The Fourth Session of the 14th National People’s Congress opened at 9:00 a.m. on the morning of the 5th at the Great Hall of the People, where Premier Li Qiang of the State Council delivered the Government Work Report. Based on the relevant content of the Government Work Report, SMM compared the wording of certain core key words with that of 2025:

In January 2026, the European Union and India reached a historic Free Trade Agreement (FTA), with the elimination of steel tariffs of up to 22% becoming a major market focus. However, clearing the policy fog of "bilateral exemptions" and analyzing actual export and carbon emission data reveals that the steel industry faces a highly asymmetric trade reshaping. This seemingly fair reduction is actually Europe trading a "capped" ticket for India's "uncapped" massive incremental market.

LME copper opened at $7903.5/mt overnight, with its session low and high at $7890/mt and $7995/mt before closing up 0.57% at $7985.5/mt.

On January 22, Chery's JETOUR brand introduced a new luxury off-road product range, named JETOUR Zongheng (name in Chinese pinyin).

The table below shows daily changes of SHFE base metals and stainless steel warrants today.

The table below shows daily changes of SHFE base metals and stainless steel warrants today.