion yuan more than the same period last year.
RMB loans to the real economy increased by 9.7 trillion yuan, up 586.2 billion yuan YoY; foreign currency loans to the real economy decreased by 96.
7 billion yuan, down 249 billion yuan YoY; entrusted loans increased by 5.5 billion yuan, up 105 billion yuan YoY; trust loans increased by 53.1 billion yuan, down 145.
2 billion yuan YoY; undiscounted bankers' acceptances increased by 530 billion yuan, down 20.2 billion yuan YoY; net corporate bond financing was 525.1 billion yuan, down 472.
9 billion yuan YoY; net government bond financing was 3.87 trillion yuan, up 2.52 trillion yuan YoY; domestic equity financing by non-financial enterprises was 96.
2 billion yuan, up 19.9 billion yuan YoY. RMB loans in Q1 increased by 9.
78 trillion yuan. By sector, household loans increased by 1.04 trillion yuan, including short-term loans up 160.
3 billion yuan and medium- and long-term loans up 883.2 billion yuan; loans to enterprises and institutions increased by 8.66 trillion yuan, including short-term loans up 351 billion yuan, medium- and long-term loans up 558 billion yuan, and bill financing down 544.
2 billion yuan; loans to non-bank financial institutions decreased by 86.6 billion yuan. PBOC data showed that the broad money (M2) balance at the end of March was 326.
06 trillion yuan, up 7% YoY. Click for details [Ministry of Commerce and 5 Other Departments Launch "Buy in China" Series of Activities] Cailian Press, April 14: The Ministry of Commerce, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Culture and Tourism, the State Administration for Market Regulation, and the General Administration of Sport, launched the "Buy in China" series of activities at the 5th China International Consumer Products Expo in Hainan on April 13. To implement the CPC Central Committee and the State Council's decisions on boosting consumption and expanding domestic demand, and to accelerate the implementation of consumption-boosting actions, the six departments recently jointly issued a notice on organizing the "Buy in China" series of activities, deploying various regions to focus on the first economy, around four major areas, and hold first launches, first shows, first exhibitions, and first performances, as well as diverse and colorful activities.
In terms of premium shopping, key pedestrian streets, business districts, shopping malls, supermarkets, outlets, and tax-free stores will be organized to carry out promotional activities, launch new and high-quality products, and help consumers purchase global goods at favorable prices. In terms of fine dining, various food markets, culinary exchanges, and ingredient expos will be organized to promote food lists, food maps, and famous restaurants. In terms of exciting tourism, a batch of premium tourism routes will be launched, and featured check-in spots and other tourism consumption guides will be released.
In terms of exquisite exhibitions and performances, a batch of high-quality domestic and international cultural performances, high-level sports events, and high-quality cultural exhibitions will be introduced and held. By creating internationally influential landmark consumption-boosting activity brands, expanding the supply of high-quality goods and services, innovating diverse consumption scenarios, and promoting the deep integration of commerce, tourism, culture, sports, and health, an international-friendly consumption environment will be created, further releasing diversified and differentiated consumption potential, driving consumption quality and upgrading, and continuously enhancing the attractiveness and reputation of China's consumer market. ► On April 14, the central parity rate of the RMB in the interbank foreign exchange market was 7.
2110 yuan per US dollar. US Dollar: As of around 15:05, the US dollar index fell 0.52%.
US March PPI rose 2.7% YoY, down 0.4% MoM, the largest MoM decline since October 2023.
US March core PPI rose 3.4% YoY, up 0.1% MoM.
Inflation tends to be mild before the implementation of reciprocal tariffs, but market concerns have not dissipated, and the impact of tariff policies may begin to show in data in the coming months. The University of Michigan consumer survey showed that the consumer confidence index fell to 50.8, the lowest since June 2022, with an estimate of 54.
5. One-year inflation expectations rose to 6.7%, marking the fourth consecutive month of an increase of 0.
5 percentage points or more. Five-year inflation expectations rose to 4.4%, the highest since June 1991.
Boston Fed President Collins said on Friday that the US Fed is "absolutely" prepared to deploy tools to address financial market functioning issues if necessary. St. Louis Fed President Musalem said he is closely monitoring whether the rise in short-term inflation expectations will penetrate into long-term expectations.
Fed Williams expects tariffs to push up inflation and curb economic growth, and said the Fed's monetary policy stance is in the best position to manage these risks as much as possible. Minneapolis Fed President Kashkari said on Friday that the Fed should only intervene in the market in truly emergency situations and with great caution. The market expects the US to cut interest rates by about 80 basis points by the end of 2025.
(Wenhua Comprehensive) Data: Today, China's March year-on-year rate of total electricity consumption - monthly (14-20, irregular), US March New York Fed 1-year inflation expectations, and US March New York Fed 3-year inflation expectations will be released. Additionally, it is worth noting that President Xi Jinping will pay a state visit to Vietnam from April 14 to 15; the National Energy Bureau releases total electricity consumption data around the 15th of each month. Crude Oil: As of 15:05, oil prices in both markets fell, with US oil down 0.
05% and Brent oil down 0.06%. The crude oil market is intertwined with bullish and bearish factors, and the game between sellers and buyers remains intense.
On the supply side, OPEC+ has decided to accelerate the pace of production increases from May, with monthly production increases reaching 410,000 barrels per day, equivalent to the total increase in the previous three months. Saudi Arabia's official selling price (OSP) for light crude oil to the Asian market in May was significantly reduced by $2.3 per barrel, also indicating that Saudi Arabia's market strategy is shifting from maintaining price levels to competing for market share.
On the other hand, negotiations between Iraq and Kurdistan on the resumption of oil exports are not going smoothly, and crude oil exports from the Kurdistan region have not yet returned to normal. The sharp correction in international oil prices last week has begun to have a substantial impact on US shale oil producers. The latest data shows that the number of active drilling rigs in the US fell by 7 last week, with the Permian Basin down 5, and reduced operations by private operators may constrain the growth potential of US crude oil supply.
Recent global crude oil shipments have recovered to historically high levels, with overall export volumes from OPEC+ members remaining stable, and supply growth mainly coming from non-OPEC producers. Saudi Arabia's crude oil exports remain at around 6 million barrels per day, but as OPEC+ gradually relaxes production cut constraints, the market generally expects export volumes from the Middle East to marginally increase from May. In terms of non-OPEC supply, the growth in shipments is mainly concentrated in Latin America and countries such as Kazakhstan.
Meanwhile, European crude oil imports have stabilized after a decline and are currently at seasonal lows; import volumes in Northeast Asia have rebounded relatively significantly, reflecting a recovery in demand in the Asian market; port arrivals in the US, South Asia, and Southeast Asia have fluctuated temporarily, but the upcoming summer gasoline consumption season in North America is a potential positive factor, with gasoline prices in Europe and the US showing strong resistance to declines, and the previous decline in crude oil prices has also increased the processing profit margins of refineries in Europe and the US, which may support summer crude oil demand to some extent. (Wenhua Comprehensive) SMM Daily Review ► Aluminum Prices Rebound Again, Secondary Aluminum Prices Struggle to Rise [ADC12 Price Daily Review] ► Stainless Steel Negative Feedback Drags Down Raw Materials, Short-Term High-Grade NPI Prices Under Pressure [NPI Daily Review] ► [SMM MHP Daily Review] April 14: Indonesian MHP Prices Pull Back ► [SMM Nickel Sulphate Daily Review] April 14: Nickel Sulphate Prices Remain Stable ► Market Mostly in Wait-and-See Mode at the Start of the Week, EMM Spot Prices Temporarily Stable [SMM EMM Daily Review].
