Supply and demand for the five major steel products both declined, with electric furnaces incurring a loss of 167 yuan per ton of steel.

◎ Chinese President Xi Jinping, while listening to a work report on the construction of Hainan Free Trade Port, emphasized the need to fully achieve the goals set for the port's development. He urged steady expansion of institution-based openness and further enhancement of trade and investment liberalization and facilitation. Additionally, he called for deepening open policies that focus on the flow of goods and factors of production, thereby better facilitating the cross-border movement of vital economic resources.

◎ This week, supply of the five major steel products reached 8.5674 million tons, down 185,500 tons from the previous week—representing a 2.1% decline. Total inventory stood at 15.0357 million tons, falling by 101,900 tons week-on-week, or a 0.67% drop. Meanwhile, weekly steel consumption totaled 8.6693 million tons, a decrease of 5.4%. Notably, construction material consumption fell by 7.2% compared to the prior week, while plate consumption edged up slightly by 0.2% week-over-week.

◎On November 6, the average cost for 76 independent electric arc furnace construction steel plants was 3,332 yuan/ton, down 5 yuan/ton from the previous day. Meanwhile, the average profit per ton remained in loss at 167 yuan, with valley-hour profits even deeper in the red, at a loss of 60 yuan/ton.

◎ This week, 13 steel-producing enterprises in the Fenwei region had 23 blast furnaces actually operational, down by 1 furnace compared to the previous week, resulting in an operating rate of 67.65%. The actual iron production from these blast furnaces totaled 702,500 tons, a decrease of 11,500 tons from last week, with a capacity utilization rate of 72.31%.

◎ On November 5, during the 8th China International Import Expo, Ling Ji, Vice Minister of Commerce and Deputy Representative for International Trade Negotiations, chaired a roundtable meeting for foreign-invested enterprises in Shanghai. Over 30 foreign companies, including Alfa Laval and ArcelorMittal, as well as representatives from foreign business associations operating in China, attended the event.

◎ On November 6, He Yadong, spokesperson for the Ministry of Commerce, responded to the AmSilicon Semiconductor issue, stating that inappropriate interference by the Dutch side has disrupted the global semiconductor supply chain, and the Netherlands should bear full responsibility. China has already approved the relevant export license applications and is actively working to facilitate AmSilicon Semiconductor (China) in resuming its supply.

◎ Chongqing Municipality adjusts parts of its administrative divisions by establishing the Liangjiang New Area administrative district, leveraging the national-level Liangjiang New Area and abolishing Jiangbei District and Yubei District.

◎ The China Federation of Logistics & Purchasing announced on November 6 that the global manufacturing Purchasing Managers' Index for October remained unchanged from the previous month, continuing to hover within the 49%–50% range for the eighth consecutive month. This reflects the ongoing, albeit slow, recovery trend in the global economy.

◎ The Bank of England kept the benchmark interest rate unchanged at 4.00%, in line with market expectations, and paused its quarterly rate-cutting cycle that had been ongoing since August 2024.

◎ On November 6, national major port iron ore transactions totaled 1.154 million tons, up 6.1% from the previous week; meanwhile, mainstream traders reported construction steel sales of 110,300 tons, representing a week-on-week increase of 17.4%.

◎ This week, Tangshan's major warehouses and ports reported a comparable steel billet inventory of 1.2607 million tons, an increase of 15,000 tons from the previous week.

◎ This week, the total inventory of imported sinter fines at 114 steel plants reached 27.8092 million tons, an increase of 974,600 tons from the previous week. Meanwhile, the daily consumption of imported sinter fines rose to 1.1292 million tons, up by 21,800 tons compared to the prior week.

◎ This week, the average loss for independent coking plants across the country stood at 22 yuan per ton of coke; meanwhile, Shanxi's quasi-first-grade coke saw an average loss of 20 yuan per ton, while Shandong's quasi-first-grade coke posted an average profit of 39 yuan per ton.

◎ This week, the capacity utilization rate of the 523 sampled coking coal mines stood at 83.8%, down 1.0% from the previous week. Daily raw coal production averaged 1.863 million tons, a decrease of 40,000 tons compared to the prior week, while raw coal inventory totaled 4.192 million tons, dropping by 124,000 tons week-on-week. Meanwhile, daily production of refined coal reached 738,000 tons, declining by 20,000 tons from the previous week, with refined coal stocks now at 1.656 million tons—up slightly by 11,000 tons compared to the prior week.

◎ Regarding the resilience, security, and innovative development of the mineral resource supply chain, Jiang Wei, Vice President and Secretary-General of the China Iron and Steel Association, suggests strengthening strategic cooperation to build an upstream resilience network characterized by "diversification + flexible adjustments"; innovating logistics models to create a midstream collaborative transportation chain that is both "smart and green"; driving a technological revolution to unlock downstream innovation applications through "integration + upgrading"; and jointly fostering an innovation ecosystem that nurtures a comprehensive, symbiotic support system integrating "data and finance" across the entire value chain.

◎ As of November 5, 2025, the annual cargo throughput at the Ceke Port has surpassed 26 million tons, representing a year-on-year increase of 25.7%. The port has already achieved its annual target 56 days ahead of schedule, marking the highest-ever volume in the port's 33-year history of operations. It is projected that the port's annual throughput will exceed 30 million tons in 2025.

◎ The U.S. Geological Survey has released its 2025 updated list of critical minerals, adding copper, silver, and potash to the roster.

◎ Indonesia suspends licenses for new nickel smelters, imposing restrictions on the production of nickel matte, MHP, NPI, and feronickel. This move aims to regulate the nickel industry chain and boost the development of high-value-added products.

◎ China Aluminum Co. announced the election of He Wenjian as Chairman and the appointment of Zhang Ruizhong as General Manager.

◎ The highly anticipated polysilicon restructuring "consortium" platform is currently being planned, with specific details of the acquisition strategy still under discussion. Initial plans call for establishing a fund worth approximately RMB 70 billion, and after deliberation, it will adopt a "debt-assumption-based" approach, leveraging RMB 10 billion to facilitate the acquisition of the full RMB 70 billion value.

◎ According to CRIC Property Research, new home supply remained stable at a low level in November, with monthly supply in 28 cities increasing slightly by 5% compared to the previous month, yet dropping sharply by 46% year-on-year.

◎ According to the China Construction Machinery Industry Association, in October, the monthly utilization rate of key construction machinery products in China was 55%, down 10.1 percentage points year-on-year and slightly lower by 0.16 percentage points from the previous month. Among them, excavators recorded a rate of 55.1%.

◎ Maersk raises its full-year cargo volume forecast, projecting global container shipping volumes to grow by 4% this year—up from the previous estimate of 2% to 4%.

To be determined: China's October Trade Balance, China's October Foreign Exchange Reserves

15:00 Germany's Seasonally Adjusted Trade Balance for September

15:45 France's September trade balance.

The hottest events are right here—click the image to find out now!