[SMM In-Depth Analysis: Off-Season Futures Surge Creates Arbitrage Window: High-Grade NPI Price Drivers and Outlook] Recently, the market has been trading on expectations of a supply deficit in Indonesia, while non-ferrous metals have generally risen amid macro events, driving nickel prices and high-grade NPI prices steadily higher. Against a backdrop of sluggish end-use consumption, what is supporting the continuous rise in high-grade NPI prices? The detailed analysis is as follows:

Semi-solid-state (solid-liquid hybrid) battery energy storage is transitioning from technical validation to large-scale commercialization.

In 2025, China's titanium market experienced a complex landscape characterized by supply-demand imbalances, cost transmission pressures, and divergent demand trends. All segments of the industrial chain faced significant challenges: upstream titanium concentrate prices weakened both domestically and internationally; midstream titanium dioxide grappled with dual pressures of losses and sluggish exports; downstream sponge titanium and titanium materials, despite capacity expansion, relied heavily on high-end demand for support. However, civilian and export markets remained persistently subdued, maintaining a structurally consolidating pattern overall.

According to media reports, on January 3, 2026, local time, the U.S. military launched a rapid strike against Venezuela, and the capital Caracas was attacked. Some market participants are concerned about potential disruptions to the aluminum industry chain supply. Here is an overview of Venezuela’s aluminum industry chain information.

[Future Price Trend Insights: 2026 Zinc Ingot Long-Term Contract Price Summary] At the beginning of the new year, the signing of 2026 long-term contracts has been largely completed, and a new execution cycle has commenced. The market is paying close attention to the performance of zinc smelters regarding long-term contract execution this year. SMM has compiled and communicated the long-term contract price details for some enterprises in 2026 as follows:

According to SMM data, the average tax-inclusive full cost of China's aluminum industry in December 2025 rose 0.7% MoM but fell 23.3% YoY.

Recently, the Industrial Development Department of the National Development and Reform Commission (NDRC) released the article “Vigorously Promoting the Optimization and Upgrading of Traditional Industries.”