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  BC Copper Hits Bottom and Rebounds to Close Higher, Spot Copper Demand Weakens with Prices [SMM BC Copper Review]

• [SMM Hot-Rolled Steel Arrivals] Arrivals in Major Markets Continued to Decline This Week  

  SMM Steel, February 3 – According to SMM statistics, estimated total shipments to mainstream markets this week were 235,300 mt, down 2.28% WoW. By market:

• [SMM Sheets & Plates Daily Review] Rebar Futures Fluctuated Rangebound, Spot Cargo Trading Slowed Down

  HRC futures rose first and then fell today, with the most-traded contract closing at 3,265, down 0.34% intraday; spot market prices remained relatively stable. Supply side, this week's HRC maintenance impact stood at 274,500 mt, up 12,000 mt WoW, while next week's HRC maintenance impact is expected to be 24.59 mt, down 28,600 mt WoW; HRC production remained stable WoW ahead of the holiday. Demand side, manufacturing end-users gradually entered the holiday period this week, with purchasing enthusiasm slowing down and end-users purchasing as needed. Raw material side, hot metal output is expected to rebound MoM, but pre-holiday restocking by steel mills has temporarily concluded, leaving cost support neutral. Looking ahead, sheets & plates lack clear short-term drivers and are expected to continue fluctuating rangebound following capital market sentiment.

• [SMM Chromium Daily Review] Trading Activity Weakens, Market Operates Steadily

  [SMM Chromium Daily Review: Transactions Weakened Slightly, Market Operated Steadily] February 3, 2026: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

• MMi Daily Iron Ore Report (February 3)

  Today, the DCE iron ore market extended its volatile and weak trend. The benchmark contract, I2605, closed at 777.5 RMB/tonne, representing a decline of 1.14% from the previous trading day.