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  Magnesium Ingot and Raw Material Prices Stable with Weakening Trend, Tight Magnesium Alloy Supply Supports Processing Fee [SMM Magnesium Morning Meeting Summary]

  [SMM Magnesium Morning Conference Minutes: Magnesium Ingot and Raw Material Prices Stable with Weakening Trend, Tight Magnesium Alloy Supply Supports Processing Fee] On January 15, raw material side, dolomite supply in Wutai area tightened due to the suspension of production by leading producers, and prices are expected to hold up well supported by demand; ferrosilicon futures weakened, spot transactions were sluggish, and prices remained weak. Magnesium ingot market transactions were weak, mainstream quotations in Fugu area were slightly lowered, and domestic and export demand was stable but lacked strong support. In the magnesium alloy market, as leading producers have orders scheduled until February, spot supply remains tight, and processing fees continue to hold up well supported by rising aluminum prices and cost support. The magnesium powder market remained generally stable, a pullback in raw material prices led to a slight softening of product prices, enterprises mainly produce based on sales, demand side remains largely rigid, with no clear growth momentum visible. Overall, the market lacks a unified upward driver in the short term, and structural divergence is expected to continue.

• [SMM Stainless Steel Daily Review] SS Futures Hold Up Well, Stainless Steel Spot Prices Supported at High Levels

  [SMM Stainless Steel Daily Review] SS Futures Hold Up Well, Stainless Steel Spot Prices Supported at Highs: SMM January 14 - SS futures continued to hold up well. The overall strength in nonferrous metals futures drove stainless steel futures higher, with SS futures once again testing above the 14,000 yuan/mt mark. In the spot market, driven by the strong futures performance, spot traders raised their offers. Although downstream wait-and-see sentiment intensified and inquiries and transactions were weak, the continuous rise in futures, along with cost support from high-grade NPI and high-carbon ferrochrome pushing costs higher, coupled with limited low-price restocking by traders earlier and scarce low-priced spot cargo, maintained some bullish expectations in the market, supporting prices to fluctuate at highs. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., the SS2603 contract was quoted at 13,930 yuan/mt, up 135 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 40-240 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,400 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 13,900 yuan/mt, while in Foshan it was 13,800 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, the price was 25,725 yuan/mt, and in Foshan it was 25,725 yuan/mt; for hot-rolled 316L/NO.1 coil in Wuxi, the price was 24,650 yuan/mt; for cold-rolled 430/2B coil in both Wuxi and Foshan, the price was 7,650 yuan/mt. Recently, SHFE nickel futures prices surged sharply, driving SS stainless steel futures higher...

• Macro and Fundamentals Present a Mix of Long and Short Factors, Aluminum Prices Hover at Highs [SMM Aluminum Morning Meeting Minutes]

  [SMM Aluminum Morning Meeting Minutes: Macro and Fundamental Factors Create a Mixed Outlook, Aluminum Prices Hover at Highs] Currently, the reality of subdued fundamental consumption and continuously accumulating social inventory is exerting some pressure on the sustained rise of aluminum prices. However, strong macroeconomic policy expectations and geopolitical risks continue to provide solid support, and aluminum prices are expected to fluctuate at highs.

• Automobile Production and Sales Hit a New High Again in 2025, Exports Exceed 7 Million Units [SMM Cast Aluminum Alloy Morning Comment]

  [SMM Cast Aluminum Alloy Morning Comment: 2025 Automobile Production and Sales Hit New Highs, Exports Exceed 7 Million Units] Overnight, the cast aluminum alloy 2603 contract opened at 23,395 yuan/mt, trended lower after opening and hit a bottom of 23,185 yuan/mt, then rebounded to a high of 23,550 yuan/mt, before pulling back to 23,425 yuan/mt by the close, up 45 yuan/mt or 0.19% from the previous close, with bulls mainly increasing positions.

• U.S.-Iran Tensions Fuel Safe-Haven Sentiment, LME Copper Closes Higher Overnight [SMM Copper Morning Meeting Minutes]

  SMM Morning Meeting Minutes: LME copper opened at $13,176.5/mt overnight, fluctuating considerably at the beginning of the session and falling to $13,140/mt, then continuing to fluctuate considerably. Approaching the end of the session, the center of copper prices gradually moved upward, finally closing at $13,300/mt, reaching the intraday high with a gain of 1.09%. Trading volume reached 33,800 lots, and open interest stood at 324,000 lots, a decrease of 670 lots from the previous trading day, indicating bear position reduction. The most-traded SHFE copper contract 2603 opened at 104,350 yuan/mt overnight, hitting a high of 104,660 yuan/mt at the beginning of the session. Subsequently, the center of copper prices moved straight downward, falling to 103,290 yuan/mt, then fluctuating considerably and finally closing at 103,660 yuan/mt, a decline of 0.49%. Trading volume reached 143,000 lots, and open interest stood at 241,000 lots, a decrease of 553 lots from the previous trading day, indicating bull position reduction.