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  Sponge Titanium Market Trading Remains Sluggish, Prices Under Pressure [SMM Titanium Spot Express]

  [SMM Titanium Spot Market Update: Sluggish Trading in Sponge Titanium Market, Prices Under Pressure] The sponge titanium market has seen overall sluggish trading recently, with prices failing to meet expectations for an increase. According to SMM data, on November 24, the price for Grade 0 sponge titanium was quoted at 46,000-47,000 yuan/mt, Grade 1 at 45,000-46,000 yuan/mt, and Grade 2 at 44,000-45,000 yuan/mt. Current market supply remains stable, but downstream procurement continues to be primarily driven by rigid demand. Coupled with mediocre performance in the export market in H2 and limited acceptance of high prices among domestic customers, market prices are under pressure and trading in the doldrums. The sponge titanium market is expected to remain in the doldrums in the short term.

• Macro Tailwinds Halt the Decline in SS Futures, While Sluggish Spot Stainless Steel Transactions Make Price Increases Difficult [SMM Stainless Steel Daily Report]

  [SMM Stainless Steel Daily Review: Macro Tailwinds Halt SS Futures Decline, Spot Stainless Steel Trade Sluggish and Price Increases Difficult] SMM November 24 - SS futures showed signs of stabilizing and recovering. The US Fed delivered another dovish statement, boosting market expectations for a year-end interest rate cut. Metal futures generally opened higher today, with SS futures also strengthening and once approaching 12,400 yuan/mt. However, resistance remained above, limiting the overall gain, and it closed at 12,335 yuan/mt. In the spot market, the stronger SS futures spurred increased inquiry activity for spot stainless steel, but actual transactions remained relatively mediocre. However, with the afternoon pullback in SS futures and pressure on traders to sell, stainless steel prices held steady at low levels throughout the day. The most-traded SS futures contract stopped falling and recovered. At 10:30 AM, the SS2601 contract was quoted at 12,355 yuan/mt, down 30 yuan/mt from the previous trading day. In the Wuxi region, the spot premium/discount for 304/2B was in the range of 365-615 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was reported at 8,025 yuan/mt; the average price for cold-rolled mill edge 304/2B coil was 12,675 yuan/mt in Wuxi and 12,700 yuan/mt in Foshan; the price for cold-rolled 316L/2B coil in Wuxi was 24,300 yuan/mt, and 24,300 yuan/mt in Foshan; the price for hot-rolled 316L/NO.1 coil in Wuxi was reported at 23,700 yuan/mt; the price for cold-rolled 430/2B coil in both Wuxi and Foshan was 7,600 yuan/mt. At year-end, during the off-season, stainless steel demand remained persistently weak, and prices continued to grind...

• MMi Daily Iron Ore Report (November 24)

  Today, Dce experienced a strong, fluctuating upward trend, with the main contract I2601 closing at 790.5 yuan, a slight increase of 0.44% compared to the previous trading day.

• [SMM Chrome Daily Review] Ferrochrome Market Recovers, Chrome Ore Prices Still Decline

  [SMM Chrome Daily Review: Ferrochrome Market Recovers While Chrome Ore Prices Continue to Decline] November 24, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 7,950-8,100 yuan/mt (50% metal content), up 25 yuan/mt (50% metal content) MoM from the previous trading day...

• SiMn Futures Under Continuous Pressure, Mills Exhibit Strong Wait-and-See Sentiment at Start of Week [SMM Silicon Manganese Futures Review]

  November 22 News: The SM2601 contract opened at 5,616 yuan/mt and closed at 5,630 yuan/mt, up 0.50%. The highest price during the daytime session was 5,678 yuan/mt, and the lowest price was 5,592 yuan/mt. The trading volume was 202,400 lots, and the open interest was 397,984 lots. Today, the futures continued to fluctuate, with a slight rebound followed by another pullback. Cost side, the core raw materials, coke and manganese ore markets, both held up well. Supply side, the market generally maintained a wait-and-see and relatively pessimistic sentiment at the beginning of the week. In north China, alloy plants maintained a normal production pace, with relatively stable supply releases. In south China, operating rates saw relatively small changes, and overall production enthusiasm remained low. Demand side, as the off-season began, purchasing activity pulled back, steel mill demand support was limited, providing insufficient momentum for SiMn prices. Currently, the spot silicon manganese market maintained cautious selling sentiment, and spot prices remained temporarily stable.