Morning reading: The "14th Five-Year" Plan proposal clearly outlines the development direction and opportunities for the steel industry.

◎ On October 28, the CPC Central Committee released its proposals for formulating the 15th Five-Year Plan for National Economic and Social Development. Regarding the high-quality development of the steel industry, the document clearly outlines both the direction and the opportunities ahead.

◎ In November, the steel-using manufacturing sector showed clear divergence. Steel structure companies saw their raw material inventories drop by 0.66% month-on-month, with daily consumption also declining 0.66% from the previous month. Meanwhile, machinery firms experienced a 7.92% increase in raw material stocks and a 4.84% rise in daily consumption compared to the prior month. For home appliance manufacturers, raw material inventories fell by 1.94% month-on-month, while daily usage decreased by 5.6%. Lastly, automotive companies reported a 0.95% decline in raw material inventories and a 1.82% drop in daily consumption from the previous month.

◎ From October 20 to October 26, total iron ore inventories at seven major ports in Australia and Brazil amounted to 11.583 million tons, declining by 147,000 tons from the previous week. This continued trend of inventory reduction has pushed stock levels to their lowest point since the second half of the year.

◎ On the morning of October 28, local time, during the 47th ASEAN Summit held in Malaysia, the Protocol for the upgraded China-ASEAN Free Trade Area 3.0 was officially signed. Building on the existing framework, the 3.0 upgrade protocol comprehensively expands mutually beneficial cooperation into emerging fields, strengthens mutual alignment and connectivity in standards and regulatory areas, and further promotes regional trade facilitation as well as inclusive development.

◎ Vice Premier He Lifeng, when meeting with members of the International Advisory Committee of the China Banking and Insurance Regulatory Commission, briefed them on the China-U.S. economic and trade situation. He emphasized that China remains firmly committed to advancing high-level opening-up in the financial sector and accelerating the building of a modern, financially powerful nation. China welcomes more foreign-invested financial institutions and long-term capital to invest and do business in China, further deepening cooperation with the country.

◎ It was learned from the Planning and Planning Department of the Ministry of Water Resources that, in the first three quarters of this year, China's water conservancy projects completed investments totaling 879.79 billion yuan.

◎ On October 28, Japanese Prime Minister Sanae Takaichi and U.S. President Donald Trump signed an agreement, clearly stating that both sides will promote the implementation of Japan's $550 billion investment plan in the United States.

◎ South Korea's GDP grew 1.2% quarter-on-quarter in the third quarter, marking the highest growth rate since the first quarter of 2024.

◎ On October 28, national major port iron ore transactions totaled 892,000 tons, an increase of 22.2% from the previous day; meanwhile, mainstream traders reported building steel sales of 103,500 tons, down 16.1% compared to the prior day.

◎ On the evening of October 27, Fuzhou Wuhang Steel Products Co., Ltd. began shutting down its large-diameter steel production line for technological upgrades, which is expected to reduce daily output by approximately 10,000 tons by year-end.

◎ Starting November 8, Ping'an Steel will conduct maintenance on No. 3 and No. 4 blast furnaces in the Xiangdong area, concurrently with synchronized maintenance on the rolling mill line. Production is expected to be affected by approximately 50,000 tons in November.

◎ On October 27, the total port inventory of imported iron ore at China's 47 major ports reached 150.0705 million tons, down 582,300 tons from last Monday.

◎ Recently, the Guinean government, along with its strategic partners Rio Tinto SimFer, Baowu, and the Winning Consortium Simandou, signed maritime-related contract documents for the Simandou iron ore project through the Simandou Strategic Committee. This milestone lays a solid foundation for the project to achieve its first shipment of iron ore by the end of 2025 as planned.

◎ Announcement of the Second Batch of "Two High" Projects to Be Retained, Implemented, and Phased Out in Shandong Province. Details>>

◎ Recently, Zhonggang Group completed its industrial and commercial registration change, with China Baowu subscribing to an investment of approximately RMB 1.486 billion, securing a 90% controlling stake and officially becoming the controlling shareholder of Zhonggang Group.

◎ From October 20 to October 26, the total transaction area of newly built commercial properties in 10 key cities reached 1.6926 million square meters, up 3.3% from the previous week but down 25.2% year-on-year. Meanwhile, the total transaction area of second-hand homes amounted to 2.2564 million square meters, increasing 3.3% week-on-week, yet declining 15.8% year-on-year.

◎ Six listed companies in the construction machinery industry have released their Q3 performance reports. Among them, five reported year-on-year revenue growth, with LiuGong, Hengli Hydraulics, and Anhui HELI experiencing increases exceeding 10%. More details >>

◎ Thirteen listed construction material companies announced their performance for the first three quarters, reporting combined revenue of 305.292 billion yuan and total net profit of 8.608 billion yuan. Details>>

◎ Since the launch of ETT coal transportation on June 24, 2025, Mongolia's Tavan Tolgoi-Gashuun Sukhait Railway has successfully transported 2 million tons of coal as of October 26, setting a new record for railway freight operations in Mongolia. The railway plans to carry a total of 5 million tons of coal throughout 2025.

◎ Industry Online: In November 2025, the total planned production volume for air conditioners, refrigerators, and washing machines reached 28.47 million units, representing a 17.7% decrease compared to the actual production figures from the same period last year.