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  [Domestic Iron Ore Brief Review] Iron ore concentrate prices in west Liaoning may maintain volatile operation

  [Domestic Iron Ore Brief: Iron Ore Concentrate Prices in West Liaoning Expected to Remain Volatile] Iron ore concentrate prices in west Liaoning are relatively stable, with ex-factory prices for 66% grade iron ore concentrates on a wet basis excluding tax at 740-750 yuan/mt. Currently, production at mines and beneficiation plants is relatively stable, and local safety inspections have been relaxed, with most operations proceeding as planned. According to feedback from mines and beneficiation plants, current temperatures are low; if ore supply is sufficient, they will not easily halt production, as otherwise the drainage systems could freeze, preventing production in the short term. Meanwhile, steel mills continue to exhibit a strong overall desire to bargain down prices.

• [SMM Coking Coal and Coke Daily Brief] January 28, 2026

  [SMM Coking Coal and Coke Daily Briefing] In terms of news, market rumors suggest that the first round of coke price increases is expected to be implemented this Friday. In terms of supply, recent environmental protection alerts in North China, coupled with the fact that most coking enterprises are operating at a loss, have suppressed production enthusiasm, leading to expectations of a slight reduction in coke supply. On the demand side, steel mills have largely completed their pre-Chinese New Year restocking, with their coke inventories at reasonable levels. Additionally, end-use demand for finished steel products remains weak, prompting steel mills to adopt a cautious approach toward coke procurement. Overall, with both supply and demand for coke remaining weak and cost support still in place, the coke market is likely to stabilize in the short term, though there remains some expectation for the first round of price increases to be implemented.

• Data: SHFE, DCE market movement (Jan 28)

  The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 28 Jan , 2026

• Beyond EV-Only: Regional Strategies for an EV + ESS Battery Cycle After 2026

  From 2026 onward, the most practical way to frame battery demand in non-China markets is EV + ESS, not EV versus ESS. EVs remain the foundational driver, but ESS is increasingly scaling as a second pillar tied to grid needs and power-demand growth, which helps broaden demand and improve utilization visibility. Because the drivers diverge by region—Europe leaning toward infrastructure-supported EV adoption with competition tightening around cost, lead time, and supply reliability, and North America facing greater EV “pace” sensitivity while storage gains strength from grid economics—portfolio strategy and execution priorities will need to be explicitly region-specific.

• SHFE Lead Extended Decline, Recording a Four-Day Losing Streak [Lead Futures Brief Review]