Hot News

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  EMM Prices Maintained High and Stable [SMM EMM Daily Review]

  November 3 — The average spot price of EMM in the main producing areas was 13,900–14,100 yuan/mt, and the average export FOB price was $2,070–2,100/mt...

• BC Copper 2512 contract closed down 1.56%, US Fed hawkish expectations weigh on copper prices [SMM BC Copper Review]

• [SMM Hot-Rolled Arrivals] South China Arrivals Increased Significantly WoW

  SMM Steel, November 4 – According to SMM statistics, the estimated total shipments of mainstream markets this week were 245,800 mt, up 31.51% WoW. By market:

• [SMM Analysis] Reflections on Thailand's Initiation of Anti-Circumvention Investigations Against Hot-Dip Galvanizing Cold-Rolled Steel Coils and Non-Coiled Materials from China

  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

• MMi Daily Iron Ore Report (November 4)

  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