[Renewed Environmental Protection Measures in Northern China Slightly Weighed on Galvanizing Operating Rates]: This week, the operating rate of the galvanizing industry was 58.88, down slightly by 0.81 percentage points WoW. Raw material side, zinc prices rebounded this week, downstream pick-up of goods was limited and consumption was mainly from existing stocks, but zinc ingots previously price-fixed by galvanising enterprises arrived one after another, leading to a slight decline in zinc ingot inventory at galvanising enterprises. The lower operating rate was mainly due to the renewed environmental protection measures in some northern regions, which affected operations.

This week, after the price spread between the TD price on the Gold Exchange and the SHFE April contract narrowed, it remained stable, but the import window for silver ingots closed, and traders’ imported silver ingot arrivals declined. As month-end approached, coupled with weaker precious metals prices and continued downward adjustments in spot premiums, spot transactions were sluggish, and transaction prices were still mainly concluded through negotiated discounts. As of Thursday, in the Shanghai market, the tradable quote for standard silver ingots against TD premiums was lowered to 50-100 yuan/kg. Suppliers of standard silver ingots still largely held prices firm and were reluctant to sell, while downstream buyers only made just-in-time procurement, and were likewise less willing to stockpile on price dips. Trading in the spot market continued to shrink. Inventory side, spot market consumption continued to weaken this week. Although downstream just-in-time procurement generally involved substantial price negotiations, suppliers held inventory and waited due to costs and other reasons, and social inventory of silver ingots posted a slight cumulative increase. In addition, the import window for silver ingots had basically closed, and both supply and demand in China’s spot silver ingot market declined. Social inventory of silver ingots is expected to see limited growth this week.

Precious metals staged their first coordinated rally in nearly two weeks on Tuesday as the prospect of a diplomatic resolution to the U.S.-Iran conflict continued to lift market sentiment and weaken the dollar.

As expectations for the peak-season demand in the “Golden March” gradually begin to materialize, galvanizing operating rates are rising. Can downstream consumption sustain its peak-season performance going forward?

This week, ferrous metals fluctuated at highs, with raw material ore and coking products outperforming steel. Against the backdrop of the escalating conflict in the Middle East, ore and coking products held up well, supported by higher shipping costs and transmission from coal and coke as energy substitutes. In the second half of the week, supply and demand data for hot-rolled coil and rebar were released. The increase in rebar inventory slowed markedly; however, hot-rolled coil demand was lower than the same period last year, and the pace of post-holiday recovery was relatively slow, leaving steel as a whole with limited upward momentum, while futures retreated after rapid rise. In the spot market, trading in the Chinese market was average this week.....

[Consumption Expectations Were Gradually Realized, Operating Rates of Galvanising Producers Continued to Increase]: This week, the operating rate of the galvanizing industry was 59.7, up 6.69 percentage points WoW. Raw material side, zinc prices pulled back sharply this week, galvanising enterprises actively fixed prices to stockpile, and zinc ingot inventory at galvanising enterprises increased significantly.

In the short term, a stronger US dollar weighed on precious metals prices. Silver prices remained in the doldrums today; the spot-futures price spread between TD and the most-traded SHFE silver contract narrowed, and spot premiums still showed signs of further declines. In Shanghai, suppliers of national-standard silver ingots lowered their premiums over TD to quotes of 900-1,100 yuan/kg, but mainstream bulk deals were concentrated at TD+900-1,000 yuan/kg. High-premium quotes saw only small volumes of less than 1 mt, yet trading volume remained moderate. In some regions, cargoes self-picked up from production site at smelters were quoted at premiums of 850-1,000 yuan/kg over TD and were concluded on rigid demand. Quoted prices for silver ingots in the market still varied significantly, with large differences across different deal sizes and brands. After silver prices weakened, downstream buyers feared further declines and purchased cautiously, staying on the sidelines; deals were generally concluded after negotiating and adjusting prices with suppliers, and market trading turned slightly quieter.

According to SMM research, most galvanising enterprises resumed production between the tenth day (February 26) and the sixteenth day (March 4) of the first lunar month. Small and medium-sized enterprises generally resumed operations after the Lantern Festival (March 2), with an average holiday duration of around 21 days.

[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...

(Washington, D.C. – February 10, 2026) After posting its strongest annual performance since 1979 last year, silver prices continued to set new highs in 2026, fueled by rising investor interest.