Li Qiang called for planning a batch of major projects and undertakings that can drive the overall situation.

◎ Premier Li Qiang of the State Council chaired a meeting of the Leading Group for the Preparation of the Draft Outline of the 15th Five-Year Plan of the State Council, conducting an in-depth study of the preparation work for the draft outline. Li Qiang pointed out that we should plan a batch of major projects, major undertakings, and major platforms that can drive overall development—both accumulating new momentum and fostering competitiveness for future growth, and providing support for currently expanding domestic demand and stabilizing economic operations.

◎ The central bank has released arrangements for a one-time credit repair policy. Under this policy, small-scale personal delinquency information—specifically those incurred within a defined period and involving individual amounts below RMB 10,000—will be eligible for a one-time credit repair. The benefit is “automatically available without application,” and it applies to credit cards, mortgage loans, consumer loans, and other similar types of credit.

◎ The third round of price adjustments for coke has taken effect: Starting from 00:00 on December 22, 2025, steel mills in Hebei Province have lowered their purchase prices for coke. In Shandong Province, mainstream steel mills have reduced their purchase prices for coke by 50 yuan/ton for wet quenching and 55 yuan/ton for dry quenching.

◎ Precious metals experience a surge: On December 22, spot gold climbed above $4,440 per ounce, and spot silver broke through $69 per ounce for the first time, both reaching all-time highs. Spot platinum surged by 7%, once again surpassing $2,100 per ounce, while spot palladium approached the $1,800 per ounce mark, hitting a new high in nearly three years.

◎ The draft Law on Childcare Services was submitted to the 19th Session of the Standing Committee of the 14th National People's Congress for its first review on December 22. The enactment of the Law on Childcare Services aims to promote and regulate the development of childcare services, providing solid legal safeguards for the most vulnerable infants and young children under the age of three.

◎ China’s December LPR rates have been released: the 1-year rate is 3.0%, and the LPR for terms of 5 years or longer is 3.5%. Both rates have remained unchanged for seven consecutive months.

◎ The Shanghai Municipal People's Congress has reviewed and approved the proposals for the 15th Five-Year Plan. By 2035, Shanghai’s urban development level and core competitiveness will be significantly enhanced, with per capita regional GDP doubling compared to 2020, and the city will have basically become a world-class, modern, international metropolis with global influence.

◎ On December 22, the nationwide spot trade volume of iron ore at major ports reached 1.009 million tons, an increase of 15.9% from the previous month. Meanwhile, the trade volume of construction steel among 237 mainstream traders totaled 109,400 tons, up 16.2% from the previous month.

◎ From December 15 to December 21, the total volume of iron ore arrivals at Chinese ports reached 27.902 million tons, a decrease of 13.79 million tons from the previous week.

◎ From December 15 to December 21, the total global iron ore shipments amounted to 34.645 million tons, a decrease of 1.280 million tons from the previous week. Total shipments from Australia and Brazil reached 28.147 million tons, down 1.508 million tons from the previous week.

◎ In November 2025, exports of most Chinese steel products turned from month-on-month declines to increases, marking a noticeable shift in export structure. Within the sheet metal category, differentiation emerged: exports of coated sheets—previously ranked first for several consecutive months—fell by 13.7% month-on-month to 1.753 million tons; meanwhile, hot-rolled steel exports reversed their previous decline and rose to become the largest monthly export volume. More details>>

◎ According to a survey conducted by Mysteel’s copper team among smelters, traders, and other relevant enterprises, market participants hold strong expectations for next year’s copper price increase, with relatively optimistic sentiment prevailing. Over 80% of respondents believe that copper prices will be higher in 2025 than they are now, and the expected increase is quite significant. Overall, the proportion of respondents who are bullish stands at 83%. Read more>>

◎ SHFE: Starting from the trading session on December 24, 2025 (i.e., the night session on December 23), the exchange will adjust the transaction fees and trading limits for silver futures contracts.

◎ As of now, 242 steel enterprises have publicly announced their ultra-low emission upgrades on the website of the China Iron and Steel Association. Learn more>>

◎ Four steel enterprises—Xinpu Iron & Steel, Huixin Special Steel, Huacheng Bosheng Steel, and Huacheng Boxin Bar Products—in Anyang City have completed the decommissioning of their smelting equipment. As a result, the city’s steel smelting industry has been consolidated from eight enterprises to four.

◎ On December 22, the hot-load test of Ma Steel’s newly built No. 6 galvanizing line project was successfully completed, marking the official start of production for the project.

◎ China Construction: From January to November 2025, the total value of newly signed contracts reached 4,040.8 billion yuan, up 0.9% year-on-year; the value of newly signed construction contracts amounted to 3,716.2 billion yuan, up 1.9% year-on-year; and contract sales in the real estate sector totaled 324.6 billion yuan, down 9.9% year-on-year.

◎ During an institutional research visit, Baowu Magnesium stated that since the release of the new national standard, upstream and downstream enterprises in the electric vehicle industry chain have swiftly taken action and actively begun replacing plastic parts with magnesium alloy components. It is expected that during the 15th Five-Year Plan period, the use of magnesium in electric two-wheeled vehicles will continue to rise rapidly.

◎ National Development and Reform Commission: Starting from 24:00 on December 22, the prices of gasoline and diesel in China will be reduced by RMB 170 and RMB 165 per ton, respectively. On a national average: No. 92 gasoline will be lowered by RMB 0.13 per liter, No. 95 gasoline by RMB 0.14 per liter, and No. 0 diesel by RMB 0.14 per liter.

15:20 China’s November annualized electricity consumption for the whole society

21:30 U.S. Third-Quarter Real GDP Annualized Quarterly Rate—Preliminary Reading

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