SMM Analysis Of China Stainless Steel Import And Export Data In October And November

The Mongolian Stock Exchange said Erdenet Mining Corporation will auction 560 wet tonnes (499.408 dry tonnes) of molybdenum concentrate on September 24. The material contains at least 44% molybdenum, equivalent to no less than about 219.7 tonnes of contained metal. The opening price is $28,504.17 per dry tonne, about 0.7% above the opening level of the previous same-grade auction on September 10. As that sale closed 19.25% above its opening price, the new listing should not be treated as a transaction price. Delivery is scheduled for October–November on DAP Erlian terms.

Zangezur Copper Molybdenum Combine (ZCMC) reported 2025 molybdenum concentrate output of 15,548 wet tonnes (13,389.68 dry tonnes), down 13.7% from 18,014 wet tonnes (15,507.08 dry tonnes) in 2024. Sales fell 15.5% to 15,614 wet tonnes. Meanwhile, dry ore treated rose 1.5% to 22.67 million tonnes, with ZCMC linking the lower molybdenum output to ore characteristics. The company produced no ferromolybdenum or roasted molybdenum concentrate in 2025, compared with 273 tonnes and 547 tonnes, respectively, in 2024. The concentrate figures represent physical product weight, not contained molybdenum.

[SMM Analysis] Futures and spot prices weaken in tandem, raw materials decline, stainless steel cost center shifts down and profits recover This week, stainless steel product and raw material prices pulled back in tandem. Market pessimism dominated the entire industry chain, and steel mills' proactive push for lower purchase prices accelerated the decline in raw material prices, leading to a marginal recovery in industry smelting profits. Based on 304 cold-rolled products, profit pressure at steel mills eased slightly this week. The profit margin calculated using current raw materials was 0.95%, while the margin based on inventory raw materials was -2.21%. Losses on current raw materials narrowed significantly, while inventory raw materials remained under pressure with losses, and the overall profit structure improved somewhat. Nickel-based raw materials continued to drift lower this week. Market pessimism kept building, and cost support weakened further. Steel mills had already completed a round of restocking of raw materials earlier, so this week procurement demand was scarce and spot transactions were generally sluggish. In addition, end-user peak-season demand for stainless steel failed to materialize and product prices continued to weaken, spreading a bearish mood across the market. Meanwhile, port inventories of high-grade NPI stayed high, and the loose supply situation remained unchanged, further pressuring spot prices. As of this Friday, the delivered duty-paid price of Indonesian high-grade NPI with 10-12% nickel content in China fell by 34 yuan per nickel unit week-on-week to 1,051 yuan per nickel unit, and nickel-based costs continued to loosen. This week, stainless steel scrap prices also moved lower in tandem. Its cost substitution advantage expanded, but that was not enough to offset multiple bearish factors. External pressure from the US Fed's rate hikes continued to weigh on futures, and SS futures came under pressure and hit bottom, dragging stainless steel product prices down in tandem. Steel mills remained mired in losses and showed a strong desire to bargain down raw material prices, directly pulling the stainless steel scrap market center lower. Although stainless steel scrap...