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  [SMM Coking Coal and Coke Daily Briefing] 20260126

  [SMM Coking Coal and Coke Daily Brief] Supply side, coking plants are generally in a loss-making position, and the first round of coke price increases has encountered resistance, dampening production enthusiasm. Some coking plants are preparing to cut production due to losses, leading to expectations of tightening coke supply. Demand side, end-use demand for finished steel lacks significant improvement, and hot metal output growth at steel mills is limited. Steel mills remain cautious in their coke purchasing sentiment, with most maintaining medium to high inventory levels. Subsequently, they will primarily purchase coke as needed. In summary, steel mills show limited willingness to accept coke price hikes, and the standoff between coking plants and steel mills continues. The coke market is expected to remain stable this week.

• [SMM Stainless Steel Daily Review] News-Driven SS Futures Retreat After Rapid Rise, Stainless Steel Spot Purchase Sluggish Ahead of Holiday

  [SMM Stainless Steel Daily Review] SS Futures Retreat After Rapid Rise on News, Spot Purchasing Sluggish Before Holiday SMM, Jan. 26: SS futures retreated after a rapid rise. Affected by a nickel ore ship accident, market expectations for tight nickel ore supply intensified. The daytime session opened with fluctuations and strengthened, hitting a high of 14,955 yuan/mt, but then gradually pulled back, closing at 14,645 yuan/mt. In the spot market, driven by news in the morning and the strength in SS futures, spot traders raised their offers, but actual transactions were not ideal. Downstream end-users showed clear fear of high prices, making just-in-time procurement as the main approach ahead of the Chinese New Year holiday. The most-traded SS futures contract retreated after a rapid rise. At 10:30 a.m., the SS2603 contract was quoted at 14,810 yuan/mt, up 55 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of -140 to -40 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,500 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 14,550 yuan/mt, while in Foshan it was 14,450 yuan/mt; in Wuxi, cold-rolled 316L/2B coil was 26,600 yuan/mt, and in Foshan it was 26,600 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was quoted at 25,800 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan was 7,800 yuan/mt. This week, driven by capital, market bullish sentiment continued to heat up; coupled with low social inventory of stainless steel and relatively low arrivals at steel mills, some futures-spot institutions faced restrictions in picking up goods from previous orders, making it difficult to cover short positions…

• Data: SHFE, DCE market movement (Jan 26)

  The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 26 Jan , 2026

• Traders' willingness to sell pulled back, and market offers gradually stabilized [SMM Yangshan Spot Copper]

• 2025 Refined Copper Imports and Exports Review: A Turning Point in China’s Offshore Trade Structure

  In 2025, China’s refined copper market underwent a notable shift in its trade structure, with net imports falling to the lowest level in nearly three years. According to customs data, China imported 3.35 million metric tons of refined copper in 2025, marking a year-on-year decrease of 10.27%, while exports surged to 790,000 metric tons, up 73.67% from the previous year.