Release Date: January 26, 2026
Data Source: Shanghai Futures Exchange (SHFE)
Market Overview
This week, major base metals in the Chinese market exhibited divergent trends. SHFE Copper maintained its strong upward momentum, gaining over 2.2% and sustaining its position above the significant 100,000 RMB mark. SHFE Aluminum saw steady, incremental gains. Conversely, Stainless Steel experienced a slight technical correction following previous rallies, entering a consolidation phase as the market approaches the holiday season.
- Price Performance (Main Contracts)
| Commodity | Closing Price (RMB/MT) | Weekly Change | Market Commentary |
| Copper (Cu) | 102,830 | +2.21% ↑ | Prices continue to surge due to global energy transition demand and low inventories. Bullish sentiment remains dominant. |
| Aluminum (Al) | 24,315 | +0.75% ↑ | Resilient performance sustained by high raw material costs; prices remain stable at historic highs above the 24k level. |
| Stainless Steel | 14,625 | -0.27% ↓ | Minor technical correction with decreased trading volume. The market is entering a “wait-and-see” phase. |
- Supply Chain Strategic Advice
Copper Products (Cabling & Motors): Prices are hovering near historic peaks with high volatility. Procurement managers are advised to monitor inventory levels closely and consider a “laddered purchasing” strategy to mitigate the risk of buying at a price ceiling.
Aluminum Materials & Structures: The trend remains steadily bullish. We recommend securing stock or hedging during minor pullbacks (levels below 24,000 RMB/MT) to lock in long-term production costs.
Stainless Steel (Valves & Piping): Strong support is noted around the 14,500 RMB level. This week’s slight price correction offers a relatively favorable window for marine maintenance and spare parts procurement. - Logistics & Seasonal Alert
As the Chinese New Year approaches, domestic logistics capacity and market liquidity in China are expected to tighten. IMPA members and global procurement teams are encouraged to coordinate with Chinese suppliers immediately to ensure the timely delivery of essential marine components and raw materials.
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