Hot News

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  Dual Highs Suppress Demand, Spot Aluminum Trading in South China Cools Down [SMM South China Spot Aluminum Daily Review]

• BC Copper fluctuated upward and closed higher, primarily driven by macro tailwinds and improved sentiment. [SMM BC Copper Review]

• Operating Rate Rises for 8th Consecutive Month, Copper Foil Industry Ends 2025 on a High Note [SMM Analysis]

  SMM Analysis: According to SMM, the operating rate of Chinese copper foil enterprises reached 88.20% in December 2025, up 1.90 percentage points MoM and up 12.56 percentage points YoY...

• Steady Demand Support Holds Up Well, Iron Ore Prices Hold Up Well [SMM Brief Review]

• Silicon futures held up well, with a warm trading atmosphere in the market. [SMM Silicon Manganese Futures Review]

  SM2603 contract opened at 5,969 yuan/mt and closed at 5,930 yuan/mt, up 0.85%. The highest price was 5,964 yuan/mt and the lowest price was 5,892 yuan/mt. Trading volume was 144,800 lots and open interest was 257,314 lots. SiMn futures held up well today, with a relatively warm trading atmosphere. Cost side, manganese ore market prices remained high at the beginning of the week, and traders' offers stayed firm, with transaction prices for manganese ore rising slightly. Supply side, new SiMn furnaces in the main northern production areas started production earlier, increasing general-grade SiMn capacity. Operating rates in south China alloy plants remained stably low. It is understood that the strength of electricity price preferential policies in Guangxi and Guizhou for 2026 remains to be verified, with most plants still maintaining off-peak production, and some choosing to suspend operations temporarily. Loose supply pressure for SiMn persists. Demand side, downstream steel mills have begun winter stockpiling, which may provide short-term demand support, pending the release of new round tender prices for SiMn from downstream steel mills this month. The SiMn market is currently fluctuating, and fundamental supply-demand conditions still require close monitoring.