- Futures
- Base Metals
- New Energy
- Ferrous Metals
- Rare Earth
- Scrap Metals
- Minor Metals
The operating rate for secondary copper rod was 20.42% in December 2025, higher than the expected 19.61%, but down 3.42 percentage points MoM and 15.92 percentage points YoY. The secondary copper rod market fell into a triple dilemma of "high prices, high policy barriers, and low end-use demand" at year-end, operating at a historically low range
[Limited Positive Factors, GO Silicon Steel Prices to Continue in the Doldrums Next Week] This week, the domestic grain-oriented silicon steel market generally operated in the doldrums, with limited regional divergence and persistently sluggish trading activity. Market feedback indicated that ferrous metals futures retreated after a rapid rise this week, with HRC futures showing strength initially before weakening, leading to a pullback in market sentiment. Coupled with relatively ample supply in the industry and the normal release of production from newly commissioned lines at some manufacturers, spot prices faced slight pressure.
In December 2025, domestic silver production increased by approximately 4.4% MoM. Full-year (January-December) SMM 1# silver production reached around 18,600 mt, up about 5.42% YoY.
【SMM Analysis】Weekly Review of Indonesian Nickel Market - Jan 9
MOMS Delays and West Monsoon Slow Down Supply; HPM Sees Slight Dip Amid Policy Uncertainty
The prices of far-month contracts are, to some extent, determined by market expectations regarding future supply-demand dynamics and price trends, hence differing from spot prices. In contrast, as near-month contracts approach delivery, they are increasingly influenced by actual supply-demand conditions in the spot market, ultimately exhibiting a convergence characteristic where futures and spot prices align.
