[SMM Analysis: National NPI Metal Content in November Dropped 14.14% MoM, Expected to Fall 9.93% MoM in December] In November 2025, national NPI production in physical terms decreased 7.34% month-on-month, while metal content declined 14.14% MoM.

This week, ferrous metals mostly showed an initial rise followed by stabilization, while coking coal and coke remained relatively weak. At the beginning of the week, a phone call between the Chinese and U.S. heads of state, the dissemination of minor policy drafts related to real estate, and the issuance of work plans for the classification and disposal of coal mines with an annual capacity below 600,000 mt in provinces and cities such as Shaanxi provided positive expectations from both macro and industrial perspectives, leading to a collective strengthening of ferrous metals. In the latter part of the week, plans by Mongolia and Russia to increase coal exports to China resulted in a noticeable weakening of coking coal and coke, compounded by rumors of Vanke's restructuring, which contributed to a temporary bearish sentiment.

According to SMM data, SMM nickel sulphate production in November 2025 increased by approximately 1.21% MoM and was up about 19.09% YoY.

In November 2025, SMM China's cobalt sulphate production increased by 2.29% MoM and rose by 16.4% YoY.

[SMM Chrome Weekly Review: Ferrochrome Market Stabilized, Chrome Ore Prices Edged Down] November 28, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 7,950-8,100 yuan/mt (50% metal content), flat MoM from the previous trading day...