The overall SiMn alloy market currently exhibits a pattern of holding up well, with both the spot and futures markets showing an upward trend. Compared to Q4 2025, market trading activity has improved, and various production regions have shown a differentiated competitive landscape. In 2026, the capacity release on the supply side of SiMn will occur, and the pace of demand release remains to be verified. There is a downward risk for SiMn alloy prices, but the firm stance of manganese ore and coke prices on the cost side will provide strong bottom support for prices. Coupled with the implementation of the steel industry's steady growth plan from the policy end, this is expected to effectively curb the deep decline in SiMn alloy prices. It is projected that in 2026, SiMn alloy market prices will maintain a fluctuating trend within a reasonable range, with price volatility significantly influenced by marginal changes on both the supply and demand sides.

["SMM Aluminum Morning Conference Minutes: Europe-US Trade Friction Risks Heat Up, Short-Term Aluminum Prices Face Significant Resistance"] Overall, rising macro trade friction risks will suppress market sentiment. Fundamentally, with supply increases clear, demand only partially recovering, and inventory accumulation trends continuing, the outlook remains bearish. However, fund sentiment toward aluminum futures prices has not fully cooled, and aluminum prices are expected to hover at highs.

SMM Morning Meeting Minutes: On Friday evening, LME copper opened at $12,921/mt, initially rose to a high of $12,973/mt, then the center of copper prices moved downward, showing a "W"-shaped trend. After touching a low of $12,696/mt, it rose slightly and finally closed at $12,822.5/mt, down 2.48%. Trading volume reached 33,000 lots, and open interest reached 324,000 lots, an increase of 2,103 lots from the previous trading day, mainly driven by long position reductions. On Friday evening, the most-traded SHFE copper 2603 contract opened at 103,030 yuan/mt, initially touched a high of 103,500 yuan/mt, then the center of copper prices moved downward to a low of 99,620 yuan/mt, before fluctuating rangebound and finally closing at 100,280 yuan/mt, down 1.56%. Trading volume reached 140,000 lots, and open interest reached 219,000 lots, a decrease of 7,180 lots from the previous trading day, also mainly reflecting long position reductions.

[SMM Silicon-Based PV Morning Meeting Minutes: Stalemate in Spot Silicon Metal Prices, Stronger Transaction Center for Modules] Module: Last week, domestic module prices continued to rise, with enterprise guidance prices repeatedly hitting new highs. However, high-priced shipments were limited, and recently distributors began entering the market to sell previously low-priced inventory, slightly curbing the rise in the transaction center. In the centralized sector, there were basically no transactions, with pre-holiday demand extremely low. Currently, distributed Topcon 183, 210R, and 210N high-efficiency modules are quoted at 0.732 Yuan/W, 0.748 Yuan/W, and 0.756 Yuan/W, respectively, while centralized Topcon 182/183 and 210N high-efficiency modules are quoted at 0.689 Yuan/W and 0.709 Yuan/W, respectively.

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Prices Cease Rising and Correct, Weak Downstream Stockpiling Demand Creates Upward Price Pressure] Aluminum prices experienced another significant correction, with A00 prices falling by 160 yuan/mt to 24,030 yuan/mt, and SMM ADC12 prices dropping by 100 yuan/mt to 23,900 yuan/mt. Although two consecutive days of declines cooled market sentiment, absolute prices remained above 24,000 yuan/mt. Quotations in the secondary aluminum market diverged: some enterprises chose to hold steady and adopt a wait-and-see approach due to firm costs, low inventory, or bullish expectations, while others, affected by weak demand, adjusted prices down by 100-300 yuan/mt in line with market conditions. On the demand side, the price decline intensified wait-and-see sentiment. Although some die-casting enterprises were compelled to restock due to production pressures, leading to a marginal improvement in inquiry activity and purchase willingness, actual transactions remained sluggish due to downstream losses, resulting in a noticeable decline in orders for some secondary aluminum plants. In the short term, secondary aluminum alloy prices are expected to hover at highs. On one hand, cost support has weakened, and the market is under dual pressure from the off-season and losses, leading to sluggish trading activity. On the other hand, uncertainties in regional tax policies, supply constraints from environmental protection-driven production restrictions, and macro tailwinds continue to provide a floor for prices.

[SMM Zinc Morning Conference Summary: Macro Sentiment Digested, LME Zinc Retreats from Highs]: Last Friday, LME zinc opened at $3,307/mt, initially climbed to a high of $3,312/mt, then fluctuated downward throughout the session. Approaching the close, it touched a low of $3,195.5/mt, and finally settled at $3,209/mt, down $104.5/mt, a decline of 3.15%···

[SMM Zinc Morning Comment: Insufficient Fundamental Support Leads to SHFE Zinc Opening Lower with a Gap] Last Friday, the most-traded SHFE zinc 2603 contract opened at 24,560 yuan/mt. After opening, SHFE zinc fluctuated around the daily average line. In early trading, it reached a high of 24,585 yuan/mt, but near the end of the session, it fell to a low of 24,335 yuan/mt, eventually closing down at 24,405 yuan/mt, a decrease of 345 yuan/mt.

[SMM Tin Morning Brief: SHFE Tin Opens Slightly Lower in Night Session, Fluctuates Downward; Spot Market Transactions May Recover]