Xi Jinping Holds Telephone Conversation with Trump; International Commodity Prices Rise

◎ On the evening of November 24, President Xi Jinping held a phone call with U.S. President Trump. Xi Jinping pointed out that since the Busan meeting, China-U.S. relations have generally remained stable and positive, earning widespread acclaim from both countries and the international community. This once again demonstrates that the principle—“cooperation benefits both sides, while confrontation harms them both”—is a common-sense truth repeatedly verified by practice. The vision of “mutual achievement and shared prosperity” between China and the U.S. is a tangible reality that can be seen and felt. Both sides should maintain this momentum, stay on the right track, and uphold an attitude of equality, respect, and mutual benefit. They should expand the list of areas for cooperation, narrow the list of issues, strive for more positive progress, open up new avenues for cooperation in China-U.S. relations, and better benefit the peoples of both countries and the people around the world.

◎ The central bank announced that, to maintain ample liquidity in the banking system, on November 25, 2025, the People's Bank of China will conduct a Medium-term Lending Facility (MLF) operation totaling RMB 1 trillion, using a fixed-amount, interest-rate tender with multiple price levels. The term of the operation will be one year.

◎ The Ministry of Finance and the State Administration of Taxation jointly issued a notice clarifying, from nine aspects, the implementation guidelines for policies and administration related to the resource tax. The notice takes effect from December 1, 2025. Details>>

◎ The Hebei “15th Five-Year” Planning Proposal points out the need to optimize and upgrade traditional industries. It calls for promoting the transformation and upgrading of key industries, accelerating the shift of the steel industry from the raw-material stage to the materials stage, and enhancing our province’s competitiveness in the global industrial division of labor. Details>>

◎ The proposal for Inner Mongolia’s “15th Five-Year Plan” points out the need to accelerate the extension, supplementation, and strengthening of the light rare-earth industry chain, intensify the development and utilization of medium- and heavy-rare-earth resources, build a national-level innovation center for new rare-earth materials and a trading center for rare-earth products, and establish the nation’s largest base for new rare-earth materials as well as a globally leading base for rare-earth applications.

◎ National Development and Reform Commission: Starting from 24:00 on November 24, the prices of gasoline and diesel in China will be reduced by RMB 70 and RMB 65 per ton, respectively. On a nationwide average, the prices of No. 92 gasoline, No. 95 gasoline, and No. 0 diesel will be lowered by RMB 0.05, RMB 0.06, and RMB 0.06 per liter, respectively.

◎ National Energy Administration: As of the end of October, the nation’s cumulative installed power generation capacity reached 3.75 billion kilowatts, an increase of 17.3% year-on-year.

◎ On November 24, the nationwide spot trade volume of iron ore at major ports reached 1.121 million tons, an increase of 22.4% from the previous month. Meanwhile, the trade volume of construction steel among 237 mainstream traders totaled 131,100 tons, up 37.9% from the previous month.

◎ From November 17 to 23, the total volume of iron ore arriving at China’s 47 ports via rail reached 29.395 million tons, an increase of 56.96 million tons from the previous month.

◎ From November 17 to 23, the total shipments of iron ore from Australia and Brazil amounted to 26.374 million tons, a decrease of 2.713 million tons compared to the previous period. Shipments from Australia totaled 18.396 million tons, down 2.109 million tons from the previous period. Shipments from Brazil reached 7.978 million tons, a decrease of 0.604 million tons from the previous period.

◎ Mysteel’s preliminary estimate for November settlement prices of strip steel in North China: 3160 yuan/ton for specifications below 350; 3170 yuan/ton for specifications between 351 and 450; 3210 yuan/ton for specifications between 451 and 679; and 3240 yuan/ton for specifications above 680. More details>>

◎ According to the press conference on the supervision of key proposals submitted to the Third Session of the 13th Shandong Provincial Committee of the Chinese People's Political Consultative Conference, Shandong will focus on accelerating the construction of projects such as the second phase of the Shansteel Rizhao Base, and strive to cultivate around three steel enterprises with annual production capacities of over 10 million tons within approximately two years.

◎ On November 23, seven steel companies posted on the website of the China Iron and Steel Association (CISA) updates on their progress in ultra-low emission upgrades and assessment monitoring. To date, a total of 227 steel enterprises have made such disclosures on the CISA website. Learn more>>

◎ On November 23, Hebei Puyang Iron and Steel Co., Ltd. was announced as a benchmark demonstration enterprise for the Steel Ultimate Energy Efficiency Project on the website of the China Iron and Steel Association. Currently, 25 steel enterprises have completed acceptance inspections and been publicly announced. Details>>

◎ On November 24, the Yunnan Yukun Iron and Steel Capacity Replacement and Upgrade Project, which took five years to build and involved an investment of 23 billion yuan, was completed and put into operation, marking a new leap for the company—from a traditional steel enterprise to an intelligent steel enterprise.

◎ China Passenger Car Association: In October, retail sales of narrowly defined passenger cars reached 2.25 million units, remaining flat year-on-year with a slight decrease of 0.5%, and unchanged month-on-month with a marginal increase of 0.3%. Among them, retail sales of narrowly defined new-energy passenger cars for the entire month totaled 1.288 million units, up 7.3% year-on-year.

◎ CCTV Finance’s Excavator Index released its latest data: In October, the average nationwide utilization rate of construction machinery reached 45.56%, up 1.4% from the previous month, with a 5.25% increase in workload compared to the previous month.

◎ The October Global Shipbuilding Industry Monthly Report is now available. According to the latest data from Clarkson, in October 2025, global new orders totaled 134 vessels, with a combined gross tonnage of 2,920,231 CGT. The corrected total tonnage decreased by 36.39% month-on-month and by 37.56% year-on-year.

15:00 Germany’s Third-Quarter Seasonally Adjusted GDP Quarterly Rate Revised Value

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