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  SS Futures Approach Nearly Three-Month Low, Stainless Steel Spot Prices Follow Decline with Sluggish Trading [SMM Stainless Steel Daily Report]

  [SMM Stainless Steel Daily Review: SS Futures Approach 3-Month Low, Spot Stainless Steel Follows Decline with Sluggish Trading] SMM October 14 - SS futures showed a significant downward correction trend. Today, futures moved lower overall, with SS futures further declining, once approaching 12,500 yuan/mt during the session, hitting the lowest level in nearly three months. In the spot market, affected by macro factors and the decline in futures, the spot market was also impacted, with widespread pessimism about the future outlook, leading to further weakening in purchasing and trading. Currently, the market is significantly influenced by futures, with a strong wait-and-see sentiment. Traders increased price concessions, and offers continued to decline, but trading remained sluggish. On the futures side, the most-traded contract SS2511 weakened and declined. At 10:30 a.m., SS2511 was quoted at 12,565 yuan/mt, down 75 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 455-755 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was reported at 8,050 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi was 13,000 yuan/mt, and in Foshan, 13,000 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, 25,300 yuan/mt, and in Foshan, 25,300 yuan/mt; for hot-rolled 316L/NO.1 coil, both locations reported 24,750 yuan/mt; for cold-rolled 430/2B coil, both Wuxi and Foshan reported 7,600 yuan/mt. During the National Day and Mid-Autumn Festival holidays, the domestic stainless steel market was generally in a holiday state, with shipments and warehouse movements...

• Downstream Demand Insufficient, Manganese Ore Prices Drop Slightly [SMM Manganese Ore Daily Report]

  October 14: North ports: Australian lumps 40-40.5 yuan/mtu, down 0.74% MoM from September 30; South African semi-carbonate 34-34.5 yuan/mtu, down 0.58% MoM; Gabon 39.6-40.2 yuan/mtu, flat MoM; South African high-iron 29.3-30 yuan/mtu, down 0.67% MoM; South African medium-iron 35-35.7 yuan/mtu, down 0.56% MoM. South ports: Australian lumps 40.2-40.9 yuan/mtu, up 0.50% MoM; South African semi-carbonate 36.6-37.1 yuan/mtu, up 0.82% MoM; Gabon 40.4-40.9 yuan/mtu, up 0.49% MoM; South African high-iron 30.3-30.8 yuan/mtu, flat MoM; South African medium-iron 36.4-37.1 yuan/mtu, flat MoM. Overall, the manganese ore market has been in the doldrums recently, with a moderate procurement pace downstream, while spot prices are significantly influenced by downstream demand absorption and macro policies.

• Peak Season End-Use Demand Robust, Copper Foil Industry Operating Rate in China Rises for Fifth Consecutive Month This Year [SMM Analysis]

  SMM Analysis: According to SMM, China's copper foil enterprise operating rate reached 82.17% in September 2025, up 3.73 percentage points MoM and up 7.54 percentage points YoY...

• Tesla ramps up Shanghai Gigafactory output for Q4

  Tesla Vice President Grace Tao recently announced on social media that the company's Shanghai Gigafactory has begun ramping up production for the fourth quarter.

• JD.com, CATL, GAC team up to launch new vehicle model during Double 11 shopping festival

  The model will make its official debut during JD.com's Double 11 shopping festival and will be sold exclusively through JD's platform.