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The National Bureau of Statistics (NBS): The manufacturing PMI in January was 49.3%, down 0.8 percentage points MoM.

On February 2, the SMM #1 refined nickel price was 135,000–145,400 yuan/mt, with an average price of 140,200 yuan/mt, down 5,950 yuan/mt from the previous trading day. The mainstream spot premiums/discounts quotation range for Jinchuan #1 refined nickel was 8,500–9,000 yuan/mt, with an average premium of 8,750 yuan/mt, up 1,500 yuan/mt from the previous trading day. The spot premiums/discounts quotation range for mainstream domestic electrodeposited nickel brands was -400–400 yuan/mt.

Recently, Suqian Urban Public Transportation Co., Ltd. and CATL formally signed a strategic cooperation framework agreement. The two parties will engage in in-depth collaboration in areas such as the implementation of the "Ningjia Service," the application of vehicle-to-grid technology, and vehicle aftermarket services, jointly exploring new models for the integrated development of "transportation + energy." This collaboration will also support Suqian in implementing Jiangsu Province's "transportation-energy integration" policies and the "dual-carbon" goals, accelerating the iteration of transportation equipment, and creating a regionally distinctive model for sustainable development.

On February 1, BYD disclosed its production and sales report for January 2026. The report stated that the total installed capacity of new energy vehicle power batteries and energy storage batteries in January 2026 was approximately 20.187 GWh, with the cumulative installed capacity for 2026 also at approximately 20.187 GWh. According to statistics, the installed capacity of new energy vehicle power batteries and energy storage batteries in January 2026 increased by 30.15% year-on-year but decreased by 26.2% month-on-month. Additionally, BYD exported a total of 100,482 new energy vehicles in January 2026.

SMM News, February 2: According to market sources, Jilang Indium Co., Ltd. of Nandan County plans to sell crude indium ingots on the 2nd of this month. The ingots have an indium content of ≥99.00%, with a total quantity of approximately 1,000 kilograms, meeting the standard YS/T 1163-2016 for crude indium. The delivery location is the warehouse of Jilang Indium Co., Ltd. in Nandan County (Industrial Park, Chehe Town, Nandan County, Hechi City). The seller is responsible for loading and weighing, while transportation costs are to be borne by the buyer. The bidding deadline is 4:30 PM on February 2, 2026, and submissions after this time will be invalid.

[North China spot copper market] As copper prices pulled back significantly, downstream restocking sentiment received a boost, and market activity heated up. However, due to recent high market volatility, enterprises remain cautious. If copper prices stabilize, market transactions are expected to recover further.

Glencore has repeatedly faced severe criticism over the pollution issues caused by its Horne smelter in the Rouyn-Noranda region. To complete the preparatory work aimed at reducing pollutant emissions, Glencore has set a rectification deadline for the Horne smelter of January 31. In a statement, Glencore said, "At this stage, certain key issues remain unresolved. It is essential to break the current deadlock immediately to ensure the continued operation of the Horne smelter and the company’s Montreal refinery, as well as to secure the investments needed to support the future development of the smelter."

As of now, the FOB price of Indonesian MHP nickel is $16,104 per mt Ni, and the FOB price of Indonesian MHP cobalt is $48,994 per mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 86.5-87, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 90. The FOB price of Indonesian high-grade nickel matte is $16,632 per mt Ni.

Researchers at IIT Madras have developed an eco-friendly technique using deep eutectic solvents to extract copper from e-waste without generating hazardous byproducts, representing a scalable and sustainable recycling innovation.

In North China today, 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 50 yuan/mt from the previous trading day. Transaction prices ranged from 99,610 to 100,790 yuan/mt, with an average of 100,200 yuan/mt, down 3,920 yuan/mt from the previous trading day.

American Recycler News, a key publication covering the recycling and scrap industry, announced a change in ownership and leadership, potentially signaling shifts in how industry intelligence and market analysis will be communicated going forward.