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![Miners hold firm pricing stance, manganese ore market holds up well [SMM Manganese Ore Daily Report]](https://static.metal.com/price.metal.com/3.1.17/image/news-default.png)
Miners hold firm pricing stance, manganese ore market holds up well [SMM Manganese Ore Daily Report]
November 11 news: Northern ports: South African high-iron ore at 29.6-30.1 yuan/mtu, up 0.34% WoW; South African semi-carbonate ore at 34.1-34.6 yuan/mtu, flat WoW; Gabon ore at 39.7-40.5 yuan/mtu, up 0.25% WoW; Australian lumps at 39.9-40.6 yuan/mtu, flat WoW; South African medium-iron ore at 35.2-35.9 yuan/mtu, flat WoW. Southern ports: South African high-iron ore at 30.8-31.3 yuan/mtu, up 0.32% WoW; South African semi-carbonate ore at 36.9-37.6 yuan/mtu, flat WoW; Gabon ore at 40.5-41.2 yuan/mtu, up 0.25% WoW; Australian lumps at 40.2-40.9 yuan/mtu, flat WoW; South African medium-iron ore at 36.7-37.4 yuan/mtu, flat WoW. Overall, due to high concentration of cargo ownership and elevated future costs, the manganese ore market at ports shows a firm price sentiment, and ore prices are expected to remain strong in the short term.
[SMM Stainless Steel Daily Review: SS Futures Continue to Bottom Out, Limited Decline in Stainless Steel Spot Prices] SMM November 11 - SS futures showed a downward trend. With SHFE nickel and ferrous metals declining in sync, and stainless steel fundamentals remaining weak, SS futures weakened again, approaching 12,500 yuan/mt near the close. In the spot market, influenced by the weakness in SS futures, market sentiment turned bearish again, with some traders slightly lowering their offers. However, stainless steel prices are already at relatively low levels, and traders' previous purchase costs were high, limiting the price decline. The most-traded SS contract pulled back. At 10:30 a.m., SS2601 was quoted at 12,560 yuan/mt, down 5 yuan/mt from the previous trading day. In Wuxi, the spot premium/discount for 304/2B was in the range of 310-610 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; the average price for cold-rolled mill-edge 304/2B coil was 12,850 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 24,550 yuan/mt in Wuxi and 24,600 yuan/mt in Foshan; hot-rolled 316L/NO.1 coil was quoted at 23,800 yuan/mt in Wuxi; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Officially leaving behind the "September-October peak season," a traditional consumption off-season, and entering the year-end off-season. Downstream end-user confidence, already insufficient, was further impacted by the recent continuous decline in SS futures...
China's Secondary Lead Market Dynamics and Raw Material Supply Analysis【SMM Analysis】
In October, multiple secondary lead smelters resumed production, leading to an increase in output, and this growth trend is expected to continue into November. However, the market is focused on whether raw material supply can support sustained production growth. SMM analysis indicates that raw material inventories at secondary lead smelters rose in October, driven by improved willingness to sell among recyclers and reduced digestion of previous smelter shutdowns. Overcapacity in secondary lead has resulted in an undersupply of waste lead-acid batteries, prompting smelters to gradually transition into multi-raw material producers and reduce their reliance on waste lead-acid batteries. Currently, arrivals of waste lead-acid batteries remain stable, which supports smelter production. However, secondary lead output is still influenced by smelters' production willingness (profitability). After the transition, smelters may increase primary lead production and reduce secondary refined lead output. The market needs to monitor smelter dynamics and changes in raw material supply and demand.
As of November 11, the operating rate of 50 steel mills specializing in construction materials nationwide stood at 36.4%, up 0.68% WoW; the capacity utilization rate was 38.31%, increasing 0.3% WoW; the daily average production of construction materials reached 85,300 mt, rising 700 mt WoW.
