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  Why did galvanized sheet exports reach a new high for the year in October? [SMM Analysis]

  SMM Analysis：According to the latest customs data, in terms of galvanized sheets, the export volume in October 2025 was 1.2994 million mt, up 5.97% MoM and 11.68% YoY. From January-October 2025, the cumulative export volume of galvanized sheets reached 11.74 million mt, up 10.07% YoY.......

• Amid Expectations of Copper Concentrate Shortages, How Are Smelters Adjusting Their Operating Strategies?

  The market widely expects that 2026 long-term contract TC will likely remain negative. From a supply-side perspective, global greenfield project additions are extremely limited. At the same time, existing mines have faced frequent operational disruptions, with some producers failing to meet output targets. The incremental ramp-up of smelters in Indonesia and Africa has also temporarily diverted copper concentrate flows. Against this backdrop, the supply-demand imbalance in copper concentrate is deepening.

• General Administration of Customs: Slow Recovery in Supply from Myanmar Keeps China's Tin Ore Imports at Low Levels

• General Administration of Customs: China's Copper Ore Imports Slightly Decreased in October, While Shipments from Major Supply Countries Increased.

• Short-term Volatility and Bottom Grinding in Ferrous Metals, Trend Remains Unchanged [SMM Steel Industry Chain Weekly Report]

  This week, ferrous metals mostly showed a pattern of rising first and then falling, with coking coal and coke exhibiting relatively weak performance. Over the weekend, the Ministry of Ecology and Environment announced that it would conduct one-month environmental protection checks in the Beijing-Tianjin-Hebei region this week. Finished products and raw materials performed differently, with iron ore showing strong support. In the latter part of the week, market rumors suggested that China is considering new real estate support policies, including options such as mortgage interest subsidies, leading to some fluctuations in ferrous metals during trading sessions. Fundamentally, the inventory of the five major steel products continued to decline but failed to provide strong support. Coupled with weakening raw material support, finished product prices gave back the gains made on Monday. In the spot market, amid the off-season, end-users continued to purchase as needed at low prices, with a small amount of speculative demand released at the beginning of the week.