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

China's Lithium Hydroxide Production Sees 6% Monthly Increase in October, Slight Gain Forecast for November

. The company's products include diamonds (De Beers), copper, platinum group metals, iron ore and metallurgical coal, and nickel. Anglo American's iron ore production reached 63.8 million tons in 2021, making it one of the largest producers among non-mainstream mining companies. Iron ore is also the second largest commodity in Anglo American's revenue. At the end of 2024, Anglo American carried out asset restructuring, divested coking coal, precious metals and nickel mining businesses, and began to focus on iron ore and copper mining businesses. In September 2025, it announced a merger with Teck Resources to become "Anglo Teck". The transaction is expected to be completed within 12-18 months, at which time Anglo Teck will become one of the top ten miners in the world.

This week, the market was influenced by a mix of bullish and bearish factors, with recovering macro sentiment and persistent inventory accumulation jointly driving nickel prices to fluctuate downward. The most-traded SHFE nickel contract opened the week at 122,150 yuan/mt, then came under pressure and pulled back, closing at 120,590 yuan/mt on Friday, down 1.14% WoW. LME nickel started the week at $15,370/mt, edged up initially due to improved overseas macro sentiment, but later retreated under fundamental pressure, with the latest quote at $15,200/mt, down 0.85% WoW. In the spot market, the average price of SMM #1 refined nickel this week was 122,250 yuan/mt, down 950 yuan/mt WoW. The average premium for Jinchuan nickel this week was 2,400 yuan/mt, down 100 yuan/mt WoW. The premiums and discounts for mainstream domestic electrodeposited nickel brands ranged from -200 to 100 yuan/mt, weakening WoW. As futures prices remained low this week, downstream point-price purchasing sentiment was relatively high.