SMM January 21: SHFE aluminum 2602 fluctuated upward in the morning session, with the price center slightly higher than the previous trading day. Today, overall market buying sentiment improved slightly but remained at a low level, with mainstream transaction prices mainly ranging from a discount of 10 yuan/mt to a premium of 10 yuan/mt. The east China market selling sentiment index was 2.89, up 0.04 MoM; the buying sentiment index was 2.46, up 0.03 MoM. SMM A00 aluminum closed at 23,710 yuan/mt, up 30 yuan/mt from the previous trading day, at a discount of 150 yuan/mt against the 2602 contract, up 10 yuan/mt from the previous trading day. Central China market buying sentiment slightly increased compared to the previous day. Although downstream processing enterprises cut production by about 20% due to environmental protection-related controls, road transport gradually resumed after the heavy snow ended in Henan, leading to a slight overall improvement in buying sentiment. As aluminum plant shipments had not fully recovered, suppliers raised prices for shipments. Actual transaction prices in the central China market today ranged from a premium of 10 yuan/mt to a premium of 40 yuan/mt against the central China price. The central China market selling sentiment index was 2.68, flat MoM; the buying sentiment index was 2.21, up 0.02 MoM. SMM central China aluminum closed at 23,610 yuan/mt, up 50 yuan/mt from the previous trading day, at a discount of 250 yuan/mt against the 2602 contract, up 30 yuan/mt from the previous trading day. The Henan-Shanghai price spread was -100 yuan/mt, narrowing by 20 yuan/mt from the previous trading day. Inventory side, aluminum ingot inventory in major consumption areas decreased by 6,000 mt WoW on Wednesday, with destocking observed in all three regions. In the short term, high aluminum prices may continue to suppress end-use demand, aluminum ingots still face inventory buildup risks, and spot premiums/discounts are expected to remain under pressure.

As the PV industry enters the large-scale base construction phase, safety and system reliability are becoming the core elements for the long-term operation of PV power plants. This is particularly true in regions prone to extreme weather conditions, such as deserts, gobi, mountainous, coastal, and marine areas, where the strength, stability, and weather resistance of materials are of utmost importance. With the ongoing trend towards larger and thinner PV modules, there is an urgent need to enhance the mechanical strength of PV systems. The industry is in dire need of load standards with higher safety ratings. The PV frame is a crucial component of the module, serving as the framework material primarily used for fixing and sealing PV modules. It significantly impacts the module's lifespan and requires high weather resistance. Based on the material, PV frames can be classified into aluminum alloy frames, steel frames, and composite material frames. Among them, aluminum alloy frames are widely used, with a current penetration rate exceeding 93%. Additionally, PV frames are considered high-value auxiliary materials for modules. In the cost structure of PV modules, the cost of solar cells accounts for approximately 55%. Based on the current common dimensions and weight of aluminum frames, PV frames account for about 13% of the cost, which is higher than other auxiliary materials such as EVA, glass, backsheets, and welding strips, making them the auxiliary material with the highest cost proportion. Due to cost pressures, aluminum frames continue to reduce weight, lower height, and thin wall thickness, while the module area continues to expand, posing challenges to safety. The industry urgently needs to establish load standards with higher safety ratings to ensure the stable operation and full life cycle reliability of power plants under extreme conditions. In the early days of China's PV industry development, aluminum alloy became the primary material for module frames due to its lightweight, strong corrosion resistance, and ease of forming. However, in recent years, as the application scenarios of PV modules have become increasingly diverse, modules are exposed to more extreme environments, necessitating the optimization and transformation of module frame technologies and materials. This has led to the emergence of various alternative frame solutions, such as frameless double-glass modules, steel structure frames, rubber frames, and composite material frames. At this influential exhibition in the global PV industry, Zhongjian Materials made a stunning debut with its "double-beam alloy steel frame." Leveraging its leading advantages in high strength, high safety, high adaptability, high corrosion resistance, and ultra-low carbon emissions, Zhongjian Materials' booth attracted numerous domestic and international customers, experts, and scholars, becoming one of the most-watched booths at the exhibition. Challenges of Extreme Weather on PV Modules As the PV industry enters the large-scale base construction phase, safety and system reliability are becoming the core elements for the long-term operation of PV power plants. This is particularly true in regions prone to extreme weather conditions, such as deserts, gobi, mountainous, coastal, and marine areas, where the strength, stability, and weather resistance of