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The silver price’s blistering rally came to an abrupt halt on Friday as XAG/USD collapsed by almost 30%, briefly plunging from Thursday’s record high above $120 to near $83.

Feb 2, 2026 15:52

Silver Price Forecast: 30% Historic CRASH - Buy The Dip Or Run?

[SMM Analysis] Tungsten Inventory Depletion in Europe Triggers Panic Buying, Accelerating Global Price Uptrend

Last week, surging European tungsten prices, driven by low inventories and panic buying, highlighted a severe supply-demand imbalance. While the scrap market sees a global shift due to high Asian premiums, EQR’s progress in Spain and Australia is strategically reshaping the non-Chinese supply landscape. Despite post-Lunar New Year caution, the upward price trend remains firm.

Feb 2, 2026 16:35

[SMM Conference] Join Industry Leaders & Navigate Green Transition at the GRMI 2026 in Tokyo this May

Shanghai Metals Market (SMM) is thrilled to announce that the 2026 (3rd) Global Renewable Metal Industry Summit will be held in Tokyo, Japan, on May 11-12, 2026, to promote industry exchange and cooperation against the backdrop of the global push for sustainable development and resource recycling.

Feb 2, 2026 10:41

[SMM Analysis] January Lithium Carbonate Market: A Roller Coaster Ride Fueled by Sentiment & Pre-holiday Buying

[SMM Analysis] In the first month of 2026, the lithium carbonate market experienced a retreat after a rapid rise.

Jan 30, 2026 19:03

[SMM Analysis: Reshaping Cu Cons Trade Flows: China's New Raw Material Strategy Landscape Amid Geopolitical Chessboard] According to data from the General Administration of Customs, China imported 2.704 million dmt of copper ore and concentrates in December 2025, a month-on-month increase of 7% and a year-on-year increase of 7.2%. From January to December, China’s cumulative imports of copper ore and concentrates reached 30.365 million dmt, a cumulative year-on-year increase of 7.8%.

Jan 31, 2026 23:05

In early 2026, India's PV market exhibited a unique "dual-track" pricing characteristic for modules, driven by policy barriers and local capacity ramp-up.

Jan 30, 2026 18:54

SMM Analysis：As of January 30, the most-traded SHFE zinc contract closed at 25,835 yuan/mt, up 2,525 yuan/mt for the month, a gain of 10.83%. Zinc prices rose significantly in January, hitting a low of 23,410 yuan/mt early in the month and reaching a high of 26,985 yuan/mt by month-end, with the overall price center shifting notably higher. With the Chinese New Year holiday approaching, how will zinc prices perform in February......

Jan 30, 2026 17:42

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High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip

23 mins ago

High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches

25 mins ago

Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu

26 mins ago

[SMM Analysis] Nickel Price Limit-Down Triggers Sell-Off, High-Grade NPI Prices Plunge at Week's Start

The average price of SMM 10-12% high-grade NPI fell 17.2 yuan/mtu WoW to 1,035.8 yuan/mtu (ex-factory, tax included), while the average Indonesian NPI FOB index price dropped $2.06/mtu WoW to $131.2/mtu. At the beginning of the week, futures hit limit-down, nickel prices fell sharply WoW, triggering low-priced sales of arbitrage materials in the market and causing a notable decline in high-grade NPI prices.

36 mins ago

High-Grade NPI Prices See Slight Rebound Amid Flat Supply and Low Demand Before Holiday

[SMM Nickel Flash] February 6 - Supply side, market offers were basically flat, with the price center showing a slight increase. Demand side, there was no substantial procurement demand before the holiday, but transactions were difficult to conclude at low prices. Overall, high-grade NPI prices saw a slight rebound, and significant fluctuations are unlikely to continue before the holiday.

51 mins ago

SMM High-Grade NPI Price Rises to 1,040 Yuan/mtu on Feb 6, Market Sentiment Slightly Down

[SMM Nickel Flash] On February 6, the SMM average price for 10-12% high-grade NPI was 1,040 yuan/mtu (ex-factory, tax included), up 2.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.06, down 0.04 MoM; the upstream sentiment factor for high-grade NPI was 2.84, down 0.07 MoM; and the downstream sentiment factor for high-grade NPI was 1.28, flat MoM.

57 mins ago

[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.

Affected by macro sentiment, MHP and high-grade nickel matte prices declined this week.

Feb 6, 2026 17:00

[SMM Analysis] The market experienced panic selling this week, and nickel prices plummeted.

Feb 6, 2026 16:38

Data: SHFE, DCE market movement (Feb 06)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 06 Feb , 2026

Feb 6, 2026 16:14

[NPI Daily Review] High-grade NPI Prices See Slight Rebound, Significant Fluctuations Unlikely Before Holiday

[SMM Daily Review: High-Grade NPI Prices Edge Up, Significant Fluctuations Unlikely Before Holiday] February 6 - The average price of SMM 10-12% high-grade NPI was 1,040 yuan/mtu (ex-factory, tax included), up 2.5 yuan/mtu MoM from the previous working day.

[SMM Analysis] NCM Manufacturers Still Hold a "Buy on the Rise, Not on the Decline" Mentality

Although raw material prices are currently at a relatively low stage, market sentiment has not improved significantly.

Feb 5, 2026 16:01

Data: SHFE, DCE market movement (Feb 05)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 05 Feb , 2026

Feb 5, 2026 15:57

Nickel Futures Retreat, Low-Price Collapse Eases; Market Activity Remains Subdued Before Holiday

[SMM Nickel Flash]February 5 – Supply side, futures retreated compared to the previous period, with no more arbitrage selling in the market. The low-price collapse has subsided, and upstream quotations have gradually returned to normal levels supported by cost. Demand side, downstream buyers are unlikely to make large purchases before the holiday, and market activity remains subdued. Overall, selling sentiment has eased, and high-grade NPI prices have pulled back.

