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  [SMM Chromium Daily Review] Trading Sluggish as Holiday Approaches, Chromium Market Remains Stable

  [SMM Chromium Daily Review: Sluggish Trading Ahead of Holidays, Chromium Market Remained Stable] February 4, 2026: High-carbon ferrochrome ex-factory prices in Inner Mongolia were 8,500-8,600 yuan/mt (50% metal content) today, flat MoM from the previous trading day...

• [Domestic Iron Ore Brief Review] Iron Ore Concentrate Prices in the Tangshan Region May Remain in the Doldrums

  [Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Expected to Remain in the Doldrums] Iron ore concentrate prices in the Tangshan region edged down by 1-5 yuan/mt at the start of the week, with delivery-to-factory prices for 66% grade dry basis concentrates, tax included, at 980-985 yuan/mt. Recent market transactions have been relatively sluggish. At mines and beneficiation plants, with the year-end approaching, most are adopting a produce-and-sell approach. On the demand side, steel mills still show no clear restocking demand, and recent iron ore futures...

• Cobalt Market in 2026: Geopolitics Intensifies Market Volatility

• [SMM Analysis] U.S. Launches "Project Vault", Adding Uncertainty to Cobalt Supply from DRC

  The Democratic Republic of the Congo (DRC), the world’s top cobalt supplier (over 70% of global 2024 supply), imposed 2025 export bans/quotas, roiling cobalt prices. With large-scale exports unresumed, the U.S. launched "Project Vault" to secure critical minerals, adding DRC supply uncertainties and heightening geopolitical risks for Chinese cobalt procurement.

• [SMM Stainless Steel Daily Review] SS Futures Strengthen Again and Test Higher, Stainless Steel Spot Prices Follow the Rise, Inquiries and Transactions Show Some Recovery

  [SS Futures Daily Review] SS Futures Strengthen Again and Test Higher Levels, Stainless Steel Spot Prices Follow the Rise, Inquiries and Trading Show Some Recovery: SMM February 4 – SS futures continued to rise sharply. Macro sentiment marginally improved, precious metals stopped falling and rebounded today, and the non-ferrous sector also strengthened. Driven by this, SS futures also moved upward, testing a high of 13,870 yuan/mt. In the spot market, supported by the strong rise in SS futures, stainless steel spot offers also increased; although trading remained generally sluggish as the Chinese New Year holiday approached, market inquiry activity showed some recovery under the recent continuous upward movement of stainless steel prices, and some pre-holiday restocking orders increased compared to earlier periods. The most-traded SS futures contract strengthened and rose. At 10:30 a.m., SS2603 was quoted at 13,860 yuan/mt, up 280 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 310-510 yuan/mt. In the spot market, the average price for 201/2B cold-rolled coil in Wuxi was 8,500 yuan/mt; the average price for 304/2B cold-rolled mill-edge coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price for 316L/2B cold-rolled coil in Wuxi was 26,600 yuan/mt, and 26,600 yuan/mt in Foshan; the price for 316L/NO.1 hot-rolled coil in Wuxi was 25,750 yuan/mt; the price for 430/2B cold-rolled coil in both Wuxi and Foshan was 7,800 yuan/mt. As the Chinese New Year holiday approaches and risk-aversion sentiment intensifies, bulls concentrated on profit-taking, leading to a lack of upward momentum in stainless steel futures, overall showing a bias toward...