Core Insights - TMX Group reported significant activity on the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for December 2025, highlighting a notable increase in new issuers compared to previous months and years [2][4]. TSX Summary - TSX welcomed 84 new issuers in December 2025, a substantial increase from 15 in November 2025 and 7 in December 2024 [2]. - Total financings raised in December 2025 amounted to approximately $3.00 billion, a decrease of 29% from the previous month but an increase of 151% compared to December 2024 [2][6]. - The total number of financings in December 2025 was 37, down from 43 in November 2025 and up from 26 in December 2024 [2][6]. - Year-to-date statistics for 2025 show 375 new issuers listed, a 153.4% increase from 148 in 2024 [7]. - Total financings raised year-to-date in 2025 reached approximately $23.26 billion, a 44% increase from $16.15 billion in 2024 [7]. TSXV Summary - TSXV had 2 new issuers in December 2025, compared to 3 in November 2025 and 2 in December 2024 [4]. - Total financings raised in December 2025 were approximately $1.57 billion, a 14% decrease from the previous month but a 222% increase from December 2024 [4][8]. - The total number of financings in December 2025 was 123, down from 153 in November 2025 and up from 120 in December 2024 [4][8]. - Year-to-date statistics for 2025 indicate 38 new issuers listed, a decrease of 20.8% from 48 in 2024 [9]. - Total financings raised year-to-date in 2025 reached approximately $10.09 billion, a 114.7% increase from $4.70 billion in 2024 [9]. Market Capitalization - The market capitalization of listed issues on TSX reached approximately $6.28 trillion in December 2025, up from $4.90 trillion in December 2024, reflecting a 28.1% increase [6][7]. - TSXV's market capitalization was approximately $142.03 billion in December 2025, an increase of 59.9% from $88.81 billion in December 2024 [8][9].

Core Insights - TMX Group Limited reported significant increases in trading statistics for December 2025 across its marketplaces, including the Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, and Montréal Exchange [1] Trading Statistics - Total trading volume in December 2025 reached 16,242,244,527 shares, up from 14,208,169,648 in November 2025 and 11,889,867,199 in December 2024, marking a year-over-year increase of 36.5% [2] - The total value of trades in December 2025 was $382,012,822,955, compared to $348,072,436,278 in November 2025 and $293,372,588,752 in December 2024, reflecting a year-over-year increase of 30.2% [2] - The number of transactions in December 2025 was 26,919,186, slightly down from 28,095,632 in November 2025 but up from 20,701,916 in December 2024 [2] Daily Averages - Daily trading volume averaged 792.3 million shares in December 2025, an increase from 710.4 million in November 2025 and 609.7 million in December 2024 [3] - Daily average trading value was $18,634.8 million in December 2025, up from $17,403.6 million in November 2025 and $15,044.7 million in December 2024 [3] - Daily average transactions were 1,313,131 in December 2025, down from 1,404,782 in November 2025 but up from 1,061,037 in December 2024 [3] Year-to-Date Statistics - For the year 2025, total trading volume reached 167,617,991,815 shares, a 26.5% increase from 132,487,069,253 shares in 2024 [4] - The total value of trades year-to-date in 2025 was $4,009,884,446,293, representing a 29.4% increase from $3,098,121,383,229 in 2024 [4] - The number of transactions year-to-date in 2025 was 312,634,059, up 25.6% from 248,855,010 in 2024 [4] Toronto Stock Exchange - In December 2025, the Toronto Stock Exchange recorded a trading volume of 9,486,106,262 shares, up from 8,908,413,019 in November 2025 and 7,708,838,580 in December 2024 [6] - The value of trades on the Toronto Stock Exchange in December 2025 was $360,286,533,284, compared to $325,825,113,125 in November 2025 and $274,446,030,031 in December 2024 [6] - The number of transactions on the Toronto Stock Exchange in December 2025 was 22,635,269, down from 23,960,280 in November 2025 but up from 18,142,502 in December 2024 [6] TSX Venture Exchange - The TSX Venture Exchange reported a trading volume of 5,362,031,737 shares in December 2025, an increase from 4,048,567,315 in November 2025 and 3,051,837,733 in December 2024 [10] - The value of trades on the TSX Venture Exchange in December 2025 was $4,414,555,690, compared to $3,431,901,111 in November 2025 and $1,308,464,098 in December 2024 [10] - The number of transactions on the TSX Venture Exchange in December 2025 was 1,959,619, up from 1,591,029 in November 2025 and 697,660 in December 2024 [10] TSX Alpha Exchange - The TSX Alpha Exchange recorded a trading volume of 1,364,927,322 shares in December 2025, up from 1,221,120,861 in November 2025 and 1,105,572,371 in December 2024 [14] - The value of trades on the TSX Alpha Exchange in December 2025 was $16,586,344,207, down from $18,065,379,256 in November 2025 but similar to $16,871,957,031 in December 2024 [14] - The number of transactions on the TSX Alpha Exchange in December 2025 was 2,215,266, down from 2,430,819 in November 2025 but up from 1,790,296 in December 2024 [14] Montréal Exchange - The Montréal Exchange reported a derivatives volume of 19,928,614 contracts in December 2025, slightly down from 20,484,351 in November 2025 but up from 16,750,195 in December 2024 [22] - The open interest in contracts on the Montréal Exchange was 31,429,744 in December 2025, down from 33,839,881 in November 2025 but up from 23,611,466 in December 2024 [22] - Year-to-date derivatives volume for 2025 was 234,406,982 contracts, a 19.3% increase from 196,457,160 contracts in 2024 [23]

