News

[Daily Trading of SMM Hot-Rolled Coil] On February 6, the total daily trading volume of hot-rolled coil from SMM's sample enterprises in four cities (Shanghai, Lecong, Tianjin, Ningbo) was 9,140 mt, down 550 mt WoW, a decrease of 5.7% WoW, up 8.55% YoY, and up 84.27% on a lunar calendar basis.

HRC futures moved sideways this week, with the most-traded contract closing at 3,251 yuan/mt, down 0.43% on the day. Spot market prices dropped 10-20 yuan/mt WoW. As the Chinese New Year holiday approached, trading sentiment remained weak during the week, with overall shipments mediocre. On the news front, the main upward driver for HRC prices this week came from Indonesia's cut in coke production quotas, which led coke to lead the gains, subsequently lifting sentiment for HRC. However, the impact was clearly limited, and the market later returned to mediocrity. Fundamentally, the impact from maintenance on HRC production this week stood at 274,500 mt, up 12,000 mt WoW. Prices are expected to fluctuate rangebound with no significant changes before the holiday. Meanwhile, end-use demand....

[SMM Coking Coal and Coke Daily Brief] Supply side, sales faced obstacles, and most coking plants still experienced minor losses, leading to a decline in plant operating rates and a reduction in coke supply. However, shipments from coking plants were hindered, resulting in inventory accumulation. Demand side, steel mills increased maintenance and production cuts, and with relatively high coke inventory levels at mills, they maintained just-in-time procurement of coke. Overall, the supply-demand structure for coke appears slightly loose, and the coke market may remain stable in the short term.

[Domestic Iron Ore Brief Review: Domestic Iron Ore Concentrates Prices May Remain in the Doldrums with Fluctuations Next Week] This week, domestic iron ore concentrates prices continued to decline. Prices in Tangshan, Qian'an, and Qianxi in Hebei fell by 1–5 yuan/mt, while prices in Chaoyang, Beipiao, and Jianping in western Liaoning remained relatively stable; the decline was more pronounced in east China, with prices down by 1–5 yuan/mt. Overall, the tight supply situation for domestic iron ore concentrates persisted.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 06 Feb , 2026

[SMM Stainless Steel Daily Review] SS Futures in the Doldrums, Stainless Steel Traders Gradually on Holiday with Sluggish Trading SMM, February 6 – SS futures showed a weak and fluctuating pattern. During the day, nonferrous futures pulled back overall, and SS futures followed the decline, closing at 13,670 yuan/mt. In the spot market, although futures retreated, traders were gradually going on holiday, mostly in the winding-down stage, resulting in sluggish trading during the day, with quotations largely holding steady. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., SS2603 was quoted at 13,755 yuan/mt, down 5 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 415-615 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coils in Wuxi was 8,500 yuan/mt; for cold-rolled mill-edge 304/2B coils, the average price in Wuxi was 14,100 yuan/mt, and in Foshan, 14,050 yuan/mt; for cold-rolled 316L/2B coils in Wuxi, 26,600 yuan/mt, and in Foshan, 26,600 yuan/mt; for hot-rolled 316L/NO.1 coils in Wuxi, 25,750 yuan/mt; for cold-rolled 430/2B coils in both Wuxi and Foshan, 7,800 yuan/mt. This week, repeated fluctuations in macro sentiment, coupled with a sharp pullback in precious metal prices, dragged down the overall nonferrous futures market, with stainless steel futures also experiencing wild swings. At the beginning of the week, prices once hit the limit down, and although a corrective rebound gradually unfolded later, the overall weak trend did not fundamentally reverse. The spot market, dragged down by futures fluctuations, moved lower in sync, with market sentiment following the futures...

[Unclear Price Trend, GO Silicon Steel Prices Likely to Remain in the Doldrums Next Week] This week, the cold-rolled grain-oriented silicon steel market generally remained in the doldrums, with a steady market pace and no wild price swings. Overall, it exhibited a trend of "slight softening amid stability and mediocre trading." According to market feedback, HRC futures fluctuated downward this week, rising first before falling. Affected by this, some traders adopted a cautious stance and slightly lowered their quotes to stimulate shipments, though the adjustments were limited. Currently, the overall trading atmosphere in the market is tepid, with end-user procurement pace slowing down. Most downstream buyers replenished stocks based on immediate needs, while speculative demand remained sluggish. Overall trading volume showed no significant improvement compared to last week.

On the 6th, HRC quotations in major domestic markets mostly held steady. Export prices remained stable.

【SMM Steel】Since CBAM entered its tax phase on Jan 1, 2026, goods are held at EU ports due to clearance issues. Importers must be registered CBAM declarants. Common problems: missing declarant status, wrong CBAM codes, no emission data. Non-compliant goods are blocked. CBAM is now a trade access condition. Firms must register, use correct codes, track the 50-ton annual exemption, and set up carbon reporting. While importers are legally responsible, exporters face shipment delays and lost trust. CBAM compliance is key for steel, aluminum, and fastener exports to the EU.

【SMM Steel】Switzerland is seeking an exemption from EU's planned steel import protections. Officials held a special meeting with EU reps in Brussels last week. Switzerland says its steel does not cause overcapacity and is key for regional supply chains and Europe's industrial ecosystem. It also wants exemptions for certain manganese/silicon-based ferroalloy imports and raised concerns about potential EU scrap aluminum export restrictions.

【SMM Steel】Saudi Steel Pipe's subsidiary Global Pipe Co. won a major contract with Subsea 7. The $80 million deal is to supply line pipes for an offshore redevelopment project. The contract duration is 11 months. Details of the project were not disclosed, but Subsea 7 previously secured a long-term deal with Saudi Aramco in Sep 2025 for 106 km of pipelines and offshore facility work.

【SMM Steel】Liberty Steel launched a fast-track sale for its Hartlepool pipe business, aiming to complete by Feb 20. The site employs ~170 and makes carbon steel pipes for energy and carbon capture projects. After other UK assets entered liquidation last year, a strategic investor is sought. Directors are working with advisors to secure its future. The union says the site is strategic with strong prospects. A deal aims to save jobs and expand international sales.