According to SMM statistics, as of October 31, 2025, the domestic days of inventories at aluminum rod plants were 7.6 days, an increase of 0.57 days WoW. Aluminum rod inventory continued to show a buildup trend, and the market oversupply situation saw no significant improvement. In terms of inventory ratio, the domestic in-factory inventory ratio for aluminum rod plants recorded 74.12%, up 4.04% WoW, and the pressure from inventory accumulation remained unrelieved.

Indonesian Nickel Ore Prices Stable

Brief Comment: So far, an aluminum enterprise in Shandong has announced the November 2025 prebaked anode tender benchmark price, which rose by 222 yuan/mt MoM. Simultaneously, a major domestic prebaked anode sales company increased its sales price by 251 yuan/mt MoM. According to SMM data, as of October 31, China's comprehensive cost for prebaked anode increased to 5,125 yuan/mt, up 3.31% from September 30. The current raw material market is performing well, providing some support for prebaked anode prices. Particularly for petroleum coke, downstream demand is generally favorable, purchasing enthusiasm in the carbon industry is moderate, and demand from the anode material market for petroleum coke persists. Considering various factors, the price center for petroleum coke in November is expected to move higher. Against this backdrop, prebaked anode prices, directly supported by rising raw material costs, are expected to continue their upward trend. 

Overall, the petroleum coke market currently shows a pattern of tightening supply and increasing demand. At the month-end to early-month period, restocking needs for some enterprises became prominent. Coupled with expectations of higher prebaked anode prices in November boosting purchasing enthusiasm, SMM expects upward momentum for petroleum coke prices to persist in the short term.