[SMM Silicon-Based PV Morning Meeting Minutes] Polycrystalline silicon N-type recharging polysilicon quotes 48.5-58.8 yuan/kg, granular polysilicon quotes 49-51 yuan/kg, the polysilicon price index is 52.6 yuan/kg, polysilicon prices rise slightly, mainly due to some manufacturers being affected by cost delineation subsequently raising expectations slightly, mainstream prices remain stable. Approaching Chinese New Year, market transactions slow down, overall atmosphere shows no significant changes.

Societe Generale analysts Michael Haigh, Ben Hoff and Jeremy Sellem highlight how Tether’s expanding Gold holdings have become a major force in the Gold market.

SMM February 9: The tight supply situation in the raw material spot market continues to intensify, coupled with the holiday effect brought by the approaching Chinese New Year, the overall market is showing a pattern of "rising prices amid shrinking volume." Additionally, a major tungsten enterprise significantly raised its long-term contract prices, reigniting market bullish sentiment. On February 9, the average price of scheelite concentrate (≥65%) reached a record high of 680,500 yuan/metric ton, indicating a year-to-date increase of over 50%! The average price of APT (domestic) also rose to the historic milestone of 1 million yuan per metric ton on February 9, with a year-to-date increase of 49.25%! Tungsten enterprise significantly raised its long-term contract purchase prices for the first half of February Zhangyuan Tungsten Co., Ltd. of Chongyi's prices are as follows: 1. 55% scheelite concentrate: 670,000 yuan per metric ton, up 147,000 yuan per metric ton from the previous round; 2. 55% wolframite concentrate: 669,000 yuan per metric ton, up 147,000 yuan per metric ton from the previous round; 3. Ammonium paratungstate (standard grade zero): 970,000 yuan per metric ton, up 210,000 yuan per metric ton from the previous round. The Ganzhou Tungsten Industry Association's forecast prices for the tungsten market in February 2026 are: 55% scheelite concentrate at 670,000 yuan per metric ton, up 300,000 yuan per metric ton MoM; APT at 970,000 yuan per metric ton, up 300,000 yuan per metric ton MoM; medium-grain tungsten powder at 1,630 yuan per kg, up 480 yuan per kg MoM. (Prices are for reference only; assume commercial risks accordingly.) Furthermore, it is understood that some tungsten enterprises have suspended the publication of their long-term contract prices. Average Price of Ammonium Paratungstate (Domestic) Rises to 1 Million Yuan per Metric Ton, Up Over 49% Year-to-Date According to SMM price assessments, on February 9, the price range for scheelite concentrate (≥65%) was 680,000-681,000 yuan per metric ton, with an average price of 680,500 yuan per metric ton, up 1.19% from the previous trading day. Compared to the average price of 453,500 yuan per metric ton on December 31, 2025, this new high of 680,500 yuan per metric ton represents an increase of 227,000 yuan per metric ton year-to-date, a gain of 50.05%. Compared to the average price of 142,750 yuan per metric ton on December 31, 2024, the cumulative increase over more than a year reaches as high as 376.71% . On February 9, the price range for ammonium paratungstate (domestic) was 990,000-1,010,000 yuan per metric ton, with an average price of 1,000,000 yuan per metric ton. Compared to the average price of 670,000 yuan per metric ton on December 31, 2025, this average of 1,000,000 yuan per metric ton represents a year-to-date increase of 49.25%, rising sharply in sync with scheelite concentrate. Despite the continued sharp rise in tungsten prices, overall market trading activity has not kept pace recently, constrained mainly by multiple factors: First, with the Chinese New Year approaching, traders have become more cautious, focusing purchases on rigid demand, with only limited pre-holiday stockpiling and no large-scale concentrated stockpiling occurring. Second, high tungsten prices have led to both funding pressure and fear of high prices in the market, causing some downstream enterprises to postpone purchases and adopt a wait-and-see attitude. Third, the holiday effect is gradually becoming apparent, with some enterprises already entering a pre-holiday lull, leading to a general pullback in market trading frequency. The cemented carbide industry, a core demand sector for tungsten (accounting for 58% of total demand), is a typical example: affected by the soaring prices of raw materials like tungsten powder, production costs have increased significantly. Furthermore, tungsten materials like tungsten carbide account for over 80% of tool costs, forcing most cemented carbide enterprises to reduce procurement scale and maintain only production for rigid demand, further suppressing overall market trading activity. Outlook Looking ahead to the tungsten market outlook, in the short term, the tight spot supply situation on the raw material side is unlikely to ease quickly, and suppliers' reluctance to sell is expected to persist. The tungsten market is likely to maintain its strong upward trend. Key variables brought by the approaching Chinese New Year still require close attention: On one hand, market trading will gradually stagnate during the holiday period, and whether pre-holiday stockpiling demand concentrates will directly influence the short-term price movement pace. On the other hand, post-holiday enterprise work resumption progress, the recovery of raw material supply, and the strength of downstream demand release will determine whether tungsten prices can remain high. Additionally, international market price fluctuations, the signing of enterprise long-term contracts, industry policy direction, and the cost pass-through effect in the cemented carbide industry require continuous monitoring, while remaining vigilant against increased market risks from intensified price fluctuations in the high price range.

