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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.
[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)
European Tungsten Prices Maintain Upward Trajectory Amid Supply Constraints [EU Tungsten Analysis]
On December 5, APT CIF Rotterdam prices reached $780–820/mtu, up $40/mtu week-on-week, while ferrotungsten rose $8.5/kg to $98–99/kg W. European prices continue to be lifted by sustained strength in the Chinese market and robust downstream demand from the hard metal industry. Supply remains tight across the raw material chain, with tradable APT extremely scarce.
Dec 5, 2025 14:21
4th Stop of 2025 SMM APAC Lead-Acid Battery Industry Conference Field Trip: KIJO Battery (Vietnam) Co., Ltd.
Prior to the 2025 SMM APAC Lead-Acid Battery Industry Conference, organized by Shanghai Metals Market (SMM), SMM led a delegation on a corporate visit to KIJO Battery (Vietnam) Co., Ltd. for exchange and insights.
Dec 5, 2025 10:50
Price Surge Acorss Entire Tungsten Industry Chain: Upstream Supply Constraints as Core Driver, Bull Market to Continue
SMM December 4th News:Driven by the rally in upstream raw materials, the entire tungsten industrial chain has witnessed a synchronized upward movement. Given that the supply-demand imbalance in the tungsten market is unlikely to be resolved in December, the upward trend across the whole industrial chain is expected to continue.
Dec 4, 2025 17:53
SMM HRC & CRC Survey: HRC Supply Pressure to Ease in December, Exports Remain Resilient
According to the latest SMM tracking, the planned commercial material output of cold-rolled sheet and coil from 31 mainstream steel mills this month totaled 4.0122 million mt, down 57,500 mt or 1.4% MoM compared to the actual production last month.
Dec 4, 2025 16:57
Copper Plate/Sheet and Strip Market: Operating Rates Improved MoM in November, High Copper Prices Constrained Production Increases in December
According to SMM, the overall operating rate of copper plate/sheet and strip enterprises in November 2025 was 68.39%, up 3.4 percentage points MoM but down 5.16 percentage points YoY. Specifically, the operating rate of large enterprises was 69.98%, medium-sized enterprises 68.90%, and small enterprises 60.16%.
Dec 4, 2025 13:12
3rd Stop of 2025 SMM APAC Lead-Acid Battery Industry Conference Field Trip: Xupai Power Vietnam Co., Ltd.
Prior to the upcoming 2025 SMM APAC Lead-Acid Battery Industry Conference, organized by Shanghai Metals Market (SMM), SMM led a delegation on a corporate visit to Xupai Power Vietnam Co., Ltd. for exchange and insights.
Dec 3, 2025 17:18
[SMM Analysis] November Sodium-ion Battery Chain: Demand Recovery Boosts Output & Sales Growth, Optimistic December Outlook
In November, the production end of sodium-ion battery cathode materials performed impressively, with production up 50% MoM and 54% YoY, indicating a continuous recovery in industry prosperity. In terms of product structure, poly-anion NFPP remains the market mainstream, accounting for 76% of total production, an increase of 4 percentage points from October, further highlighting the leading effect.
Dec 3, 2025 16:32
![[SMM Analysis] November Sodium-ion Battery Chain: Demand Recovery Boosts Output & Sales Growth, Optimistic December Outlook](https://imgqn.smm.cn/production/admin/votes/imagesdYCsS20240301140139.png)
SMM Review of Metal Production in November 2025 and Forecast for December
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.
Dec 3, 2025 14:13
2nd Stop of 2025 SMM APAC Lead-Acid Battery Industry Conference Field Trip: Thang Long Metallurgy Company Limited
Prior to the upcoming 2025 SMM APAC Lead-Acid Battery Industry Conference, organized by Shanghai Metals Market (SMM), SMM led a delegation on a corporate visit to Thang Long Metallurgy Company Limited for exchange and insights.
Dec 3, 2025 11:02
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