[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...