The automaker sold 281,161 vehicles in October, marking a 3.3% year-on-year jump.

[SMM Magnesium Ingot Spot Report: Fugu Magnesium Ingot Offers Increased, Trading Remains Thin Awaiting Volume] Today, magnesium ingot ex-factory offers in the Fugu area increased slightly by 50 yuan/mt to 16,100-16,200 yuan/mt, while mainstream transaction prices in the market remained stable at 16,100-16,150 yuan/mt, though overall trading volume was limited. Supported by the recent stabilization of ex-factory prices and an increase in overseas inquiries, traders showed stronger pricing sentiment, with the FOB transaction range moving up to $2,270-2,350/mt, reflecting a pattern of strength overseas and stability domestically. The market is currently caught between cost support and insufficient demand follow-up in the short term, and a wait-and-see sentiment persists.

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...

November 3: The SM2601 contract opened at 5,778 yuan/mt and closed at 5,794 yuan/mt, up 0.03%, with the highest price at 5,822 yuan/mt and the lowest at 5,754 yuan/mt. Trading volume was 161,400 lots, and open interest stood at 350,214 lots. The futures fluctuated. Cost side, the coke market held up well, while the manganese ore market remained stable, providing strong overall cost support. Supply side, both spot and futures markets showed strong wait-and-see sentiment at the start of the week, with alloy plants exhibiting low production enthusiasm and limited willingness to offer retail quotations, while delivery willingness for futures remained relatively high. Demand side, October steel mill tenders were mostly priced around 5,800–5,850 yuan/mt, and November demand saw relatively small changes. With steel mills driving down prices and plants showing low willingness to sell, SiMn prices remained stable. Recently, SiMn producers have adopted a wait-and-see stance, and the market maintained a fluctuating trend.

[SMM Stainless Steel Daily Review: Off-Season Market Pessimism and Weak SS Futures Drag Down Stainless Steel Spot Prices] SMM, Nov. 3 – SS futures trended lower. Today, ferrous metals futures broadly weakened, coupled with stainless steel's weak fundamentals and sluggish demand, SS followed the decline, briefly breaking below 12,600 yuan/mt during the session. Although it recovered slightly in the afternoon, the overall trend remained weak. In the spot market, the continued decline in SS futures, along with relaxed price restrictions by stainless steel mills, prompted agents to lower offers under sales pressure, further pushing down stainless steel spot prices. October stainless steel production saw a slight increase, while November's anticipated production cuts are expected to be limited, keeping the overall supply outlook loose. However, with current demand persistently weak and macro tailwinds having little impact on stainless steel spot prices, the market is likely to remain in the doldrums in the short term. The most-traded SS2512 contract fell. At 10:30 a.m., SS2512 was quoted at 12,625 yuan/mt, down 85 yuan/mt from the previous trading day. In Wuxi, the spot premium/discount for 304/2B ranged between 295-595 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,050 yuan/mt; cold-rolled trimmed 304/2B coil averaged 12,900 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 25,150 yuan/mt in Wuxi and 25,200 yuan/mt in Foshan; hot-rolled 316L/NO.1 coil was quoted at 24,550 yuan/mt in both regions...

Today, Dalian iron ore futures weakened significantly, with the main contract I2601 eventually closing at 782.5 yuan, down 1.82% from the previous working day. The mainstream spot price at ports fell by 12-14 yuan/ton from the previous working day. The transaction price of PB powder in Shandong area was 786-788 yuan/ton,

News on November 3, 2025: It was reported that Urat Middle Banner, leveraging its advantages in new energy and green electricity, accelerated the construction of a local green electricity supply and consumption system. It implemented the Xiaolong 150,000 mt high-carbon ferrochrome transformation and upgrading integrated green power supply demonstration project, promoting the deep integration of the ferroalloy industry with green energy and advancing low-carbon transformation into the substantive construction phase.