News

SMM Steel, February 3 – According to SMM statistics, estimated total shipments to mainstream markets this week were 235,300 mt, down 2.28% WoW. By market:

[SMM Hot-Rolled Coil Daily Trading] On February 3, the total daily trading volume of hot-rolled coils from SMM's four-city (Shanghai, Lecong, Tianjin, Ningbo) sample enterprises amounted to 10,640 mt, up 280 mt (2.7%) MoM, up 10.95% on an annual calendar basis, and down 9.60% on a lunar YoY basis.

Today, HRC futures rose first then fell, with the most-traded contract closing at 3,265, down 0.34% intraday. Spot market prices remained relatively stable. Supply side, hot-rolled maintenance impact this week was 274,500 mt, up 12,000 mt WoW. Next week, hot-rolled maintenance impact is expected to be 24.59 mt, down 28,600 mt WoW. HRC production remained stable WoW ahead of the holiday. Demand side, manufacturing end-users gradually entered the holiday period this week, purchasing enthusiasm slowed down, with end-users purchasing as needed. Raw material side, hot metal output is expected to rebound WoW, but restocking by steel mills ahead of the holiday has temporarily concluded, with cost support turning neutral. Looking ahead, sheets & plates still lack clear ....

HRC futures rose first and then fell today, with the most-traded contract closing at 3,265, down 0.34% intraday; spot market prices remained relatively stable. Supply side, this week's HRC maintenance impact stood at 274,500 mt, up 12,000 mt WoW, while next week's HRC maintenance impact is expected to be 24.59 mt, down 28,600 mt WoW; HRC production remained stable WoW ahead of the holiday. Demand side, manufacturing end-users gradually entered the holiday period this week, with purchasing enthusiasm slowing down and end-users purchasing as needed. Raw material side, hot metal output is expected to rebound MoM, but pre-holiday restocking by steel mills has temporarily concluded, leaving cost support neutral. Looking ahead, sheets & plates lack clear short-term drivers and are expected to continue fluctuating rangebound following capital market sentiment.

[SMM Chromium Daily Review: Transactions Weakened Slightly, Market Operated Steadily] February 3, 2026: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

Today, the DCE iron ore market extended its volatile and weak trend. The benchmark contract, I2605, closed at 777.5 RMB/tonne, representing a decline of 1.14% from the previous trading day.

Kuwait has opened some of its oil fields to foreign investment and is leasing part of its pipeline network. The country plans to increase its oil capacity from the current approximately 3 million barrels per day to 4 million barrels per day by 2035. Kuwaiti Prime Minister Ahmed Abdullah stated that Kuwait Petroleum Corporation is planning to invite international oil companies to assist its production sector in developing offshore oil fields. These transactions may involve oil fields such as Jazah, Jlaiaa, and Nokhitha.

[Transaction Information for Molybdenum Concentrates] SMM, February 3: It is reported that a mine in Yunnan auctioned and sold 96 mt of 40% molybdenum concentrates (copper 1–3%) on February 3, with the final transaction price at 4,115 yuan/mtu.

[NXP's Automotive Chip Business Revenue Grew 4.8% in Q4 2025] On February 2, Dutch chip manufacturer NXP Semiconductors NV announced that its automotive business revenue increased 4.8% in the fourth quarter of 2025 to $1.88 billion. Data compiled by Bloomberg showed that analysts' average expectation was $1.89 billion, with some forecasts reaching as high as $1.97 billion.

[Denso Lowers Full-Year Operating Profit Forecast] Japan's Toyota Motor core parts supplier Denso recently announced that, due to US import tariffs and rising raw material prices, the company has lowered its profit forecast for the fiscal year ending March 2026 by 17.8% from the previously projected 651 billion yen to 535 billion yen (approximately $3.44 billion).

[Tesla's January Sales in France Hit Three-Year Low, Norway Sales Plunge 88%] The latest data released by the French Automotive Industry Association (PFA) shows that Tesla's sales in France fell 42% YoY in January this year, with only 661 units sold, marking the lowest level in over three years. Meanwhile, in Norway, which was one of Tesla's few bright spots in Europe last year, new vehicle registrations for Tesla dropped sharply by 88% in January this year.

[US California Plans to Launch $200 Million EV Incentive Program] The California state government announced on February 2 that the state plans to launch a $200 million EV incentive program, which will be limited to first-time car buyers and require participating car makers to provide matching incentive funds. The proposal allows subsidies to reduce the upfront purchase cost of new or used EVs, but the specific subsidy amount has not yet been announced.

[French January new car sales fell 6.55%] The latest data released by the French Automotive Industry Association (PFA) shows that new car sales in France in January this year decreased by 6.55% YoY, to 107,157 units.