Today, iron ore futures fluctuated in the doldrums, with the most-traded contract I2605 closing at 762.5 yuan/mt, down slightly by 0.07% from the previous trading day. Spot prices rose slightly by about 4 yuan/mt compared to the previous trading day. Traders showed moderate enthusiasm in offering prices, with most prices negotiated based on actual orders. Steel mills mainly restocked based on rigid demand, and inquiries remained cautious. Overall market trading activity was moderate. According to the latest SMM statistics this week, the daily average hot metal production from sampled blast furnaces recorded 2.386 million mt, up 15,800 mt WoW, mainly due to incremental contributions from blast furnaces that previously underwent maintenance gradually resuming production. Looking ahead, as the intensity of blast furnace maintenance marginally weakens, daily average hot metal production is expected to maintain a steady rebound trend, which will provide continuous rigid support for iron ore demand growth, marking a substantial improvement in fundamental demand. However, given the dual pressure from high in-factory inventory and port inventory, it is expected to take some time for the demand increment to translate into price increases. Therefore, considering all factors, amid the interplay of recovering rigid demand and persistent inventory pressure, iron ore prices are expected to fluctuate upward at lows in the short term, with the overall price center likely to experience a slight upward shift. [SMM Steel]

On February 11, the SMM battery-grade nickel sulphate index price was 31,628 yuan/mt, with the quotation range for battery-grade nickel sulphate at 31,400-32,500 yuan/mt, and the average price remained unchanged from the previous day.

[Market Daily: Futures Rise but Market Structure Unchanged, High-Grade NPI Price Rises Slightly] February 11 (SMM) - The average price of 10-12% high-grade NPI was 1,043 yuan/mtu (ex-factory, tax included), up 2 yuan/mtu MoM from the previous working day.

SMM Nickel February 11 News: Macro and Market News: (1) The People's Bank of China released its China Monetary Policy Execution Report for Q4 2025. The report proposed to continue implementing a moderately accommodative monetary policy. It will flexibly and efficiently utilize various policy tools, including RRR cuts and interest rate cuts, to maintain ample liquidity and relatively accommodative social financing conditions. (2) US Fed's Logan stated that if inflation pulls back and the labour market remains stable in the coming months, further interest rate cuts would not be necessary. US Fed's Harker mentioned that the US Fed's interest rate policy is likely to remain unchanged "for quite some time." The current US Fed target rate is "close" to a neutral level. According to CME's "FedWatch Tool": the probability of a 25-basis-point interest rate cut by the US Fed in March is 19.6%, while the probability of maintaining the current rate is 80.4%. Spot Market: On February 11, the SMM #1 refined nickel price was 137,300-147,900 yuan/mt, with an average price of 142,600 yuan/mt, up 3,650 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 9,000-10,000 yuan/mt, with an average premium of 9,500 yuan/mt, down 350 yuan/mt from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -400-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2603) surged during the session. By the morning close, it was reported at 139,760 yuan/mt, up 4.31%. There is new progress regarding the market's focus on Indonesia's nickel ore quota (RKAB) policy. Indonesian officials revealed that the 2026 nickel ore RKAB production target is set at 260-270 million mt, consistent with previous market expectations, which boosted market sentiment. Nickel prices are expected to hold up well in the short term.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Area May Fluctuate in the Doldrums] Domestic iron ore prices in the Tangshan area are relatively stable, with 66-grade iron ore concentrates at 980-985 yuan/mt. As the Chinese New Year holiday approaches, producers' operational pace has slowed down, and buyer inquiries for sourcing goods are fewer. Some have accelerated direct procurement of resources from large local mines, but apart from fulfilling steel mill orders, ore dressing plants still face certain obstacles in exporting resources.

Iron ore futures fluctuated during the morning session today, rising first then falling in the afternoon. The most-traded contract I2605 finally settled at 761.5 yuan/mt, unchanged from the previous trading day. Spot prices increased by 2-8 yuan/mt compared to the previous trading day. Traders showed moderate enthusiasm in offering prices, while steel mills mainly purchased based on rigid demand, with limited inquiries. Overall market trading activity was moderate. Looking ahead, this week's hot metal production affected by maintenance fell by 169,100 mt WoW, driving the daily average hot metal output to stabilize and rebound, indicating a substantial improvement in the rigid demand for iron ore. However, the market still faces inventory pressure, as both port visible inventory and steel mill in-factory inventory remain at high levels. Ample inventory levels effectively buffer raw material procurement demand, causing a noticeable lag in the transmission of incremental rigid demand to the spot market. Considering these factors, against the backdrop of unresolved inventory pressure and relatively slow demand release pace, iron ore prices are expected to struggle with forming a unilateral breakthrough in the short term and are likely to continue fluctuating at lows.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,410 yuan/mt. At the beginning of the session, zinc briefly fell to a low of 24,370 yuan/mt, then bulls increased positions, lifting the price center. Zinc fluctuated upward and touched a high of 24,540 yuan/mt by the end of the session, with the closing price at the intraday high. It finally settled at 24,540 yuan/mt, up 35 yuan/mt or 0.14%. Trading volume decreased to 17,804 lots, while open interest increased by 515 lots to 79,245 lots.

[SS Futures Daily Review] Indonesian Nickel Ore News Boosts SS Back Above 14,000 Yuan/mt, Stainless Steel Spot Market Remains Stable During Holiday SMM, February 11 — SS futures showed a strong upward trend. Last night, the 2026 Indonesian nickel ore approval quota was officially announced, driving SHFE nickel and stainless steel futures higher; during the day, SS futures once again climbed above 14,000 yuan/mt, finally closing at 14,145 yuan/mt. On the spot market side, despite the strong performance of SS futures, most spot trading was suspended as traders and downstream enterprises were largely on holiday, resulting in minimal actual transactions and stable prices. The most-traded SS futures contract strengthened and probed higher. At 10:30 am, SS2604 was quoted at 14,010 yuan/mt, up 160 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 160-360 yuan/mt. In the spot market, the average price for 201/2B cold-rolled coil in Wuxi was reported at 8,500 yuan/mt; the average price for 304/2B cold-rolled mill-edge coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price for 316L/2B cold-rolled coil in Wuxi was 26,600 yuan/mt, and 26,600 yuan/mt in Foshan; the price for 316L/NO.1 hot-rolled coil in Wuxi was reported at 25,750 yuan/mt; the price for 430/2B cold-rolled coil was 7,800 yuan/mt in both Wuxi and Foshan. This week, repeated fluctuations in macro sentiment, combined with a significant pullback in precious metals prices, dragged down nonferrous metals futures overall, with stainless steel futures also...

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Maintained a Fluctuating Upward Trend During the Night Session, with Various Segments of the Industry Chain Generally Entering a Holiday State]

[SMM Tungsten Daily Review: Tungsten Market Rises on Long-Term Contract Price Increases Amid Pre-Holiday Shrinking Volume] SMM February 10 – Today, tungsten product prices maintained an overall upward trend. Approaching the Chinese New Year, factors such as production cuts at mines and stricter control over tax-exclusive business contributed to scarce circulation in the tungsten ore market, driving transaction prices up significantly. Last Friday, an enterprise in Luoyang auctioned 25% tungsten concentrate, with transaction prices concentrated in the range of 10,155–10,160 yuan/mtu. Shipments from other mines remained scarce ahead of the holiday.