This week, ferrous metals first weakened and then stabilized, with coking coal and coke providing support. In the first half of the week, rumors of production restrictions and maintenance at some steel mills in the north persisted, coupled with the earlier overdrawn expectations, causing market logic to return to reality. Active bearish funds led to a pullback in futures. In the latter half of the week, fundamentals showed that the inventory of the five major steel products continued to decline, while coking coal and coke stopped falling and rebounded, providing support for steel prices and stabilizing ferrous metals prices. In the spot market, some arbitrage funds are still seeking entry opportunities. However, as November approaches, signs of the terminal off-season are beginning to emerge.

Iron ore futures continued to weaken today. The most-traded contract I2601 closed at 760.5 yuan, down 1.87% from the previous trading day. Main port spot cargoes fell by 5-10 yuan/mt compared to the previous trading day, with PB fines transaction prices in Shandong region at 770-773 yuan,

November 7 news: North China ports: South African high-iron manganese ore at 29.4-30.1 yuan/mtu, up 0.34% WoW from last Friday; South African semi-carbonate at 34.1-34.6 yuan/mtu, up 0.29% WoW from last Tuesday; Gabonese ore at 39.6-40.4 yuan/mtu, flat WoW from last Friday; Australian lumps at 39.9-40.4 yuan/mtu, down 0.25% WoW from last Tuesday; South African medium-iron manganese ore at 35.2-35.9 yuan/mtu, up 0.28% WoW from last Friday. South China ports: South African high-iron manganese ore at 30.7-31.2 yuan/mtu, up 0.32% WoW from last Friday; South African semi-carbonate at 36.9-37.4 yuan/mtu, up 0.27% WoW from last Friday; Gabonese ore at 40.5-40.1 yuan/mtu, flat WoW from last Friday; Australian lumps at 40.1-40.8 yuan/mtu, down 0.25% WoW from last Friday; South African medium-iron manganese ore at 36.7-37.4 yuan/mtu, up 0.54% WoW from last Friday. Overall, the manganese ore market shows no significant changes in supply and demand, maintaining a firm and stable trend.

[SMM Chrome Daily Review: Poor Market Sentiment and Sluggish Sales] November 7, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,100-8,200 yuan/mt (50% metal content), down 25 yuan/mt (50% metal content) MoM from the previous trading day.

The milestone comes just 14 months after the model's market launch on August 27, 2024.

[Domestic Iron Ore Brief Review: Iron Ore Concentrate Prices in the Tangshan Region May Edge Lower] Iron ore concentrate prices in the Tangshan region edged lower, with the current delivery-to-factory price, tax included, for 66% grade iron ore concentrates (dry basis) at 1,010-1,010