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  2025 Copper Cathode Rod Industry Year-End Review and 2026 Market Outlook 【SMM Analysis】

  2025 Copper Cathode Rod Industry Year-End Review and 2026 Market Outlook 【SMM Analysis】: 2025 has concluded, with the copper cathode rod industry experiencing continuous fluctuations throughout the year in line with copper price movements, and the industry's operational pace repeatedly oscillating. Looking back at this year, what characteristics did the operating performance of copper cathode rod enterprises exhibit? What are the market's expectations for the industry in 2026? The detailed analysis is as follows:

• Increasing Cost Pressure Weighs on Lithium Manganate Market Ahead of Spring Festival

  In late January 2026, China’s domestic lithium manganate market has fallen into a dilemma characterized by strong cost-side pressure and weak demand-side performance. The price of lithium carbonate, a core raw material, has kept fluctuating upward since the beginning of the month, directly driving up the production cost of lithium manganate. Meanwhile, downstream demand has been muted, and the market’s capacity to absorb cost increases remains insufficient, failing to digest the pressure from cost transmission.Amid the interplay of bullish and bearish factors, lithium manganate prices have stayed in a weak and stable pattern, under persistent operational pressure.

• [SMM Analysis] Core Demand Support Remains Solid, GO Silicon Steel Prices Expected to Hold Steady Next Week

  [Core Demand Support Remains Solid, GO Silicon Steel Prices May Hold Steady Next Week] This week, the cold-rolled grain-oriented silicon steel market overall stabilized, with the market pace slowing further. Market feedback indicated that HRC futures initially rose then fell during the week. Affected by this, most local grain-oriented silicon steel traders maintained stable quotations, with no significant price adjustments observed. End-user procurement was primarily need-based restocking, and overall trading activity remained subdued, though core demand support remained solid...

• Game Between Cost Pressure and Demand Support Keeps Trimanganese Tetroxide Market Stable Ahead of Spring Festival

  In late January 2026, China’s domestic trimanganese tetroxide market presents a two-way game of rising cost pressure and steadily recovering demand. Sustained price increases of upstream raw materials such as electrolytic manganese and manganese sulfate have imposed heavy cost burdens on manufacturers. Meanwhile, rising prices of downstream lithium manganate, coupled with the release of pre-holiday restocking demand ahead of the Spring Festival, have provided solid support for the market.Under the mutual restraint of bullish and bearish factors, market prices have maintained stable operation, and the industry generally expects trimanganese tetroxide prices to stay largely flat before the Spring Festival.

• Raw Material Pressure and Industry Alliance Regulation Intertwine Electrolytic Manganese Market Stops Decline and Rebounds

  In late January 2026, China’s domestic electrolytic manganese market has been operating under a pattern of elevated raw material pressure, optimized supply and stable demand support. Prices, which had been on a continuous correction, have gradually stopped falling and rebounded, accompanied by a recovery in market sentiment. Coupled with the release of downstream restocking demand ahead of the Spring Festival, the industry generally expects a mild price uptick in the short term, followed by a gradual return to stability as the supply-demand balance improve