SMM Analysis：In the complex and ever-changing market environment, inventory, as a crucial indicator of supply-demand relationships, serves as a key reference for investors to judge price trends. Against the backdrop of SMM’s well-established tracking of visible lead-zinc inventories, the market has turned increasing attention to the existence of hidden inventories.....

SMM August 29 News:  According to SMM data, in August 2025, the domestic molybdenum concentrate output decreased by 8% month-on-month and 10.8% year-on-year. The total output of molybdenum concentrate from January to August 2025 decreased by 0.3% year-on-year.

Malaysia’s stainless-steel scrap market is overwhelmingly export-oriented, with India the dominant buyer and China largely shut out. Domestic 304 scrap fetches RM4.6–6.2/kg (US$1.09–1.47), while Foshan offers only slightly more at RM5.6–5.82/kg (US$1.32–1.38), leaving scant room for arbitrage. In 2024, India absorbed 41.6% of Malaysia’s exports and Bangladesh 32.5%, compared with just 1.3% for China. Policy explains the split: Malaysia exempts stainless scrap from export duties, India’s import rules are simple, but China’s GB/T 39733-2020 standard imposes stringent requirements few Malaysian yards can meet. The trade remains divided—large dealers export, small ones supply locally. Without investment in sorting and certification, Malaysia will stay reliant on South Asia, with China a missed opportunity.

In light of the changes in the structure of market participants along the nickel sulphate industry chain this year, with new capacities from some enterprises being gradually released and a dynamic adjustment in the ratio of spot orders to long-term contracts, we will optimize and adjust the weight calculation rules for the current price index to ensure that it more accurately and promptly reflects the real transaction levels of the industry. This adjustment will be based on the latest capacity distribution, changes in contract structures, and the accuracy of quotations, recalibrating sample weights to enhance the representativeness and flexibility of the index. The new weight scheme will take effect on August 26, 2025.

To better serve spot market participants, the SMM Copper Research Team has leveraged its professional market research expertise to develop the Offshore Refined Copper Spot Market Sentiment Index.

Based on data compiled by SMM from the General Administration of Customs, in terms of export destinations, Indonesia ranked first in the cumulative total steel billet export volume from January to July 2025, with a total of 1.154 million mt, accounting for 15% of the total steel billet export volume. The Philippines followed with an export volume of 988,600 mt, accounting for 13% of the total. Turkey ranked third with 646,400 mt, accounting for 9% of the total.