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  The Difficult Balance Between Policy Uncertainty and Price Volatility

  In October 2025, the secondary copper rod market struggled under multiple pressures including policy uncertainty, volatile copper prices, and weak end-use demand, generally characterized by an operating rate fluctuating at lows, diverging profit margins, and regional structural adjustments.

• Domestic Capacity Release and High Costs Expected to Drive Continued Decline in November Petroleum Coke Imports [SMM Analysis]

  Since Q4, the domestic petroleum coke market supply side has shown a two-way divergence characterized by accelerated domestic capacity release and shrinking import supply replenishment, with the market supply-demand pattern undergoing phased adjustments. Domestically, Q4 saw a marked slowdown in refinery maintenance pace and a significant reduction in new maintenance plans, while the production resumption process at previously idled refineries accelerated, and some long-term idled enterprises gradually resumed production, leading to a continuous rebound in domestic petroleum coke output scale and a gradual emergence of incremental supply effects. Demand side, since November, as petroleum coke prices climbed to high levels, downstream enterprises' purchase willingness cooled, and market procurement pace turned cautious, creating some digestion pressure for the domestic supply increment. The fundamentals of the domestic petroleum coke market failed to provide a solid foundation for petroleum coke imports, coupled with international trade adjustments. US imported coke volume is expected to continue declining due to rising costs, and international petroleum coke prices remain high, further dampening import procurement enthusiasm. Overall, domestic petroleum coke imports in November are highly likely to maintain a downward trend.

• From State Capital to Strategic Autonomy: Analyzing Government Roles in the Global Rare Earth Game【SMM Analysis】

  As a non-renewable strategic resource, rare earth has become a focal point of competition among major powers. With China dominating the rare earth industry chain, particularly in the smelting and separation sector, major economies such as the US, the European Union, and Japan are attempting to reshape the global rare earth supply chain landscape through unprecedented government interventions. From the US Department of Defense directly investing in rare earth enterprises, to the EU setting clear quantitative targets for supply chain autonomy, and resource-rich countries like Brazil and Southeast Asian nations promoting industrial upgrading through export restrictions, an all-around competition centered on rare earth is intensifying. 

• ICSG: Global Copper Cathode Market Experienced a Supply Deficit of 51,000 mt in September

• Imports of Unwrought Aluminum Alloy in October 2025 Plunged YoY to 76,400 mt [SMM Analysis]

  [SMM Analysis]Imports of Unwrought Aluminum Alloy Plunged 76,400 mt YoY in October 2025, While Exports Surged Over 50% [SMM Analysis]