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  [SMM Analysis] Nickel Price Limit-Down Triggers Sell-Off, High-Grade NPI Prices Plunge at Week's Start

  The average price of SMM 10-12% high-grade NPI fell 17.2 yuan/mtu WoW to 1,035.8 yuan/mtu (ex-factory, tax included), while the average Indonesian NPI FOB index price dropped $2.06/mtu WoW to $131.2/mtu. At the beginning of the week, futures hit limit-down, nickel prices fell sharply WoW, triggering low-priced sales of arbitrage materials in the market and causing a notable decline in high-grade NPI prices.

• Silicon Metal Market Review for January and Outlook for February

  In January, the silicon metal market experienced a relatively loose supply-demand balance, with a theoretical inventory buildup of approximately 30,000 mt. In February, both supply and demand contracted simultaneously, and the market is expected to show a tight balance or minor destocking. The current high industry inventory still requires time to be digested, and the sustainability of destocking remains a key variable affecting price trends and market sentiment.

• 2026 Chinese New Year Holiday Arrangements for Copper Pipe & Tube Enterprises

  A survey of mainstream copper pipe & tube enterprises revealed a distinct "tiered" pattern in holiday arrangements, with business conditions varying significantly among companies.

• 2026 Arrangements for Secondary Aluminum Alloy Enterprises During Chinese New Year Break [SMM Analysis]

  [SMM Analysis]2026 Arrangements for Secondary Aluminum Alloy Enterprises During Chinese New Year Break [SMM Analysis]

• BC Copper 2603 closed down 2.25% as macro headwinds continued to weigh [SMM BC Copper Review]