SMM February 12: Guangdong Region: Premiums and discounts in the region trended higher with fluctuations this week. On one hand, some downstream enterprises still had restocking activities before the holiday; on the other hand, arbitrage opportunities existed due to the large price spread between futures contracts immediately after the Chinese New Year, prompting traders to actively purchase. As of Thursday, high-quality copper was quoted at a premium of 20 yuan/mt, up 20 yuan/mt WoW; standard-quality copper was quoted at a discount of 100 yuan/mt, up 70 yuan/mt WoW; SX-EW copper was quoted at a discount of 160 yuan/mt, up 70 yuan/mt WoW. On Thursday, the price spread for standard-quality copper premiums and discounts between Shanghai and Guangdong was 0 yuan/mt, and there were no cross-region transfers due to the absence of a price difference. According to SMM statistics, as of Thursday, total inventory in Guangdong warehouses was 47,900 mt, an increase of 2,300 mt WoW; total warrants amounted to 30,000 mt, an increase of 6,600 mt WoW. The relatively large spot discounts prompted suppliers to actively deliver goods to warehouses, leading to a significant increase in warrant volume. Specifically: warehouse arrivals this week were 15,700 mt/week, down 3,200 mt/week WoW, slightly above the annual average (14,000 mt/week). Arrivals of imported copper were limited this week, mainly consisting of domestic goods. Poor downstream consumption led suppliers to redirect goods to warehouses. Warehouse withdrawals were 13,400 mt/week, down 4,000 mt/week WoW. More downstream enterprises went on holiday this week, and weak demand led to a decline in withdrawals. Looking ahead to next week, with the upcoming Chinese New Year holiday, only a few processing enterprises will maintain low operating rates, while most enterprises will be on holiday. Guangdong inventory is expected to increase by approximately 30,000 mt after the holiday compared to pre-holiday levels. (The above information is based on market collection and comprehensive evaluation by the SMM research team. The information provided herein is for reference only. This article does not constitute direct investment research advice. Clients should make decisions cautiously and not use this to replace independent judgment. Any decisions made by clients are unrelated to SMM.)

During the week of February 6–12, the operating rate in the enamelled wire industry dropped 10.27 percentage points WoW to...

Silver prices edged up today, with the spread of spot market quotations continuing to widen. In Shanghai, suppliers held prices firm with TD premiums at 1,700-1,800 yuan/kg and were reluctant to sell, while some traders slightly lowered premiums to 1,500 yuan/kg for inventory clearance ahead of the holiday due to concerns such as potential post-holiday declines in spot premiums. It is understood that consumption in the Shenzhen market improved slightly compared to earlier, with some downstream enterprises and jewelers purchasing silver ingot raw materials to ensure normal production during the Chinese New Year holiday due to special reasons such as rush orders and delivery deadlines. The Chinese New Year holiday atmosphere remains strong, with a significant reduction in supplier quotations and an overall slowdown in actual market transactions.

[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Continues to Trade in a Narrow Range with Low Volume Before the Holiday, AI Sentiment Recovery Drives Prices to Hold Up Slightly Stronger]

SMM February 12: Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 100 yuan/mt to a premium of 20 yuan/mt, with the average discount at 40 yuan/mt, an increase of 20 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 180 yuan/mt to a discount of 140 yuan/mt, with the average discount at 160 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 102,005 yuan/mt, rising 830 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,885 yuan/mt, up 780 yuan/mt from the previous trading day. Spot market: Inventory in Guangdong ended three consecutive days of increases and declined again, mainly due to increased shipments. As truck fleets also entered the holiday period, many downstream users made restocking purchases yesterday, but few continued to restock today. Moreover, suppliers, seeing no hope for transactions, did not further reduce prices but actively held prices firm, leading to a slight increase in premiums. Today, procurement sentiment for copper cathode in Guangdong was 1.87, down 0.17 from the previous trading day, while shipment sentiment was 3.01, down 0.2 from the previous trading day (historical data can be queried in the database). As of 11:00, high-quality copper against the front-month contract was quoted at a premium of 20 yuan/mt, standard-quality copper at a discount of 100 yuan/mt, and SX-EW copper at a discount of 160 yuan/mt. Overall, downstream users basically completed restocking, but suppliers still held prices firm for shipments, resulting in sluggish overall trading.

[Market Activity Remains Low, Post-Holiday GO Silicon Steel Prices Expected to Remain in the Doldrums] Futures side, HRC futures fluctuated downward this week, exerting some downward pressure on the cost side of silicon steel, with some traders adopting a cautious wait-and-see approach. Demand side, affected by the approaching Chinese New Year holiday, downstream enterprises gradually suspended operations for the holiday, leading to a significant contraction in procurement demand. Market transactions were largely stagnant in the latter part of the week, with only minimal just-in-time procurement sustaining market activity.

[SMM Aluminum Express News] Indonesia's Ministry of Cooperatives and SMEs issued Permen UMKM No. 4/2025 on verification for priority mining license areas (WIUP) for metal minerals & coal. Criteria for SMEs (UKM): 1. Small: capital >Rp1–5B or sales >Rp2–15B/yr 2. Medium: capital >Rp5–10B or sales >Rp15–50B/yr 3. Operated ≥1 year 4. Has unit for micro/small enterprise economic development program 5. Submits commitment letter 6. Implements program ≤3 yrs after IUP Aims to empower capable local SMEs in mining via OSS system verification.

As of now, the FOB price of Indonesian MHP nickel is $15,015/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,462/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 88-88.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 91. The FOB price of Indonesian high-grade nickel matte is $15,511/mt Ni.

Utah paid $30 million for a bankrupt magnesium plant—but not the $100 million cleanup. Its toxic legacy seeps toward the Great Salt Lake, unpaid. Across the Atlantic, Austria’s LKR cracked magnesium’s code: alloy ZAX210 now shapes into wire for medical implants and 3D printing. Two faces of the same metal: one buried in liability, the other alight with possibility.

【SMM Hydrogen Energy Flash】On February 9, Reform Energy and MCC Wuye Group Co., Ltd. officially joined hands and signed a cooperation agreement, establishing a comprehensive strategic partnership. Meanwhile, the two parties also jointly inked a cooperation memorandum for the Ningxia Solar Mountain Wind-Solar-Hydrogen-Methanol Integrated Project. Moving forward, both sides will jointly push forward the construction of wind and solar renewable energy-based hydrogen production projects, and collaborate with relevant stakeholders to promote the development of green methanol synthesis projects, jointly building a benchmark project for the "green power-green hydrogen-green methanol" industrial chain in Northwest China.