Morning Read: International commodity prices surged across the board, while supply and demand for the five major steel products both increased.

　　◎ Communiqué of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China: The session outlined the main goals for economic and social development during the 15th Five-Year Plan period—achieving significant progress in high-quality development, markedly enhancing our capacity for scientific and technological self-reliance and strength, making further breakthroughs in comprehensively deepening reform, elevating societal civility to a new level, continuously improving people's quality of life, and realizing new major strides in building a Beautiful China. Additionally, the session emphasized strengthening the national security framework. By 2035, China is expected to see substantial leaps in its economic, scientific, defense, comprehensive national strength, and international influence, with per capita GDP reaching the level of moderately developed countries.

　　◎ This week, supply of the five major steel products reached 8.6532 million tons, an increase of 83,700 tons from the previous week, representing a growth rate of 1.0%. Total inventory stood at 15.5485 million tons, down 274,100 tons week-on-week, marking a decline of 1.7%. Meanwhile, apparent steel consumption totaled 8.9273 million tons, up 2.2% compared to the prior week—specifically, construction material consumption rose by 4.4%, while plate consumption increased by 1.1%.

　　◎On October 23, the EU included Chinese companies on its 19th round of sanctions against Russia, marking the first time it has targeted China's major oil refineries and petroleum traders. A spokesperson for China’s Ministry of Commerce expressed China’s strong dissatisfaction and firm opposition, stating that the EU’s actions contravene the consensus reached by Chinese and European leaders, seriously undermine the overall framework of China-EU economic and trade cooperation, and pose a significant threat to global energy security.

　　◎ Xu Xiangchun, Director of Information at Shanghai Steel Alliance, stated that the stabilization of steel prices hinges on the effectiveness of policies aimed at curbing "involution" within the industry. Meanwhile, demand from the real estate sector—specifically new construction starts—has already fallen back to 2005 levels, underscoring persistent weakness in domestic demand. However, if China can rigorously enforce a production cut of more than 5% in the fourth quarter of 2025, coupled with comprehensive cost assessments and industry self-regulation, steel prices could see a moderate rebound.

　　◎ As agreed upon by China and the United States, He Lifeng, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will lead a delegation to Malaysia from October 24 to 27 for economic and trade consultations with the U.S. side.

　　◎ The State-owned Assets Supervision and Administration Commission of the State Council held a symposium on the "15th Five-Year" planning work for central enterprises, emphasizing the need to highlight industry-oriented planning, focus on building a modern industrial system, and align efforts with national priorities, industry trends, and the capabilities of central enterprises, while deeply advancing layout optimization and structural adjustments.

　　◎ The National Energy Administration released electricity consumption data showing that in September, total electricity usage across society reached 888.6 billion kilowatt-hours, representing a year-on-year increase of 4.5%.

　　◎ The White House stated that U.S. President Trump believes Russia is not doing enough to promote peace, expressing growing disappointment. He hopes to see concrete actions—rather than mere rhetoric—to bring the conflict to an end. The White House also noted that a meeting with Russian President Putin is not entirely off the table.

　　◎ According to data from the National Bureau of Statistics, China's rebar production in September reached 14.75 million tons, down 2.9% year-on-year; from January to September, cumulative output totaled 143.387 million tons, a slight decrease of 0.1% compared to the same period last year. Production figures for other major industrial products are as follows:

　　◎ According to data from the World Steel Association, global crude steel production in September 2025 fell by 1.6% year-on-year to 141.8 million tons.

　　◎ Li Lecheng, Party Secretary and Minister of the Ministry of Industry and Information Technology, published a signed article pointing out that, with China's population growth reaching an inflection point, industries such as steel and cement have already peaked in terms of scale. Consequently, the traditional expansion model centered on "low prices and high volume" has become unsustainable. It is imperative to prioritize excellence over quantity and strive for quality as the key to success, thereby enhancing the quality and efficiency of the manufacturing supply system and using high-quality supply to create and drive demand.

　　◎ On October 23, Vice Minister Xie Yuansheng of China’s Ministry of Industry and Information Technology met with Chilean Deputy Minister of Mining, Suina Chaván, in Beijing to exchange views on strengthening cooperation in the mining sector. Xie Yuansheng noted that China and Chile enjoy strong complementarity in the non-ferrous mineral resources industry, presenting significant potential for collaboration.

　　◎ Liu Xinyan, Party Secretary and Deputy Director of the Equipment Industry Development Center under the Ministry of Industry and Information Technology, stated that the center is systematically advancing research and development in next-generation battery technologies, including novel material systems, all-solid-state batteries, and metal-air batteries, while accelerating the practical application, commercialization, and industrialization of these cutting-edge innovations.

　　◎ According to the Ministry of Commerce, as of October 22, the number of applications for the 2025 vehicle trade-in subsidy program has surpassed 10 million, with over 3.4 million applications for vehicle scrappage and replacement, and more than 6.6 million for trade-in upgrades.