This week, finished steel products fluctuated rangebound, while raw material prices diverged, with coking coal and coke showing relative weakness. Iron ore prices trended upward during the week, yet the average price edged down slightly on a WoW basis. In the first half of the week, the National Development and Reform Commission convened a video conference on energy supply guarantees for the 2025–2026 heating season and held talks with China National Coal Group and Shenhua Group. Amid expectations of supply guarantees, coking coal and coke futures experienced a sharp decline, while other ferrous metals showed no significant movement. In the latter half of the week, fundamentals indicated continued inventory drawdowns for the five major steel products, but demand also weakened further.

[SMM Titanium Weekly Review: Titanium Market Under Pressure Overall This Week, Weak Downstream Demand Constrains Price Recovery] The titanium market remained in the doldrums overall this week, with most varieties under pressure. Prices of titanium concentrate and titanium dioxide continued to decline, primarily constrained by weak downstream demand; titanium slag faced pressure from imported material and cost pressures, making it difficult for prices to move in either direction; although some enterprises attempted to raise sponge titanium prices, transactions remained sluggish, and market sentiment was dominated by a wait-and-see approach; titanium materials, affected by sluggish demand and accumulating social inventory, continued to fluctuate at low levels. Overall, end-use demand showed no signs of improvement, and the titanium product sector as a whole remained in a weak supply-demand balance.

November 14 news: North China ports: South African high-iron ore at 29.6–30.1 yuan/mtu, up 0.34% WoW; South African semi‑carbonate ore at 34.1–34.6 yuan/mtu, flat WoW; Gabonese ore at 39.7–40.5 yuan/mtu, up 0.25% WoW; Australian lumps at 39.9–40.6 yuan/mtu, up 0.25% WoW from last Tuesday; South African medium‑iron ore at 35.4–35.9 yuan/mtu, up 0.28% WoW. South China ports: South African high‑iron ore at 30.8–31.3 yuan/mtu, up 0.32% WoW; South African semi‑carbonate ore at 36.9–37.6 yuan/mtu, flat WoW; Gabonese ore at 40.5–41.2 yuan/mtu, up 0.25% WoW; Australian lumps at 40.2–40.9 yuan/mtu, up 0.25% WoW; South African medium‑iron ore at 37.3–37.8 yuan/mtu, up 1.35% WoW. Overall, due to high cargo ownership concentration and elevated future costs, manganese ore prices at ports are holding firm, and the market is expected to remain strong in the short term.

[Inventory Pressure Persists, Oriented Silicon Steel Prices Still Face Downward Expectations] This week, the oriented silicon steel market in Shanghai was in the doldrums, with trading sentiment subsequently pulling back. Market feedback indicated that ferrous metals futures maintained a fluctuating trend, overall industry confidence remained relatively low, and coupled with Baowu's stable pricing policy for oriented silicon steel, which remained unchanged, market prices lacked upward support. Both state-owned and private oriented silicon steel resources experienced slight price declines to varying degrees.

[SMM Chrome Weekly Review: Weak Demand and Increased Supply Weakened Market Confidence in the Chrome Sector] News on November 14, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,000-8,150 yuan/mt (50% metal content), flat MoM from the previous trading day.

[SMM Stainless Steel Daily Review: Cost Support Loosens Amid Off-Season, Sluggish Stainless Steel Transactions May Sustain Weak Price Trend] SMM, Nov. 14: SS futures showed a further weakening and downward trend. Due to hawkish remarks from the US Fed, nonferrous metals generally declined today, and SS futures followed the downtrend, with the intraday low falling to 12,355 yuan/mt. On the spot market side, as SS futures continued to bottom out and with year-end off-season expectations, trading in the stainless steel spot market remained sluggish. In addition, raw material prices weakened simultaneously this week, loosening cost support for stainless steel, which further intensified the market's cautious and bearish sentiment. Transaction activity this week struggled to reverse the weak trend; although steel mill agents successively offered price discounts, the price cuts did not positively impact transactions, and market weakness persisted. Social inventory increased slightly this week, up 0.71% WoW to 952,200 mt. The most-traded SS futures contract weakened and declined. At 10:30 a.m., SS2601 was quoted at 12,415 yuan/mt, down 65 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 355-655 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 12,750 yuan/mt, and in Foshan, 12,800 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, 24,300 yuan/mt, and in Foshan, 24,350 yuan/mt; for hot-rolled 316L/N...