This week, the ferrous metals series showed a divergent trend, with ore prices initially strong then weakening, coking coal and coke prices fluctuating rangebound, the most-traded rebar contract moving in a volatile pattern, and the most-traded HRC contract performing in the doldrums. On the news front, early in the week, the General Administration of Customs released data showing that China's steel exports in August 2025 reached 9.51 million mt, down 326,000 mt MoM, a decrease of 3.3% MoM. From January to August, cumulative steel exports totaled 77.49 million mt, up 10.0% YoY, with cumulative exports still higher than the same period last year, indicating strong export resilience...

September 12: North China ports: Australian lumps at 40.3-40.8 yuan/mtu, up 0.50% WoW; South African semi-carbonate at 34-34.5 yuan/mtu, down 0.58% WoW; Gabonese at 39.3-39.9 yuan/mtu, up 0.76% WoW; South African high-iron at 29.4-29.9 yuan/mtu, flat WoW; South African medium-iron at 35.3-35.8 yuan/mtu, up 0.57% WoW. South China ports: Australian lumps at 39.8-40.5 yuan/mtu, up 0.50% WoW; South African semi-carbonate at 36.1-36.6 yuan/mtu, down 0.55% WoW; Gabonese at 39.7-40.2 yuan/mtu, up 0.76% WoW; South African high-iron at 30.5-31 yuan/mtu, flat WoW; South African medium-iron at 36.7-37.4 yuan/mtu, up 0.54% WoW. Overall, current port arrivals of manganese ore decreased slightly, and downstream users are about to start a new round of restocking before the National Day holiday. Miners' offers remain firm, and ore prices edged up. The future trend of manganese ore prices still depends on downstream users' actual acceptance of current price levels.

[SMM Titanium Weekly: Northern Titanium Slag Tender Prices Continue to Decline, Titanium Market Remains Stable Overall] This week, domestic titanium industry chain prices were generally stable, with some regional divergence. The titanium concentrate market operated steadily; although imported ore prices showed some divergence, they were basically flat overall compared to domestic ore prices. The titanium dioxide market rose slightly, with improved acceptance of previous price adjustments and a gradual upward trend in transaction prices. Among these, the sulfuric acid method remained firm with strong bullish sentiment, supported by production line shutdowns at leading enterprises and high sulfuric acid prices; the chloride method only achieved stabilization after stopping declines, due to high inventory and sluggish exports. The titanium slag market continued to be weak in some areas, with enterprise quotations declining in certain regions, increasing pressure on manufacturers' losses, and insufficient follow-through in transactions; prices for some specifications of titanium slag remained stable. Sponge titanium prices were generally stable industry-wide, with production cuts to address capacity pressure, but raw material cost support was relatively weak. The titanium materials market continued in the doldrums, with sluggish trading activity on the spot side, low market activity, and procurement primarily focused on short-term rigid replenishment.

[SMM Chrome Weekly Review: Market Rally Slows Down with Optimistic Outlook] September 12, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,450-8,550 yuan/mt (50% metal content), up 50 yuan/mt (50% metal content) from the previous trading day.

[SMM Spot Magnesium Ingot Market Update: Fugu Magnesium Ingot Prices Adjusted Downward Under Pressure, Domestic and Foreign Trade Markets Show "Hot Domestic, Cold Foreign" Pattern] On September 12, the ex-factory offer for magnesium ingots in the Fugu region was lowered by 100 yuan/mt to 16,600-16,700 yuan/mt, with the FOB offer at $2,370/mt. Market trading was active, with some magnesium plants selling at low prices of 16,500 yuan/mt, attracting active purchases from traders. The single-day trading volume reached 1,600 mt. The foreign trade market showed a stalemate, with 80% of traders refusing new orders and insisting on high prices including taxes. However, a small number of shipping orders were still concluded at low prices today, highlighting the ongoing tug-of-war between sellers and buyers.