materials are of utmost importance. Due to cost pressure, aluminum frames continue to reduce weight, lower height, and thin wall thickness, while the module area keeps expanding, posing challenges to safety. The industry urgently needs to establish higher safety-level load standards to ensure the stable operation of power plants under extreme conditions and the reliability throughout their life cycle. Born for the safety of PV power plants The double-beam alloy steel frame features a unique design. The A-side dragon head protrusion is thinned to 1.0mm, effectively preventing dust accumulation. The B-side load-bearing beam offers superior load-bearing and buffering capabilities, while the C-side reinforcing beam optimizes the bifaciality and enhances tear resistance. The frame is made of high-strength zinc-aluminum-magnesium alloy steel with a material strength of up to 800MPa, more than three times that of traditional aluminum alloy. It has passed a 60m/s wind tunnel test and successfully withstood the impact of a Category 17 "Yagi" typhoon in Wenchang, Hainan, in September 2024. The front-side ultimate load can reach 10,000Pa, demonstrating excellent structural stability under extreme snow load conditions. The double-beam alloy steel frame solution not only achieves breakthroughs in structure and materials but also showcases its ability to withstand extreme climates through data and empirical evidence. As of June 1, 2025, the double-beam alloy steel frame has been applied in 19 provinces across the country, with total shipments reaching the GW level, covering both residential and centralized power plants. It has withstood multiple extreme weather events, including typhoons, hailstorms, and heavy snowfall, with zero damage to the modules, demonstrating outstanding reliability and weather resistance. In terms of carbon emissions, the double-beam alloy steel frame reduces carbon emissions from 76.4kg to 29.2kg per module (182 solar cell, 78-panel format) through three aspects: raw materials, manufacturing process, and weight reduction of module glass, achieving a 61.8% reduction. It is estimated that using double-beam alloy steel frames for 1GW of modules can reduce carbon emissions by 73,700mt. Strong alliance, embarking on a new journey of cooperation Zhongjian Materials joins hands with Hangzhou Bicheng Energy Development Co., Ltd. to sign a strategic cooperation agreement Bicheng Energy (PCG Power) is a leading investment management and operation service provider for new-type power systems in the industry and one of the world's leading investment and operation service providers for industrial and commercial distributed clean energy power plants. Its shareholders include international capital such as Temasek and GLP, as well as domestic leading industrial capital such as Huamei International, Zhongding Capital, Xinlian Capital, NIO Capital, and Xinghang Capital. In 2024, it achieved an investment, construction, and grid connection scale of over 1GW. Bicheng Energy (PCG Power) is committed to providing enterprises, industrial parks, and cities with cost-effective, intelligent, and reliable one-stop green energy solutions. With the investment and construction of new energy PV+ESS power plants as a strategic pivot, it integrates full value chain business modules, including power asset operation, integrated energy services, power trading, carbon asset management, and energy IoT technological innovation. Relying on six operational centers in Hangzhou, Guangzhou, Shanghai, Beijing, Suzhou, and Xi'an, we have established a nationwide asset expansion and management network. Our domestic business covers hundreds of cities, while our overseas business extends to international new energy potential markets in the Middle East, Southeast Asia, and Oceania. Through this strategic signing, both parties will engage in in-depth cooperation on the practical application of "double-beam alloy steel frames" in real projects, jointly promoting the adoption and implementation of high-strength, high-reliability PV structural solutions in more scenarios, and accelerating the industry's development towards a safer, more efficient, and greener direction. In addition to Bicheng Energy, Backbone Materials has also formed strategic partnerships with PowerChina Guiyang Institute and PowerChina Sichuan Institute, and signed an agreement with Saifute New Energy for the 500MW steel frame project in Shizuishan, Ningxia, demonstrating customers' high recognition of Backbone's products and technological approach. In the future, Backbone Materials will continue to advance the upgrade and iteration of steel frame products in terms of materials, structures, and system applications, collaborating with partners to build a new structure for the high-quality development of PV systems, providing solid support for the global energy transition and the realization of the "dual carbon" goals. Contact Information Phone 0512-52363688 Email info@backbonesolar.com Website www.backbonesolar.com Address No. 99, Yangguang Avenue, Yushan High-tech Zone, Changshu City, Suzhou

