Steel mills are expanding the scale of production cuts and maintenance, and steel billets in Tangshan rose over the weekend.

◎ Gong Sheng, President of the All-China Federation of Metallurgical Industry Associations, emphasized that, in the face of escalating global trade barriers and shrinking traditional demand, it is imperative to strengthen internal capabilities and foster innovation, using our own stability to counter external uncertainties. Private steel enterprises should increase investment in R&D to break through key technologies; promote intelligent transformation to enhance production efficiency; and deepen green development to build a green manufacturing system.

◎ Last week, 11 production lines at construction steel enterprises underwent maintenance (an increase of 4 lines from the previous week), expanding the scale of maintenance activities. Meanwhile, 6 lines resumed production (a decrease of 3 lines from the previous week), indicating a slower pace of resumption. Maintenance activities affected output by 285,300 tons, a slight month-on-month decline of 28,900 tons. This week, we expect the impact on output to shrink significantly to 267,500 tons, potentially leading to tighter supply conditions. Details>>

◎ Last weekend, the ex-factory price of PuFang billets in Qian'an, Tangshan, increased by 10 yuan/ton, including tax, to 2,990 yuan/ton.

◎ From November 24 to 28, the national average price of rebar was 3,291 yuan per ton, up 0.7% from the previous week. On the supply side, weekly rebar production reached 2.0608 million tons, with inventories totaling 5.3148 million tons. On the demand side, consumption amounted to 2.2794 million tons, and weekly trading volume of construction materials reached 522,800 tons.

◎ A responsible official from the National Development and Reform Commission stated that private enterprises are encouraged, supported, and guided to seize development opportunities in areas such as the new round of scientific and technological revolution and industrial transformation, the ultra-large domestic market, and coordinated development between urban and rural areas and regions, thereby further expanding market access.

◎ According to data from the National Bureau of Statistics, China’s manufacturing PMI in November was 49.2%, up 0.2 percentage points from the previous month; the non-manufacturing PMI was 49.5%, down 0.6 percentage points from the previous month; and the composite PMI output index was 49.7%, down 0.3 percentage points from the previous month.

◎ According to data from the central bank, in October, the bond market issued a total of 6,357.46 billion yuan in various types of bonds. Among them, government bonds amounted to 1,169.55 billion yuan, local government bonds reached 560.47 billion yuan, financial bonds totaled 801.08 billion yuan, corporate credit bonds came to 1,183.62 billion yuan, asset-backed securities backed by credit assets reached 34.34 billion yuan, and interbank certificates of deposit totaled 2,564.90 billion yuan.

◎ The three departments jointly issued the “Administrative Measures for Customer Due Diligence and Preservation of Customer Identity Information and Transaction Records by Financial Institutions.” Among these measures, the provision requiring individuals to register the source of funds when depositing or withdrawing cash exceeding 50,000 yuan has been abolished.

◎ On November 30, local time, U.S. Secretary of State Rubio stated after the latest round of U.S.-Ukrainian negotiations held that day that talks with the Ukrainian side had been “productive,” but much work remained to be done. Rubio said the U.S. government would intensify its diplomatic efforts over the coming week, and U.S. Special Envoy for the Middle East, Wittkowski, is expected to travel to Moscow for further talks.

◎ On November 28, the nationwide spot trade volume of iron ore at major ports reached 866,000 tons, down 27.3% from the previous month; the trade volume of construction steel among 237 leading traders totaled 104,500 tons, up 12.7% from the previous month.

◎ In November, the billet steel plant’s actual production reached 1.5119 million tons, and the projected output for December is 1.5274 million tons. Details>>

◎ In November, the estimated crude steel output of 43 domestic stainless steel plants was 3.4592 million tons, down 54,600 tons month-on-month, a decrease of 1.55%, but up 4.24% year-on-year.

◎ Last week, the total inventory of imported iron ore at steel mills nationwide was 89.4248 million tons, down 5.875 million tons from the previous week.

◎ Last week, the average daily output of coke from 230 independent coking enterprises nationwide was 504,000 tons, an increase of 6,500 tons. Coke inventories stood at 4.521 million tons, up by 17,700 tons. Total coking coal inventories totaled 8.6093 million tons, down by 2.829 million tons.

◎ Last week, the average capacity utilization rate of 90 independent electric arc furnace steel plants nationwide was 52.73%, up 1.16 percentage points from the previous month and down 0.78 percentage points year-on-year.

◎ Last week, the capacity utilization rate of blast furnaces at 247 steel mills was 87.98%, down 0.6 percentage points from the previous week; the profit margin for steel mills was 35.06%, a decrease of 2.60 percentage points from the previous week; and the average daily pig iron output was 2.3468 million tons, down 16,000 tons from the previous week.

◎ According to statistics from the Metallurgical Industry Association, from January to September, private steel enterprises produced 445 million tons of crude steel, a decrease of 3.6% year-on-year, accounting for 60% of the nation's total crude steel output. Steel product output reached 810 million tons, up 7.6% year-on-year, representing 73.3% of the nation's total steel product output. Key private enterprises achieved profits of 53.82 billion yuan, an increase of fourfold over the same period last year.

◎ Shanxi has officially released the brand-new “Regulations of Shanxi Province on Ecological and Environmental Protection.” For the first time, these regulations establish a dedicated chapter on “Green and Low-Carbon Development,” clearly requiring the promotion of a green and low-carbon energy transition, emission reductions and carbon reduction in key sectors, and the establishment of a system for controlling the total coal consumption.

The founding general meetings of the Hebei Province Steel Structure Building Industry Alliance and the Hebei Province Steel Structure Building Innovation Alliance were held in Tangshan on November 28. The core objective behind the establishment of these two alliances is to build a comprehensive, integrated steel structure building industry system that spans the entire value chain and accelerates the industry’s transition toward industrialization, digitalization, and green development.

◎ In 2025, Jigang will launch two major key projects: the Luoyang Guotai Forging and the headquarters’ Free Forging. Production is expected to begin sequentially by the end of the year. The forging project focuses on forged components for automotive bearings and wheel hub units, while the free forging project covers die steels and shaft-type forgings.

◎ OPEC+ has agreed to maintain the organization’s overall oil production unchanged in 2026. According to an OPEC statement, the 41st OPEC and non-OPEC Ministerial Meeting will be held on June 7, 2026.

◎ Guangzhou hosted a City Renewal and Development Conference and Project Promotion Event, during which 102 urban renewal projects were simultaneously introduced. These projects cover various types, including renovation of old residential communities, reconstruction of dilapidated and dangerous buildings through original-site demolition and rebuilding, and transformation of urban villages. The total investment for these projects amounts to approximately 807.7 billion yuan.

◎ According to a survey by the China Automobile Dealers Association, in November, the inventory warning index for Chinese auto dealers was 55.6%, up 3.8 percentage points year-on-year and 3.0 percentage points month-on-month.

16:50 France’s final November manufacturing PMI.

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