[Latest Ex-Factory Price of Building Materials from Zenith Steel in Early February]

Amid a continuously sluggish real estate market, local government land sale revenue (i.e., land transfer income) has declined for four consecutive years. Recently, the Ministry of Finance released data showing that in 2025, the local government fund budget revenue from state-owned land use rights transfers (hereinafter referred to as land transfer income) was 4,151.8 billion yuan, a decrease of 14.7% compared to the previous year. This marks the fourth consecutive year since 2022 that this revenue has seen a double-digit decline.

During the "14th Five-Year Plan" period, the steel industry continued to deepen supply-side structural reforms, persistently advanced capacity governance, and achieved a cumulative reduction in production exceeding 100 million mt. Recently, at the 13th Member Congress of the China Iron and Steel Association (CISA), CISA Chairman Zhao Minge made the above statement. He pointed out that during the "15th Five-Year Plan" period, the industry's capacity governance efforts will focus on "controlling increments, optimizing stock, promoting mergers and reorganizations, and facilitating exits," adhering to market-oriented and rule-of-law principles, strictly blocking new capacity additions, smoothing exit channels for outdated capacity......