Guided by the "dual carbon" goals, the PV industry is accelerating into a new phase of high-quality development characterized by "safety + greenness". On June 10th, the "Safety and Green Technology Seminar", hosted by Zhongjian Materials, was successfully held in Shanghai. At the event, the highly anticipated "double-beam alloy steel frame" was unveiled, becoming an innovative solution to address extreme weather conditions and enhance module safety. Representatives from state-owned enterprises, EPC companies, leading module manufacturers, as well as experts and scholars, gathered to discuss the future development path of the PV industry driven by "hard technology". Safety First: The Double-Beam Alloy Steel Frame Makes a Grand Appearance With the increasing frequency of extreme weather events, the severity of power plant safety incidents is escalating. Amidst the ongoing trends of larger and thinner modules, there is an urgent need for breakthroughs in the mechanical strength of PV systems, and the industry is in dire need of higher safety-level load standards. Deng Ruhua, Technical Manager of Zhongjian Materials, systematically introduced the company's latest R&D achievement—the double-beam alloy steel frame—in response to the climate challenges and structural bottlenecks faced by the industry. Based on three generations of technological iterations, this product utilizes high-strength zinc-aluminum-magnesium alloy steel, significantly enhancing corrosion resistance and structural strength. Its "Dragon Head" structure on the A-side effectively prevents dust accumulation, the load-bearing beam on the B-side offers strong load-bearing and cushioning capabilities, and the reinforcing beam on the C-side optimizes the bifaciality and enhances tear resistance. The frame's appearance is highly consistent with traditional aluminum frames, compatible with existing module production and installation processes, offering excellent adaptability and substitutability. With a front-side ultimate load capacity of up to 10,000 Pa, it can withstand typhoons of up to Category 17. Its carbon emissions are reduced by 61.8% compared to aluminum frames, achieving a dual improvement in greenness and safety. Currently, the product has passed multiple extreme environment tests, including IEC63556, and is particularly suitable for harsh application scenarios such as "desert, gobi, and wasteland", high winds and snow, and severe hailstorms. Wind-Resistant Modules Demonstrated in Multiple Locations, Zero-Loss Performance Attracts Attention Qiu Guohui, Vice President of Jolywood and General Manager of the Application BU, introduced that the "Wind-Resistant Module" featuring a "single-glass + transparent backsheet + double-beam alloy steel frame" design has been successfully applied in 19 provinces across the country, with a total installed capacity of 168 MWp. After enduring multiple rounds of extreme weather conditions, including strong typhoons, hailstorms, and heavy snowfall, only one module suffered external damage, while the rest remained intact, fully demonstrating the high safety and reliability of the "Wind-Resistant Module" and attracting significant attention from power plant investors. Mr. Qiu also pointed out that the dust-prevention design of the double-beam alloy steel frame can enhance the power generation efficiency of the Wind-Resistant Module, further increasing power generation revenue for power plant investors. Dr. An Chao, R&D Technical Director of Jolywood Optoelectronics, noted that the steel frame, with its superior strength performance (front-side load capacity of 8,100 Pa, back-side load capacity of 3,200 Pa) and good compatibility, has proven its reliability in multiple Jolywood projects, with cumulative shipments and orders approaching 400 MW. Aluminum frames are becoming a critical pathway to meeting the requirements for high-quality development. Technology and insurance drive the solidification of green foundations. Dr. Liu Jie from Baosteel Central Research Institute introduced the green application of BaoXM® zinc-aluminum-magnesium coated steel sheets in PV frames, which not only enhances corrosion resistance but also helps address carbon tariffs. This material exhibits excellent formability and self-healing capabilities at cut edges, making it widely applicable in coastal and extreme climate zones. Baosteel offers a variety of high-coating products with specified corrosion resistance lifespans, ensuring long-term and stable supply. Lu Peijian, Deputy General Manager of PICC Suzhou Branch, pointed out that natural disasters currently account for over 60% of the risks in PV power plants. He highly praised the risk-resistance capabilities of steel-framed modules and expressed his intention to promote the transformation of insurance from "post-event compensation" to "risk reduction + capital synergy," supporting the steady development of the industry. Relying on its experience serving top-tier enterprises such as LONGi, PICC Suzhou provides comprehensive, one-stop risk protection for the industry. Strategic Signing to Elevate Collaboration At the event, Zhongjian Materials signed strategic cooperation agreements with PowerChina Guiyang Engineering Corporation and PowerChina Sichuan Engineering Corporation, as well as a 500MW steel frame project agreement in Shizuishan, Ningxia, with Saifute New Energy, demonstrating customers' high recognition of Zhongjian's products and technological approach. Zhang Haichao, Member of the Party Committee and Deputy General Manager of PowerChina Guiyang Engineering Corporation, stated that complex environments