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SMM Review of Metal Production in November 2025 and Forecast for December
Dec 03, 2025 14:13
SMM's monthly metal production data is released at the end of each month, aiming to uncover the true fundamentals and help industry chain participants and investors gain a clearer grasp of the future direction of the non-ferrous metal market.
Solid-State Battery Weekly Report: China and South Korea Vie for Mass Production "Beachhead," Wuhai ESS Fires the "First Shot" of Commercialization
This week, the solid-state battery sector gained significant momentum, with multiple domestic enterprises achieving key breakthroughs in environmental approvals, sample deliveries, and mass production, while overseas players in South Korea and the United States intensified technological competition. Across the industry chain—from cathode and anode materials, electrolytes, to battery cell manufacturing—progress advanced in parallel, marking a phase of intensive validation and capacity building for industrialisation.
Dec 6, 2025 21:47
[Analysis] Upstream Holds High-Grade NPI Prices Firm, But Short-Term Fundamental Pressure Is Evident
The average price of high-grade NPI dropped by 4 yuan/mtu WoW to 881.3 yuan/mtu (ex-factory, tax included), while the Indonesian NPI FOB index price fell by $0.21/mtu WoW to $109.63/mtu.Entering December, as stainless steel and SHFE nickel futures prices rose, market sentiment recovered somewhat. At the same time, high-grade NPI smelters faced dual pressures from long-term contract negotiations and prices below cost lines, leading to clear efforts to hold prices firm. High-grade NPI prices gradually stabilized.
Dec 6, 2025 18:03
![[Analysis] Upstream Holds High-Grade NPI Prices Firm, But Short-Term Fundamental Pressure Is Evident](https://imgqn.smm.cn/news/xWlTD20220406172143.jpg)
Year-End Aluminum Billet Production Data Released, Could Production Cuts Be Unavoidable as Off-Season Deepens? [SMM Analysis]
[SMM Analysis: Year-End Aluminum Billet Production Data Released, Will Production Cuts Be Unavoidable as Off-Season Deepens?]
Mixed trends coexisted! Domestic aluminum billet supply-side operating rates remained generally stable in November, with final production figures meeting expectations. As the September-October peak season concluded, some aluminum billet enterprises planned ahead to switch production to aluminum bus bars, primary alloys, aluminum rods, and other products. Meanwhile, some group enterprises, affected by poor overall annual profitability, implemented marginal production cut adjustments in November, showing signs of supply contraction during the off-season. However, due to the better-than-expected performance of aluminum billet processing fees, particularly in South China, some billet plants in South-West China increased production accordingly. Coupled with the ramp-up of newly commissioned capacity in Q4, the domestic aluminum billet supply side achieved a temporary stable transition amid these mixed trends. The daily average production of primary aluminum billets in November pulled back slightly to around 50,000 mt/day, down MoM from October, in line with earlier expectations. However, SMM expects that as the off-season deepens in December and high aluminum prices further suppress processing fees and downstream demand...
Dec 6, 2025 13:55
![Year-End Aluminum Billet Production Data Released, Could Production Cuts Be Unavoidable as Off-Season Deepens? [SMM Analysis]](https://imgqn.smm.cn/production/admin/votes/imagesSDWVM20240508153016.png)
Sulphuric Acid Rises Sharply to Boost Costs, Aluminum Fluoride Prices Increase by 250-300 Yuan/MT in December [SMM Analysis]
Brief Review: At the beginning of the month, the December tender pricing set by leading downstream aluminum enterprises was officially finalized. The tender prices generally trended upward, settling in the range of 10,200-10,300 yuan/mt. With the clarification of tender prices, aluminum fluoride prices generally increased by 250-300 yuan/mt following this guidance. Cost side, the core raw material for aluminum fluoride, sulphuric acid, continued its strong price trend, providing solid support for aluminum fluoride costs. Meanwhile, the price of another key raw material, fluorite, experienced a pullback, alleviating some production pressure on enterprises and contributing to a slight improvement in industry profitability, which in turn boosted production enthusiasm. Demand side performance remains the main constraint in the current market, with no significant improvement in downstream procurement pace. The overall demand atmosphere remains mediocre, and effective synergistic support between supply and demand has yet to materialize. Subsequent attention should focus closely on dynamic changes in raw material costs and adjustments in the downstream procurement pace.
Dec 5, 2025 18:50
Steel Mills' Winter Stockpiling Policies Proliferate, What Is the Market's Stance?
As winter approaches, construction at downstream sites is nearing the end of 2025, and market demand is weakening. To stabilize production pace, digest inventories in advance, ease financial pressure, and lock in market demand, steel mills have recently rolled out their winter stockpiling policies. According to incomplete statistics from SMM, as of December 5, one mill in Northeast China, two in Northwest China, and one in North China have announced their winter stockpiling policies.
Dec 5, 2025 17:10
[SMM Analysis] Nickel prices were in the doldrums this week, with domestic inventory increasing slightly.
The most-traded SHFE nickel contract generally moved sideways in a weak pattern this week. It briefly tested the 118,000 yuan/mt level early in the week but failed to sustain a breakout, subsequently pulling back under pressure. Prices largely fluctuated within the 116,000-118,000 yuan/mt range, closing at 117,790 yuan/mt in Friday's night session, up 0.54% WoW, amid sluggish trading activity. LME nickel prices moved largely in sync with SHFE nickel, showing sideways movement, with weekly prices mainly oscillating between $14,700/mt and $14,900/mt. In the spot market, the average price for SMM #1 refined nickel was 120,020 yuan/mt this week, up 550 yuan/mt WoW. The average premium for Jinchuan nickel was 4,900 yuan/mt, up 150 yuan/mt WoW. The premiums and discounts for mainstream domestic electrodeposited nickel ranged from -200 to 400 yuan/mt, with electrodeposited nickel premiums edging lower. Approaching year-end, downstream demand weakened, resulting in mediocre spot transactions this week.
Dec 5, 2025 16:06
China State Shipbuilding Corporation's Intensive Cooperation at Maritime Expo: A Signal for the Industrialisation Breakthrough of Hydrogen Energy in Maritime Applications
During the China International Maritime Exhibition, China State Shipbuilding Corporation (CSSC) held intensive meetings with key partners including global shipowners, classification societies, and financial institutions, reaching multiple cooperation consensuses. Among them, Jiangnan Shipyard and Southwest Shipping signed a cooperation agreement for two ultra-large liquid ammonia carriers, which serves as a key signal for the implementation of the hydrogen energy industry in the maritime sector.
Dec 5, 2025 14:41
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