DCE iron ore futures continued to fluctuate rangebound with a stronger bias today, with the I2601 closing at 788.5 yuan, up 1.81% from the previous trading day, and the increase expanded.

In the first half of November, the SMM battery-grade nickel sulphate price experienced some adjustments, with the average price declining from 28,450 yuan/mt at the beginning of the month to 28,280 yuan/mt on the 17th. During the same period, SMM refined nickel prices also trended lower, and related producers showed expectations for production cuts. This article analyzes the current supply-demand pattern of nickel sulphate and the price correlation between refined nickel and nickel sulphate.

[SMM Chrome Daily Review: Futures Weakened with Insufficient Confidence, Market Expectations Mostly Bearish] November 17, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,000-8,100 yuan/mt (50% metal content), down 25 yuan/mt (50% metal content) MoM from the previous trading day.

[SMM Spot Magnesium Ingot Market Update: Prices Hit Key Level, Tug-of-War Between Sellers and Buyers Continues Weak and Stable Pattern] On November 17, Fugu magnesium ingot was quoted at 16,000-16,100 yuan/mt, with FOB prices at $2,240-2,340/mt. After falling to the key level of 16,000 yuan/mt, magnesium prices showed signs of stabilizing, and producers' willingness to hold prices firm increased. However, market transactions remained mediocre, with strong wait-and-see sentiment downstream. Current price pressure mainly stems from high production and inventory at factories, coupled with cautious purchasing by downstream users. The long-term oversupply pattern remains unchanged, and the market is expected to continue operating in the doldrums.

[SMM Stainless Steel Daily Review: US Fed's Hawkish Remarks Drive SS Below Recent Lows, Steel Mills Lower Prices to Boost Sales] SMM November 17 - SS futures showed a pattern of hitting bottom and then recovering. During Friday's night session, SS futures continued to be affected by weakened expectations for US Fed interest rate cuts, with the opening price pulling back further, breaking below the nearly five-year low to reach 12,310 yuan/mt. On Monday's opening, prices gradually recovered, closing at 12,415 yuan/mt by the end of the session. In the spot market, large stainless steel mills lowered their 304 stainless steel listed prices by 200 yuan/mt in the morning, and agent prices followed the decline, reaching relatively low levels. Market activity improved somewhat, with an increase in inquiries. Downstream demand remained weak, market expectations were pessimistic, and raw material prices also pulled back, leading steel mills to focus on reducing prices to actively boost sales. The most-traded SS futures contract weakened and declined. At 10:30 a.m., the SS2601 contract was quoted at 12,390 yuan/mt, down 65 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 380-580 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,050 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 12,700 yuan/mt, while in Foshan it was 12,750 yuan/mt; in Wuxi, the price for cold-rolled 316L/2B coil was 24,300 yuan/mt, and in Foshan it was also 24,300 yuan/mt; for hot-rolled 316L/NO.1 coil, the price in Wuxi was reported at 23,700 yuan/mt; in both Wuxi and Foshan, the price for cold-rolled 430/2B coil was 7,600 yuan/mt. Stainless steel is entering the off-season for consumption toward year-end...

[Domestic Iron Ore Brief: Shandong Region Iron Ore Concentrates Prices May See Slight Increase Potential] In Shandong, the 64% grade alkaline powder dry basis pre-tax acceptance ex-mine price for iron ore concentrates from mines and beneficiation plants was reported at 858 yuan, down 9 yuan. Steel enterprises simultaneously lowered prices. Most mines are operating normally, mainly selling as they produce, with little inventory accumulation. However, the overall shipment pace has slowed down, and local steel mills are purchasing under long-term agreements.