Core Insights - U.S. Steel's Board of Directors has approved funding for a $350 million project to reline Blast Furnace 14 at Gary Works, which is essential for maintaining production capabilities and meeting customer commitments [1] Company Summary - The reline project for Blast Furnace 14 is critical maintenance that will ensure the long-term iron-making capabilities and capacities at Gary Works [1] - Blast Furnace 14 is the largest of the four furnaces at Gary Works and is responsible for producing iron used in high-strength steel applications [1]

日本最大的钢铁制造商日本制铁公司周五表示，预计到2030年，其全球粗钢产能将增至每年1亿吨或更 多。 日本制铁周五补充称，计划在未来五年进行6万亿日元（合385.4亿美元）的资本和业务投资，其中包括 对美国钢铁投资的110亿美元，并根据其2030年管理计划，将基础业务利润目标设定在1万亿日元或以 上。 日本制铁周五补充称，计划在未来五年进行6万亿日元（合385.4亿美元）的资本和业务投资，其中包括 对美国钢铁投资的110亿美元，并根据其2030年管理计划，将基础业务利润目标设定在1万亿日元或以 上。 该公司预计，在截至明年3月份的本财年，基本业务利润（即一次性调整后的利润）为6800亿日元，低 于去年的7937亿日元。 该公司预计，在截至明年3月份的本财年，基本业务利润（即一次性调整后的利润）为6800亿日元，低 于去年的7937亿日元。 今年6月，日本制铁完成了以150亿美元收购美国钢铁公司（U.S． Steel）的交易，并承诺向该资产投资 110亿美元，随后还将追加投资。在日本钢铁需求疲软之际，日本制铁寻求加强在美国市场的影响力。 责任编辑：于健 SF069 该交易帮助日本制铁将其全球粗钢产能提升至每年8 ...

Company Strategy - U S Steel plans to resume steelmaking at an Illinois plant [1] Government Intervention - The Trump administration intervened last summer to keep production going at the Illinois plant [1]

Group 1 - Rising steel demand is expected to benefit the company by enabling expanded use of the Granite City Works in southern Illinois [1] - Anticipated outages at other mills owned by the company will further support the increased utilization of Granite City Works [1]

Core Insights - TMX Group Limited reported trading statistics for November 2025 across its marketplaces, including the Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, and Montréal Exchange [1] Overall Market Performance - Total trading volume in November 2025 was 14,208,169,648 shares, a decrease from 18,846,129,482 in October 2025 but an increase from 12,025,217,832 in November 2024 [2] - The total value of trades in November 2025 was $348,072,436,278, down from $388,951,149,042 in October 2025 and up from $280,339,336,898 in November 2024 [2] - The number of transactions in November 2025 was 28,095,632, compared to 32,543,664 in October 2025 and 22,281,813 in November 2024 [2] Daily Averages - Daily average trading volume in November 2025 was 710.4 million shares, down from 856.6 million in October 2025 and up from 572.6 million in November 2024 [3] - Daily average value of trades was $17,403.6 million in November 2025, slightly down from $17,679.6 million in October 2025 and up from $13,349.5 million in November 2024 [3] - Daily average transactions were 1,404,782 in November 2025, down from 1,479,257 in October 2025 and up from 1,061,039 in November 2024 [3] Year-to-Date Statistics - Year-to-date trading volume for 2025 reached 151,375,747,288 shares, a 25.5% increase from 120,597,202,054 shares in 2024 [4] - Year-to-date value of trades was $3,627,871,623,338, reflecting a 29.3% increase from $2,804,748,794,477 in 2024 [4] - Total transactions year-to-date were 285,714,873, up 25.2% from 228,153,094 in 2024 [4] Toronto Stock Exchange Performance - In November 2025, the Toronto Stock Exchange recorded a trading volume of 8,908,413,019 shares, down from 10,276,749,913 in October 2025 but up from 7,986,209,101 in November 2024 [6] - The value of trades on the Toronto Stock Exchange in November 2025 was $325,825,113,125, down from $359,530,835,199 in October 2025 and up from $260,757,004,269 in November 2024 [6] - The number of transactions was 23,960,280 in November 2025, compared to 27,510,977 in October 2025 and 19,643,417 in November 2024 [6] TSX Venture Exchange Performance - The TSX Venture Exchange saw a trading volume of 4,048,567,315 shares in November 2025, down from 6,622,291,383 in October 2025 and up from 2,864,394,117 in November 2024 [10] - The value of trades was $3,431,901,111 in November 2025, down from $6,100,705,074 in October 2025 and up from $1,372,153,132 in November 2024 [10] - The number of transactions was 1,591,029 in November 2025, down from 2,567,858 in October 2025 and up from 732,906 in November 2024 [10] TSX Alpha Exchange Performance - The TSX Alpha Exchange recorded a trading volume of 1,221,120,861 shares in November 2025, down from 1,893,812,483 in October 2025 and up from 1,154,006,820 in November 2024 [14] - The value of trades was $18,065,379,256 in November 2025, down from $22,249,060,790 in October 2025 and up from $17,538,591,868 in November 2024 [14] - The number of transactions was 2,430,819 in November 2025, compared to 2,314,065 in October 2025 and 1,841,692 in November 2024 [14] Montréal Exchange Performance - The Montréal Exchange reported a derivatives volume of 20,484,351 contracts in November 2025, up from 19,430,481 in October 2025 and slightly up from 19,576,991 in November 2024 [22] - Open interest in contracts was 33,839,881 in November 2025, up from 33,112,659 in October 2025 and significantly up from 23,771,795 in November 2024 [22] Year-to-Date Statistics for Montréal Exchange - Year-to-date volume for 2025 was 214,478,368 contracts, a 19.3% increase from 179,706,965 contracts in 2024 [23] - Open interest year-to-date was 33,839,881 contracts, up 42.4% from 23,771,795 in 2024 [23]

