International bulk commodities generally surged, while black commodity futures fell during the night session.

◎ President Xi Jinping of China held talks with South Korean President Lee Jae-myung. Following the talks, the two heads of state jointly witnessed the signing of 15 cooperation documents covering areas such as scientific and technological innovation, ecological environment, transportation, and economic and trade cooperation.

◎ Li Qiang, Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, conducted a research tour in Guangdong from January 3 to 5. He emphasized that as we step into the new year, we must thoroughly implement the important speech delivered by General Secretary Xi Jinping at the Central Economic Work Conference, closely focus on the theme of promoting high-quality development, firmly keep in mind our mission within the broader national development landscape, consolidate our advantages in innovation-driven development, boldly take the lead in reform and opening-up, seize every moment to carry out all tasks related to economic and social development, and strive for a strong start to the 15th Five-Year Plan.

◎ From December 17, 2025, to January 5, 2026, the Shanghai Composite Index posted 12 consecutive days of gains on a daily basis, setting a new record for the longest winning streak since 1993.

◎ In 2025, mergers and acquisitions and restructuring activities in the steel industry have become increasingly frequent. Several companies are optimizing their business layouts through equity acquisitions and asset swaps, accelerating regional integration. Examples include the restructuring of the parent company of Sansteel Group and the further expansion of Youfa Steel Pipe Group’s footprint. Read more>>

◎ On Monday, the international commodity market saw significant fluctuations. The precious metals market staged a strong rebound, with silver soaring by over 7% and gold approaching $4,500. Industrial metals generally rose across the board, and LME copper hit yet another all-time high.

◎ On January 5, Foreign Ministry Spokesperson Lin Jian stated that no matter how the international situation may change, China will always remain a good friend and partner to Latin American and Caribbean countries, and China’s policy toward Latin America will maintain continuity and stability.

◎ Jin Jingdong, head of the Comprehensive Planning Department of the Ministry of Transport, stated that they will further implement the tasks outlined in documents such as the “Outline for the Development Plan of the Yangtze River Economic Belt” and the “Action Plan for Promoting the Interconnection Project of Inland Waterway Transportation Systems.” This includes carrying out projects to expand and upgrade mainline waterways, accelerating the construction of high-grade waterways on tributaries, and focusing on removing bottlenecks and chokepoints in water transportation. They will also continue to promote the upgrading of port hub capabilities, thereby establishing a multi-level port system with a rational layout and specialized, efficient operations.

◎ The Ministry of Commerce and eight other departments jointly issued a document launching an initiative to promote green consumption, outlining 20 specific measures across seven key areas: enriching the supply of green products, boosting consumption of green services, innovating green consumption models, and more. The initiative supports consumers in purchasing new-energy vehicles and encourages the purchase of green, smart home appliances that have obtained green product certification, as well as fluorine-free air conditioners.

◎ On January 4, U.S. President Trump warned that if India fails to limit its purchases of Russian oil as the U.S. has requested, the United States may continue to raise tariffs on Indian products.

◎ At noon on January 5, local time, Venezuelan President Maduro, who had been forcibly detained by the United States, made his first appearance in a federal court in New York. Facing four charges brought by the U.S. Department of Justice, Maduro pleaded “not guilty.” The UN Security Council held an emergency meeting to discuss the situation in Venezuela.

◎ Bank of Japan Governor Kazuo Ueda stated that if economic and price trends align with the central bank’s expectations, the Bank of Japan will continue raising interest rates.

◎ Vietnam’s GDP grew by 8.46% year-on-year in the fourth quarter of 2025, significantly exceeding market expectations and marking the fastest growth rate for the same period since 2011.

◎ On the 5th, the Chinese Embassy in Rwanda issued a security alert stating that, given the sharp deterioration of the security situation in eastern Democratic Republic of the Congo (DRC), Chinese citizens are advised not to travel from Rwanda or other neighboring countries to the provinces of North Kivu, South Kivu, Ituri, and Upper Uele in eastern DRC.