such as high altitudes and high wind pressures impose higher safety requirements on structural materials. The technological breakthrough in Zhongjian's double-beam steel frames provides more efficient and reliable structural solutions for the corporation. This strategic cooperation will usher in a new chapter of complementary advantages and synergistic development between the two parties. Returning to Essentials, Ushering in the Era of "Tough Competition" At the end of the seminar, Lin Jianwei, the founder of Jolywood Group, delivered a speech. He noted that although the PV industry is in a phase of rapid development, it is experiencing anxiety due to cut-throat competition, with intensified cost-reduction and capacity competition. However, the core of future industry competition will no longer be mere scale expansion but rather a return to product quality, technological innovation, and value creation, ushering in the era of "tough competition." Taking Zhongjian's steel frames as an example, he recounted the seven-year innovation journey spanning three generations: from project initiation in 2018 to achieving hundred-megawatt-scale applications in 2024, and plans to advance to gigawatt-scale promotion in 2025. Lin Jianwei emphasized that the core innovation of Zhongjian's steel frames lies in the "double-beam" structure. By pioneering the "double-beam" structural design and process optimization, they have successfully addressed pain points such as the easy deformation of aluminum frames, combining high safety with cost advantages. It is expected that within five years, this technology will become a mainstream solution, significantly enhancing module quality and reliability. He called on the industry to build consensus and, supported by professionalism, technology, and ecological collaboration, jointly construct a safer, greener, and higher-quality PV ecosystem. The PV industry has broad prospects, with the power and scale of modules continuing to increase. Developing more reliable, safe, and green system solutions has become a common goal for the industry. Zhongjian Materials will continue to lead the new era of steel frames with cutting-edge technology, contributing to the global energy transition. The future is here; let's join hands as peers to create a bright future together!

At the 2025 (10th) New Energy Industry Expo - New Energy PV ESS Forum hosted by SMM Information & Technology Co., Ltd. (SMM), Ye Mingyuan, a senior ESS consultant at SMM, shared insights on the topic of "Global ESS Market Development Opportunities and Challenges." The global energy transition is driving the growth of the ESS market. With the continuous rise in global renewable energy power generation, the ESS sector is experiencing new growth opportunities amid the energy transition. As global carbon reduction and carbon neutrality efforts progress, the shift from a fossil fuel-dominated energy structure to a clean and low-carbon energy system has become a clear trend, presenting development opportunities for renewable energy (PV & wind power). Countries worldwide are implementing carbon reduction and carbon neutrality actions. To date, over 190 countries have signed the Paris Agreement. By 2030, China, the US, and the EU are expected to achieve carbon reduction targets exceeding 50%, and as major economic powers, these regions will remain core areas for long-term carbon reduction. Against the backdrop of "carbon neutrality," energy structure adjustment has become a clear trend. Currently, renewable energy (PV & wind power) accounts for 31% of the energy mix. To achieve the "carbon neutrality" goal, the proportion of renewable energy is expected to increase to 42% by 2030 and exceed 53% by 2050. However, the instability of new energy power generation has stimulated the development of ESS. The global ESS market is showing different development trends due to energy transition and policy shifts. The growth rate of global ESS demand has slowed due to policy adjustments in China and the US, with an expected growth rate of around 5% in 2025. After 2025, as global ESS planning is gradually completed, the market will transition to a stock market. The successful transformation of the Chinese and US markets may lead to a rebound in growth, driving the global ESS market to grow at a compound annual growth rate (CAGR) of 10%. Global annual ESS system shipments are forecasted from 2024 to 2030. From 2024 to 2025, the demand in major ESS markets such as China and the US is expected to decline due to policy adjustments, while other markets will maintain a relatively high growth rate. ► The cancellation of mandatory energy storage allocation in China has led the Chinese ESS market into a transition period, with short-term demand declining. ► The US has imposed multiple tariff hikes, impacting the economics of local ESS projects, potentially leading to the cancellation or delay of many ESS projects. ► Other regions, in order to absorb new energy power generation and support the power grid, will maintain a relatively high growth rate. From 2025 to 2030, as global ESS planning is completed, the ESS market will transition from an incremental market to a stock market, with an expected growth rate of around 10%. By 2030, global ESS demand is expected to reach 480 GWh. ► From 2025 to 2030, the global ESS market will enter a stock