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  [SMM Analysis] Review and Post-Holiday Outlook of the High-Grade NPI Market During the 2026 Chinese New Year Holiday

  [SMM Analysis: Review and Post-Holiday Outlook of the High-Grade NPI Market During the 2026 Chinese New Year Holiday] Looking ahead, from a macro perspective, influenced by Indonesia's quota tightening policy, nickel prices are expected to enter a pattern of high-level wide swings after the Chinese New Year holiday, which will drive high-grade NPI prices.

• [SMM Hot-Rolled Steel Arrivals] Holiday Period Sees Significant Increase in Arrivals at Mainstream Markets  

  SMM Steel, February 24 – According to SMM statistics, the estimated total shipments to mainstream markets this week reached 302,700 mt, up 50.90% WoW. By market:

• With copper inventory increasing beyond expectations, how has the fundamental trading logic shifted?

  After the Chinese New Year holiday, the first fundamental indicator to watch post-holiday is undoubtedly inventory! SMM compiles the latest inventory data from three markets (LME, COMEX, SHFE) and the evolving logic for the future outlook.

• Post-holiday resumption pace remains slow, the most-traded SHFE tin contract fluctuates at highs [SMM Tin Futures Brief Review]

  [SMM Tin Futures Review: Post-Holiday Work Resumption Pace Remains Slow, the Most-Traded SHFE Tin Contract Fluctuates at Highs]

• [SMM Survey] Accidents and Holiday Impact Lead to Short-Term Pullback in Central China Rebar Production

  During the survey period (February 10 to February 23), the operating rates and capacity utilization rates of rebar and wire rod rolling mills in the Central China region decreased to varying degrees.