February 13, 2026: Today, warrant prices were $45-51/mt, QP March, with the average price rising by $20/mt compared to the previous trading day; B/L prices were $42-56/mt, QP March, with the average price rising by $14/mt compared to the previous trading day; ER copper (CIF B/L) was $15-25/mt, QP March, with the average price rising by $4/mt compared to the previous trading day. Quotations referred to cargoes arriving in late February and early March.
At the beginning of the new year, the import window opened in the morning session, and suppliers raised their offers. A small amount of pyrometallurgy B/L for late February arrival was heard closed at $55-60/mt, QP March; ER B/L offers for late February and early March were $25-30/mt, QP March, while ER B/L for mid-to-late March arrival was offered at $30/mt, QP April. Warrant prices rose significantly, with pyrometallurgy and two-brand B/L offered at $60-65/mt, QP March-April.
![Declining Imports, China's Domestic Substitution: Shifting Landscape in China's Copper Anode Market [SMM Analysis]](https://imgqn.smm.cn/usercenter/xKfXl20251217171711.jpg)
![BC Copper fluctuated and closed higher, with a significant inventory buildup after the holiday [SMM BC Copper Review].](https://imgqn.smm.cn/usercenter/oeWiG20251217171714.jpeg)
