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  [SMM Nickel Midday Review] Nickel Prices Surged Sharply on January 15, Central Bank Conducted 900 Billion Yuan in Outright Reverse Repo Operations

• [SMM Analysis] Indonesian 304 SS Breaks $2,000: Market Dynamics Amidst Rising Costs and Capacity Expansion

  As we enter 2026, the Indonesian stainless steel market presents a complex landscape characterized by a mismatch between supply and demand alongside high operational costs. On one hand, driven by market trends in China and supported by raw material costs, export quotes for 304/2B have surged by nearly $200 in a short period, with mainstream quotes approaching $1,930/mt.

• The Most-Traded SHFE Tin Contract Extended Gains by 7%, Prices Consolidate at High Levels After Exchange Adjusts % Change Limits [SMM Tin Midday Review]

  [ SMM Tin Midday Review: The most-traded SHFE tin contract extended gains by 7%, prices consolidated at high levels after exchange adjusted % change limits ]

• On the delivery day, copper prices pulled back, yet the boost to downstream demand was limited [SMM North China Spot Copper]

  In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 300-100 yuan/mt, with an average discount of 200 yuan/mt, up 120 yuan/mt from the previous trading day. Transaction prices ranged from 101,800 to 102,580 yuan/mt, with an average of 102,190 yuan/mt, down 1,265 yuan/mt from the previous trading day.

• 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.