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  [SMM Survey Daily Briefing] 20260109

  [SMM Coal and Coke Daily Brief] Supply side, overall production levels at coke plants remain stable for now, and due to improved sales, some plants have increased output. Demand side, steel mill profits have recovered, and with some mills completing maintenance and starting to resume production, daily average hot metal output is gradually rising, creating rigid demand for coke. However, finished steel prices are under pressure again, and steel mills still have a desire to bargain down coke prices. In summary, cost support is not solid, demand performance is weakening, and there are still expectations of a fifth round of coke price declines. Next week, the coke market is expected to operate generally stable with a slight fall.

• Pre-Holiday Stockpiling Supports Iron Ore Prices, Still Room for Upside [SMM Brief Review]

• Weekly Review of Lead Futures Prices (Jan 5, 2026–Jan 9, 2026) [SMM Lead Weekly Review]

• Bears Exited, SHFE Lead Stopped Falling and Stabilized [Lead Futures Brief Review]

• Recent Macro Disturbances Persist, SHFE and LME Center Significantly Rises [SMM Market Review - Weekly Price Commentary]

  [Recent Macro Disturbances Persist, SHFE and LME Price Centers Rise Significantly] At the beginning of the week, supported by tightening geopolitical tensions in certain international regions and boosted by the strong upward momentum of base metals such as copper and aluminum, continuous inflows of bullish funds into the futures market have steadily pushed the price center higher...