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  [SMM Announcement] Announcement：Addition of Three Price Points for Solid-State Batteries: Diphosphorus Pentaphosphide, Lithium Bromide, and Oxide Electrolyte LLZO

• [SMM Analysis]In 2025, China’s total copper concentrate imports exceeded 30 million tons, yet geopolitical risks intensified supply chain shifts.

  [SMM Analysis:In 2025, China’s total copper concentrate imports exceeded 30 million tons, yet geopolitical risks intensified supply chain shifts.] It is worth noting that in recent years, major global copper-producing countries have increasingly strengthened control and strategic competition over key mineral resources, leading to significant volatility and uncertainty in the international copper supply chain. As the world’s largest copper consumer, China’s copper concentrate import sources are influenced by multiple geopolitical and trade policy factors.

• Zijin Mining: Phase II Project of Julong Copper Mine Completed and Put into Operation, Net Profit Forecast to Increase YoY in 2025

• Fortescue's Iron Ore Exports Increased

• [SMM Analysis] Poor Downstream Demand Leads to Continuous Inventory Buildup of HRC in Ningbo

  According to the SMM survey, the large-caliber inventory of SMM Ningbo HRC stood at 332,500 mt this week (as of January 21), up 6,000 mt WoW.Futures prices declined first and then rose this week, while spot prices fell by 10 yuan/mt from last Friday, with trading performance ranging from moderate to weak during the week. As of the afternoon close on January 23, the most-traded HRC 2605 futures contract closed at 3,305 yuan/mt.