[Strong Macro Front but Weak Fundamentals, Silicon Metal Market Stagnant with Fluctuations]: This week, spot silicon metal prices continued to hold steady with consolidation, while futures prices fluctuated near 8,600-8,800 yuan/mt. As of January 15, SMM oxygen-blown #553 silicon in east China was at 9,200-9,300 yuan/mt, #441 silicon at 9,300-9,500 yuan/mt, and #421 silicon at 9,500-9,800 yuan/mt, flat WoW. In the futures market, the most-traded contract closed at 8,730 yuan/mt on Thursday, down 25 yuan/mt from Monday. Silicon metal fundamentals remained weak, with both supply and demand declining. Supply side, new production cuts were added at some silicon furnaces in Sichuan and Inner Mongolia this week, with a major plant in Sichuan completing cutbacks, driving the local operating rate down to 0%; the overall operating rate trended weaker. Demand side, reduction expectations were mainly in the polysilicon sector. Affected by poor downstream demand expectations, coupled with continued inventory accumulation at silicon enterprises, market sentiment was neutral or slightly negative, and downstream procurement activity was moderate.

[SMM Chrome Daily Review: Positive Sentiment Spreads, Chrome Market Continues to Explore Upside] January 15, 2026: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,350-8,500 yuan/mt (50% metal content), up 25 yuan MoM from the previous trading day.

[SMM Tin Futures Review: The most-traded SHFE tin contract rose 8.3%, warrant surged 2,400 mt on delivery day, which may impact market premium structure]

[SMM Stainless Steel Daily Review] SS Futures Hit Limit-Up, Spot Stainless Steel Follows Suit SMM, Jan 15 - SS futures showed a strong upward trend. Driven by yesterday’s news of Indonesian nickel mine approvals, both SHFE nickel and SS futures strengthened significantly. The night session saw SS futures hit limit-up at one point. Although they pulled back afterward, prices remained high and volatile, closing at 14,415 yuan/mt. On the spot market, the sharp rise in SS futures pushed up spot stainless steel offers. Despite high prices, downstream buyers remained cautious due to price sensitivity, leading to sluggish inquiries and transactions during the day. However, spot supply remained tight, and low-priced materials were hard to find. Cost side, high-grade NPI and high-carbon ferrochrome prices also rose. With the substantial increase in stainless steel prices, steel mill profits gradually improved. Social inventory fell 1.28% WoW to 843,700 mt. The most-traded SS futures contract continued to climb. At 10:30 a.m., the SS2603 contract was quoted at 14,395 yuan/mt, up 465 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 25-225 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,550 yuan/mt. For cold-rolled trimmed 304/2B coil, the average price in Wuxi was 14,350 yuan/mt, while in Foshan it was 14,300 yuan/mt. In Wuxi, cold-rolled 316L/2B coil was priced at 26,175 yuan/mt, and in Foshan, also at 26,175 yuan/mt. Hot-rolled 316L/NO.1 coil in Wuxi was quoted at 25,200 yuan/mt. In Wuxi and Foshan, cold…

[Bulls Drive Up Zinc Prices, SHFE Zinc Hits Near One-Year High]: The most-traded SHFE zinc 2602 contract opened at 24,855 yuan/mt. At the beginning of the session, it dipped to 24,780 yuan/mt, then fluctuated upward all the way, reaching a high of 25,645 yuan/mt before quickly pulling back near the daily average line. It finally closed up at 25,090 yuan/mt, rising 295 yuan/mt, a gain of 1.19%.