The NDRC is promoting measures to address disorderly price competition; this week, steel supply has increased while demand has declined.

◎ On November 24, the Price Department of the National Development and Reform Commission organized a symposium on the identification of costs associated with disorderly price competition. The National Development and Reform Commission, together with relevant departments, will continue to advance related efforts, address enterprises’ disorderly price competition, maintain a healthy market price order, and support high-quality development.

◎ The National Bureau of Statistics released data showing that from January to October, the total profits of industrial enterprises above designated size nationwide reached 5,950.29 billion yuan, an increase of 1.9% year-on-year. Among them, the steel industry’s total profits amounted to 105.32 billion yuan, turning from a loss to a profit compared to the same period last year.

◎ This week, supply of the five major steel products reached 8.5571 million tons, an increase of 58,000 tons, or 0.7%, from the previous week. Total inventory stood at 14.0081 million tons, down 3.229 million tons, or 2.25%, from the previous week. Weekly consumption totaled 8.88 million tons, a decrease of 0.7%. Among these, construction material consumption fell by 0.3% from the previous week, while plate consumption rose by 2.3%. For details>>

◎ Li Chao, Deputy Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission, stated at a press conference on November 27 that this year’s heating season sees an overall balance between energy supply and demand, with sufficient resource guarantees. As of November 26, coal stocks at nationally coordinated power plants exceeded 230 million tons, providing about 35 days of usable supply. Efforts are underway to expand the scope of infrastructure REITs to include areas such as urban renewal facilities, hotels, sports venues, and commercial office buildings.

◎ On November 27, Yang Yan, head of the Department of Market Operations and Consumption Promotion at the Ministry of Commerce, stated that the next step will be to advance pilot reforms in automobile circulation and consumption, expand the circulation of used cars, and develop the automotive aftermarket—including car modification, leasing, motorsports, and RV camping—thus boosting automobile consumption across the entire value chain.

◎ Yang Fan, spokesperson for the China Council for the Promotion of International Trade, stated that at the invitation of the U.S. Chamber of Commerce, the China Council for the Promotion of International Trade will organize a delegation of Chinese entrepreneurs to visit the United States in early December. The companies participating in the delegation cover a wide range of sectors, including agricultural food, mechanical and electronic equipment, financial services, cross-border trade, logistics and transportation, biopharmaceuticals, and trendy culture, among others.

◎ Shaanxi Province has introduced 16 measures to deepen capital market reform and boost Shaanxi’s high-quality development. Among these measures, it is emphasized that state-owned listed companies with weak core businesses and poor operating performance will be encouraged to carry out major asset restructuring, eliminate outdated production capacity, achieve transformation and upgrading, and restore their ability to raise new funds.

◎ According to reports from Global Times and other sources, the Élysée Palace, the French presidential residence, announced on the 26th local time that President Macron will pay a state visit to China in early December.

◎ JPMorgan Chase expects the Federal Reserve to cut interest rates by 25 basis points in December 2025 (previously forecasted to hold rates steady).

◎ The Bank of Korea kept its benchmark interest rate unchanged at 2.5%, marking the fourth consecutive time it has held steady.

◎ On November 27, the nationwide spot trade volume of iron ore at major ports reached 1.191 million tons, an increase of 15.3% from the previous month. Meanwhile, the trade volume of construction steel among 237 leading traders totaled 92,700 tons, down 0.6% from the previous month.

◎ This week, the inventory of steel billets at major warehouses and ports in Tangshan, measured on a comparable basis, stood at 1.2167 million tons, down 78,000 tons from the previous week.

◎ This week, the utilization rate of the approved production capacity of the 523 sampled coking coal mines was 86.0%, down 0.9% from the previous week. The average daily output of raw coal was 1.913 million tons, a decrease of 21,000 tons from the previous week, while the average daily output of refined coal was 764,000 tons, an increase of 6,000 tons from the previous week.

◎ TianTie plans to halt production and conduct maintenance on the 2,500-mm medium-plate mill starting December 1 for 7 days, reducing daily average output of medium- and thick-plate steel by 22,000 tons. Additionally, starting December 6, the 1,750-mm hot-rolling mill will be shut down for maintenance for 30 days, reducing daily average output of hot-rolled coil by 10,400 tons.

◎ Liansteel plans to conduct maintenance on a 2,200 m³ blast furnace starting December 2. The maintenance is expected to reduce pig iron production by approximately 65,000 tons per day. The maintenance will primarily affect the following product categories: rebar, cold-rolled steel, and hot-rolled steel.

◎ The news that “Vanke is seeking to extend a 2-billion-yuan domestic bond” has topped the trending searches. When asked by reporters about the bond extension, a representative from Vanke Group declined to comment, only stating, “Please refer to the bank’s official announcement.” On November 27, the Shenzhen Stock Exchange issued an announcement that the intraday trading price of “22 Vanke 06” had fallen by 30% or more compared to the previous closing price for the first time. In accordance with relevant regulations, the bond was temporarily suspended from trading and resumed at 3:27 p.m.

◎ On November 26, the commencement and commissioning ceremony for the third batch of major projects for 2025 in Chongqing Municipality was held in Dadukou District. A total of 177 major projects were launched and put into operation this time, with a total investment of approximately 185.1 billion yuan.

◎ Industry Online: In December 2025, the planned production of household air conditioners reached 14.11 million units, a decrease of 22.3% compared to the same period last year; refrigerator production was planned at 8.13 million units, down 8.2%; and washing machine production was planned at 7.94 million units, down 1.9%.

◎ On November 27, the steel truss arch of the Fenglai Daxi River Super Bridge—the expressway bridge connecting Wulong, Chongqing, with the Liangjiang New Area and featuring a main span of 580 meters—was successfully joined. The Fenglai Daxi River Super Bridge is currently the world’s largest-span steel arch bridge. The entire bridge is constructed entirely of steel, with a total steel usage of 25,000 tons.

15:45 France’s final third-quarter GDP annual rate

9:00 PM Germany’s preliminary November CPI year-on-year rate

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