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  [SMM Analysis] Limited Positive Factors, GO Silicon Steel Prices to Continue in the Doldrums Next Week

  [Limited Positive Factors, GO Silicon Steel Prices to Continue in the Doldrums Next Week] This week, the domestic grain-oriented silicon steel market generally operated in the doldrums, with limited regional divergence and persistently sluggish trading activity. Market feedback indicated that ferrous metals futures retreated after a rapid rise this week, with HRC futures showing strength initially before weakening, leading to a pullback in market sentiment. Coupled with relatively ample supply in the industry and the normal release of production from newly commissioned lines at some manufacturers, spot prices faced slight pressure.

• Silver Production Rose MoM in December, Cumulative SMM 1# Silver (Ag99.99%) Production Up Over 5% YoY in 2025 [SMM Analysis]

  In December 2025, domestic silver production increased by approximately 4.4% MoM. Full-year (January-December) SMM 1# silver production reached around 18,600 mt, up about 5.42% YoY.

• 【SMM Analysis】Weekly Review of Indonesian Nickel Market - Jan 9

  MOMS Delays and West Monsoon Slow Down Supply; HPM Sees Slight Dip Amid Policy Uncertainty

• [SMM Analysis] The Market Structure of Spot Lithium Carbonate Tilts Toward Spot Orders, Convergence of Futures and Spot Prices Boosts Trading Volume

  The prices of far-month contracts are, to some extent, determined by market expectations regarding future supply-demand dynamics and price trends, hence differing from spot prices. In contrast, as near-month contracts approach delivery, they are increasingly influenced by actual supply-demand conditions in the spot market, ultimately exhibiting a convergence characteristic where futures and spot prices align. 

• ADC12 Price Soars to a Multi-Year High After New Year's Day, While Market Activity Declines [SMM Analysis]

  [SMM Analysis]ADC12 Price Soars to a Multi-Year High After New Year's Day, While Market Activity Declines