[SMM Daily Review: High-Grade NPI Prices Hold Steady Amid Rising Market Uncertainty] October 20 - The average price of SMM 10-12% high-grade NPI stood at 938 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

According to data from the General Administration of Customs, China's exports of copper plate/sheet and strip in September 2025 reached 11,946.39 mt, up 2.32% MoM and up 10.84% YoY. From January to September, cumulative exports of copper plate/sheet and strip totaled 94,692.13 mt, with a cumulative increase of 1.22% YoY.

[SMM Stainless Steel Daily Review: SS Futures in the Doldrums, Spot Stainless Steel Trading Sluggish] SMM October 20: SS futures showed a weak and fluctuating trend. The decline in SHFE nickel dragged SS futures down, with prices hovering around 12,600 yuan/mt during the day. In the spot market, today's market continued last week's weak trend. The weak futures performance affected market sentiment, and trading remained sluggish. Although prices were generally stable, traders offered discounts under shipment pressure, with occasional low prices reported. For futures, the most-traded contract, SS2512, fluctuated weakly. At 10:30 a.m., SS2511 was quoted at 1,230 yuan/mt, up 15 yuan/mt from the previous trading day. In Wuxi, the spot premium/discount for 304/2B was in the range of 390-690 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,000 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 13,000 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 25,500 yuan/mt in Wuxi and Foshan; hot-rolled 316L/NO.1 coil was quoted at 24,950 yuan/mt in both regions; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Despite the traditional peak consumption season of "September-October peak season," October's planned stainless steel production increased further, and restocking is expected...

On October 20, DCE i2601 Iron Ore Futures Contract closed at 767 yuan/mt, down 0.58% from the previous trading day. Spot cargoes at major ports fell by 1–5 yuan/mt, with PB fines transaction prices in Shandong region ranging between 775–778 yuan/mt,

According to the latest data from the General Administration of Customs, China’s imports of copper scrap and shredded copper scrap reached 184,100 mt in physical content in September 2025, up 2.63% MoM and 14.8% YoY. Cumulative imports for the first three quarters totaled 1.699 million mt, up 1.38% YoY (HS code 74040000).  

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Shandong May Fluctuate] In Shandong, the pre-tax acceptance price for iron ore concentrates with 64% grade on a dry basis is 874 yuan, up 10 yuan. Most local miners are operating normally, with a few slightly increasing production. Steel mills' long-term contract purchases remain relatively stable. Currently, the cost-effectiveness of imported ore is significantly better than that of domestic ore, but this has not yet had a noticeable impact on the transaction volume of local domestic concentrates.

According to data from the General Administration of Customs, China's exports of copper enamelled wire in September 2025 reached 12,248.48 mt, up 21.17% YoY but down 4.35% MoM. From January to September, China's total exports of copper enamelled wire amounted to 107,184.18 mt, with a cumulative increase of 24.91% YoY. (HS code 85441100)