Black futures fell in the night session, with electric furnace steel mills posting a loss of 117 yuan per ton.

◎ Vice Premier Zhang Guoqing conducted research in Guizhou and Chongqing, focusing on the digital and intelligent transformation and upgrading of manufacturing, as well as innovation-driven development in state-owned enterprises. He emphasized the need to accelerate the digital and intelligent transformation of the manufacturing sector, firmly advance innovation in state-owned enterprises, and simultaneously pursue the optimization and upgrading of traditional industries, the vigorous cultivation of emerging industries, and forward-looking planning for future industries—while tailoring strategies to local conditions to foster new-quality productivity.

◎ On November 17, the Ministry of Ecology and Environment issued the "Total Quota and Allocation Plan for the National Carbon Emission Trading Market in 2024 and 2025 for the Steel, Cement, and Aluminum Smelting Industries," outlining a free quota allocation mechanism based on carbon emissions per unit of output specifically for these three industries. More details >

◎ This week, the average tax-inclusive cost of steel billets at Tangshan's mainstream sample steel plants was 3,091 yuan per ton, up 8 yuan per ton from the previous week. Compared to the general billet ex-factory price of 2,970 yuan per ton on November 19, steel plants are now averaging a loss of 121 yuan per ton—32 yuan per ton less than the previous week.

◎On November 19, the average cost for 76 independent electric arc furnace construction steel plants was 3,336 yuan/ton, up 4 yuan/ton from the previous day. Meanwhile, the average profit remained at a loss of 117 yuan/ton, with profits from off-peak electricity even lower, falling short by 12 yuan/ton.

◎ A spokesperson for the Ministry of Commerce stated that China welcomes the Dutch side's proactive decision to temporarily suspend the administrative order, viewing it as a crucial first step toward properly addressing the issue. However, there remains a significant gap between this action and the ultimate goal of "reversing the administrative order"—the root cause behind the global semiconductor supply chain disruptions and instability.

◎ China informs Japan of the suspension of imports of Japanese seafood. Foreign Ministry Spokesperson Mao Ning emphasized at the regular press conference that, under the current circumstances, even if Japanese seafood were to be exported to China, it would simply have no market.

◎ Beijing-Tianjin-Hebei signs the Collaborative Innovation Action Plan for the Entire Industrial Chain in the Free Trade Zone, outlining coordinated innovation efforts in three key sectors: advanced manufacturing, digital economy, and modern logistics.

◎ The Federal Reserve's October meeting minutes revealed that "several" officials indicated a rate cut in December would "likely" be appropriate, while "many" officials believed a December rate cut might not be suitable. Meanwhile, "most" officials cautioned that further rate cuts could potentially heighten inflation risks.

◎ The U.S. Bureau of Labor Statistics announced that it will not release the October employment report, instead incorporating the October data into the November nonfarm payroll report, which is scheduled for release in December. The November employment report will be published on December 16.

◎ According to data released by the U.S. Department of Commerce, the U.S. trade deficit in August stood at $59.6 billion, shrinking significantly by 24% from the previous month.

◎On November 19, national major port iron ore transactions totaled 721,000 tons, up 19% from the previous day; meanwhile, mainstream traders reported building steel sales of 92,400 tons, a 4.1% decrease compared to the prior day.

◎ This week, the capacity utilization rate of a sample of 314 independent coal-cleaning plants was 37.6%, up 0.2% from the previous week; daily production of premium coal reached 276,000 tons, an increase of 2,000 tons compared to the prior week; and premium coal inventory stood at 3.028 million tons, rising by 20,000 tons from the previous week.

◎ In October, the output of iron concentrate from 332 iron mining enterprises nationwide reached 21.798 million tons, an increase of 301,000 tons, or 1.4%, compared to the previous month. From January to October, the cumulative production totaled 215.851 million tons, representing a year-on-year decrease of 2.953 million tons, or 1.3%.

◎ From November 12 to November 18, the survey of century-old buildings revealed that domestic concrete mixing plants achieved a capacity utilization rate of 7.69%, declining by 0.10 percentage points from the previous week but increasing by 0.65 percentage points year-on-year. Meanwhile, the shipment volume reached 1.5397 million cubic meters, down 1.29% week-on-week, yet up 9.19% year-on-year.

◎ On November 19, 2025, the mobilization meeting for the Central First Ecological and Environmental Protection Inspection Team's inspection of Beijing was held in Beijing. With this, all 10 teams comprising the fifth batch of the third round of central ecological and environmental protection inspections have now completed their deployment to carry out the inspections.

◎ Data from the Brazilian Steel Association show that Brazil's crude steel production in October fell 2.7% year-on-year to 2.988 million tons, while steel sales in Brazil declined 6.5% year-on-year to 1.814 million tons in October.

◎ Xuzhou Ruima Intelligent Technology Co., Ltd. has officially signed a cooperation agreement with Jindal Group, India's second-largest steel conglomerate, to tailor-make a high-end continuous hot-dip galvanizing line with aluminum-magnesium coating for them.

◎ Chile's Copper Committee has raised its 2025 copper price forecast to $4.45 per pound, and increased its 2026 outlook to $4.55 per pound. These projections mark the highest expectations in the committee's history—previously, the forecasts stood at $4.30 per pound.

◎ The first contract of casting aluminum alloy futures under the Shanghai Futures Exchange, AD2511, was successfully delivered, with a delivery volume of approximately 22,900 tons and a delivery value of about RMB 476 million.

◎ According to data from the China Passenger Car Association, from November 1 to 16, retail sales in the national passenger car market reached 886,000 units, a 14% decrease compared to the same period last November, and a 6% drop from the previous month. Year-to-date cumulative retail sales totaled 20.142 million units, representing a 7% year-on-year increase.

09:00 China's one-year Loan Market Quotation Rate as of November 20;

21:30 U.S. September unemployment rate; U.S. September seasonally adjusted nonfarm payrolls; U.S. initial jobless claims for the week ending November 15; U.S. November Philadelphia Fed Manufacturing Index.

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