According to the SMM survey, the large-caliber inventory of SMM Ningbo HRC stood at 332,500 mt this week (as of January 21), up 6,000 mt WoW.Futures prices declined first and then rose this week, while spot prices fell by 10 yuan/mt from last Friday, with trading performance ranging from moderate to weak during the week. As of the afternoon close on January 23, the most-traded HRC 2605 futures contract closed at 3,305 yuan/mt.

This week, ferrous metals were in the doldrums. Last Sunday afternoon, a converter explosion occurred unexpectedly at a steel mill in Inner Mongolia, prompting the blast furnace at the facility to be shut down for maintenance. The incident also heightened market expectations for stricter safety measures in steel production, leading to a slower-than-expected recovery in overall hot metal output. At the beginning of the week, iron ore led the decline in ferrous metals, with finished products following suit. In the latter part of the week, the decline in hot metal output was milder than anticipated, and coupled with Trump’s shift in stance—abandoning tariff threats—market sentiment improved, resulting in a mild rebound in futures from lower levels. In the spot market, weaker futures dampened speculative sentiment, with restocking primarily driven by rigid demand at low prices. Some spot cargoes were sold at discounted prices, and construction material demand faced additional pressure due to weather conditions.

[SMM Tin Futures Review: SHFE and LME Tin Prices Strengthened Simultaneously, Spot Cargo Trading Sluggish Amid Macro Turmoil]

Today, the iron ore market showed a volatile but firm trend, with the main contract I2605 closing at 795 yuan/ton, up 1.21% from the previous trading day. Spot prices increased by approximately 5–7 yuan/ton compared to the previous day.

According to SMM's incomplete statistics, as of January 22, 2026, a total of 14 steel mills had announced winter stockpiling policies, including 3 in Northeast China, 4 in North China, 4 in Northwest China, and 3 in South-west China.

[SMM Chrome Weekly Review: Cost Support and Positive Sentiment Boosted Ferrochrome and Chrome Ore Prices] January 23, 2026: High-carbon ferrochrome ex-factory prices in Inner Mongolia today were 8,400-8,500 yuan/mt (50% metal content), flat MoM from the previous trading day.