[SMM Stainless Steel Daily Review: SS Futures Approach 3-Month Low, Spot Stainless Steel Follows Decline with Sluggish Trading] SMM October 14 - SS futures showed a significant downward correction trend. Today, futures moved lower overall, with SS futures further declining, once approaching 12,500 yuan/mt during the session, hitting the lowest level in nearly three months. In the spot market, affected by macro factors and the decline in futures, the spot market was also impacted, with widespread pessimism about the future outlook, leading to further weakening in purchasing and trading. Currently, the market is significantly influenced by futures, with a strong wait-and-see sentiment. Traders increased price concessions, and offers continued to decline, but trading remained sluggish. On the futures side, the most-traded contract SS2511 weakened and declined. At 10:30 a.m., SS2511 was quoted at 12,565 yuan/mt, down 75 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 455-755 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,050 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 13,000 yuan/mt, and in Foshan, 13,000 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, 25,300 yuan/mt, and in Foshan, 25,300 yuan/mt; for hot-rolled 316L/NO.1 coil, both locations reported 24,750 yuan/mt; for cold-rolled 430/2B coil, both Wuxi and Foshan reported 7,600 yuan/mt. During the National Day and Mid-Autumn Festival holidays, the domestic stainless steel market was generally in a holiday state, with shipments and warehouse movements...

October 14: North ports: Australian lumps 40-40.5 yuan/mtu, down 0.74% MoM from September 30; South African semi-carbonate 34-34.5 yuan/mtu, down 0.58% MoM; Gabon 39.6-40.2 yuan/mtu, flat MoM; South African high-iron 29.3-30 yuan/mtu, down 0.67% MoM; South African medium-iron 35-35.7 yuan/mtu, down 0.56% MoM. South ports: Australian lumps 40.2-40.9 yuan/mtu, up 0.50% MoM; South African semi-carbonate 36.6-37.1 yuan/mtu, up 0.82% MoM; Gabon 40.4-40.9 yuan/mtu, up 0.49% MoM; South African high-iron 30.3-30.8 yuan/mtu, flat MoM; South African medium-iron 36.4-37.1 yuan/mtu, flat MoM. Overall, the manganese ore market has been in the doldrums recently, with a moderate procurement pace downstream, while spot prices are significantly influenced by downstream demand absorption and macro policies.

[SMM Titanium Spot Market Update: Weak Magnesium Demand Hinders Recovery, Short-Term Prices Struggle to Rise] SMM October 14 news, mainstream quotations for rutile type were 12,900-13,700 yuan/mt, with FOB export prices at $1,875/mt; anatase type quotations were 11,800-12,200 yuan/mt; chloride process quotations were 14,700-15,700 yuan/mt, with FOB export prices at $2,125/mt.

[SMM Chrome Daily Review: Ferrochrome Spot Transactions Limited, Chrome Ore Prices Experienced Minor Fluctuations] October 14, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,400-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day.

On October 14, the SM2601 contract opened at 5,750 yuan/mt and closed at 5,738 yuan/mt, down 0.14%. The highest price for the day was 5,754 yuan/mt, and the lowest price was 5,710 yuan/mt. Trading volume was 133,881 lots, and open interest was 382,892 lots. Cost side, the manganese ore market was in the doldrums. Supply side, the spot market was in the doldrums, with relatively small production fluctuations at alloy plants in the north and production cuts at plants in south China. The overall market was dominated by a wait-and-see sentiment, and spot prices remained stable for the time being. Demand side, downstream steel mills maintained just-in-time procurement of SiMn alloy, with a strong intention to drive down prices, awaiting the price guidance effect of steel tenders on the market. Overall, the SiMn market is expected to continue fluctuating in the near term.

[SMM Magnesium Ingot Spot Report: Inventory Pressure Persists, Magnesium Prices Under Pressure] Today's Fugu magnesium ingot prices were quoted at 16,200-16,300 yuan/mt, down 50 yuan, with FOB quotes at $2,345/mt. Mainstream transaction prices remained stable at 16,200 yuan/mt, and the average daily trading volume last week was approximately 1,500 mt. Post-holiday magnesium prices continued their downward trend, mainly influenced by three factors: a cumulative inventory increase of 44% on the supply side, weak external demand in October due to export front-loading, and a wait-and-see sentiment exacerbated by the "rush to buy amid continuous price rise and hold back amid price downturn" mentality. Although transactions slightly recovered after yesterday's price drop, the supply-demand structure has not improved substantially, and magnesium prices are expected to remain in the doldrums in the short term.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Area Expected to Fluctuate] Iron ore concentrate prices in the Tangshan area have risen again, with the delivery-to-factory price, tax included, for 66% grade iron ore concentrates on a dry basis ranging from 1,020 to 1,030 yuan/mt. Recently, environmental protection inspections in the Tangshan area have intensified, leading some independent beneficiation plants to announce short-term shutdowns. Additionally, recent strengthened verification of land use permits by relevant authorities has resulted in the suspension of operations at non-compliant beneficiation plants.