[SMM Analysis] Before the deadline of US S232 settlement, Offshore market remains silent.

[SMM Magnesium Weekly Review: Rising Costs and High Sentiment Boost Magnesium Prices, While Divergent Demand and Wait-and-See Purchasing Attitudes Limit Product Price Increases] This week, the magnesium ingot market generally fluctuated rangebound, involving multiple links such as dolomite, magnesium ingot, magnesium alloy, and magnesium powder.

Some major primary lead smelters have not yet fully resumed production after maintenance, leading to prominent regional supply tightness. Spot discounts have narrowed and transactions have moved towards a premium (against SMM #1 lead prices), which may boost lead prices to hold up well. Meanwhile, the resumption of production in the secondary lead sector is gradually progressing, with signs of improvement in the inverted price relationship between secondary refined lead and primary lead. Before the price spread between the two reverses, it will still support the rise in lead prices...

This week, the ferrous metals series continued the upward trend from the night session last Friday, all reaching highs in recent months. On the news front, at the beginning of the week, it was reported that "the General Office of the National Energy Administration issued a notice on organizing and conducting inspections of coal mine production to promote stable and orderly coal supply." On Friday, a 4.2 magnitude earthquake struck Linfen, Shanxi, causing repeated fluctuations in market sentiment in the coking coal market, with multiple trading limits being hit during the week, driving the ferrous metals series to rise strongly. The price trend of iron ore was slightly weaker than that of other varieties. On the fundamental side, the second and third rounds of coke price increases were implemented this week, and the fourth and fifth rounds were also being planned. Meanwhile, the inventory performance of finished steel products was moderate. In the spot market, the recent market transaction atmosphere has been good, but it has mainly been driven by calendar spread speculation demand, with end-use demand still primarily based on purchasing as needed...

SiMn alloy is an alloy composed of manganese, silicon, iron, and small amounts of carbon and other elements. It is a widely used and high-production ferroalloy. Known for its high hardness, high melting point, and excellent heat resistance, it finds extensive applications in the steel smelting, foundry, and power industries. The manganese content in SiMn alloy typically ranges from 40% to 50%, while the silicon content ranges from 15% to 30%. This unique composition ratio endows SiMn alloy with distinct physical and chemical properties. It serves as a commonly used composite deoxidizer in steelmaking and as a reducing agent for producing medium and low-carbon ferromanganese (FeMn) and manganese metal via the electro-silicothermic process...

As of Friday this week, at northern ports: Australian lump ore was priced at 40.2-40.7 yuan/mtu, up 1.25% WoW from last Friday; South African semi-carbonate ore was priced at 33.9-34.4 yuan/mtu, unchanged WoW from last Friday; Gabonese ore was priced at 39-39.8 yuan/mtu, up 2.60% WoW from last Friday; South African high-iron ore was priced at 29.4-29.7 yuan/mtu, up 0.34% WoW from last Friday; South African medium-iron ore was priced at 34.2-34.7 yuan/mtu, up 1.47% WoW from last Friday. At southern ports: Australian lump ore was priced at 39.9-40.4 yuan/mtu, up 0.50% WoW from last Friday; South African semi-carbonate ore was priced at 34-34.5 yuan/mtu, unchanged WoW from last Friday; Gabonese ore was priced at 39.3-39.8 yuan/mtu, up 1.28% WoW from last Friday; South African high-iron ore was priced at 29.7-30.2 yuan/mtu, up 3.45% WoW from last Friday; South African medium-iron ore was priced at 34.6-35.1 yuan/mtu, up 1.75% WoW from last Friday. In the overseas market, South32's offer for South African semi-carbonate lump ore with a September 2025 shipment date to China was $4.05/mtu (up $0.15), and the offer for Australian lump ore was $4.45/mtu (up $0.1). Coupled with the recent positive market sentiment in the domestic manganese ore market, miners have maintained firm offers, with Australian lump ore, Gabonese lump ore, South African high-iron ore, and South African medium-iron ore all experiencing varying degrees of increases...