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  Stainless Steel Trading Remained Sluggish on the First Day of Work Resumption, Macro Tailwinds Unable to Offset Weak Fundamentals [SMM Analysis]

• [SMM Weekly Review] Upstream Supply Disruptions Spread to Recycling Sector, Second-Life Application Prices Stable with Limited Upside Potential, 2025.10.6-2025.10.9

  This week, market feedback indicates that uncertainties in the supply side, stemming from adjustments to cobalt export policies in the DRC, have further transmitted upstream to the recycling sector. Under the combined effect of these two factors, recycling enterprises have adopted a cautious wait-and-see approach toward current purchases, leading to an overall subdued market sentiment. This transmission has impacted the second-life battery cell market, where prices had already entered a phase of sustained slight increases. This trend has gradually driven the prices of popular second-life battery models to the upper limit of downstream enterprises' psychological expectations, resulting in largely stable prices around the National Day holiday. Meanwhile, amid the current tug-of-war between sellers and buyers, prices in the second-life battery market have entered a stable range without further fluctuations.

• [SMM Analysis] Review of the Sheets & Plates Market During the 2025 National Day Holiday and Post-Holiday Outlook

  During the National Day & Mid-Autumn Festival holiday, HRC prices in major cities across the country remained stable.

• [SMM Survey] Daily Coking Coal Briefing: October 9, 2025

  [SMM Daily Coal and Coke Brief] During the National Day holiday, the coke market held up well. On October 1, mainstream steel mills in Shandong accepted the first round of coke price increases, officially implementing the first price hike—50 yuan/mt for wet quenching coke and 55 yuan/mt for coke dry quenching. On the fundamentals side, coke production and supply remained normal during the holiday. However, rising coking coal and coke prices increased production costs, squeezing coke producers' margins and limiting supply expansion. Downstream purchasing activity was relatively strong during the holiday, with most coke producers selling output immediately and maintaining low inventory levels. Only in certain regions were shipments affected by holiday logistics and rainy weather. Looking ahead, coke producers' operating enthusiasm remains moderate, and supply is relatively stable. Most steel mills maintain adequate coke inventory, showing limited restocking interest after the holiday. In summary, the coke market is expected to remain stable in the short term, with further price increases facing significant resistance.

• Geely Automobile's monthly vehicle, NEV sales both hit new high in Sept. 2025

  It is noteworthy that the company achieved its best-ever performances in both monthly vehicles sales and NEV sales in the month.