Latest Update in the SMM Silicon Steel Market

SMM reports that the average price of 8-12% high-grade NPI is 979.5 yuan/mtu (ex-factory, tax included), down 3 yuan/mtu from the previous working day.

In October, domestic tin ore imports reached 15,000 mt (equivalent to approximately 5,044 mt metal content), up 90.73% MoM, down 40.65% YoY, and increased by 1,185 mt metal content compared to September.

According to an SMM survey, as of November 21, the total social inventory of lead ingots in five regions tracked by SMM stood at 64,400 mt, a decrease of 19,900 mt compared to November 14, and a decrease of 20,600 mt compared to November 18.

According to customs data, in October 2024, refined lead exports were 1,886 mt, up 110.83% MoM but down 90.63% YoY.

According to data from the General Administration of Customs, China imported a total of 3.008 million mt of copper cathode from January to October 2024, up 6.67% YoY.

NIO reported total revenues of 18,673.5 million yuan (US$2,661.0 million) for Q3 2024, a slight decline of 2.1% compared to the same period in 2023 but a 7% increase over the previous quarter.

According to the latest data from the NBS, China's copper semis production in October 2024 was 1.9664 million mt, down 2.3% MoM.

As of Thursday, November 21, SMM copper inventories in major regions across the country increased by 2,100 mt compared to Monday.