China Rebar Stocks down 2.5% on the Week

[SMM Coking Coal and Coke Daily Brief] In terms of supply, coke producers maintained stable production, with solid cost support for coke. Additionally, coke producers saw relatively smooth shipments, and their own coke inventory showed a declining trend. Demand side, steel mills had certain rigid restocking demand for coke, but hot metal production pulled back slightly. Moreover, the steel market performed weakly, steel mill profitability was mediocre, and buyers became more cautious in coke procurement, with cases of controlling deliveries. In summary, coke fundamentals remained in a tight balance, and cost support for coke persisted. Coke market is expected to hold up well and remain generally stable with slight rise after the holiday.

China's manganese market has completely moved away from the pattern of rising and falling in unison, with severe divergence across product categories: EMM and Mn3O4 pulled back on weakness, battery-grade manganese sulphate remained resilient and firm with tight spot supply, EMD traded sideways steadily, LMO struggled to catch up passively, and the industry has officially entered a structural market with clear differentiation between strong and weak segments, with distinct investment and stockpiling opportunities hidden beneath the divergence.