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  [SMM Analysis] The Asian Stainless Red Sea: A Battle for Survival

  The Asian stainless steel market has traded its era of symbiotic cooperation for a brutal zero-sum game. A tidal wave of low-cost capacity from China and Indonesia has shattered the old supply chain order, forcing traditional powerhouses like Japan and Korea into retreat. As the region scrambles to cope with this structural imbalance, the response has been a sharp rise in trade barriers and protectionism. In short, the days of integrated growth are over; the new reality is a fractured landscape defined by chronic oversupply and fierce survivalism.

• Copper prices edged slightly higher, purchasing sentiment declined, and Shanghai spot copper spot premiums fell [SMM Shanghai Spot Copper]

  [SMM Shanghai Spot Copper] Tomorrow is expected to see reduced offers from some suppliers as the meeting week begins, with copper prices stabilizing around 86,000 yuan/mt. Downstream buyers have returned to just-in-time procurement, and spot transactions are anticipated to maintain a slight premium tomorrow.

• CATL, SAIC Commercial Vehicle launch in-depth cooperation to build integrated NEV ecosystem

  At the Auto Guangzhou 2025 on November 21, CATL and SAIC Commercial Vehicle announced a far-reaching strategic partnership aimed at accelerating the electrification and digitalization of commercial tr...

• Export Growth of Copper Enamelled Wire Slowed in October, High YoY Growth Continued

  According to data from the General Administration of Customs, China's exports of copper enamelled wire reached 10,764.88 mt in October 2025, up 10.72% YoY but down 12.11% MoM. From January to October, cumulative exports totaled 117,949.06 mt, up 23.46% YoY. (HS code 85441100)

• [SMM Nickel Sulphate Daily Review] November 24: Increased Supply from Refined Nickel Conversion Puts Nickel Salt Prices Under Pressure

  On November 24, the SMM battery-grade nickel sulphate index price was 27,807 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,900-28,100 yuan/mt, and the average price decreased compared to the previous day.