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  [SMM Analysis] December Nickel Matte Imports and Exports

  According to the latest data from China Customs, China's total nickel matte imports in December 2025 reached 40,372 mt in physical content, up 1% MoM and 92% YoY.

• DMC Price Center Slightly Rises, Market Transactions Dominated by Rigid Demand [SMM Silicone Weekly Review]

  [SMM Silicone Weekly Review: DMC Price Center Edged Up, Market Transactions Driven by Rigid Demand] This week, domestic silicone DMC prices showed a slight rise before stabilizing, with the mainstream transaction range climbing to 13,800-14,000 yuan/mt, up 50 yuan/mt WoW. Regionally, monomer enterprises in Shandong quoted 13,800 yuan/mt, up 100 yuan/mt WoW, while other major monomer enterprises maintained their quotes at 14,000 yuan/mt.

• Magnesium Market Fluctuates Rangebound, Inventory Gradually Declines Amid Cost-Demand Tug-of-War [SMM Magnesium Weekly Review]

  [SMM Magnesium Weekly Review: Magnesium Market Fluctuates Rangebound, Inventory Gradually Declines Amid Tug-of-War Between Cost and Demand] This week, the magnesium industry chain overall showed a pattern of rangebound fluctuations amid a tug-of-war between sellers and buyers. Upstream, the dolomite market is expected to remain firm due to persistent tightness of high-quality resources in Wutai, while supply from other production areas remained stable. The price of magnesium ingot first fell then rose, with the transaction price of 99.90% magnesium ingot in major production areas dropping initially before rebounding to 16,300 yuan/mt, down 300 yuan WoW, mainly supported by downstream buying the dip, lower producer inventory, and reluctance to sell. FOB quotes in the overseas market fluctuated similarly, but overall overseas market activity was sluggish, with traders showing strong wait-and-see sentiment. Magnesium powder prices continued weak due to falling raw material costs; demand side was mainly focused on executing previous orders, with weak purchase willingness. Magnesium alloy showed a divergent trend of "declining base price but firm processing fee"; cost side, fluctuations in magnesium ingot and aluminum prices squeezed profit margins, while the processing fee gained support under a tight supply-demand balance. Overall, the market repeatedly seesawed between cost support and weak demand, showing characteristics of structural divergence and consolidation.

• Data: SHFE, DCE market movement (Jan 22)

  The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 22 Jan , 2026

• [SMM Announcement] Announcement on the Launch of the Annual SMM Copper Scrap—Domestic Copper Scrap Production Data