[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Holds Up Well Within Range, Pre-Holiday Restocking Remains Sluggish Amid High Prices]

On January 21, the SMM battery-grade nickel sulphate index price was 33,215 yuan/mt, with the quotation range for battery-grade nickel sulphate at 32,550-34,200 yuan/mt, and the average price decreased compared to the previous day.

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 450-330 yuan/mt, with an average discount of 390 yuan/mt, up 10 yuan/mt from the previous trading day. Transaction prices ranged from 99,650-100,050 yuan/mt, with an average price of 99,850 yuan/mt, down 625 yuan/mt from the previous trading day.

[SMM Magnesium Morning Conference Summary: Magnesium Market Prices Generally Decline, Wait-and-See Sentiment on Demand Side Suppresses Market Rebound] On January 21, dolomite supply tightened due to production halts at leading enterprises, with prices expected to hold up well; ferrosilicon market transactions were sluggish, continuing its weak trend. Magnesium ingot prices continued to trend lower, with Fugu offers adjusted down to 16,200 yuan/mt, and FOB offers at $2,300-2,360/mt. Weak demand and a wait-and-see stance in foreign trade led to weak stabilization in the market. The magnesium alloy benchmark price edged down, but processing fees held up well, supported by auxiliary material costs. Magnesium powder prices continued to decline, following the pullback in raw materials. Enterprises restocked based on demand, with the demand side primarily driven by rigid needs and lacking growth momentum. Overall, the market exhibited a weak consolidation pattern, characterized by a tug-of-war between soft demand and cost support.

[SMM Aluminum Morning Meeting Minutes: Domestic Policy Support Fails to Mask Inventory Buildup Reality, Aluminum Prices Face Significant Short-Term Resistance] Overall, although domestic macro policy support expectations provide a floor for aluminum prices, the combination of loose supply, weak demand, and inventory buildup on the fundamental side creates bearish pressure. Coupled with sentiment suppression from Europe-U.S. trade friction risks, aluminum prices face significant short-term resistance.

[SMM Cast Aluminum Alloy Morning Comment: December Aluminum Scrap and Alloy Imports Both Increase, Thailand Aluminum Scrap Imports Account for 23.3% of Total Imports] A00 aluminum price fell by 190 yuan/mt to 23,680 yuan/mt, while the SMM ADC12 price dropped by 50 yuan/mt to 23,850 yuan/mt. Aluminum prices experienced four consecutive declines, but due to limited cost reductions caused by raw material shortages, low finished product inventories, and support from bullish expectations, manufacturers' quotations, though diverging, mostly remained stable or saw minor adjustments of 100 yuan/mt. Overall performance remained firm. On the demand side, influenced by cautious sentiment toward high prices and insufficient pre-holiday stockpiling momentum, procurement maintained a rigid demand pace, resulting in mediocre trading performance. Overall, short-term secondary aluminum alloy prices are expected to continue fluctuating at highs. On one hand, the off-season and high aluminum prices have suppressed market activity; on the other hand, uncertainties in regional tax policies and supply tightening due to environmental protection-driven production restrictions continue to provide a floor for prices.