phase, with most regions having a high completion rate of ESS planning. Although policy subsidies are expected to phase out, the establishment of ESS economics after PV ESS parity will continue to drive market growth. ► The success of China's power market reform in promoting ESS transformation will sustain high demand growth. The US market will still have ESS demand, and under stable policies, ESS is expected to maintain a high growth rate. The impact of policy fluctuations on the Chinese ESS market. Review and outlook of the Chinese ESS market. SMM expects the Chinese ESS market to achieve a CAGR of around 9.5% from 2025 to 2030. Power generation-side ESS in China may experience fluctuations due to changes in energy storage allocation policies. The cancellation of mandatory energy storage allocation, with no clear policies issued by provinces, may lead to a decline in demand. Document No. 136 cancels the mandatory energy storage allocation restrictions. In 2025, provinces will formulate policies based on Document No. 136 that align with their actual conditions. Some provinces and cities will continue mandatory energy storage allocation, while others will begin to phase it out. Most provinces and cities are still formulating policies, and demand is not yet fully clear. Industrial and commercial ESS will become an important incremental source for the Chinese ESS market. With the further improvement of time-of-use electricity prices and the further increase in electricity prices for high-energy-consuming enterprises, the economics of industrial and commercial ESS have significantly improved. • As the peak-valley electricity price spread continues to widen, the economic benefits of industrial and commercial ESS become more apparent. According to electricity price adjustment data released in 2024, the peak-valley electricity price spread in many provinces and cities continues to widen, with 16 provinces and cities having a peak-valley electricity price spread of over 0.7 yuan/kWh. SMM predicts that by 2030, the demand for industrial and commercial ESS on the user side is expected to reach around 30 GWh. The US ESS market under multiple influencing factors. Review and outlook of the North American ESS market. SMM expects the North American ESS market to achieve a CAGR of around 7.4% from 2025 to 2030. Large-scale ESS: Excessive tariffs will increase investment costs for US owners, reduce profits for Chinese suppliers, and lead to a decline in US ESS demand. 2025 Tariff: • In February 2025, an additional 10% tariff was imposed on Chinese products for the first time, affecting the delivery of ESS battery cells and BESS, as well as signed orders. US owners and Chinese suppliers need to consider how to share the 10% tariff. • In March 2025, an additional 10% tariff was imposed on Chinese products for the second time, bringing the total additional tariff to 20%. This further affects the delivery of ESS battery cells and BESS, as well as future orders, slowing the overall shipment pace. It is expected that US owners and Chinese suppliers will each bear half of the additional tariff, which will become the mainstream solution. • In April 2025, the Reciprocal Tariff was signed, in addition to raising the baseline tariff to 10%, a 34% reciprocal tariff was added. This tariff increase has created a high trade barrier for US ESS imports, severely compressing US ESS demand. 2026 Tariff: • The 301 Act is expected to be implemented in early 2026, imposing a 25% tariff on lithium battery products. User-side ESS: The ITC subsidy policy includes household ESS in the subsidy scope, promoting the development of user-side ESS in the US. According to SMM analysis, the ITC subsidy for user-side ESS will continue until 2034, enhancing the economics of household ESS. With policy support, user-side ESS will continue to develop rapidly. Residential electricity prices: In recent years, US residential electricity prices have remained high, rising from 12.55¢/kWh in 2016 to 15.96¢/kWh in 2024, an increase of 27.2%. High electricity prices have increased the necessity of "PV + ESS" for residents. ITC subsidy: The ITC subsidy policy increased the subsidy ratio for user-side ESS in 2023 and extended it to 2034. Stimulated by the policy, the economics of user-side ESS have improved. Power outage risk: The aging power grid equipment in the US is vulnerable to extreme weather, making power outages likely during peak electricity usage. This summer, as temperatures soared, two-thirds of North America faced the risk of energy shortages. Therefore, as the penetration rate of new energy increases, ESS as a rigid demand will also rise. The European ESS market at a turning point. Review and outlook of the European ESS market. SMM expects the European ESS market to achieve a CAGR of around 23.4% from 2025 to 2030. Large-scale ESS in Europe has begun to take shape, with multiple countries' plans driving future growth. In 2024, renewable energy accounted for over 27% of Europe's energy supply structure. According to SMM analysis, driven by Europe's energy transition, high electricity price volatility, and policy stimulus, power generation-side ESS is entering a fast track of growth. • Energy structure: Over the past five years, renewable energy in Europe has increased from 20% to 47%. The increase in front-of-the-meter new energy