1. According to the China Iron and Steel Association (CISA), in mid-November, key steel enterprises produced a total of 19.43 million tons of crude steel, averaging 1.943 million tons per day, a 0.9% increase compared to the previous period; 17.97 million tons of pig iron, averaging 1.797 million tons per day, a 0.4% decrease compared to the previous period; and 19.24 million tons of steel products, averaging 1.924 million tons per day, a 2.1% increase compared to the previous period.
2. According to Mysteel, on November 26th, the auction prices for coking coal in the Linfen market fell across the board. As of now, statistics show 9 successful auctions, with a total of 240,000 tons listed, resulting in a failure rate of approximately 62%, and an average price drop of 53 yuan/ton.
3. The Ministry of Agriculture and Rural Affairs released its monthly report on the supply and demand situation of agricultural products. The report indicates that the pace of hog slaughter will stabilize in the fourth quarter. With the arrival of winter, household demand for cured meats and sausages will increase, leading to a peak season for pork consumption. Pork imports will remain low. This improved supply and demand situation will drive a moderate rebound in pork prices. It is expected that pork prices will experience a seasonal and moderate recovery before the Spring Festival.
4. Data from the Southern Peninsula Palm Oil Pressors Association (SPPOMA) shows that from November 1st to 25th, 2025, Malaysian palm oil yield per hectare increased by 3.34% compared to the same period last month, oil extraction rate increased by 0.41%, and production increased by 5.49% compared to the same period last month.
5. According to data released by the Malaysian Palm Oil Association (MPOA), Malaysian palm oil production from November 1st to 20th is estimated to increase by 3.24%, with Peninsular Malaysia increasing by 3.3%, Borneo by 3.17%, Sabah by 2.65%, and Sarawak by 4.49%.
6. A report released by brokerage StoneX on Wednesday stated that Brazil's sugar production in the central-southern region for the 2026/27 season is projected at 41.5 million tons, lower than the previous year's 40.2 million tons.
7. A research report indicates that Argentina's early corn crop for the 2025/26 marketing year is in good condition due to ample soil moisture and near-normal temperatures, but long-term forecasts suggest that drought conditions may increase the risk of further drought. The agency estimates Argentina's 2025/26 corn production at 54.4 million tons, unchanged from previous forecasts. As of November 20, planting in Buenos Aires was at 55%, down from 62% last year, due to persistently wet weather.
8. The U.S. Department of Agriculture (USDA) will release its export sales report for the week ending October 16 at 9:30 PM on Friday. According to forecasts from foreign media surveys, net soybean export sales for the 2025/26 marketing year are expected to be between 600,000 and 2 million tons; net soybean meal export sales are expected to be between 150,000 and 450,000 tons.
9. According to Longzhong Information, as of November 26, 2025, China's total methanol port inventory was 1.3635 million tons, a decrease of 115,800 tons from the previous period. Specifically, inventory decreased by 80,300 tons in East China and 35,500 tons in South China.
10. According to the International Aluminium Institute (IAI), global alumina production in October 2025 was 13.373 million tons, compared to 12.619 million tons in the same period last year, with the previous month's revised figure at 12.884 million tons. China's alumina production in October is projected to be 8.21 million tons, with the previous month's revised figure at 7.95 million tons.
11. According to the Silicon Industry Association, on the supply side, silicon material companies are determined to stabilize prices. This month, two leading companies implemented significant production cuts and reduced operating rates, continuing the trend of supply contraction in the market.
12. According to the Guangzhou Futures Exchange (GFE) announcement, platinum and palladium futures will be listed and traded on the GFE on November 27, 2025 (Thursday). The listing benchmark prices for each palladium futures contract are as follows: PD2606 contract: RMB 365/gram; PD2608 contract: RMB 365/gram; PD2610 contract: RMB 365/gram. The listing benchmark prices for each platinum futures contract are as follows: PT2606 contract: RMB 405/gram; PT2608 contract: RMB 405/gram; PT2610 contract: RMB 405/gram.
