Morning Reading: China Responds to U.S. Threat of Additional Tariffs on China, October North-to-South Steel Material Survey

　　◎ In response to recent questions from reporters regarding China's relevant economic and trade policies and measures, the spokesperson of the Ministry of Commerce stated that China's export controls do not involve a ban on exports; instead, applications meeting regulatory requirements will be approved. China has already conducted a thorough assessment in advance of the potential impact these measures may have on global supply chains, and we are confident that such impacts will remain highly limited. Should the U.S. side persist in its unilateral actions, China will firmly take corresponding measures to safeguard our legitimate rights and interests.

　　◎ According to incomplete statistics, a total of 1,523 projects commenced construction across the country in September 2025, with a total investment of approximately RMB 1,305.545 billion.

　　◎ According to surveys, the planned volume of threaded steel moving southward from Northeast China in October is 371,000 tons, representing a year-on-year decrease of 92,000 tons and a month-on-month increase of 24,000 tons. Meanwhile, the planned volume of wire rod heading southward stands at 270,000 tons, down 34,000 tons year-on-year but lower by 48,000 tons compared to the previous month.

　　◎ Affected by escalating trade risks and the ongoing U.S. federal government shutdown, U.S. stocks, non-ferrous metals, international oil prices, and other markets experienced a "Black Friday."

　　◎ Qualcomm's acquisition of Autotalks lacked the required pre-merger notification under the law, raising suspicions of violations against China's Anti-Monopoly Law. As a result, the State Administration for Market Regulation has initiated a formal investigation into Qualcomm in accordance with the law.

　　◎ Ministry of Housing and Urban-Rural Development: Currently, the approved loan amount for projects on the national whitelist has exceeded 7 trillion yuan, effectively ensuring the construction and delivery of commercial housing projects. Meanwhile, the scale of the existing housing market continues to expand, with second-hand residential transactions surpassing new home sales in 15 provinces, autonomous regions, and municipalities across the country.

　　◎ Notice from the Ministry of Industry and Information Technology and Six Other Departments on Issuing the "Implementation Plan for Deeply Promoting Innovation and Development of Service-oriented Manufacturing (2025–2028)," which calls for strengthening the construction of new information infrastructure. It also emphasizes enhancing the supply of industrial data elements, promoting the transformation of data into resources, assets, and factors, and establishing a number of high-quality industry-specific datasets.

　　◎ It is understood that, following the recent announcement by the National Development and Reform Commission (NDRC) to allocate the entire 500 billion yuan of new policy-based financial instruments toward replenishing project capital, multiple regions have already begun coordinating with these tools to ensure timely deployment of funds, thereby generating tangible project outcomes. Meanwhile, some localities have also organized promotional meetings and mobilization sessions to advance initiatives aimed at expanding effective investment efforts.

　　◎ On October 11, national major port iron ore transactions totaled 506,000 tons, down 58.3% from the previous day; meanwhile, mainstream trading companies reported construction steel transactions totaling 91,400 tons, a decrease of 7.1% compared to the prior day.

　　◎ In November, the ex-factory prices of Baowu Steel plants remained largely unchanged compared to October. It is estimated that in November, the tax-free base price for hot-rolled Q235B steel will be RMB 4,635 per ton; the tax-inclusive base price for cold-rolled DC01 steel will be RMB 8,431 per ton; the tax-inclusive base price for hot-dip galvanized DC51D+Z steel will be RMB 9,164 per ton; and the price for non-oriented silicon steel will be RMB 4,800 per ton.

　　◎ According to surveys, the volume of production affected by steel plant maintenance activities for construction steel is expected to decline this week. Based on the average daily output of rolling mills, the estimated impact of production line maintenance on output is 188,500 tons.

　　◎ According to survey data from construction enterprises, companies plan to procure 6.11 million tons of steel in October 2025.

　　◎ According to a survey conducted among 12 steel plants in Liaoning, 5 in Jilin, 2 in Heilongjiang, and 1 in Inner Mongolia within the Northeast region, six steel plants initiated maintenance operations starting in October. In terms of production, the planned maintenance activities resulted in a daily output reduction of 35,000 tons across the Northeast region during October.

　　◎ According to the website of the China Iron and Steel Association, on October 10, two steel enterprises publicly announced their progress in ultra-low emission transformation and assessment monitoring. Currently, a total of 213 steel companies have been listed for public disclosure on the website of the China Iron and Steel Association.

　　◎ On October 11, 2025, Ansteel Group Co., Ltd. held an expanded meeting of its leadership team. Entrusted by leaders from the Central Organization Department, a responsible official from the relevant cadre bureau of the Central Organization Department announced the CPC Central Committee's decision regarding the appointment of Mr. Guo Bin as Director, General Manager, and Deputy Secretary of the Party Committee of Ansteel Group Co., Ltd.

　　◎ Guangda Special Materials: The company expects to achieve a net profit of RMB 248 million in the first three quarters of 2025, representing an increase of approximately RMB 169 million, or about 213.92% year-on-year growth.

　　◎ China Passenger Car Association: In September, the nationwide retail sales of passenger vehicles reached 2.239 million units, representing a year-on-year increase of 6% and a month-on-month rise of 11%. Among them, new-energy passenger vehicle retail sales totaled 1.307 million units, up 16% year-on-year and 17% month-on-month.

　　◎ Retail prices of refined oil products are expected to see their eighth price cut this year. As of 24:00 on October 13, a new adjustment window will open for domestic retail price limits of refined oil products.

　　◎ According to the latest reports, the mining regulatory authority of the Democratic Republic of Congo announced that the eight-month-long ban on cobalt exports will be lifted this week (October 16).