According to SMM, the comprehensive operating rate of the enamelled wire industry in October was 64.47%, down 3.65 percentage points MoM and 0.75 percentage points YoY. Among them, the operating rate of large enterprises was 64.15%, medium-sized enterprises was 65.34%, and small enterprises was 64.18%.

SMM Analysis：As of October 31, the most-traded SHFE zinc contract closed at 22,355 yuan/mt, down 10 yuan/mt for the month, a decline of 0.04%. In October, zinc prices fluctuated considerably, hitting a low of 21,800 yuan/mt mid-month before rebounding in the second half of the month to a high of 22,540 yuan/mt by month-end......

SMM Steel, November 4 – According to SMM statistics, the estimated total shipments of mainstream markets this week were 245,800 mt, up 31.51% WoW. By market:

This time, Thailand initiated an anti-circumvention investigation against the involved products from China. According to data from the General Administration of Customs, the total volume of China's involved products exported to Thailand in the first nine months of 2025 was 153,400 mt, accounting for 3.92% of China's total exports of the involved products, indicating a relatively limited overall impact. In an extreme scenario, this could lead to a decrease of 153,400 mt in China's total exports in 2026. Data show that the top five countries for China's exports of the involved products in 2025 were the Philippines (25.35%), Indonesia (7.34%), Brazil (5.59%), Vietnam (5.21%), and Thailand (3.92%). In 2020, the top five countries were Thailand (18.89%), South Korea (7.34%), the Philippines (5.59%), Vietnam (5.21%), and Myanmar (3.92%). It is evident that while Thailand has increased anti-dumping and anti-circumvention investigations against China's involved products, domestic export traders are actively seeking new export destinations to hedge against the pressure. However, currently, China's exports of the involved products to the Philippines account for 25.35%, which is excessively high and requires vigilance against potential investigations by the Philippines on China's involved products

SMM Analysis: The tight situation in the blister copper market eased in October in China, and SMM expects the market to gradually loosen entering November...