[Slow Resumption of Downstream Work and Inactive Market]: Spot premiums in Tianjin rose slightly this week, up 5 yuan/mt WoW from pre-holiday levels. As of Friday, domestic generic brands were quoted at a discount of 50 yuan/mt to a premium of 20 yuan/mt against the 2603 contract, while premium brands were quoted at a premium of 10–40 yuan/mt against the 2603 contract. Tianjin market was quoted at a discount of about 20 yuan/mt against Shanghai market, narrowing the price spread between Shanghai and Tianjin.
Feb 27, 2026 16:21This week (February 20–26), the SMM copper wire and cable enterprise operating rate was 27.72%, up 12.52 percentage points WoW. Since the eighth day of the first lunar month after the holiday, most wire and cable enterprises have resumed work gradually, but affected by the lagging recovery of end-users, they have not yet fully reached full production, with production mainly focused on executing pre-holiday orders on hand. By end-use sector, order structure showed significant divergence: orders from the power sector such as State Grid and China Southern Grid provided strong support, resulting in relatively good production schedules; orders from construction, communications, and other sectors performed weakly, with overall demand still in a rebound phase. Inventory side, after resuming work, enterprises mainly restocked cautiously, so raw material inventory this week increased 4.24% WoW; for finished product inventories, although enterprises prioritized inventory consumption, due to slow cargo pick-up by end-users, only a slight destocking was achieved, down 2.29% WoW. Looking ahead to next week, after the Lantern Festival, end-use industries will gradually resume work, and the pace of order release is expected to accelerate. SMM expects that next week (February 27–March 5) the copper wire and cable operating rate will increase 30.64 percentage points WoW to 58.36%, up 1.25 percentage points YoY compared to the second week after resumption last year.
Feb 27, 2026 13:31[ SMM Tin Morning Brief: Night session sees the most-traded SHFE tin contract surge then maintain fluctuating trend; spot market trading remains sluggish ]
Feb 27, 2026 08:52The US tariff reset is increasingly reshaping the ex-China battery market as a supply-chain design issue, not just a cost issue. With EV growth slowing and volatility rising, ESS—driven by project-based infrastructure demand—can provide a utilization and cash-flow buffer. As a result, “localization × ESS” execution and product-mix flexibility (including LFP) are becoming more central to competitiveness.
Feb 27, 2026 17:05SMM Morning Meeting Minutes: LME copper opened at $13,317/mt overnight, fluctuated rangebound after opening, then touched a low of $13,168/mt, and subsequently the center rose to touch a high of $13,348/mt, finally closing at $13,259/mt, down 0.68%. Trading volume reached 18,000 lots, a decrease of 809 lots from the previous trading day; open interest reached 316,000 lots, a decrease of 4,795 lots from the previous trading day, overall mainly showing bulls reducing positions. The most-traded SHFE copper contract opened at 102,670 yuan/mt overnight, fluctuated downward after opening, then touched a low of 101,780 yuan/mt, and subsequently the center rose to touch a high of 102,880 yuan/mt, finally closing at 102,550 yuan/mt, down 0.15%. Trading volume reached 55,000 lots, a decrease of 51,000 lots from the previous trading day; open interest reached 186,000 lots, an increase of 1,437 lots from the previous trading day, overall mainly showing bears increasing positions.
Feb 27, 2026 09:00According to precious metals and refinery services provider Heraeus, the gold price continues to show a consolidation phase. Following record highs at the end of December, the market is currently moving sideways within a clearly defined trading range rather than forming a pronounced upward or downward trend.
Feb 27, 2026 09:41In the recent years, the proportion of bauxite ore in Indonesia kept on increasing in the mineral sector. Following the export ban and downstreaming initiatives by the Indonesian government, the bauxite industry will be expected to grow steadily. The valuation and pricing mechanisms for Indonesia bauxite ore in the market are drawing close attention from participants across the supply chain. To proactively address the potential downstreaming market shifts and enhance market transparency, SMM has decided: Commencing November 7, 2025, SMM will officially launch one new price: Indonesian Bauxite (Al2O3: 47%, SiO2: 5%,delivered to destination port,Indonesia,$/wmt) Details of this price point are as follows: Description: Indonesian Bauxite (Al2O3: 47%, SiO2: 5%,delivered to destination port,Indonesia,$/wmt) Quality: Total alumina 47% total silica 5% Fe 14% min, 20% max moisture content 20% max titanium 2% max Quantity: Minimum 50000 wmt Definition: delivered to destination port Brand Listing: Antam, Cita Mineral Investindo Timing: 1-2 Months Unit: USD/wmt Payment Terms: L/C/TT at sight in USD , other payment terms normalized Publication: Weekly, Friday by 12:00 PM Jakarta Time
PriceNov 4, 2025 11:12Dear users, Since the beginning of this year, Turkish bauxite has served as a vital supplement to domestic high-temperature bauxite resources, with imports growing significantly. By November 2025, cumulative imports had reached 2.9778 million metric tons, a year-on-year increase of 40.24%, making Turkey the third-largest source country for China’s bauxite imports. To more timely and accurately reflect the spot market conditions of Turkish bauxite and assist industry chain enterprises in procurement decisions and risk management, SMM will officially launch the “Bauxite(Al2O3: 54%, SiO2: 6%, Ti: 3%), CFR Turkey, $/dmt” starting December 24, 2025. This price point is designed to provide the market with a referential benchmark for spot transaction evaluation, further enhancing transparency and efficiency in cross-border trade. The specific price point information is as follows: Price Description: Bauxite(Al2O3: 54%, SiO2: 6%, Ti: 3%), CFR Turkey, $/dmt Unit: USD/dry metric tonne Specifications: Al₂O₃ 54%, SiO₂ 6%, mositure content 5% max, TiO₂ below 3%, Fe₂O₃ 20% min, 30% max Quality: Conforming to GB/T 24483 2009 "bauxite", Al₂O₃ 54%, SiO₂ 6%, mositure content 5% max, TiO₂ below 3%, Fe₂O₃ 20% min, 30% max Payment Terms: L/C/TT at sight in USD, or other terms normalized Publication Time: Weekly, Friday, 12pm Beijing time SMM Aluminum Industry Research Team December 24, 2025
PriceDec 24, 2025 10:04Dear Users: Hello! To better leverage the role of spot prices in the manganese industry as a benchmark and assist the market in optimizing its order signing mechanism, SMM, after a period of accumulation and market surveys, intends to advance the release time of spot prices for EMM (Guangxi), EMM (Hunan), EMM (Guizhou), EMM (bagged, Shanghai), EMM (barreled, Shanghai), EMM (main producing areas), EMM (Tianjin Port), EMM (Huangpu Port), and EMM FOB prices to 10:30 AM each working day, starting from August 5, 2025. This announcement is hereby made. Manganese Research Team, SMM August 4, 2025
PriceAug 4, 2025 16:57