This week, ferrous metals bottomed out. At the beginning of the week, Hebei initiated a new round of Level II environmental protection response, with some steel mills in Tangshan and Handan adding maintenance plans. Simultaneously, the market digested the news about steel export licenses last Friday, leading to a rebound in futures at the start of the week. In the latter half of the week, the National Development and Reform Commission (NDRC) and five other departments issued the "Benchmark Levels and Baseline Levels for Key Areas of Clean and Efficient Coal Utilization (2025 Edition)". This may accelerate the exit of small and medium-sized coal enterprises from the market in the short term. Additionally, there were market rumors that China Energy plans to suspend purchases of imported coal, fueling expectations of future supply tightening for coking coal and coke, which led the gains. On the spot market side, spot trading volume increased periodically, but remained primarily driven by rigid demand. The spot prices of sheets & plates followed the gains with some weakness, and the spot-futures price spread narrowed somewhat.

[Domestic Iron Ore Brief: Iron Ore Concentrates Prices in East Liaoning May Rebound Slightly] Today, the domestic ore market in East Liaoning operated steadily, with a strong wait-and-see sentiment prevailing among mines and beneficiation plants. However, traders were cautious about future market trends and relatively prudent in purchasing, leading to overall weak market transactions. In some local areas, the operating rate of mines and beneficiation plants declined due to the impact of a new round of safety inspections.

This Week, the US Pioneered a Breakthrough in Rare Earth Magnets, While South Korea, as a Processing Hub, Vigorously Developed the Rare Earth Industry for Europe and the US.

[Domestic Zinc Concentrate TCs Hold Steady, SHFE Zinc Expected to Maintain Fluctuating Trend in the Short Term] The most-traded SHFE zinc 2601 contract opened at 23,000 yuan/mt. After opening, bulls reduced their positions, causing SHFE zinc to fluctuate downward below the daily average line. However, subsequent position reductions by bears then drove SHFE zinc to rise and recover its losses, ultimately closing up at 23,065 yuan/mt, an increase of 35 yuan/mt (0.15%). Trading volume decreased to 63,622 lots, and open interest fell by 6,093 lots to 46,809 lots.....

[ SMM Titanium Weekly Review: Titanium Market Maintains Overall Weak and Stable Pattern, Cost and Demand Imbalance Intensifies ] This week, the titanium industry chain overall showed a weak consolidation pattern. The upstream titanium concentrate market continued its weak trend, with both domestic and imported ore prices slightly lowered due to downstream pressure for lower prices. Midstream titanium dioxide prices remained stable, but the imbalance between cost and demand became prominent; cost pressure from the sulphuric acid method persisted, while both domestic and external demand remained sluggish, leading to a strong wait-and-see sentiment in the market. Titanium slag supply saw some rebound, but insufficient demand support kept prices under continuous pressure. In contrast, the sponge titanium market remained relatively firm, with low inventory supporting a slight price increase amid stability. Downstream titanium materials, affected by weak demand in the civilian sector, saw limited support only from high-end application areas, with overall prices maintaining low-level consolidation.

[SMM Chrome Weekly Review: Steel Mills Started Tender Pricing, Chrome Market Operated Steadily] December 19, 2025: The ex-factory price for high-carbon ferrochrome in Inner Mongolia today was 8,050-8,250 yuan/mt (50% metal content), flat MoM from the previous trading day.