From the industry fundamentals perspective, China's prebaked anode exports have a solid foundation for growth. On one hand, Indonesia's aluminum capacity has entered a critical period of "utilizing existing capacity plus commissioning new capacity," directly driving a 71.89% YoY surge in China's exports to the country, making it a core growth market. On the other hand, the restart of a Spanish plant has generated phased procurement demand, and subsequent capacity commissioning will further release incremental space. Looking ahead, with the continued expansion of overseas aluminum capacity, coupled with China's comprehensive core advantages in the prebaked anode industry chain—such as cost control, capacity scale, and technical support—overseas markets are expected to continue driving steady growth in China's prebaked anode exports.

SMM Analysis: According to General Administration of Customs data, China imported 55,200 mt of copper anode (HS code: 74020000) in October 2025, up 10.18% MoM but down 8.57% YoY...

[SMM Analysis]Primary aluminum pulled back, driving down aluminum scrap prices, while tight supply supports high-level negotiations for next week.

SMM Analysis：According to the latest customs data, China imported 340,900 mt in physical content of zinc concentrates in October 2025, down 32.56% MoM (a decrease of 164,500 mt in physical content) from September but up 2.97% YoY. Cumulative zinc concentrate imports from January to October totaled 4.3489 million mt in physical content, up 36.59% YoY......

Today, DCE iron ore continued to weake trend today, with the most-traded contract I2601 closing at 788.5 yuan, down 0.32% from the previous trading day. Traders demonstrated a moderate willingness to sell, while steel mills purchased as needed. Overall market trading sentiment remained subdued.

According to the latest data from the General Administration of Customs, shell carbon imports in October 2025 reached 14,652.8 mt, down 9% MoM but up 11% YoY. The average import price for shell carbon in October was $800.84/mt. In September, the average import price was $819.6/mt, representing a 2% MoM decrease.

In October 2025, China's magnesium exports experienced a significant downturn, with total product volume plunging 31.6% month-on-month to 29,700 tonnes. The decline was led by a drastic 50% drop in magnesium ingot exports, the primary export category. This sharp contraction was primarily driven by two factors: a market standstill during the National Day holiday and widespread order front-loading into September due to uncertainties about October's export customs policies. Notably, magnesium alloys were the sole bright spot, posting a 7.14% monthly increase and signaling persistent structural demand. However, the ongoing price decline has now triggered early purchasing plans for 2026 orders. This trend of demand anticipation is expected to keep Q4 export volumes under pressure while potentially disrupting the normal procurement cycle in the overseas market next year, thereby amplifying industry volatility.