突发！特朗普再出手钢铁！下周钢价要...

Core Viewpoint - The steel market is experiencing fluctuations with a recent rebound followed by a decline, influenced by various production and regulatory factors affecting supply and demand dynamics [1][3][7]. Price Movement Factors Positive Factors - In October, China's rebar production was 14.34 million tons, a year-on-year decrease of 18.6% [3]. - China's automobile production in October reached 3.279 million units, a year-on-year increase of 11.2% [3]. - Chinese shipbuilding companies captured over 74% of the global container ship order market [3]. - The third round of the fifth batch of central ecological and environmental protection inspections has been fully implemented [3]. Negative Factors - In October, China's steel plate exports were 5.97 million tons, a year-on-year decrease of 22.6% [3]. - Land use rights transfer revenue for the first ten months was 24.982 billion yuan, a year-on-year decrease of 7.4% [4]. - China's steel billet exports in October decreased by 21% compared to September, turning from positive to negative year-on-year [4]. Regulatory Impact - On November 21, 2025, the U.S. President approved a two-year exemption from coking oven regulations, which is expected to boost steel production as approximately 70% of steel production relies on metallurgical coke [3][5]. - The exemption aims to ensure uninterrupted operation of critical coke production to support national security without incurring high compliance costs [5]. Market Conditions - The market is currently cautious, with a slight increase in construction activity in northern regions and stable operations in southern areas, leading to a minor increase in funding availability [7]. - The fourth round of coke price increases has negatively impacted long-process steel companies, leading to a decrease in blast furnace operating rates [7]. - The steel market is expected to experience narrow price adjustments in the upcoming week, with a projected fluctuation range of -30 to -40 yuan per ton [7]. Price Adjustments - Chongqing Yonghang has lowered prices by 20 yuan per ton for various steel products, including high-line and rebar [8][9]. - Other companies like Maanshan Steel and Changjiang Steel have maintained their previous prices for certain products, indicating a mixed pricing strategy in the market [10][11].