power generation has brought more power generation but also increased the load on the power grid, further strengthening the demand for power generation-side ESS to ensure stable power generation and transmission. • Impact of the Russia-Ukraine conflict: After the outbreak of the Russia-Ukraine conflict, energy trade between Russia and Europe was subject to multiple restrictions. Benefiting from Europe's new energy policies, new energy power generation and ESS have grown rapidly, reducing Europe's dependence on energy imports. In 2024, energy imports decreased by 9.2% YoY from 2021. • Policy stimulus: Led by the UK, Germany, Spain, and Poland, Europe has introduced stimulus policies for the development of the ESS industry, including government subsidies, electricity trading, peak shaving, and frequency regulation compensation. Recent market developments in the ESS industry. Monthly installations in major overseas ESS markets. US ESS monthly installations: Due to seasonal reasons, US ESS installations decreased MoM, but in February, the YoY growth rate exceeded 1,400%. This installation rush was mainly driven by grid demand and political struggles, characterized by non-replicability and occasionality, and it has overdrawn future demand. US installations may slow down subsequently. In January 2025, heavy snow in many areas led to a sudden increase in grid load, revealing the demand for large-scale ESS. Monthly installations increased compared to the previous year. At the beginning of 2025, constantly changing tariff policies put project costs under pressure, prompting owners to rush installations to avoid the impact of additional tariffs on project returns. German ESS monthly installations: Driven by policies and renewable energy installations, German ESS may have a profound impact on future ESS installation structures. With sufficient natural gas supply and a downward price trend, stable electricity prices, and the phase-out of household ESS subsidies, household ESS installations are showing a weakening trend. As new energy installations continue to increase, the grid's absorption capacity is limited. To support the grid and accommodate more new energy installations, power generation and grid-side ESS are needed to support the grid. Since entering 2024, ESS system costs have continued to decline, but the trend has slowed. The price of ESS battery cells is closely related to the price trend of lithium carbonate, the main raw material for batteries. Since entering 2024, the overall price of lithium carbonate has shown a downward trend, driving the cost of ESS systems to continue to decline. The winning bid price for 0.5C systems has also decreased significantly since 2024. However, the downward trend in costs has slowed. Click to view SMM's new energy product spot prices. SMM expects that the price of 314Ah battery cells may fluctuate downward overall, keeping ESS system costs at a low level. Click to view the special report on the 2025 (10th) New Energy Industry Expo.

At the CLNB 2025 (10th) New Energy Industry Chain Expo - New Energy PV ESS Forum hosted by SMM Information & Technology Co., Ltd. (SMM), Mingyuan Ye, a senior ESS consultant at SMM, shared insights on the topic of "Opportunities and Challenges in the Global ESS Market."

[SMM Daily Review on Coal and Coke] In terms of supply, coke enterprises are experiencing profit contraction, with some incurring losses, though still within their tolerable range. Overall, production remains at previous levels, and coke inventory at coke enterprises continues to accumulate. On the demand side, with Chinese New Year approaching, the market is gradually entering holiday mode, leading to sluggish demand and a generally loose coke market. In summary, the coke market is expected to remain stable before the Chinese New Year, while there may be slight upside room for coke prices after the holiday due to steel mill restocking.

This week, the ferrous metals series fluctuated rangebound. Overseas, US President Donald Trump was inaugurated on the 20th, signing over 40 presidential executive orders on the same day, covering border immigration policies, withdrawal from international organizations or agreements, among others, drawing significant attention from the international community...

[SMM Daily Review on Coal and Coke] In terms of supply, coke enterprises are experiencing shrinking profits, with some incurring losses, though still within a tolerable range. Overall, production remains at previous levels, and coke inventory at coke enterprises continues to accumulate. Demand side, with Chinese New Year approaching, the market is gradually entering holiday mode, leading to sluggish demand and a generally loose coke market. In summary, the coke market is expected to remain stable in the short term.

[SMM Daily Review on Coal and Coke] In terms of supply, coke production remains stable, with moderate sales performance. On the demand side, the effect of steel mills' winter stockpiling policies is average, end-use demand remains weak, and steel prices have strengthened, but trading activity is limited. Steel mills still show an intention to seek profits upstream. In summary, the outlook remains pessimistic, and the seventh round of coke price cuts this week is expected to continue facing contention.

LME copper opened at $9,019.5/mt overnight.