[SMM Daily Coking Coal and Coke Brief Review] Supply side, coke producers' profitability remains moderate, with strong production enthusiasm. However, downstream purchase enthusiasm has declined, posing a risk of inventory buildup for coke producers. Demand side, finished products are accumulating in inventory, and coupled with good coke arrivals at steel mills, their coke inventory has increased. Some mills have begun controlling the pace of arrivals. Overall, with the peak season performance of finished products being average, steel mills have slowed down their procurement pace for coke. Coke supply and demand are relatively loose, and the coke market may operate in the doldrums in the short term.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Expected to Remain Volatile] The domestic iron ore market in Tangshan remains stable with a wait-and-see approach. The current ex-factory price for 66% grade iron ore concentrates on a dry basis, including tax, is 1,000–1,005 yuan/mt. Overall operations at mines and beneficiation plants remain at relatively low levels, and the supply of iron ore concentrates in the market remains tight. Steel mills continue to purchase cautiously, as recent profit margins have narrowed, leading to a predominance of purchasing as needed. Demand weakness is evident, and overall market transactions remain relatively sluggish.

September 16: The SM2601 contract opened at 5,950 yuan/mt and closed at 5,944 yuan/mt, up 1.02%. The highest price was 5,996 yuan/mt and the lowest was 5,936 yuan/mt. Trading volume was 220,244 lots, and open interest was 335,721 lots. Cost side, raw material manganese ore prices rose slightly, providing slightly stronger cost support. Supply side, SiMn alloy futures showed significant high volatility today, and SiMn alloy mills were more willing to offer, with transaction prices rising slightly. Demand side, HBIS Group's pricing was not yet released, and there was no significant news-driven stimulus for steel mill demand. The future spot price trend of SiMn alloy still needs to monitor changes in futures and supply and demand conditions.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices are expected to experience a slight pullback but remain at a high level of 80,000 yuan/mt. Downstream buying interest is weak, but warrants have not been released in large quantities. Shanghai spot copper is anticipated to remain stagnant above the parity line.

[SMM Survey: US Producer Bankruptcy Triggers Supply Chain Risks, China and Europe Compete to Develop New Magnesium Alloy and Magnesium Battery Tracks] Recently, US Magnesium, the only primary magnesium producer in the United States, filed for bankruptcy due to environmental disputes, which may increase the US's reliance on magnesium imports from China and Russia, raising concerns about national security and supply chains. Meanwhile, China's Yimeitai exported its first complete set of high-end magnesium alloy equipment to South Korea, achieving a reverse transfer of technology and highlighting China's leading advantage in the application of magnesium alloys. The European Union has launched the HighMag project, collaborating with multiple countries on R&D for magnesium battery technology to compete for dominance in next-generation ESS solutions. The global magnesium industry is facing multiple challenges involving environmental protection, supply chains, and technological innovation, further clarifying the competitive landscape among China, the US, and Europe in strategic resources and key technology areas.