This week, ferrous metals first weakened and then stabilized, with coking coal and coke providing support. In the first half of the week, rumors of production restrictions and maintenance at some steel mills in the north persisted, coupled with the earlier overdrawn expectations, causing market logic to return to reality. Active bearish funds led to a pullback in futures. In the latter half of the week, fundamentals showed that the inventory of the five major steel products continued to decline, while coking coal and coke stopped falling and rebounded, providing support for steel prices and stabilizing ferrous metals prices. In the spot market, some arbitrage funds are still seeking entry opportunities. However, as November approaches, signs of the terminal off-season are beginning to emerge.

November 7 news: North China ports: South African high-iron manganese ore at 29.4-30.1 yuan/mtu, up 0.34% WoW from last Friday; South African semi-carbonate at 34.1-34.6 yuan/mtu, up 0.29% WoW from last Tuesday; Gabonese ore at 39.6-40.4 yuan/mtu, flat WoW from last Friday; Australian lumps at 39.9-40.4 yuan/mtu, down 0.25% WoW from last Tuesday; South African medium-iron manganese ore at 35.2-35.9 yuan/mtu, up 0.28% WoW from last Friday. South China ports: South African high-iron manganese ore at 30.7-31.2 yuan/mtu, up 0.32% WoW from last Friday; South African semi-carbonate at 36.9-37.4 yuan/mtu, up 0.27% WoW from last Friday; Gabonese ore at 40.5-40.1 yuan/mtu, flat WoW from last Friday; Australian lumps at 40.1-40.8 yuan/mtu, down 0.25% WoW from last Friday; South African medium-iron manganese ore at 36.7-37.4 yuan/mtu, up 0.54% WoW from last Friday. Overall, the manganese ore market shows no significant changes in supply and demand, maintaining a firm and stable trend.

[SMM Chrome Daily Review: Poor Market Sentiment and Sluggish Sales] November 7, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,100-8,200 yuan/mt (50% metal content), down 25 yuan/mt (50% metal content) MoM from the previous trading day.

[Domestic Iron Ore Brief Review: Iron Ore Concentrate Prices in the Tangshan Region May Edge Lower] Iron ore concentrate prices in the Tangshan region edged lower, with the current delivery-to-factory price, tax included, for 66% grade iron ore concentrates (dry basis) at 1,010-1,010

November 7 news: The SM2601 contract opened at 5,786 yuan/mt and closed at 5,760 yuan/mt, down 0.38%. The daily highest price was 5,786 yuan/mt, and the lowest price was 5,746 yuan/mt. Trading volume was 129,900 lots, and open interest was 357,140 lots. The futures showed a rangebound fluctuation pattern. Cost side, the third round of coke price increases has been implemented, with prices stabilizing after the rise, and the manganese ore market held up well. Currently, the cost side of silicon manganese remains relatively firm. Supply side, given the fluctuations in futures, the spot market exhibits strong wait-and-see sentiment, and most producers are currently focused on delivering steel tender orders and futures warrants. Demand side, November is a traditional off-season, and end-use demand may weaken further; under pressure from steel mills to drive down prices, SiMn prices may see a slight decline. The market awaits the release of November steel tender results.