International commodity prices fell across the board, while five steel mills raised their prices.

◎ According to data from the China Iron and Steel Association, in October 2025, the nation produced 72 million tons of crude steel, a year-on-year decrease of 12.1%. Daily output stood at 2.3226 million tons, down 5.2% from the previous month. Meanwhile, key statistical steel enterprises collectively produced 63.6916 million tons of crude steel, marking a year-on-year decline of 6.7%, with daily output reaching 2.0546 million tons—up 1.9% compared to the prior month.

◎ On November 17, five domestic steel plants raised their ex-factory prices for construction steel by 20–50 yuan per ton.

◎ In November, the planned volume of threaded steel moving southward from Northeast China is 465,000 tons, a decrease of 40,000 tons year-on-year, but an increase of 158,000 tons compared to the previous month. Meanwhile, the planned volume of wire rod heading south is 272,000 tons, down 55,000 tons year-on-year, yet up 9,000 tons from the prior month. For details>>

◎From November 10 to 16, China's total iron ore arrivals at 47 ports reached 23.699 million tons, a decrease of 3.994 million tons compared to the previous week. Meanwhile, iron ore imports at 45 Chinese ports totaled 22.689 million tons, down 4.723 million tons week-on-week. Additionally, total iron ore arrivals at six northern ports amounted to 10.413 million tons, marking a weekly decline of 4.845 million tons.

◎ It is reported online that Yulin region will launch a 10-day atmospheric inspection campaign. As a result, five Lanthan carbon enterprises in Fugu Market are required to reduce their production capacity by 30%, while enterprises in Shenmu Market must limit nighttime production by 30%. These measures will remain in effect until February 2026. According to Mysteel's preliminary survey, neither the Lanthan carbon companies in Shenmu nor those in Fugu have received any official notification yet, and no formal announcement has been posted on the local government websites either.

◎ According to the official website of the Ministry of Finance, the joint statement from the Fourth China-Germany High-Level Financial Dialogue highlighted that both sides encourage qualified financial institutions to invest and expand their businesses in each other's markets. Additionally, both countries support strengthening exchanges and cooperation in the areas of securities, futures, and derivatives, and they encourage closer collaboration between China's and Germany's securities and futures regulatory authorities as well as self-regulatory bodies under multilateral and bilateral frameworks.

◎ According to data from the Ministry of Finance, from January to October, the national general public budget revenue reached 18.649 trillion yuan, representing a year-on-year increase of 0.8%; meanwhile, national general public budget expenditures totaled 22.5825 trillion yuan, up 2% compared to the same period last year.

◎According to statistics from the State Administration of Foreign Exchange, in October, banks settled foreign exchange worth $214.2 billion and sold $196.5 billion, resulting in a net surplus of $17.7 billion—slightly narrower compared to the previous month.

◎ Foreign Ministry Spokesperson Mao Ning emphasized at the regular press conference that, regarding Japanese Prime Minister Sanae Takaichi's inappropriate remarks on Taiwan, China has already lodged and will continue to lodge stern representations and strong protests with the Japanese side. China firmly demands that Japan immediately reflect on its mistakes, correct them promptly, retract the erroneous statements, and cease creating trouble on issues involving China.

◎ Federal Reserve Governor Waller reiterated his view that the Fed should cut interest rates again at its December meeting, citing the weakening U.S. labor market and the fact that monetary policy is hurting low- and middle-income consumers.

◎ On November 17, national major port iron ore transactions totaled 758,000 tons, down 25.8% from the previous day; meanwhile, mainstream traders reported building steel sales of 133,700 tons, representing a 28.4% increase compared to the prior day.

◎ From November 10 to 16, global iron ore shipments totaled 35.164 million tons, an increase of 4.474 million tons compared to the previous week. Shipments from Australia and Brazil reached a combined 29.087 million tons, up 3.601 million tons from the prior week.

◎ On November 17, the average cost for 76 independent electric arc furnace construction steel plants was 3,332 yuan/ton, up 1 yuan/ton from the previous day. Meanwhile, the average profit remained at a loss of 138 yuan/ton, with valley-hour electricity profits slipping into a 32-yuan-per-ton loss.

◎ Ningxia Yuexin has halted production at its 1 × 25,500 kVA silicon-iron furnace, impacting daily output by 70 tons; the resumption of production remains undetermined.

◎ According to data from Wood联, from November 17 to November 23, 2025, 13 Chinese ports are expected to receive 13 New Zealand log vessels—three more than the previous week, representing a 30% week-on-week increase. The total volume of logs arriving at these ports is estimated at approximately 465,000 cubic meters, up by 150,000 cubic meters from the prior week, marking a significant 48% rise on a weekly basis.

◎ According to the China Energy Group, during the first 10 months of 2025, the group’s average monthly coal production exceeded 50 million tons. Since October, the China Energy Group has supplied nearly 100 million tons of marketable coal nationwide, representing a year-on-year increase of 2.2%.

◎ According to Cai Lian She, on November 18, controlling shareholders from several organosilicon companies will gather in Shanghai to discuss "countering involution." Just one week earlier, industry firms had already reached a preliminary consensus on details such as production-cut targets and timelines. Industry insiders expect that the specific details will likely be finalized at this upcoming meeting of controlling shareholders.

◎ Indonesia's Director General of Fiscal Strategy at the Ministry of Finance stated that Indonesia is finalizing a plan to impose an export tax ranging from 7.5% to 15% on gold products, which will be implemented sometime next year.

◎ XPeng Motors expects fourth-quarter revenue to reach RMB 21.5 billion to RMB 23 billion, representing a year-on-year increase of approximately 33.5% to 42.8%. The company also forecasts delivering between 125,000 and 132,000 vehicles, up roughly 36.6% to 44.3% from the same period last year—slightly below the market estimate of 135,984 units.

◎ According to statistics compiled by the China Construction Machinery Industry Association from major forklift manufacturers, 114,250 units of various forklifts were sold in October 2025, representing a year-on-year increase of 15.9%. Among them, domestic sales reached 70,388 units, up 16.2% from the same period last year, while exports totaled 43,862 units, growing 15.4% annually.

◎ According to International Ship Net, from November 10 to November 16, 2025, shipyards worldwide received a total of 51 + 6 new ship orders. Among them, Chinese shipyards secured 37 + 6 new orders, while South Korean shipyards won 9 new orders.

08:30 The Reserve Bank of Australia releases the meeting minutes;

21:30 U.S. October Import Price Index;

22:15 U.S. October Industrial Production;

23:00 U.S. August Durable Goods Orders Final Reading and Factory Orders.

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