News

[SMM Hot-Rolled Coil Daily Trading] On February 4, the total daily trading volume of hot-rolled coils from SMM's four-city (Shanghai, Lecong, Tianjin, Ningbo) sample enterprises was 11,140 mt, up 500 mt (42.7%) MoM, up 4.7% YoY on a Gregorian calendar basis, and up 46.58% YoY on a lunar calendar basis.

2.4 News: The SM2605 contract opened at 5,842 yuan/mt and finally closed at 5,868 yuan/mt, up 0.31%. The daily highest price was 5,880 yuan/mt and the lowest price was 5,826 yuan/mt. Trading volume was 118,900 lots, and open interest was 354,221 lots. Today, SiMn futures edged up under pressure. Cost side, overall manganese ore transaction prices remained high and the market temporarily stabilized, providing strong cost support for SiMn alloy prices. In 2026, the cost support from local electricity prices in Inner Mongolia and electricity prices in south China for alloy costs was under verification, but a rise was likely. At the start of the week, SiMn alloy cost support temporarily stabilized. Supply side, newly added SiMn furnaces in the main northern production areas gradually started producing iron, increasing supply pressure for standard SiMn. Operating rates at alloy plants in south China remained stably low. In 2026, the intensity of electricity fee policies in Guangxi and Guizhou awaited verification; most plants maintained off-peak production. With the Chinese New Year approaching, manufacturers chose temporary shutdowns, adopting a strong wait-and-see attitude, pending post-holiday electricity settlement prices. Currently, loose supply pressure for SiMn persisted. Demand side, HBIS Group's SiMn procurement for February 2026 awaited verification. The current SiMn market continued to be dominated by volatile movements.

An investor inquired with Guancheng New Materials, "Recently, the price of electrolyte additives has been rising rapidly. Has the company's selling price for electrolyte additives also increased?" Guancheng New Materials responded on the interactive platform that, recently, the selling prices of various electrolyte additive products have increased to varying degrees.

With the Chinese New Year holiday approaching, galvanized sheet plants in multiple domestic regions have successively announced their holiday shutdown plans. SMM conducted a survey on the holiday situation among galvanized sheet enterprises, covering a sample of 22 enterprises with a total annual capacity of 16.83 million mt.

Toyota plans to increase hybrid vehicle production by approximately 30% from current levels by 2028. The company expects to produce 6.7 million hybrid vehicles in 2028, while its production plan for hybrid and plug-in hybrid vehicles in 2026 is set at 5 million units. Toyota also intends to significantly expand hybrid vehicle production in the US.

[SMM Aluminum Alloy Daily Report] Futures side, the aluminum alloy 2603 contract opened at 22,310 yuan/mt, surged to the intraday high of 22,595 yuan/mt by the close, up 380 yuan/mt or 1.71% from the previous settlement, mainly driven by bears reducing positions. Spot market side, SMM ADC12 price rose 150 yuan/mt to 23,800 yuan/mt. While futures showed a clear rebound, secondary aluminum smelters' offers diverged: some enterprises raised quotes by 200 yuan/mt following market trends, largely recovering the previous day's decline; others, constrained by weak orders, kept offers steady and adopted a wait-and-see approach. With aluminum prices rebounding, market procurement sentiment improved slightly compared to earlier, but downstream buyers continued to make just-in-time procurement.

Today, the DCE iron ore market exhibited a weak trend. The benchmark contract, I2605, closed at 781.5 RMB/tonne, recording a decline of 0.32% from the previous trading day.

[ SMM Molybdenum Daily Review: Overseas Molybdenum Market Rose, Coupled With Increased Stocking Demand From Domestic Steel Mills, Molybdenum Market Increased ] SMM February 4 News: Today, the domestic molybdenum market rebounded slightly. The international molybdenum oxide market held up well, boosting domestic market sentiment. On February 3, a mine in Yunnan auctioned molybdenum concentrate, with the final transaction price rising to 4,115 yuan/mtu, driving up the center of spot order negotiations in the domestic market. Today, prices of major domestic molybdenum products, including molybdenum concentrate, ferromolybdenum, and molybdenum chemicals, generally rose, and market trading sentiment was active.

[Downstream Plants Gradually Close for Holidays, SHFE Zinc Fluctuates]: The most-traded SHFE zinc 2603 contract opened at 24,830 yuan/mt, fluctuated upward after opening to touch a high of 25,010 yuan/mt, then continuously pulled back from the high to hit a low of 24,735 yuan/mt during the session, before rising again to finally close up 80 yuan/mt at 24,885 yuan/mt.

Liangshan Copper Co., Ltd. is scheduled to commence trial production in March 2026. Upon operation, the project is expected to achieve an annual output of 125,000 tons of high-purity cathode copper, with an estimated annual production value of approximately 8 billion yuan. It will also co-produce by-products such as anode slime and crude nickel sulfate. By establishing a complete industrial chain of "copper concentrate → blister copper → cathode copper," the project will further promote the efficient local conversion of resources and significantly enhance the added value of products.