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  [SMM Announcement] Notice of Delisting Some Automotive Steel Price Points

• MMi Daily Iron Ore Report (January 26)

  Today, Dalian iron ore futures trended weakly. The benchmark contract I2605 ultimately closed at 784.5 RMB/tonne, representing a decline of 0.95% from the previous trading day.

• Do electricity prices support remain to be verified? SiMn futures fluctuate and pull back [SMM ferrosilicon manganese futures review]

  SM2605 contract opened at 5,870 yuan/mt and closed at 5,828 yuan/mt, down 0.41%. The daily highest price was 5,890 yuan/mt, and the lowest price was 5,824 yuan/mt. Trading volume was 132,400 lots, and open interest was 359,586 lots. SiMn futures fluctuated and pulled back today. Cost side, overall manganese ore transaction prices remained high, providing strong cost support for SiMn alloy prices; electricity prices in Inner Mongolia and south China for 2026 are under verification. Supply side, newly started SiMn furnaces in the main northern production regions earlier increased capacity for regular-grade SiMn, with iron output commencing this month, adding to supply pressure. Operating rates at southern alloy plants remained stably low. It is understood that the extent of electricity fee preferential policies in Guangxi and Guizhou for 2026 awaits verification, with most plants maintaining off-peak production, and some choosing to temporarily halt production pending the month-end electricity fee settlement. Loose SiMn supply pressure persists. Demand side, HBIS Group’s January SiMn procurement volume was 17,000 mt, up from December’s 14,700 mt, with the SiMn price set at 5,920 yuan/mt, up from December’s 5,770 yuan/mt. Market sentiment remained mediocre. The current SiMn market continues to be dominated by volatile movement.

• The most-traded BC copper contract closed up 1.15%, with geopolitical risks boosting copper prices [SMM BC Copper Review]

• [Domestic Iron Ore Brief Review] Iron Ore Concentrate Prices in Shandong Region May Show Volatile Fluctuations

  [Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Shandong Region Expected to Fluctuate] In Shandong, the 64-grade alkaline powder is quoted at 874 yuan per dry metric ton, down by 27 yuan, on a pre-tax, acceptance-paid ex-mine basis. Steel mills have simultaneously lowered their prices. Recently, affected by local snowfall, miners' shipments have slowed down. Moreover, with expectations of a price reduction by major mining companies, steel mills' purchasing enthusiasm has waned compared to the previous period. However, current steel mill inventories remain at relatively low levels.