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  [SMM Hydrogen Cost Daily Review] 20251124

• Upward Momentum Insufficient, Iron Ore May Maintain High and Rangebound Fluctuations [SMM Brief Review]

• [SMM Coal and Coke Daily Briefing] 20251125

  [SMM Daily Coking Coal and Coke Briefing] Supply side, coke producers' profits have improved, leading to strong production enthusiasm. Additionally, the impact of recent environmental protection-related controls in Hebei has diminished, with some coke enterprises increasing output, resulting in a rise in coke production. Demand side, steel mill profits are on the verge of losses, and the scope of blast furnace maintenance and production cuts has expanded, leading to a decline in hot metal output. Steel mills' demand for coke has decreased, with purchasing mainly as needed, and some mills have shown intentions to drive down coke prices. In summary, the coke market is expected to operate generally stable with a slight fall in the short term.

• [Domestic Iron Ore Brief Review] Iron Ore Concentrate Prices in the Tangshan Region May Rise Slightly

  [Domestic Iron Ore Brief: Tangshan Region Iron Ore Concentrate Prices May Have Some Upside Potential] Iron ore concentrate prices in the Tangshan region were relatively stable, with the ex-factory price for 66% grade iron ore concentrates on a dry basis, including tax, ranging from 1,015 to 1,020 yuan/mt. As some mines and beneficiation plants approached year-end, their monthly iron ore concentrate production saw a slight increase. However, the overall tight supply situation for iron ore concentrates did not show significant improvement.

• SiMn Futures Under Continuous Pressure, Spot Prices Drop Slightly [SMM SiMn Futures Review]

  November 25 — The SM2601 contract opened at 5,630 yuan/mt and closed at 5,636 yuan/mt, down 0.18%, with the highest price at 5,662 yuan/mt and the lowest at 5,616 yuan/mt. Trading volume was 120,700 lots, and open interest stood at 384,812 lots. The futures continued to fluctuate during the daytime session, struggling to rise. Cost side, both core raw materials—coke and manganese ore—held up well in the market. Supply side, the market generally maintained a wait-and-see attitude with a pessimistic bias. In north China, alloy plants maintained normal production scheduling, with relatively steady supply releases; in south China, overall operating rates remained low. Demand side, as the off-season set in, end-use demand uptake was limited, providing insufficient momentum for SiMn prices. Spot SiMn prices edged down.