Base Metal Consumption after 3-Day Winning Streak, SMM Surveys

► Analysis of the Current Macroeconomic Landscape and Asset Investment Logic ► The Logic Behind Copper and Aluminum Price Movements Under the Combined Influence of Macro and Fundamentals ► How OTC Options and Option-Embedded Trade Can Reduce Costs and Boost Profits for Conductor Wire and Cable Enterprises ► Intelligent IoT: Building a New Perspective on Smart Wire and Cable Manufacturing ► Seizing the Dividend of AI Computing Infrastructure — Global Data Center Copper-Based Material Demand Estimation and Development Trend Analysis ► Building a Digital Information Network Across the Landscape, Advancing Fiber and Cable Innovation and Development ► Outlook on K-Shaped Divergence in Infrastructure Investment Trends ► Green Upgrade of the Magnet Wire Industry in the Context of AI Computing Power ► Technology Pathways and Market Analysis for the Future Development of Electrolytic Copper Foil

SMM learned that Rotterdam warehouse molybdenum oxide was reported at $33.65/lb Mo EXW on November 3, while the latest Busan warehouse level reached $33.60/lb Mo EXW on November 4—equivalent to approximately RMB 5,598/mtu including value-added tax based on the same-day SMM exchange rate. European ferromolybdenum was also reported at $78.30/kg Mo. The spread between Rotterdam and Busan narrowed to only $0.05/lb Mo, indicating that physical market levels in Europe and Asia have largely converged. Transaction volumes, payment terms and delivery schedules have not yet been disclosed.

Indian brass billet exports to China picked up on improved demand and competitive pricing, but rising scrap costs and thin margins continued to constrain exporters.