[SMM Chromium Daily Review: Market Operated Steadily with Mediocre Performance Ahead of the Holiday] February 5, 2026: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

[SMM Chrome Daily Review: Market Remained Strong and Stable with No Price Adjustments] February 2, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

[SMM Commentary on SHFE Tin Futures: On the Eve of the US Fed's June Interest Rate Meeting, the Most-Traded SHFE Tin Contract Continues to Fluctuate] In the spot market, the resumption of tin ore production in Myanmar has been slow. Although some miners have applied to resume production, strict approval processes, coupled with transportation restrictions during the rainy season, have kept actual imports at a low level. Meanwhile, Thailand's policy of banning Myanmar from using its territory to transport tin ore has exacerbated the tight supply, with an estimated impact of 500-1,000 mt (metal content) on domestic monthly supply.

[SMM SiMn Daily Review: Mainstream Steel Mill Bidding Not Yet Priced, Market Holds Wait-and-See Sentiment] In the northern market, SiMn alloy 65/17 (cash) is priced at 5,400-5,550 yuan/mt, down 25 yuan/mt WoW from Wednesday; in the southern market, SiMn alloy 65/17 (cash) is priced at 5,450-5,600 yuan/mt, down 25 yuan/mt WoW from Wednesday. According to SMM, on the raw material side, various types of manganese ore are in a state of overall loss, with limited room for miners to lower prices, and manganese ore prices showing relatively small fluctuations. On the supply side, due to the electricity cost advantages during the rainy season in southern regions such as Yunnan, SiMn plants that had previously suspended production are gradually resuming operations, leading to an increase in the SiMn operating rate. On the demand side, mainstream steel mill bidding has not yet been priced, and downstream steel mills are maintaining a cautious wait-and-see sentiment.

[SMM Analysis: Mixed Opinions on Subsequent Production Resumption of Polysilicon; Production Resumption in Inner Mongolia and Xinjiang May Dominate Market Trends] Regarding the market supply and demand situation, according to SMM data, global polysilicon production in May is expected to be around 99,000 mt (including 94,500 mt of domestic production), showing a decrease of approximately 2% MoM from April. Although the downstream wafer production has also declined MoM, the overall global wafer production is estimated to be around 57-58 GW, with the demand for polysilicon from wafers being approximately 110,000 mt. There is an expectation of some destocking for polysilicon in May. Currently, the delivery brands held by many enterprises among the five are relatively limited (mostly concentrated in a few thousand mt). However, it cannot be denied that polysilicon enterprises have been facing some inventory pressure recently, and the raw material inventory held by crystal pulling plants is also relatively abundant, which is the main reason for the weakness in the polysilicon spot market at the end of Q1 and the early stage of Q2. It is expected that the pressure will be partially alleviated as the supply-demand relationship eases in the future.

[SMM SiMn Weekly Review: Mainstream Steel Mills Enter the Market, with a Cautious Wait-and-See Sentiment] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,450-5,550 yuan/mt, unchanged from last Friday on a WoW basis; in the southern market, it was 5,450-5,650 yuan/mt, also unchanged from last Friday on a WoW basis. According to SMM, on the raw material side, alloy plants' purchases of manganese ore were sluggish, miners lowered their offers, and the transaction prices of some manganese ores dropped slightly. On the supply side, most northern SiMn plants maintained stable production, while SiMn plants in the southern region showed increased willingness to resume production due to electricity tariff discounts during the rainy season. On the demand side, the first round of inquiries from mainstream steel mills fell short of expectations, and downstream steel mills of SiMn were mostly waiting for the pricing decisions of mainstream steel mills.

[Silicon Metal Raw Material Market Continues to Be Under Pressure, Market Trading Atmosphere Sluggish] The silicon metal raw material market continues to be in the doldrums, with a sluggish trading atmosphere. Prices of various raw materials are mostly under pressure.

[SMM Daily Review of SiMn: Steel Tenders Enter the Market One After Another, Spot Prices Mostly in a Wait-and-See Mood] In the northern market, the price of SiMn alloy 65/17 (cash) is 5,450-5,550 yuan/mt, unchanged WoW from last Wednesday; in the southern market, the price of SiMn alloy 65/17 (cash) is 5,450-5,650 yuan/mt, unchanged WoW from last Wednesday. According to SMM, on the raw material side, miners' offers have fluctuated relatively small, with individual manganese ore varieties traded based on actual orders, leading to a slight decrease in spot prices. On the supply side, SiMn producers in south China have shown increased willingness to resume production due to the electricity cost advantages during the rainy season. On the demand side, downstream steel mills are mostly cautious and adopting a wait-and-see attitude. Steel tenders are being launched one after another, with many waiting for mainstream steel tenders to enter the market.

[SMM Weekly Review: Chrome Market Continues to Decline, Actual Transaction Volume Remains Limited] On June 6, 2025: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 7,800-79,000 yuan/mt (50% metal content), unchanged MoM...

[Rare Production Resumptions at Silicon Enterprises in Sichuan During Rainy Season, Operating Rates at Silicon Enterprises in North-West China Basically Stable] According to market feedback, from May 30 to June 5, the weekly production of silicon plants in Xinjiang was 31,570 mt, with a weekly operating rate of 65%, an increase of 9 percentage points WoW. The continued increase in the operating rate in Xinjiang was mainly due to the production release from previous production resumptions. Currently, the production release has concluded, and existing production is basically stable. Next week, the operating rates at silicon enterprises in Xinjiang are expected to be largely stable.