Summary of the Jiangsu Steel Industry Chain Access White List; Shortage of Building Materials Specifications in Yunnan and Guizhou

◎ Zheng Zhajie, Director of the National Development and Reform Commission, published a signed article pointing out that the “15th Five-Year Plan” proposals place the task of building a modern industrial system at the top of the list among 12 key areas. The key lies in optimizing and upgrading traditional industries, fostering and strengthening emerging and future industries, and accelerating the development of strategic emerging industry clusters in fields such as new energy, new materials, aerospace, and the low-altitude economy.

◎ According to Mysteel statistics, there are currently 31 enterprises in Jiangsu Province that meet the “Standard Conditions for the Iron and Steel Industry” issued by the Ministry of Industry and Information Technology, and 95 enterprises that meet the “Access Conditions for the Scrap Steel Processing Industry” issued by the same ministry. Details>>

◎ According to a survey by Mysteel, wire rod at steel mills in the Guizhou region is almost entirely out of stock, and 8mm rebar in the Yunnan region is severely out of stock. Inventory at steel mills and social inventories in both Yunnan and Guizhou continue to decline, and the shortage of specific specifications is unlikely to ease in the short term. Details>>

◎ The central bank released information on the liquidity injections through various central bank tools in November 2025, including a net injection of 50 billion yuan through open market operations involving government bonds in November. This marks the second consecutive month of conducting government bond trading operations.

◎ Local governments’ annual bond issuance has surpassed 10 trillion yuan for the first time. As of December 2, the total scale of local government bond issuance nationwide was approximately 10.1 trillion yuan.

◎ The six major state-owned banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China—have completely ceased selling five-year large-denomination certificates of deposit.

◎ Hunan has introduced 11 measures to boost and expand consumption, proposing to step up financial support for key consumption sectors including trade-in programs for consumer goods, new forms of consumption, cultural and sports consumption, lifestyle services, consumption infrastructure, and commercial distribution.

◎ The United Nations Conference on Trade and Development released the “Trade and Development Report 2025,” forecasting that global economic growth will slow to 2.6% in 2025, down from 2.9% in 2024.

◎ The Organisation for Economic Co-operation and Development (OECD) forecasts global economic growth of 3.2% in 2025, 2.9% in 2026, and 3.1% in 2027. The OECD now projects China’s economic growth at 5% in 2025, up from its previous estimate of 4.9%.

◎ On December 2, the nationwide spot trade volume of iron ore at major ports reached 1.242 million tons, an increase of 28.8% from the previous month. Meanwhile, the trade volume of construction steel among 237 leading traders totaled 98,200 tons, a decrease of 21.4% from the previous month.

As of December 1, the total port inventory of imported iron ore at China’s 47 ports reached 159.1569 million tons, an increase of 1.5715 million tons from the previous Monday. The total inventory at 45 ports stood at 152.3739 million tons, up 1.3585 million tons from the previous week.

◎ From November 24 to 30, the total iron ore inventory at seven major ports in Australia and Brazil reached 12.139 million tons, an increase of 8.22 million tons from the previous month, marking a slight rebound. The current inventory level is slightly below the average since the fourth quarter.

◎ In November, the average daily trading volume of construction steel nationwide was 100,400 tons, down 0.09% month-on-month and 13.19% year-on-year. More details>>

◎ On December 2, the average cost for 76 independent electric arc furnace steel mills producing construction steel was 3,323 yuan per ton, with an average loss of 29 yuan per ton. The profit from off-peak electricity usage was 78 yuan per ton, up 14 yuan per ton from the previous day.

◎ Sichuan Dugang Steel will temporarily halt production on December 2, 2025, and is expected to resume production by December 6, reducing daily output of construction steel by approximately 2,000 tons.

◎ Starting December 15, Yunnan Yuxi Xianfu Plan will halt production for maintenance on the No. 2 bar steel production line. The planned maintenance period is 35 days, and the estimated impact on bar steel output is 105,000 tons.

◎ On December 1, Shanxi Meijin Iron & Steel conducted maintenance on a 450 m³ blast furnace, which is expected to reduce daily hot metal production by approximately 15,000 tons. Adding to this, another 450 m³ blast furnace that had been shut down since October 12 is currently undergoing maintenance as well. As a result, the two blast furnaces are now under maintenance, collectively reducing daily hot metal production by about 30,000 tons; the timing of their resumption of production remains to be determined.

◎ From December 1 to 2, 2025, local time, Xin Guobin, Vice Minister of the Ministry of Industry and Information Technology, will lead a delegation on a visit to Australia. The two sides will sign the Memorandum of Understanding between the Ministry of Industry and Information Technology of the People’s Republic of China and the Australian Federal Department of Industry, Science and Resources on Establishing a Policy Dialogue on Carbon Reduction in the Steel Industry.

◎ According to an incomplete tally by Mysteel, in November, the China Trade Remedies Information Network successively announced eight anti-dumping and anti-subsidy investigations or rulings initiated by foreign countries against Chinese steel products. The products involved include cold-rolled stainless steel, hot-rolled steel plates, stainless steel welded pipes, H-beams, and wire rods, among others. More details >>

◎ On December 1, the No. 1 Steelmaking and Rolling Mill of Tangshan Songting Iron & Steel successfully completed its hot-load trial run on the first attempt.

◎ From November 24 to 30, the total transaction (signed) area of newly built commercial residential properties in 10 key cities reached 2.1112 million square meters, up 10% from the previous month but down 38% year-on-year. Details>>

◎ According to an incomplete tally by Mysteel, as of December 2, 13 major automakers have released their November 2025 sales figures for new-energy vehicles, with several brands recording record-high delivery volumes. On a month-on-month basis, nine automakers reported growth; on a year-on-year basis, nine automakers also achieved growth. Read more>>

◎ According to the Passenger Car Association, from November 1 to 30, new-energy vehicle wholesale sales by passenger car manufacturers nationwide reached 1.72 million units, representing a year-on-year increase of 20% and a month-on-month increase of 7%. Year-to-date cumulative wholesale sales totaled 13.78 million units, up 29% over the same period last year.

17:00 Eurozone November Services and Composite PMI Final Reading;

21:15 U.S. November ADP Employment (the Small Non-Farm Payroll Report).

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