Black futures fell during the night trading session, as the Simandou iron ore project will gradually ramp up its production capacity.

◎ Chinese President Xi Jinping meets with Spain's King Felipe VI. Xi emphasized that China is willing to import more high-quality Spanish products, tap into the cooperative potential of emerging fields such as new energy, the digital economy, and artificial intelligence, and expand mutual investments to jointly create more landmark projects.

◎ The official WeChat account of the China Photovoltaic Industry Association issued a statement on the 12th, declaring that the rumors circulating online are entirely false. We will fight relentlessly against these malicious actions aimed at tarnishing the reputation of the photovoltaic industry and profiting through baseless slander and short-selling tactics.

◎ Mysteel predicts that the Simandou project will gradually ramp up production capacity during the 15th Five-Year Plan period. Considering factors such as infrastructure disparities and ownership structures, the northern mining area is likely to reach full operational capacity at a relatively faster pace. Conservative estimates suggest that by 2026, the combined output from both the northern and southern blocks will hit 20 million tons. More details ➡

◎ The National Energy Administration has released guiding opinions on promoting the integrated development of new energy sources. These guidelines emphasize enhancing the complementary development of multiple types of new energy resources. They also call for optimizing the power supply structure and energy storage configuration ratios at "Shaguo Huang" new-energy bases,因地制宜 (adapting to local conditions) in building dispatchable power sources such as solar thermal power plants, and appropriately managing the demand for newly built coal-fired power capacity at these bases.

◎ From January to October this year, the country completed water conservancy investment totaling 1.00947 trillion yuan, implemented 46,000 water-related projects of various types, and initiated construction on 28,000 new water projects.

◎ U.S. House Majority Leader Scalise announced that the House will vote on the bill to end the government shutdown around 7 p.m. Eastern Time on Wednesday (8 a.m. Beijing Time on Thursday). This means the longest-ever federal government shutdown in U.S. history, now entering its 43rd day, is finally coming to an end.

◎ On November 12, national major port iron ore transactions totaled 988,000 tons, down 8.3% from the previous day; meanwhile, mainstream traders reported building steel sales of 91,600 tons, up 0.6% compared to the prior day.

◎ On November 12, Jiangsu Shagang reduced its scrap steel purchase prices by 30 yuan/ton, bringing the adjusted price for heavy-grade steel to 2,430 yuan/ton (inclusive of tax), and the price for furnace-grade steel to 2,510 yuan/ton (inclusive of tax).

◎ This week, the average tax-inclusive cost of steel billets at Tangshan's mainstream sample steel plants was 3,083 yuan per ton, representing an average loss of 153 yuan per ton for the plants compared to the November 12th ex-factory price of ordinary square billets at 2,930 yuan per ton. Week-on-week, this loss increased by 2 yuan per ton.

◎ This week, the capacity utilization rate of the 314 sampled independent coal preparation plants was 37.4%, down 0.18% from the previous week; daily production of premium coal reached 274,000 tons, a decrease of 10,000 tons compared to the prior week; meanwhile, premium coal inventory stood at 3.008 million tons, an increase of 59,000 tons from the previous week.

◎ In November 2025, the number of vehicles cleared through the Ganqimaodu Port increased by 49.67% compared to the previous period. Imports of various types of Mongolian coal saw varying degrees of growth, with the largest increase coming from 1/3 coking raw coal. Meanwhile, key coking coals like Mongolian No. 5 raw coal faced constraints due to limited production at mine sites and transportation capacity, resulting in a slight decline in their import share. More details ➔

◎ According to a century-long construction survey, as of November 11, the funding availability rate at sampled construction sites stood at 59.76%, marking a week-on-week decline of 0.06 percentage points. Among these, non-residential construction projects saw a funding availability rate of 61.06%, dropping by 0.16 percentage points compared to the previous week.

◎ Handan City, Hebei Province, activated a Level II emergency response for heavily polluted weather at 18:00 on November 12, 2025, and it is expected to be lifted around November 16.

◎ Fangda Special Steel stated on its interactive platform that the company is deeply collaborating with CATL to jointly develop high-performance steel leaf springs, stabilizer bars, and other critical chassis components, while also exploring areas such as battery pack materials and steel used in air suspension systems. Currently, the steel leaf springs have completed road testing and have been delivered in small batches, and the stabilizer bars have entered the prototype production phase.

◎ Shanxi Province Announces First Batch of A-, B-Level, and Leading Enterprises for 2025. Among them, seven steel companies—including Shanxi Taigang Stainless Steel Co., Ltd. and Shougang Changzhi Iron & Steel Co., Ltd.—have been selected for the A-level enterprise list. Details>>

◎ As of now, 90 percent of provinces, municipalities, and autonomous regions have suspended subsidies for car replacement or scrappage-to-replacement programs. Additionally, cities like Shanghai are implementing car scrappage-to-replacement and replacement subsidy initiatives through a "lottery" system.

◎ Data released by the China Automotive Power Battery Industry Innovation Alliance shows that in October, domestic power battery installations reached 84.1 GWh, representing a month-on-month increase of 10.7% and a year-on-year surge of 42.1%.

◎ China Passenger Car Association: From November 1 to 9, retail sales in the national passenger car market reached 415,000 units, a 19% drop compared to the same period last November. Meanwhile, retail sales of new-energy passenger cars nationwide totaled 265,000 units, marking a 5% decline from November of last year.

◎ In October, China's heavy-truck market sold 106,200 units, representing a month-on-month increase of 1% and a year-on-year surge of 60%. Notably, the year-on-year growth rate narrowed slightly compared to the previous month, yet the market’s current streak of consecutive growth has now extended to "7 straight months of gains."

3:00 PM UK September GDP Monthly Rate

17:00 IEA Releases Monthly Oil Market Report

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