1. The National Development and Reform Commission (NDRC) issued a document entitled "Vigorously Promoting the Optimization and Upgrading of Traditional Industries." For raw material industries such as steel and petrochemicals, the key lies in balancing supply and demand and optimizing the structure. Strengthening industry management, adhering to the principles of "reducing oil consumption, increasing chemical production, and improving quality," continuously implementing crude steel production control, strictly prohibiting illegal new capacity additions, and promoting the survival of the fittest. Strengthening routine operational monitoring and scheduling, and making good use of the early warning mechanism.
2. Data from the Southern Peninsula Palm Oil Press Merchants Association (SPPOMA) shows that from December 1st to 25th, 2025, Malaysian palm oil yield per hectare decreased by 8.49% compared to the same period last month, oil extraction rate decreased by 0.12% compared to the same period last month, and output decreased by 9.12% compared to the same period last month.
3. According to the China Agricultural Materials Circulation Network, on December 24th, the China Agricultural Materials Circulation Association organized a symposium for key phosphate fertilizer production and distribution enterprises. Participating enterprises all stated that they would actively play a leading role, resolutely refrain from hoarding and withholding sales, avoid bundled sales, and refrain from speculation and price gouging, and take practical actions to maintain the order of the fertilizer market. 4. According to Business Society, market rumors suggest that a Saudi Arabian 450,000-ton/year ethylene glycol plant is scheduled for maintenance shutdown in the first quarter of 2026.
5. The National Development and Reform Commission (NDRC) issued a document titled "Vigorously Promoting the Optimization and Upgrading of Traditional Industries." For resource-constrained industries such as alumina and copper smelting, the key lies in strengthening management and optimizing layout.
6. This week's total urban inventory was 7.0622 million tons, a decrease of 394,300 tons (-5.29%) compared to last week, covering 38 cities and a total of 135 warehouses. This week's total construction steel inventory was 3.1163 million tons, a decrease of 277,000 tons (-8.16%) compared to last week, covering 30 cities and a total of 79 warehouses.
7. CME Group issued a major margin adjustment notice on December 26th, stating that it will comprehensively increase the performance margin for gold, silver, lithium, and other metal futures contracts after the close of trading on December 29th (Monday). Market participants believe this move reflects the exchanges' deep concern about the current abnormal volatility in the precious metals market.
8. The Guangzhou Futures Exchange (GZFE) announced that, effective from the settlement on December 30, 2025 (Tuesday), the margin requirements for speculative and hedging transactions for polysilicon futures contracts will be adjusted to 15%; the daily price fluctuation limit for lithium carbonate futures contracts will be adjusted to 10%, the margin requirement for speculative transactions to 12%, and the margin requirement for hedging transactions to 11%; the daily price fluctuation limit for platinum and palladium futures contracts will be adjusted to 13%, and the margin requirements for speculative and hedging transactions to 15%.
9. The Shanghai Futures Exchange (SHFE) announced that, given the recent complex and volatile international situation and significant fluctuations in non-ferrous and precious metals, all relevant entities are requested to take appropriate measures to remind investors to take precautions against risks, invest rationally, and jointly maintain the stable operation of the market.
10. According to Mysteel's research, some primary lead smelters have already finalized long-term contract prices for 2026. Some companies in Henan reported prices increasing by 20 yuan/ton compared to 2025 (2025 long-term contracts were quoted at par with the average price). Most companies are still in negotiations, with quotations ranging from 20 to 50 yuan/ton higher than in 2025.
11. Two sources involved in quarterly pricing negotiations indicated that top aluminum producers have raised their premium quotes for primary aluminum to Japanese buyers for January-March from the initial $190-203 per ton to $210-225 per ton.