Pre-holiday, titanium concentrate prices softened amid weak downstream demand, while titanium dioxide saw inventory draws and price support from exports and pre-holiday restocking. Sponge titanium stabilized with export-led growth. Post-holiday demand will guide price trends across the chain.

SMM Morning Meeting Minutes: LME copper opened at $13,025/mt overnight, initially dipped to $12,975/mt, then fluctuated upward and touched a high of $13,228/mt near the close, finally settling at $13,185/mt, up 0.96%, with trading volume reaching 15,200 lots and open interest at 327,000 lots, an increase of 2,466 lots from the previous session, overall showing a pattern of bulls increasing positions. The most-traded SHFE copper contract 2603 opened at 101,740 yuan/mt overnight, touched a low of 101,280 yuan/mt at the beginning, then the center of copper prices gradually shifted upward and tested 102,500 yuan/mt, finally settling at 102,450 yuan/mt, up 0.93%, with trading volume reaching 41,800 lots and open interest at 165,000 lots, a decrease of 4,251 lots from the previous session, overall showing a pattern of bears reducing positions.

"The market has gone absolutely crazy." That's the shared sentiment among many executives at magnetic material and motor plants. As of February 9, 2026, the price of praseodymium-neodymium (Pr-Nd) metal has reached 975,000 - 985,000 yuan per ton, marking a single-day surge of 7%. This represents a 9.4% increase compared to last week​ and a staggering over 88% jump compared to the same period last year​

Poland's central bank plans massive gold purchase despite record prices, potentially pushing bullion to 30% of total national assets.

[SMM Shanghai Spot Copper] Tomorrow, spot premiums and discounts are expected to face downward pressure. During the day, copper prices rose slightly, suppressing downstream demand, and actual market transactions were sluggish; coupled with some suppliers offloading cargo, spot premiums and discounts dropped slightly. Supply side, some price-ratio locked cargoes due to earlier import arbitrage opportunities have arrived at ports for circulation, and subsequent arrivals need to be monitored. Short-term spot supply is expected to gradually increase. Demand side, as some downstream enterprises enter holidays and most top-tier enterprises have completed pre-holiday stockpiling, actual procurement demand shows a weakening trend.

[SMM Silicon-Based PV Morning Meeting Summary: Polysilicon Costs Redefined, Module Prices Temporarily Hold Steady] Over the weekend, the quoted price for N-type recharging polysilicon was 48.2-59 yuan/kg, the N-type polysilicon price index stood at 52.58 yuan/kg, and granular polysilicon was quoted at 49-51 yuan/kg. Polysilicon prices remained temporarily stable over the weekend, while the related cost verification results were released. It is understood that the full tax-inclusive cost of polysilicon may be set at 54.125 yuan/kg, and manufacturers might make minor adjustments based on their individual costs.

SMM Morning Meeting Minutes: On Friday evening, LME copper opened at $12,857.5/mt, fluctuated downward initially to touch a low of $12,817/mt, then fluctuated upward, with copper prices gradually rising to touch a high of $13,065/mt, before consolidating and finally closing at $13,060/mt, up 1.59%, with trading volume reaching 25,600 lots and open interest reaching 325,000 lots, overall showing bulls increasing positions. On Friday evening, the most-traded SHFE copper contract 2603 opened at 101,000 yuan/mt, fluctuated downward initially to touch a low of 100,340 yuan/mt, then the center of copper prices rose straight to touch a high of 101,820 yuan/mt, before fluctuating rangebound and finally closing at 101,490 yuan/mt, up 1.49%, with trading volume reaching 79,400 lots and open interest reaching 170,000 lots, overall showing bears closing positions.