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  US Department of National Defense Invests in Canadian Company to Expand Germanium Refining Capacity

• Domestic Efforts to Improve the Copper Resource Reserve System Construction: Will SHFE Copper Continue to Fluctuate at Highs? [Wenhua Observation]

• The Most-Traded BC Copper Contract Closed Up 3.61%, Spot Supply Tight, Pre-Holiday Demand Weak [SMM BC Copper Review]

• SiMn futures fluctuated with an upward trend, and market wait-and-see sentiment remained strong [SMM SiMn Futures Review]

  2.4 News: The SM2605 contract opened at 5,842 yuan/mt and finally closed at 5,868 yuan/mt, up 0.31%. The daily highest price was 5,880 yuan/mt and the lowest price was 5,826 yuan/mt. Trading volume was 118,900 lots, and open interest was 354,221 lots. Today, SiMn futures edged up under pressure. Cost side, overall manganese ore transaction prices remained high and the market temporarily stabilized, providing strong cost support for SiMn alloy prices. In 2026, the cost support from local electricity prices in Inner Mongolia and electricity prices in south China for alloy costs was under verification, but a rise was likely. At the start of the week, SiMn alloy cost support temporarily stabilized. Supply side, newly added SiMn furnaces in the main northern production areas gradually started producing iron, increasing supply pressure for standard SiMn. Operating rates at alloy plants in south China remained stably low. In 2026, the intensity of electricity fee policies in Guangxi and Guizhou awaited verification; most plants maintained off-peak production. With the Chinese New Year approaching, manufacturers chose temporary shutdowns, adopting a strong wait-and-see attitude, pending post-holiday electricity settlement prices. Currently, loose supply pressure for SiMn persisted. Demand side, HBIS Group's SiMn procurement for February 2026 awaited verification. The current SiMn market continued to be dominated by volatile movements.

• 2026 Galvanized Sheet Chinese New Year Break Arrangements: A First Look!

  With the Chinese New Year holiday approaching, galvanized sheet plants in multiple domestic regions have successively announced their holiday shutdown plans. SMM conducted a survey on the holiday situation among galvanized sheet enterprises, covering a sample of 22 enterprises with a total annual capacity of 16.83 million mt.