[Chile Zinc Concentrate Exports] According to statistics from the Chilean Customs website, Chile exported 1,300 mt of zinc concentrates in January 2026, down 1% MoM and down 35% YoY.

[Peru Zinc Concentrate Exports] According to Peru Customs statistics, Peru exported 168,600 mt in physical content of zinc concentrates in December 2025, down 19% MoM. In the January-December period, Peru's cumulative zinc concentrate exports totaled 2.1562 million mt, up 21.5% YoY.

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.

According to customs data, China's bismuth trioxide exports in December 2025 were 570.97 tons, while the export volume in November was 720.17 tons. Compared with November, the export volume in December decreased significantly. Market participants pointed out that based on the overall trend in export volumes, monthly exports of domestic bismuth oxide showed an upward trend from September to November. In October and November, exports returned to over 600 tons, basically reaching normal levels. Although exports in December declined somewhat, they remained above 500 tons. This indicates that bismuth oxide producers are still actively exporting, and overseas demand has not significantly decreased.

According to customs data, China's bismuth trioxide exports in December 2025 were 570.97 mt, while November exports were 720.17 mt, showing a significant MoM decrease compared to October. Market participants indicated that, based on the overall change in export volume, exports of domestic bismuth oxide showed a rising trend each month from September to November, with October and November exports returning to above 600 mt, basically reaching normal levels. Although December exports declined somewhat, they remained above 500 mt, indicating that bismuth oxide enterprises still maintained strong export momentum and overseas demand did not decrease significantly.

According to data released by Chilean Customs, Chile's copper exports in January amounted to 177.235 mt, with exports to China totaling 27,113 mt during the same month. Chile's exports of copper ore and concentrates in January reached 1,556,029 mt, of which exports to China accounted for 906,158 mt.

[SMM Analysis] Global Steel Market Weekly Review Issue 12 Steel prices moved down first then up last week, while export prices fluctuated rangebound. As of February 4, China's HRC FOB offers stood at $467/mt, and steel billet at $440/mt. Market transactions showed that order-taking momentum for steel billet improved compared to earlier periods, with traders preferring to secure downstream orders first before opportunistically sourcing from upstream suppliers. For sheets & plates, order intake remained robust over the past two weeks; however, following this week's price decline, traders' willingness to sell weakened. Some steel mills in north China faced scheduling pressure, and a few product varieties temporarily suspended offers. Overseas markets, Southeast Asia: Vietnam, in particular, is currently a region with robust demand, as accelerated infrastructure construction directly boosted construction steel prices. Capacity expansion by local leading enterprises such as Hoa Phat Group is altering the regional supply landscape and enhancing the competitiveness of domestic products. Meanwhile, the CFR transaction price for China-origin wide coil to Vietnam was referenced at $485-490/mt, up WoW from previous levels, mainly benefiting from pre-Chinese New Year local procurement demand release. Middle East market: Market sources indicated that billet exporters, after pausing due to political and internet restrictions, are gradually returning to the market, with KSC planning to tender large volumes of steel billet and slab. Recent exports of sheet & plate products from China to the Middle East also increased, with current HRC CFR prices around $500-505/mt. The demand center in the Middle East is shifting, as Saudi Arabia moves from pursuing landmark mega-projects toward more pragmatic logistics, mining, and industrial infrastructure, which could represent potential demand growth points for pipe materials. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

According to SMM, a significant volume of Indonesian stainless steel coils remains stranded at Malaysian customs, causing anxiety among local traders and processing centers who are grappling with low inventory levels. However, market sources indicate a slight improvement, with recent reports that shipments are gradually beginning to clear customs.

With the Chinese New Year holiday approaching, galvanized sheet plants in multiple domestic regions have successively announced their holiday shutdown plans. SMM conducted a survey on the holiday situation among galvanized sheet enterprises, covering a sample of 22 enterprises with a total annual capacity of 16.83 million mt.

India’s Union Budget 2026-27 emphasizes domestic manufacturing competitiveness and long-term energy resilience, allocating INR 22,000 crore for the PM Surya Ghar rooftop scheme and INR 5,000 crore for PM-KUSUM. The budget bolsters the supply chain by extending customs duty exemptions on capital goods for lithium-ion battery production and critical mineral processing, while removing the 7.5% duty on sodium antimonate for solar glass. Additionally, it earmarks INR 20,000 crore over five years for Carbon Capture, Utilisation, and Storage (CCUS) technologies and proposes dedicated "rare earth corridors" in four states to secure input materials. However, duty exemptions for silicon used in wafers and cells are set to lapse in April 2026, signaling a push for deeper domestic value addition.