Xinjiang steel plants reduce production during winter maintenance, while the U.S. temporarily suspends its export control rules on penetrating technologies.

◎ The U.S. side announced it will temporarily suspend the application of its "penetration rule" on export controls from November 10, 2025, to November 9, 2026. During this period, affiliated companies in which entities listed on U.S. export control sanctions lists—such as the Entity List—are directly or indirectly controlled by more than 50%, will no longer face additional export control sanctions under the penetration rule. In response, China’s Ministry of Commerce noted that this move is an important step taken by the U.S. to fulfill the consensus reached during the China-U.S. Kuala Lumpur Economic and Trade Consultations. As for arrangements after the one-year suspension, both sides will continue discussions.

◎ On November 11, local time, the groundbreaking ceremony marking the start of production at the Simandou project was held with great pomp at the Port of Mariama in Guinea. Guinean President Mamady Doumbouya, Liu Guozhong, Special Representative of Chinese President Xi Jinping and Vice Premier of the State Council, Rwandan President Kagame, and Gabonese President Nguema all attended the event. Hu Wangming, Chairman of China Baowu, joined representatives from all parties involved to jointly witness the historic moment when the world-class Simandou mine officially began operations.

◎ Winter maintenance and production cuts are steadily rolling out at Xinjiang steel plants. Based on current production levels, Xinjiang is expected to cumulatively reduce its output of construction steel by approximately 2 million tons during the winter shutdown period—accounting for around 25% of the region's projected total output of construction steel in 2025. More details ➡

◎ Guan Peng, Deputy Director of the Investment Department at the National Development and Reform Commission, announced on the 11th that the NDRC has recommended 18 private investment projects to the China Securities Regulatory Commission (CSRC). Among these, 14 projects have already been launched and listed, raising a total of nearly 30 billion yuan through fund offerings. To date, the NDRC has collectively recommended 105 real estate investment trust (REITs) projects in the infrastructure sector to the CSRC, with 83 of them now successfully issued and listed.

◎ The People's Bank of China's Report on the Implementation of Monetary Policy in China for the Third Quarter of 2025 highlights the need to strengthen the consistency of macroeconomic policy orientation and effectively manage both counter-cyclical and cross-cyclical adjustments. It also emphasizes studying and implementing policy measures that support individuals in restoring their creditworthiness, while advancing the internationalization of the renminbi and further enhancing the openness of capital accounts.

◎ Minister of Commerce Wang Wentao emphasized the need to introduce more detailed measures in areas such as vigorously boosting consumption, steadily expanding institutional openness, proactively promoting autonomous opening-up, fostering innovative trade development, broadening space for two-way investment cooperation, and jointly advancing high-quality Belt and Road initiatives. He also called for high-quality preparation of a series of specialized plans tailored to the business sector.

◎ Guangdong's Huizhou has comprehensively relaxed household registration restrictions: Non-Huizhou residents who own legally owned residential properties in Huizhou City can apply to register their household there. Their spouses, minor children, and parents—who live with them—can also move in and register together.

◎ On November 11, national major port iron ore transactions totaled 1.078 million tons, down 7.1% from the previous day; meanwhile, mainstream traders reported building steel sales of 91,000 tons, a decrease of 15.6% compared to the prior day.

◎ As of this past Monday (November 10), the total port inventory of imported iron ore at China's 47 major ports stood at 158.1949 million tons, an increase of 3.8041 million tons compared to last Monday. Meanwhile, the total inventory at 45 key ports reached 151.2819 million tons, up 4.1411 million tons from the previous week.

◎ From November 3 to 9, the total iron ore inventory at seven major ports in Australia and Brazil reached 12.626 million tons, an increase of 458,000 tons compared to the previous week.

◎ Brazil's steel and mining group CSN announced its third-quarter 2025 results, highlighting a strong performance in the iron ore segment, which achieved the company's highest-ever production and sales record. In the third quarter, the company produced 11.928 million tons of iron ore, representing a 2.8% increase quarter-on-quarter and a 4.3% rise year-on-year.

◎ Henan Energy Group and Pingmei Shenma Group signed the "Strategic Restructuring Framework Agreement" on November 7, under which Henan Energy Group will become a wholly-owned subsidiary of Pingmei Shenma Group.

◎ CAAM: From January to October this year, new energy vehicle production and sales reached 13.015 million units and 12.943 million units, respectively, representing year-on-year growth of 33.1% and 32.7%, respectively. Notably, in October, monthly new energy vehicle sales surpassed 50% of total new car sales for the first time.

◎ Last week, the total floor area of newly built commercial residential properties sold in 10 key cities reached 1.2796 million square meters, down 26.6% from the previous week and 38.3% year-on-year. Meanwhile, the total floor area of second-hand homes traded (through signed contracts) amounted to 2.0211 million square meters, declining 4.8% week-on-week but still dropping 27% compared to the same period last year.

◎ The total sales of 16 key property developers from January to October 2025 amounted to 1,160.102 billion yuan, a year-on-year decrease of 17.2%. In October alone, their combined sales reached 118.484 billion yuan, down 41% compared to the same period last year, but up 5.5% from the previous month. More details >>

◎ Cui Dongshu from the China Passenger Car Association pointed out in a recent article that the national trade-in policy has yielded remarkable results, driving market sales growth while significantly easing the industry's intense price-cutting competition. As a result, operational pressures across the sector have improved, and the automotive industry's profit margin for January-September has rebounded to a mid-to-low range of 4.5%.

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