Feb 5, 2026 14:47

SMM High-Grade NPI Price Rises to 1,037.5 Yuan/mtu, Market Sentiment Improves

[SMM Nickel Flash] February 5 - SMM's average price for 10-12% high-grade NPI was 1,037.5 yuan/mtu (ex-factory, tax included), up 7.5 yuan/mtu from the previous working day. The market sentiment factor for high-grade NPI was 2.10, up 0.03 MoM; the upstream sentiment factor was 2.91, up 0.12 MoM; and the downstream sentiment factor was 1.28, down 0.07 MoM.

Feb 5, 2026 14:46

[SMM Analysis]Energy Storage Focus: LFP Batteries Emerge as a Second Marginal Increment to Sulfur Demand

Energy Storage Focus: LFP Batteries Emerge as a Second Marginal Increment to Sulfur Demand

Feb 5, 2026 14:09

[NPI Daily Review] Price Collapse Subsides as High-Grade NPI Prices Rebound

[SMM Daily Review: Price Collapse Subsides as High-Grade NPI Prices Rebound] February 5 (SMM) - The average price of 10-12% high-grade NPI was 1,037.5 yuan/mtu (ex-factory, tax included), up 7.5 yuan/mtu MoM from the previous working day.

Feb 5, 2026 13:44

[SMM Analysis] Nickel Sulphate Prices Edge Down as Chinese New Year Approaches Amid Weak Market Sentiment

As of Thursday this week, the SMM battery-grade nickel sulphate index stood at 31,939 yuan/mt, with the quotation range for battery-grade nickel sulphate between 31,700-32,800 yuan/mt. The average price edged down WoW.

Feb 5, 2026 13:16

Silver Price Forecast: 30% Historic CRASH - Buy The Dip Or Run?

The silver price’s blistering rally came to an abrupt halt on Friday as XAG/USD collapsed by almost 30%, briefly plunging from Thursday’s record high above $120 to near $83.

Feb 2, 2026 15:52

[SMM Analysis] Tungsten Inventory Depletion in Europe Triggers Panic Buying, Accelerating Global Price Uptrend

Feb 2, 2026 16:35

[SMM Conference] Join Industry Leaders & Navigate Green Transition at the GRMI 2026 in Tokyo this May

Feb 2, 2026 10:41

[SMM Analysis] January Lithium Carbonate Market: A Roller Coaster Ride Fueled by Sentiment & Pre-holiday Buying

Jan 30, 2026 19:03

[SMM Analysis] Reshaping Cu Cons Trade Flows: China's New Raw Material Strategy Landscape Amid Geopolitical Chessboard

Jan 31, 2026 23:05

[SMM Analysis] India PV Market Observation: DCR Module Premium Pulls Back, Price Trend Returns to Cost Logic

Jan 30, 2026 18:54

[SMM Analysis] Zinc Prices Hit Over Three-Year High in January, How Will They Perform in February?

Jan 30, 2026 17:42

High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip

23 mins ago

High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches

25 mins ago

Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu

26 mins ago

[SMM Analysis] Nickel Price Limit-Down Triggers Sell-Off, High-Grade NPI Prices Plunge at Week's Start

36 mins ago

High-Grade NPI Prices See Slight Rebound Amid Flat Supply and Low Demand Before Holiday

51 mins ago

SMM High-Grade NPI Price Rises to 1,040 Yuan/mtu on Feb 6, Market Sentiment Slightly Down

57 mins ago

[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.

Feb 6, 2026 17:00

[SMM Analysis] The market experienced panic selling this week, and nickel prices plummeted.

Feb 6, 2026 16:38

Data: SHFE, DCE market movement (Feb 06)

Feb 6, 2026 16:14

[NPI Daily Review] High-grade NPI Prices See Slight Rebound, Significant Fluctuations Unlikely Before Holiday

Feb 6, 2026 15:16

[SMM Nickel Midday Review] Nickel Prices Continued Their Decline on February 6, While the Eurozone Kept Its Three Key Interest Rates Unchanged

Feb 6, 2026 13:40

Rio Tinto Ends Takeover Talks with Glencore Again

Feb 6, 2026 00:04

[SMM Analysis] Ternary Precursor Market Enters Traditional Off-Season in February

Feb 5, 2026 16:09

[SMM Analysis] NCM Manufacturers Still Hold a "Buy on the Rise, Not on the Decline" Mentality

Feb 5, 2026 16:01

Data: SHFE, DCE market movement (Feb 05)

Feb 5, 2026 15:57

Nickel Futures Retreat, Low-Price Collapse Eases; Market Activity Remains Subdued Before Holiday

Feb 5, 2026 14:47

SMM High-Grade NPI Price Rises to 1,037.5 Yuan/mtu, Market Sentiment Improves

Feb 5, 2026 14:46

[SMM Analysis]Energy Storage Focus: LFP Batteries Emerge as a Second Marginal Increment to Sulfur Demand

Feb 5, 2026 14:09

[NPI Daily Review] Price Collapse Subsides as High-Grade NPI Prices Rebound

Feb 5, 2026 13:44

[SMM Analysis] Nickel Sulphate Prices Edge Down as Chinese New Year Approaches Amid Weak Market Sentiment

Feb 5, 2026 13:16

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