碳市场配额方案印发，钢铁供给侧有望收缩

Group 1 - The core viewpoint of the news is that the steel industry is experiencing a stable price increase, with the comprehensive steel price index rising by 0.44% to 91.95 as of November 28 [1][3] - The average price of rebar is reported at 3,290.60 CNY per ton, an increase of 19.00 CNY per ton or 0.58% from the previous week [1][3] - Hot-rolled plate prices average 3,373.80 CNY per ton, up by 4.60 CNY per ton or 0.14% week-on-week [1][3] - The average price of medium and large steel sections decreased by 0.80 CNY per ton to 3,477.60 CNY per ton, reflecting a decline of 0.02% [1][3] Group 2 - The steel sector index increased by 1.39% during the week, with special steel and pipe sectors performing well [2] - The Shanghai Composite Index rose by 1.40%, while the Shenzhen Component Index saw a larger increase of 3.56% [2] - Among the steel sector's sub-industries, special steel, pipe, and plate sectors recorded weekly gains of 3.16%, 0.36%, and 0.09% respectively [2] - Year-to-date, the plate and special steel sectors have increased by 20.87% and 17.35% respectively [2] - Out of the steel sector stocks, 32 companies saw an increase, with 71.11% of stocks rising, 4.44% remaining stable, and 24.44% declining [2] Group 3 - As of November 27, 2025, social inventory levels for rebar, hot-rolled, cold-rolled, wire rod, and medium-thick plates show significant year-on-year increases, with rebar inventory at 3.8485 million tons (up 29.88%) and hot-rolled inventory at 3.2279 million tons (up 36.34%) [3] - Cold-rolled plate inventory stands at 1.3022 million tons (up 19.46%), while wire rod inventory is at 577,900 tons (up 29.31%) [3] - Medium-thick plate inventory decreased slightly by 2.41% year-on-year, totaling 1.1162 million tons [3] Group 4 - The Ministry of Ecology and Environment has issued a carbon emissions trading market allocation plan for the steel, cement, and aluminum industries for 2024 and 2025, focusing on a free allocation framework based on carbon emission intensity [4] - The allocation plan aims to incentivize advanced practices and penalize laggards, linking allocation amounts to actual production levels without setting a strict cap on total emissions [4] - The plan includes equal allocation for 2024 and a balance of industry quotas for 2025, with performance rankings influencing the allocation of emissions allowances [4] Group 5 - The issuance of the carbon emissions trading market allocation plan establishes a clear mechanism for emissions reduction incentives [5] - The steel industry is expected to see continued capacity concentration towards quality leading companies amid ongoing supply-side reforms [5] - Demand-side factors, particularly in special steel, are anticipated to benefit from manufacturing upgrades and AI transformation [5] - Long-term prospects for leading companies in the ordinary steel sector are positive due to improving industry supply-demand dynamics [5]