[SMM Tin Futures Briefing: SHFE Tin Futures Experience Significant Correction, Expected to Continue Adjustment Pattern]

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Area Remain Volatile] The domestic ore market in the Tangshan area is relatively stable, with the delivery-to-factory price, tax included, for 66% grade iron ore concentrates (dry basis) at 980–985 yuan/mt. Currently, overall operations at mines and beneficiation plants remain at a relatively low level, and overall resources remain relatively tight. Some concentrators have raised their asking prices, while traders show insufficient willingness to purchase at high prices.

[SMM Stainless Steel Daily Review] SS Futures Continue to Rise, Breaking Through 13,200 Yuan/mt; Stainless Steel Spot Traders Offer Discounts to Boost Downstream Demand: SMM, Dec. 30: SS futures showed a strong upward trend. Driven by the renewed strength in SHFE nickel futures, SS futures extended gains and rose further, hitting a recent high of 13,200 yuan/mt during the session. On the spot market side, supported by the rise in SS futures, spot prices continued to hold up well. Although the current rally is driven by news, market sentiment remains cautious with a strong wait-and-see attitude, and acceptance of high-priced material is limited. However, some steel mill agents have suspended offers, nickel-iron prices have continued to climb, and traders have enhanced their appeal to downstream buyers by offering discounts. The most-traded SS futures contract strengthened and moved higher. At 10:30 a.m., the SS2602 contract was quoted at 13,060 yuan/mt, up 85 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 60-310 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,200 yuan/mt; for cold-rolled trimmed 304/2B coil, the average price was 13,075 yuan/mt in both Wuxi and Foshan; for cold-rolled 316L/2B coil, prices in Wuxi and Foshan were both 24,150 yuan/mt; for hot-rolled 316L/NO.1 coil, the price in Wuxi was 23,250 yuan/mt; and for cold-rolled 430/2B coil, prices in both Wuxi and Foshan were 7,600 yuan/mt...

[SMM Coal and Coke Daily Briefing] Supply side, most coke enterprises are operating at a loss, but within an acceptable range, with moderate production enthusiasm and only a slight decline in coke production. Demand side, steel mill profits have slightly recovered, and the phenomenon of controlling coke arrivals has decreased. However, end-user demand for finished products lacks improvement, and hot metal production at steel mills is still expected to decline before the holiday. Steel mills are mainly purchasing coke as needed. In summary, with the recent weakening of the steel market, steel mills still have the intention to suppress coke prices. Expectations for the implementation of the fourth round of coke price reductions have strengthened, and the coke market may remain in the doldrums in the short term.

[SMM Chromium Daily Review: Market Sentiment Mediocre, Wait-and-See Attitude Prevails] December 30, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,050-8,150 yuan/mt (50% metal content), flat MoM from the previous trading day...

[SMM Tungsten Analysis: Pre-holiday tungsten market sees thin trading, weak consolidation dominates] In the short term, pre-holiday domestic tungsten market trading volume shrinks, downstream wait-and-see sentiment is strong, restocking enthusiasm is poor. It is expected that the tungsten market will consolidate in the doldrums before the holiday, and post-holiday, attention should still be paid to industry long-term contract price guidance and market trading conditions.