I. BCI
In January 2026, the Bulk Commodity Index (BCI) by 100ppi.com stood at 0.56, with an average increase of 5.05%.

II. BPI
As of January 31, the Bulk Commodity Price Index (BPI) was 957 points, up by 58 points from the beginning of the month. Compared to the cycle high of 1,343 points (October 19, 2021), it decreased by 28.74%, while it increased by 12.72% compared to the recent two-year low of 849 points (June 11, 2025).

III. Performance of Eight Industry Indices
Among the eight industries monitored by 100ppi.com, most saw gains in the month, with the top three performers being the non-ferrous metals industry, up 21.72%, the rubber and plastics industry, up 8.44%, and the agricultural and sideline products industry, up 6.05%. The building materials industry declined, with a decrease of -1.13%. The monthly performance is as follows:

IV. Analysis of Key Commodities
According to price monitoring by 100ppi.com, the commodities with significant price fluctuations in January 2026 are listed in the table below. Detailed analyses for silver, lithium hydroxide, eggs, caustic soda, hydrogen peroxide, and corrugated paper are provided:
Note: Silver is priced in yuan/kg, eggs in yuan/kg, and the rest in yuan/ton.

1. Silver
   Multiple Positive Factors Support a Sharp Market Rally
   Silver prices surged in January. China’s export controls, coupled with rigid supply constraints from associated ores, led to a shortage in circulation. Surging demand from the photovoltaic and new energy sectors further widened the supply gap. Expectations of a Federal Reserve rate cut, a weakening U.S. dollar, and a correction in the gold-silver ratio attracted capital inflows. Geopolitical tensions in regions such as the Middle East and strategic stockpiling further amplified the rally, while low inventories intensified price volatility. Prices retreated from highs at the end of the month, and the silver market may experience a short-term downward adjustment.

2. Lithium Hydroxide
   Improved Fundamentals Drive a Significant Price Increase
   Lithium hydroxide prices rose sharply in January. Soaring demand for energy storage, combined with pre-holiday restocking and export rush purchases by downstream users, drove up procurement volumes. High raw material costs suppressed operating rates, with some production lines undergoing maintenance and new capacity ramp-ups falling short of expectations. Traders’ reluctance to sell exacerbated tight supply, while low inventories amplified price gains. Caution is warranted for potential short-term price corrections.

3. Eggs
   Supply-Demand Mismatch Drives Market Prices Higher
   Egg prices increased in January. Earlier losses led to insufficient replenishment of flocks and a concentrated culling of older hens, reducing the in-production inventory. Pre-holiday stockpiling by food manufacturers and supermarkets spurred concentrated procurement, with low inventories amplifying price elasticity. Additionally, rain and snow in northern China restricted cross-regional transportation, while farmers and traders held bullish views and stockpiled. Egg prices may remain volatile at elevated levels before the holiday.

4. Caustic Soda
   Supply-Demand Imbalance Leads to a Sharp Price Decline
   Caustic soda prices fell in January. The primary reasons were high operating rates at chlor-alkali enterprises under the "chlorine supplementing alkali" strategy and the release of new capacity, leading to a surge in supply. Major downstream sectors, such as alumina, maintained high inventories and adopted cautious procurement, resulting in weak demand that could not absorb the increased supply. Factory inventories rose year-on-year, while export challenges intensified domestic sales pressure. The caustic soda market is expected to remain weak in the short term.

5. Hydrogen Peroxide
   Weak Fundamentals Drive Market Downtrend
   Hydrogen peroxide prices declined significantly in January. The main factors were the concentrated restart of production facilities and high industry operating rates, leading to increased supply. Downstream sectors, such as papermaking and caprolactam, operated at low rates, resulting in overall weak demand. Pre-holiday destocking by enterprises through price reductions, combined with bearish market sentiment, may keep hydrogen peroxide prices fluctuating at low levels.

6. Corrugated Paper
   Negative Factors Pressure Prices Lower
   Corrugated paper prices declined in January. The restart of idled production lines and the release of new capacity increased supply, while paper mills held high inventories. The traditional pre-holiday peak season fell short of expectations, with downstream users completing stockpiling early and maintaining only essential procurement. A sharp drop in raw material prices weakened cost support, and price cuts by small and medium-sized mills to secure orders triggered a market downturn. Weak prices are unlikely to improve in the short term.