This week, ferrous metals bottomed out after fluctuating downward, with coking coal and coke showing stronger performance than other varieties. At the beginning of the week, the market digested news that the US threatened to impose 100% tariffs on Chinese imports in November. The escalation of Sino-US trade tensions led to weak market sentiment, coupled with persistent supply-demand imbalances, causing finished product futures to fall to their lowest levels in nearly three months. In the latter part of the week, inventory data for the five major steel products showed a decline WoW compared to the first week after the holiday, although hot-rolled coil inventories continued to accumulate. Ferrous metals bottomed out, with hot-rolled coil underperforming other varieties. In the spot market, post-holiday procurement by end-users did not see a significant release, while some speculative demand purchased at low levels, though the volume was relatively small.

[SMM Chrome Weekly Review: Chrome Market Weakened Post-Holiday, Awaiting Steel Tender Guidance] October 17, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,400-8,550 yuan/mt (50% metal content), down 25 yuan/mt (50% metal content) from the previous trading day.

[SMM Titanium Weekly Review: Titanium Industry Chain Driven by Costs: High Sulphuric Acid Prices Intensify Market Divergence] This week, the titanium industry chain showed divergent trends driven by high raw material costs such as sulphuric acid. Titanium dioxide enterprises maintained their stance of refusing to budge on prices, supported by the continued strength in sulphuric acid prices. However, cost pressure could not be effectively passed down to downstream sectors, and weak industry orders in the coatings sector led to prominent price inversions. The titanium slag market was squeezed by both high raw material costs, including sulphuric acid, and sluggish demand, with enterprises maintaining low operating rates. Although the sponge titanium and titanium materials markets were generally under pressure, the high-end segment remained relatively resilient, supported by specific demand. Currently, raw material prices, such as sulphuric acid, have become a core factor affecting the profitability of various segments in the titanium industry chain. Amid the struggle between high costs and weak demand, the market is expected to remain in the doldrums in the short term.

Last week, new developments occurred in the overseas rare earth sector, with Vietnam further strengthening state control over rare earths and enhancing the management of strategic resources, while the United States and the United Kingdom readjusted their rare earth strategies and established rare earth supply chains.

October 17: Northern ports: South African high-iron fines at 29.3-30 yuan/mtu, down 0.67% WoW; South African semi-carbonate at 34-34.5 yuan/mtu, down 0.58% WoW; Gabon fines at 39.6-40.2 yuan/mtu, flat WoW; Australian lumps at 40.2-40.9 yuan/mtu, down 0.74% WoW; South African medium-iron fines at 35-35.7 yuan/mtu, down 0.56% WoW. Southern ports: South African high-iron fines at 30.6-31.1 yuan/mtu, up 0.98% WoW; South African semi-carbonate at 36.9-37.4 yuan/mtu, up 1.64% WoW; Gabon fines at 40.6-40.9 yuan/mtu, up 0.49% WoW; Australian lumps at 40-40.5 yuan/mtu, up 0.50% WoW; South African medium-iron fines at 36.4-37.1 yuan/mtu, flat WoW.

[SMM Daily Review: High-Grade NPI Prices Hold Steady Amid Back-and-Forth Negotiations Between Upstream and Downstream] October 17 (SMM) - The average price of SMM 10-12% high-grade NPI stood at 938 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

Nickel prices pulled back this week under pressure from fundamentals. In the futures market, the most-traded SHFE nickel contract (2511) closed at 121,160 yuan/mt on Friday, down 1.89% WoW, with support forming around the 120,000 yuan/mt level. The market is caught in a stalemate characterized by "cost support at the bottom and inventory pressure at the top." LME nickel prices settled at $15,140/mt on Friday, down 0.53% WoW, showing synchronized weakness. In the spot market, the average price of SMM #1 refined nickel this week was 122,270 yuan/mt, down 1,500 yuan/mt WoW. The average premium for Jinchuan nickel this week was 2,400 yuan/mt, up 100 yuan/mt WoW. The premium for mainstream domestic electrodeposited nickel brands ranged from -100 to 100 yuan/mt, showing a slight decrease. Trading sentiment in the spot market improved this week, with overall trading volume picking up.