[Daily Trading of SMM Hot-Rolled Coil] Futures fluctuated, spot trading further weakened.

On February 9, monitoring by the China Index Academy showed that in January 2026, a total of 105,000 foreclosed properties were listed nationwide, up 3.6% YoY, with a cumulative 113,000 auction rounds held. Ultimately, 16,000 units were sold, up 2.0% YoY, resulting in an inventory clearance rate of 14.9%. The total transaction value reached 21.59 billion yuan, down 3.4% YoY, while the average transaction price was 5,204 yuan per square meter, down 2.7% YoY, and the average discount rate stood at 71%. By property type, residential properties accounted for 54.2% of the transaction value, representing the most-traded segment.

On February 6, 2026, the Secretariat of Foreign Trade of the Ministry of Development, Industry, Trade and Services (Ministério do Desenvolvimento, Indústria, Comércio e Serviços/Secretaria de Comércio Exterior) of Brazil issued Announcement No. 6 of 2026, making an affirmative preliminary anti-dumping determination on wire rod (Portuguese: fio máquina de aço carbono) originating from China and Russia. It recommended continuing the investigation without imposing provisional anti-dumping measures and extended the deadline for the final determination in this case to 18 months from the date of initiation. The products involved in this case fall under NCM codes 7213 91 10, 7213 91 90, 7213 99 10, 7213 99 90, 7227 90 00, 7213 20 00, and 7227 20 00.

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.