This time, Thailand initiated an anti-circumvention investigation against the involved products from China. According to data from the General Administration of Customs, the total volume of China's involved products exported to Thailand in the first nine months of 2025 was 153,400 mt, accounting for 3.92% of China's total exports of the involved products, indicating a relatively limited overall impact. In an extreme scenario, this could lead to a decrease of 153,400 mt in China's total exports in 2026. Data show that the top five countries for China's exports of the involved products in 2025 were the Philippines (25.35%), Indonesia (7.34%), Brazil (5.59%), Vietnam (5.21%), and Thailand (3.92%). In 2020, the top five countries were Thailand (18.89%), South Korea (7.34%), the Philippines (5.59%), Vietnam (5.21%), and Myanmar (3.92%). It is evident that while Thailand has increased anti-dumping and anti-circumvention investigations against China's involved products, domestic export traders are actively seeking new export destinations to hedge against the pressure. However, currently, China's exports of the involved products to the Philippines account for 25.35%, which is excessively high and requires vigilance against potential investigations by the Philippines on China's involved products

Today, the price of iron ore futures continued to fluctuate weakly. The main contract I2601 finally closed at 775.5 yuan, down 1.71% from the previous working day. The mainstream spot price at ports fell by 2-8 yuan/ton from the previous working day. The transaction price of PB powder in Shandong area was 780-785 yuan/ton

[SMM Stainless Steel Daily Review: SS Futures Continued to Decline, Market Pessimism, Low Stainless Steel Prices Failed to Boost Transactions] SMM, November 4 – SS futures showed a downward trend. Today, ferrous metals and SHFE nickel futures weakened overall, and SS futures followed suit, approaching 12,500 yuan/mt during the session, with weak momentum persisting. In the spot market, the continuous decline in SS futures further intensified cautious wait-and-see sentiment in the downstream end-use market for stainless steel. Although stainless steel mills lifted price restrictions yesterday, leading to further declines in stainless steel offers, this failed to boost actual transactions, and market inquiries and deals remained weak. The most-traded SS2512 contract fell. At 10:30 a.m., SS2512 was quoted at 12,560 yuan/mt, down 65 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 360-660 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; for cold-rolled edged 304/2B coil, the average price in Wuxi was 12,900 yuan/mt, and in Foshan, 12,900 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, 25,150 yuan/mt, and in Foshan, 25,200 yuan/mt; for hot-rolled 316L/NO.1 coil in Wuxi, 24,550 yuan/mt; for cold-rolled 430/2B coil in both Wuxi and Foshan, 7,600 yuan/mt. Although SS futures had been rising previously, their impact on the stainless steel spot market was relatively limited. The traditional peak consumption season for stainless steel, the September-October peak season, ended early, and downstream end-users...

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Western Liaoning May Edge Down] Trading activity in the domestic ore market in western Liaoning is sluggish, but current prices remain relatively firm. The ex-factory price for 66% grade iron ore concentrates on a wet basis, excluding tax, stands at 740–750 yuan/mt. Spot resources are currently tight, with sellers holding firm on higher prices. Traders and steel mills are under no urgent pressure to restock and show weak purchase willingness at these price levels. Buyers and sellers are mainly adopting a cautious wait-and-see approach.

According to the SMM survey, the impact from maintenance on construction steel saw a slight decrease during the current period (11.1-11.7), mainly due to production resumptions at the construction steel rolling lines of multiple steel mills in east China last week. The impact from maintenance on construction steel during this period reached 1.2428 million mt, down 40,500 mt WoW.

[SMM Stainless Steel Daily Review: Off-Season Market Pessimism and Weak SS Futures Drag Down Stainless Steel Spot Prices] SMM, Nov. 3 – SS futures trended lower. Today, ferrous metals futures broadly weakened, coupled with stainless steel's weak fundamentals and sluggish demand, SS followed the decline, briefly breaking below 12,600 yuan/mt during the session. Although it recovered slightly in the afternoon, the overall trend remained weak. In the spot market, the continued decline in SS futures, along with relaxed price restrictions by stainless steel mills, prompted agents to lower offers under sales pressure, further pushing down stainless steel spot prices. October stainless steel production saw a slight increase, while November's anticipated production cuts are expected to be limited, keeping the overall supply outlook loose. However, with current demand persistently weak and macro tailwinds having little impact on stainless steel spot prices, the market is likely to remain in the doldrums in the short term. The most-traded SS2512 contract fell. At 10:30 a.m., SS2512 was quoted at 12,625 yuan/mt, down 85 yuan/mt from the previous trading day. In Wuxi, the spot premium/discount for 304/2B ranged between 295-595 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,050 yuan/mt; cold-rolled trimmed 304/2B coil averaged 12,900 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 25,150 yuan/mt in Wuxi and 25,200 yuan/mt in Foshan; hot-rolled 316L/NO.1 coil was quoted at 24,550 yuan/mt in both regions...

Today, Dalian iron ore futures weakened significantly, with the main contract I2601 eventually closing at 782.5 yuan, down 1.82% from the previous working day. The mainstream spot price at ports fell by 12-14 yuan/ton from the previous working day. The transaction price of PB powder in Shandong area was 786-788 yuan/ton,

BHP and POSCO will work together to progress ‘near zero emissions’1 ironmaking technology under an MoU signed today, advancing POSCO’s hydrogen reduction ironmaking technology (HyREX).

Today, iron ore futures were in the doldrums, with DCE I2601 contract closing at 800 yuan, down 0.56% from the previous trading day. Mainstream spot cargoes at ports fell 0-5 yuan/mt compared to yesterday.