[SMM Chrome Daily Review: Cautious Inquiries for Ferrochrome, Divergent Structure in Chrome Ore] December 24, 2025: High-carbon ferrochrome ex-factory prices in Inner Mongolia today were 8,050-8,200 yuan/mt (50% metal content), flat MoM from the previous trading day...

[SMM Stainless Steel Daily Review] SS Futures Break Through 13,100 Yuan/mt, Spot Stainless Steel Prices Follow Upward Trend SMM, December 24: SS futures showed further strength and continued to test higher levels. SHFE nickel and SS futures extended gains, breaking through 13,000 yuan/mt and hitting highs not seen since September, with the intraday high reaching 13,105 yuan/mt. In the spot market, driven by the strength in SS futures, bullish sentiment remained strong, and spot traders raised their offers. However, against the backdrop of the year-end off-season, downstream end-users showed limited acceptance of high-priced material, resulting in sluggish trading for high-priced cargoes, while low-priced material became increasingly scarce. The most-traded SS futures contract strengthened and tested higher. At 10:30 a.m., the SS2602 contract was quoted at 13,100 yuan/mt, up 180 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B ranged from -30 to 270 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,150 yuan/mt; for cold-rolled trimmed 304/2B coil, the average price in Wuxi was 13,050 yuan/mt, while in Foshan it was 13,025 yuan/mt; in Wuxi, cold-rolled 316L/2B coil was priced at 24,000 yuan/mt, and in Foshan at 24,000 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi offered 23,100 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan was priced at 7,600 yuan/mt. Recently, as the transition of the US Fed Chairman approaches, coupled with data gaps caused by the earlier US government shutdown, uncertainty over macro policy...

[SMM Tungsten Daily Review: Increased Market Sales, Tungsten Market Enters High-Caution Zone] In the short term, from a macro supply-demand structure perspective, the supply-demand imbalance in tungsten has not undergone significant changes. However, considering the periodic supply-demand dynamics, as the year-end approaches, various segments of the tungsten industry chain face pressure to recover funds and meet increased liquidity needs. Coupled with high price fluctuations in the tungsten market, some suppliers are opting to cash in profits before the holiday, leading to improved trading volume. It is possible that some enterprises may choose to sell at reduced margins, putting pressure on the currently highly strained industry chain. In the short term, with expectations of weakening demand by year-end, the tungsten market has entered a phase of high consolidation and heightened caution. Subsequent attention should be paid to market trading sentiment and changes in the operational status of mainstream enterprises.

As of Wednesday, SiMn 6517 (cash) in the northern market was priced at 5,550–5,560 yuan/mt, flat WoW; in the southern market, SiMn 6517 (cash) was priced at 5,600–5,650 yuan/mt, up 20 yuan WoW. This week, the domestic SiMn alloy market remained under pressure overall, continuing its volatile trend. Manganese ore prices remained high and consolidated, with firm prices providing core cost support and gradually narrowing the downside room. However, downstream steel mills adopted a strategy of pushing for lower prices. Amid supply-demand negotiations, the SiMn market showed a stalemate pattern.