◎ On January 5, the nationwide spot trade volume of iron ore at major ports reached 1.0117 million tons, an increase of 121.9% from the previous month. Meanwhile, the trade volume of construction steel among 237 leading traders totaled 86,800 tons, down 4.6% from the previous month.

◎ From December 29, 2025, to January 4, 2026, the total global iron ore shipments amounted to 32.137 million tons, a decrease of 46.34 million tons from the previous month. Total shipments from Australia and Brazil reached 27.427 million tons, down 31.69 million tons from the previous month.

◎ From December 29, 2025, to January 4, 2026, the total cargo volume arriving at 47 Chinese ports reached 28.247 million tons, an increase of 9.69 million tons compared to the previous month.

◎ It is estimated that by 2026, medium- and thick-plate capacity will reach 140 million tons, and the annual production pace will remain at a high level. In 2026, price trends are expected to shift slightly upward, with increased price volatility. Industry profit margins may come under pressure, and companies are transitioning from a strategy of “trading price for volume” to one focused on “improving quality and boosting efficiency.” Learn more>>

◎ According to an incomplete tally by Mysteel (based on a sample of 58 companies), manganese ferroalloy production in 2025 is estimated at 2,441,750 tons, an increase of 11.83% over the previous year. Of this total, high-carbon manganese ferroalloy accounts for 1,612,350 tons, while medium- and low-carbon manganese ferroalloy accounts for 829,400 tons.

◎ The “15th Five-Year” planning proposals of 20 provinces mention coal-related content, including strengthening the clean and efficient utilization of coal; promoting intelligent, green, and safe coal mining; continuously releasing high-quality coal production capacity; and accelerating the upgrading and transformation of coal-fired power plants. More details>>

◎ On January 5, Gree Electric Appliances issued a statement saying that the company pledges not to raise prices on its household air conditioners. Meanwhile, to meet the company’s standard of providing a decade of free warranty service for its household air conditioners, the company currently has no plans to replace copper with aluminum.

◎ A video conference on investment work scheduling for the entire Guangdong Province was held in Guangzhou on the afternoon of January 4. The meeting emphasized that all localities and departments should adopt extraordinary thinking, exert extraordinary efforts, and implement extraordinary measures to ensure robust investment work. They should focus on key projects, grasp critical links, and translate work objectives into concrete project implementation.

◎ China Passenger Car Association: Preliminary estimates indicate that in December 2025, new-energy vehicle wholesale sales by passenger car manufacturers nationwide will reach 1.57 million units, up 4% year-on-year but down 8% month-on-month. For the full year 2025, cumulative wholesale sales of new-energy passenger cars are expected to reach 15.33 million units, representing a 25% increase over the previous year.

◎ Seres: In December 2025, new-energy vehicle sales reached 61,000 units, representing a year-on-year increase of 63.4%. Cumulative sales for 2025 totaled 472,300 units, up 10.63% from the previous year.

◎ China Index Academy: In December 2025, the average transaction price of newly built commercial residential properties in 100 Chinese cities was 17,084 yuan per square meter, up 0.28% month-on-month and 2.58% year-on-year. In December 2025, the average price of second-hand residential properties in these 100 cities was 13,016 yuan per square meter, down 0.97% month-on-month and 8.36% year-on-year.

◎ On December 26, 2025, Vietnam’s Ministry of Industry and Trade issued a notice announcing the final affirmative sunset review ruling on cold-rolled carbon steel coil originating from China, with a width less than 1,600 millimeters and a thickness ranging from 0.108 to 2.55 millimeters.

◎ Huayou Cobalt: The company expects its net profit attributable to shareholders of the listed company for fiscal year 2025 to be between RMB 5.85 billion and RMB 6.45 billion, representing a year-on-year increase of 40.80% to 55.24%.

17:30 Eurozone January Sentix Investor Confidence Index

21:00 Germany’s preliminary December CPI year-on-year rate