Technical Issue - Twitter/X DM's are broken after the latest update [1]

Core Insights - Nippon Steel Corp. plans to shortlist two or three states for a new steel plant in the US, with a final decision expected by early 2027 [1][2] - The new facility will have an annual capacity of 3 million tons and will be operated by the company's subsidiary, United States Steel Corp. [2] - The investment is part of Nippon Steel's goal to achieve a profit target of 1 trillion yen ($6.4 billion) and to recover some of the $14.1 billion spent on acquiring US Steel [4] Investment and Operational Considerations - The new plant will utilize electric arc furnaces, requiring stable and low-cost electricity due to the power-intensive nature of this steelmaking method [5] - Tax incentives and infrastructure for handling raw materials will also be considered in the site selection process [5] Market Strategy and Challenges - The selection process will align with the expiration of US Steel's collective bargaining agreements in September 2026, with ongoing discussions about potential new deals [6] - Nippon Steel identifies the US and India as key markets in its mid-term strategy, with plans to enhance operations in Thailand as a major overseas business pillar [7] - The company faces challenges in the domestic Japanese market due to declining demand and competition from low-cost Chinese products [8]

Core Viewpoint - The domestic steel market in China is experiencing a downward trend, with prices showing signs of weakness due to seasonal demand decline and overall market conditions [1][12]. Group 1: Steel Price Index Trends - In October 2025, the average CSPI (China Steel Price Index) was 91.92 points, a decrease of 1.26 points or 1.35% month-on-month, and a year-on-year decline of 9.10 points or 9.01% [2][8]. - The long product index averaged 92.23 points, down 1.49 points or 1.58% month-on-month, and down 13.04 points or 12.39% year-on-year [4][8]. - The plate index averaged 91.17 points, down 1.15 points or 1.25% month-on-month, and down 6.80 points or 6.94% year-on-year [4][8]. Group 2: Price Changes by Product Type - In October, most monitored steel products saw price declines, with hot-rolled coil prices dropping by 63 CNY/ton, while seamless pipe prices fell by 25 CNY/ton [9][10]. - The average price of rebar was 3098 CNY/ton, down 51 CNY/ton from the previous month, reflecting a decrease of 1.46% [9][10]. - The average price of galvanized sheet was 4166 CNY/ton, down 44 CNY/ton, indicating a decline of 1.03% [9][10]. Group 3: Regional Price Index Variations - In October 2025, all six major regions in China saw a month-on-month decline in the CSPI, with the Central South region experiencing the largest drop of 1.72% [14][16]. - The average rebar price index in the Western region was 3110 CNY/ton, down 82 CNY/ton or 2.58% from the previous month [14][16]. Group 4: Investment and Economic Indicators - From January to October 2025, fixed asset investment in China was 408914 billion CNY, down 1.7% year-on-year, with infrastructure investment showing a negative growth for the first time this year [17][20]. - Manufacturing investment grew by 2.7%, but the growth rate slowed compared to previous months, indicating weakening demand in the steel sector [17][20]. - The real estate sector continued to show signs of weakness, with cumulative investment down 14.7% year-on-year, exacerbating the oversupply pressure in the steel market [19][20]. Group 5: Supply and Demand Dynamics - In the first ten months of 2025, crude steel production was 81787 million tons, down 3.9% year-on-year, while apparent consumption fell by 6.5% [21][22]. - The average price of major raw materials increased, with coking coal rising by 3.82%, providing some support to steel prices [22][23]. - The steel export volume in October was 978.2 million tons, a decrease of 6.5% from the previous month, indicating pressure from global market conditions [43][44]. Group 6: Future Outlook - The steel industry is expected to face increased supply-demand imbalance as the traditional off-season approaches, necessitating self-discipline in production to stabilize prices [44]. - The government is likely to implement policies to control crude steel production, aiming to alleviate the oversupply issue and improve market conditions [39][40].