According to the SMM survey, the SMM Ningbo HRC broad-caliber inventory stood at 397,000 mt as of 10.22, down 13,000 mt WoW.HRC prices edged up this week, with the spot price rising 10-40 yuan/mt WoW. Trading activity in the market improved during the week. As of the afternoon close on 10.24, the most-traded HRC 2601 futures contract settled at 3,250 yuan/mt.

Today, iron ore futures prices experienced sideways weakness, with the main contract DCE I2601 closing at 771, down by 0.58% compared to yesterday. Port spot prices declined by 2-5 yuan from the previous trading day. In Shandong, PB powder transactions ranged between 775-780 yuan per ton, a decrease of 2-5 yuan/ton from yesterday.

In September, Chinese titanium industry exhibited a combination of overall growth and internal divergence in imports and exports. On the upstream raw material side, titanium ore imports reached 447,400 tons, a month-on-month increase of 8.16%, with robust demand driven primarily by the price advantage of imported ore and expanded production in the downstream titanium dioxide industry. On the midstream product side, titanium dioxide exports grew 12.68% month-on-month to 156,300 tons, reflecting the peak season effect. However, cumulative exports still declined by 6.48% year-on-year, indicating that while supply gaps overseas created opportunities, anti-dumping measures and weak downstream demand continued to constrain overall demand. During the same period, sponge titanium and titanium product exports grew by 26.68% and 6.78% month-on-month, respectively, but the market showed significant polarization, with strong demand in high-end sectors like aerospace, while the civilian market faced pressure from high inventory and expanded production capacity.

The operating rate of leading downstream aluminum processing enterprises in China this week was 62.4%, down 0.1% WoW, showing a characteristic of "stabilization during the peak season with internal divergence." Specifically, the operating rate for primary aluminum alloy rose 0.6 percentage points to 59.0%, as enterprise production schedules became more aligned, supported by stable restocking from downstream, and is expected to remain stable with a slight upward trend in the short term. The operating rate for aluminum plate/sheet and strip fell 1 percentage point to 67.0%, impacted by declining curtain wall panel orders and high aluminum prices suppressing purchases, with weakening demand expectations strengthening, and it is anticipated to gradually enter the off-season range. The operating rate for aluminum wire and cable increased 0.4% to 64.4%, supported by the high-voltage sector, but tight shipments and slow cargo pick-up by State Grid limited the rebound potential. The operating rate for aluminum extrusion edged up to 53.7%, with automotive extrusion showing relatively robust growth driven by the year-end push for targets, while construction extrusion remained sluggish and PV extrusion faced production cuts. The operating rate for aluminum foil decreased 0.4 percentage points to 71.9%, with export stockpiling for holidays in packaging foil providing a buffer, but orders for some categories have started to weaken. The operating rate for secondary aluminum producers remained at 58.6%, with order resilience still present, but tight raw material supply, profit pressure, and policy uncertainties continued to constrain production flexibility. Considering the performance on both supply and demand sides, SMM expects the operating rate for the downstream aluminum processing industry to continue its stable trend next week.

Despite holding one of the world’s largest reserves of lithium—a critical metal for electric vehicle batteries—Bolivia’s lithium industry has long been hampered by political resistance and a state-controlled mining policy. Lithium agreements signed by outgoing President Luis Arce with companies from allied nations such as China and Russia were blocked by Congress. President-elect Paz has pledged to review these contracts to ensure transparency, a move that could either unlock new opportunities or raise concerns among investors.