[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Generally Stable, Module Production Schedules Expected to Rise] Over the weekend, N-type recharging polysilicon was quoted at 34.1-36.5 yuan/kg. Weekend market prices remained temporarily stable. In the earlier period, frequent industry meetings were held, with results presenting a mix of bearish and bullish signals. Parties held divergent views, wait-and-see sentiment increased, and prices remained temporarily stable.

[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Order Signing Increased Significantly, Module Prices Rose Slightly] Over the weekend, N-type recharging polysilicon was quoted at 34-36 yuan/kg. Weekend market prices remained temporarily stable. Currently, the market is approaching lows, and frequent meetings are being held, providing some support for prices. However, downstream players are resistant to high-priced resources, and wait-and-see sentiment has re-emerged in the market.

[SMM Tin Midday Review: Geopolitical Tensions Release Easing Signals, Tin Prices Strengthen While Spot Trades Turn Sluggish]

[SMM Daily Review: Spot Lithium Carbonate Prices Fluctuate Upward on March 2] SMM's battery-grade lithium carbonate index price edged up compared to the previous working day. In terms of futures movement, the most-traded contract opened and surged to a high of 179,500 yuan/mt before fluctuating and pulling back, breaking below the 170,000 yuan/mt level, and then gradually stabilized and rebounded to consolidate around 172,000 yuan/mt. In the afternoon, prices edged up again, mainly fluctuating around 173,500 yuan/mt until the close. The open interest of the most-traded contract decreased by about 3,200 lots compared to the previous trading day. In terms of actual transactions, upstream lithium chemical plants maintained relatively firm quotes, with a weak willingness to sell spot orders. When futures prices dropped to 170,000 yuan/mt, some downstream material plants showed a slight recovery in purchase willingness, but most participants remained cautious, primarily adopting a wait-and-see approach. Overall, there were signs of a slight recovery in market inquiries and transactions.

[SMM Aluminum Morning Meeting Minutes: Overall Warm Macro Front Contends with Inventory Buildup Reality, Aluminum Prices Under Pressure and Fluctuating in the Short Term] In summary, aluminum prices are expected to continue their fluctuating trend under pressure in the short term, constrained above by the reality of inventory buildup and supported below by macro expectations. They are anticipated to remain in the doldrums with limited room for a rebound.

[SMM Cast Aluminum Alloy Morning Comment: Overnight Futures Slightly Lower, Spot Prices Hold Steady Amid Wait-and-See Attitude] On Wednesday, the A00 aluminum price edged down by 30 yuan/mt to 23,260 yuan/mt compared with the previous trading day, while the SMM ADC12 price remained stable at 23,650 yuan/mt. As the Chinese New Year approaches, upstream and downstream enterprises in the secondary aluminum industry chain have entered a concentrated holiday period, leading to a noticeable decline in market liquidity. Actual transactions continue to be sluggish, with spot quotations largely making minor adjustments around the futures market.

[SMM Stainless Steel Daily Review] SS Futures Stop Falling and Stabilize, Stainless Steel Spot Market Weak Before Holiday: SMM February 3 – SS futures showed a stable and fluctuating trend. Yesterday, SS futures plunged sharply, once hitting the limit down, releasing market pessimism; today, nonferrous metals futures generally stopped falling and stabilized, and SS also recovered, with the intraday high once reaching 13,650 yuan/mt. On the spot market side, affected by the futures pullback, spot offers were further lowered, but market pessimism was limited: most traders had already prepared for the holiday, and downstream users had basically completed pre-holiday stockpiling, resulting in few actual transactions; spot offers mainly followed futures movements, while traders expected demand recovery after the holiday during the "Golden March, Silver April" period. The most-traded SS futures contract fluctuated steadily. At 10:30 a.m., SS2603 was quoted at 13,580 yuan/mt, down 280 yuan/mt from the previous trading day. In the Wuxi area, the spot premium/discount for 304/2B was in the range of 490–690 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was 8,500 yuan/mt; the average price of cold-rolled mill edge 304/2B coil was 14,000 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price of cold-rolled 316L/2B coil in Wuxi was 26,600 yuan/mt, and 26,600 yuan/mt in Foshan; the price of hot-rolled 316L/NO.1 coil in Wuxi was 25,750 yuan/mt; the price of cold-rolled 430/2B coil in both Wuxi and Foshan was 7,800 yuan/mt. With the approaching Chinese New Year holiday and rising risk aversion among investors, bulls concentrated on profit-taking, and stainless steel futures...

Futures fluctuated today, closing at 3,131, up 0.26% from the previous trading day. Spot cargo, the market sentiment was divided in the morning session, with some regions showing stable quotes but actual price reductions. After the futures market rose in the afternoon, market sentiment improved, and the bottom prices moved up, but the overall trading performance remained moderate throughout the day.