[SMM Magnesium Ingot Spot Market Update: Cost-Driven Factors and Concentrated Procurement Lead to Single-Day Price Surge in Fugu, Followed by Slower Trading] On November 5, trading activity in the Fugu magnesium ingot market was brisk, with transactions exceeding 1 kt at prices ranging from 16,100 to 16,150 yuan/mt in the morning. Subsequently, supported by a sudden increase in coal costs, magnesium ingot producers uniformly held prices firm in the afternoon, raising mainstream quotations to 16,200 yuan/mt. After the price increase, buying interest in the market pulled back, with downstream buyers shifting to a wait-and-see approach, leading to an overall slowdown in the trading atmosphere.

Today, the Dalian iron ore futures market moved steadily and fluctuated narrowly. The main contract I2601 finally closed at

[SMM Stainless Steel Daily Review: SS Futures Remained Weak, Steel Mills Lowered Prices and Spot Stainless Steel Followed Suit] SMM, November 5: SS futures showed a downward trend. Today, ferrous metals futures weakened further, and SS futures followed suit, trading below 12,600 yuan/mt throughout the day, with intraday lows approaching 12,500 yuan/mt again. In the spot market, as SS futures continued to decline, pessimistic sentiment in the stainless steel market intensified, and transactions were mainly driven by rigid demand. In the afternoon, a stainless steel mill in South China released its latest prices, which generally fell by 200 yuan compared to the previous round. Currently, stainless steel prices are at relatively low levels, and steel mills are facing inverted cost prices, but this has still failed to reverse the current pessimistic sentiment in the market, and transactions remained weak. The most-traded SS2512 futures contract declined. At 10:30 a.m., SS2512 was quoted at 12,560 yuan/mt, down 65 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 360-660 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi was 8,050 yuan/mt; the average price of cold-rolled mill-edge 304/2B coils was 12,900 yuan/mt in Wuxi and 12,900 yuan/mt in Foshan; the price of cold-rolled 316L/2B coils in Wuxi was 25,150 yuan/mt, while in Foshan it was 25,200 yuan/mt; the price of hot-rolled 316L/NO.1 coils in Wuxi was 24,550 yuan/mt; the price of cold-rolled 430/2B coils in both Wuxi and Foshan was 760...

[SMM Chromium Daily Review: Chromium Market Under Pressure, Transactions Yet to Recover] November 5, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,150-8,200 yuan/mt (50% metal content), flat MoM from the previous trading day...

[SMM Coal and Coke Daily Briefing] In terms of news, mainstream steel mills have accepted the third round of coke price increases, effective from 00:00 on November 5, marking the official implementation of the third coke price hike. Supply side, with the third coke increase implemented, coke plant profits have improved somewhat, but coking coal prices are expected to rise, keeping coke plant profits under pressure and possibly leading to expanded production restrictions. Demand side, some steel mills are facing losses and may further implement maintenance plans, but low-inventory mills still have restocking needs, supporting the execution of the third coke price increase. Overall, coke fundamentals remain tight, and the coke market is expected to hold up well in the short term.

[Domestic Iron Ore Review: Iron Ore Concentrate Prices in Tangshan May Remain in the Doldrums] Iron ore concentrate prices in Tangshan edged lower this week, with local supply from mines and beneficiation plants remaining relatively tight. The operating rate at mines and beneficiation plants stayed at a low level, and overall willingness to hold prices firm remained relatively strong. Market transactions were generally sluggish. On the steel mill side, affected by the local environmental protection-driven production restriction policy,

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As of Wednesday, the cash price of SiMn 6517 in the north China market was 5,575-5,675 yuan/mt, down 25 yuan WoW from the average price level last Wednesday; the cash price of SiMn 6517 in the south China market was 5,625-5,675 yuan/mt, also down 25 yuan WoW from the average price level last Wednesday. The SiMn market is currently in the doldrums. In November, attention should be paid to the impact of steel mill production cuts on SiMn alloy demand.