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![[SMM Analysis] WTO rebukes EU on Indonesian stainless steel, but CBAM is coming](https://imgqn.smm.cn/production/admin/news/en/pic/rRrTV20251016110235.png?imageView2/1/w/176/h/135/q/100)
[SMM Analysis] WTO rebukes EU on Indonesian stainless steel, but CBAM is coming
Oct 16, 2025 11:01
The World Trade Organization (WTO) panel, in its DS616 ruling announced on October 2, 2025, found the European Union (EU) to be in violation of key provisions concerning its anti-subsidy duties on Indonesian cold-rolled stainless steel. On the surface, this represents a significant triumph for Indonesia in a traditional trade dispute. However, we view the win as a "Pyrrhic Victory": the ruling’s benefits are immediately nullified by procedural obstacles, and the entire episode is overshadowed by the imminent structural shock of the Carbon Border Adjustment Mechanism (CBAM). This is not the end of a trade era, but the dawn of a far more challenging one.
MMi Daily Iron Ore Report (October 17)
Today, iron ore futures continued to trade in the doldrums, with the most-traded contract I2601 closing at 771, down 0.19% from the previous day. Some traders halted sales, while steel mills exhibited stronger wait-and-see sentiment, resulting in limited inquiries. Market transaction activity remained sluggish.
Oct 17, 2025 18:12
[SMM Analysis] High-Grade NPI Market Continues to Decline, How Will It Evolve in the Future?
The average price of SMM 10-12% high-grade NPI fell 10 yuan/mtu WoW to 943.5 yuan/mtu (ex-factory, tax included), while the average Indonesian NPI FOB index price dropped $1.14/mtu WoW to $116.02/mtu. Following the downward adjustment in tender prices by mainstream steel mills, most downstream stainless steel mills drove down prices. Coupled with consecutive declines in stainless steel futures and improved cost-effectiveness of stainless steel scrap, high-grade NPI faced pressure, leading to a noticeable price drop this week.
Oct 17, 2025 17:45
![[SMM Analysis] High-Grade NPI Market Continues to Decline, How Will It Evolve in the Future?](https://imgqn.smm.cn/news/xWlTD20220406172143.jpg)
[SMM Analysis] Significant Inventory Buildup During the Holiday, Post-Holiday Demand Recovery Falls Short of Expectations
According to the SMM survey, this week, the SMM broad-gauge inventory of HRC in Ningbo stood at 410,000 mt (as of October 15), up 6,000 mt WoW.This week, HRC prices were in the doldrums, with spot prices falling by 50-100 yuan/mt on a weekly basis. The market trading atmosphere remained moderate during the week, with end-users restocking on an as-needed basis. By the afternoon close on October 17, the most-traded HRC 2601 futures contract settled at 3,204 yuan/mt.
Oct 17, 2025 17:27
Stable Overall with Selective Upswings; Export Window to Reopen & Tungsten Powder Market Divergent
SMM, October 17:
This week, China's domestic tungsten market showed an overall stable performance. On the upstream side, most spot mine transactions were conducted around long-term contract prices, but trading volume was limited. After months of consecutive declines in the operating rate of the ammonium paratungstate (APT) industry, the market's hidden inventory remained low. Additionally, enterprises mainly delivered goods according to long-term contracts, which further intensified the tight circulation of spot orders. Manufacturers maintained firm quotations, and market transaction prices moved upward during the week.
Oct 17, 2025 17:05
[SMM Analysis] The New Era of Stainless Steel: Navigating a Global Market Dominated by Asia and Divided by Trade Barriers
At the "ROLLED STEEL MARKETS: sales, production, strategy" international conference held on October 14-15, 2025 at Moscow, the future of the global stainless steel market was a central topic. Shanghai Metals Market (SMM), as an invited speaker, delivered an in-depth analysis of the trends in the global stainless steel and nickel markets. The presentation, titled "Global Stainless Steel & Nickel: Demand, Trade Flows, and Policy Outlook 2025," highlighted a new global landscape dominated by Asian supply and profoundly shaped by Western trade barriers.
Oct 17, 2025 13:52
Boost in Automotive Consumption Aids Rebound in Operating Rate of Secondary Aluminum Producers in September [SMM Analysis]
[SMM Analysis]Boost in Automotive Consumption Drives Rebound in Operating Rate of Secondary Aluminum Producers in September, Multiple Factors to Constrain Performance in October
Oct 17, 2025 11:46
Post-Holiday Aluminum Scrap Market Sees Volatile Recovery and Rebound, Short-Term Cost Support for Cast Aluminum Alloy Remains Solid. [Weekly Review of Aluminum Scrap and Secondary Aluminum]
[SMM Analysis]Post-Holiday Aluminum Scrap Market Sees Volatile Recovery and Rebound, Short-Term Cost Support for Cast Aluminum Alloy Remains Solid.
Oct 16, 2025 18:33
MMi Daily Iron Ore Report (October 16)
Iron ore concentrate prices in the Tangshan area of Hebei have remained relatively stable in recent days, with ex-factory prices for 66% grade iron ore concentrates (dry basis, including tax) at 920-925 yuan/mt. Supply remains tight, as the local governments in Qian'an and Zunhua recently issued written documents regarding land use regulations for iron ore beneficiation enterprises
Oct 16, 2025 17:50
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