[SMM Steel Market Morning News] National Bureau of Statistics (NBS): January CPI Rose 0.5% YoY, PPI Fell 2.3% YoY

★Macro★

01 ★★★

【National Bureau of Statistics: CPI Up 0.5% YoY and 0.7% MoM in January】

According to data from the National Bureau of Statistics, in January 2025, the national Consumer Price Index (CPI) rose 0.5% YoY. Among them, urban areas saw an increase of 0.6%, while rural areas rose 0.3%; food prices increased by 0.4%, non-food prices by 0.5%; consumer goods prices rose 0.1%, and service prices increased by 1.1%. On a MoM basis, the national CPI rose 0.7% in January.

02★★★ 

【National Bureau of Statistics: PPI Down 2.3% YoY in January】

Data released by the National Bureau of Statistics showed that in January 2025, the national Producer Price Index (PPI) and purchasing price index for industrial producers both fell by 2.3% YoY, with the decline remaining the same as the previous month; both indices dropped 0.2% MoM. In January, within the PPI, prices of means of production fell by 2.6%, contributing approximately 1.95 percentage points to the overall PPI decline. Specifically, prices in the mining industry dropped 4.9%, raw material industry prices fell 1.9%, and processing industry prices decreased by 2.7%. Prices of consumer goods fell by 1.2%, contributing approximately 0.31 percentage points to the overall PPI decline. Among them, food prices dropped 1.4%, clothing prices fell 0.1%, general daily goods prices rose 0.5%, and durable consumer goods prices decreased by 2.6%.

03 ★★ 

【Freight Volume of China-Vietnam Trains Originating in Guangxi Up 760% YoY in January】

According to China Railway Nanning Group Co., Ltd., in January this year, the freight volume of China-Vietnam trains originating in Guangxi reached 3,062 TEUs, up 760% YoY, continuing its strong growth momentum and providing robust transportation support for economic and trade exchanges between China and Vietnam.

04 ★★ 

【Shanghai Export Containerized Freight Index Declines for Four Consecutive Weeks Amid Mediocre Market Demand】

According to the Shanghai Shipping Exchange, the latest Shanghai Export Containerized Freight Index (SCFI) stood at 1,896.65 points, down 7.3% from the previous period, marking the fourth consecutive week of decline. The Shanghai Shipping Exchange noted that this week, China's export container shipping market gradually recovered from the traditional Chinese New Year holiday, but freight rates on major ocean routes continued to decline.

★Industry and Downstream★

01★★

【New Housing Projects in Shanghai Gradually Announced for Market Entry This Year】

Maintaining a "short, fast, and frequent" supply rhythm, the official platform of the Shanghai Real Estate Trading Center, "Online Real Estate," announced three new housing projects with a total of 479 units that are set to enter the market soon. Excluding the impact of the Chinese New Year break, since January 4 this year, Shanghai's real estate market has maintained a weekly release frequency of three projects per week, with 15 new projects announced so far, totaling 1,735 units and a total area of approximately 210,000 m². These projects are distributed across 10 districts, including Pudong, Jing'an, Putuo, Hongkou, Yangpu, Baoshan, Minhang, Jiading, Songjiang, and Chongming. Among them, six projects have an average filing price above 100,000 yuan/m², five projects range between 60,000 and 100,000 yuan/m², and four projects are below 60,000 yuan/m².

02★★ 

【Zhejiang Province Commences Major Projects in Q1 with Total Investment of 352.05 Billion Yuan】

On February 8, the Zhejiang Provincial Party Committee and Provincial Government held a centralized commencement ceremony for major projects in Q1 2025. A total of 150 major projects were launched, with a total investment of 352.05 billion yuan. Among them, 110 are industrial projects with a total investment of 232.11 billion yuan, and 40 are infrastructure projects with a total investment of 119.94 billion yuan. The projects include the second phase of the Zhejiang Xingke Advanced Optoelectronic Display Industry Project in Shaoxing, the Runze Intelligent Computing Center Project in Jiaxing, and the Lead Intelligent Sensor Industrialisation Project in Quzhou.

03★★

【Fierce Competition in Zhengzhou's First Land Auction of the Year, Premium Rate Reaches 87.5%】

Land auctions were held in multiple cities, including Zhengzhou, Beijing, and Qingdao. In Zhengzhou, two residential land parcels were auctioned, one of which underwent nearly six hours of intense bidding and was ultimately acquired by CNOOC Real Estate for 1.089 billion yuan, with a floor price of 13,713 yuan/m² and a premium rate of 87.5%. This marks the highest premium rate for residential land transactions in Zhengzhou since 2021.

04 ★★

【Beijing's Second-Hand Residential Transactions Reach 12,480 Units in January, Up 0.3% YoY】

According to the official website of the Beijing Municipal Commission of Housing and Urban-Rural Development, in January 2025, the number of second-hand residential transactions in Beijing reached 12,480 units, down 42.1% MoM but up 0.3% YoY. Analysts from the Beijing Lianjia Research Institute noted that the decline in January's second-hand housing transactions was mainly due to the impact of the Chinese New Year holiday, which was largely in line with expectations.

05★★ 

【Guangzhou Commences Major Projects in Q1 with Total Investment Exceeding 238.9 Billion Yuan】

The commencement ceremony for Guangzhou's major projects in Q1 2025 was held at the site of the Lingwei Automotive Intelligent Vision Headquarters Project in Nansha, Guangzhou. It was announced on-site that a total of 341 projects would commence in Q1, with a total investment exceeding 238.9 billion yuan.

★Other Hot Topics★

⭕【CPCA Preliminary Statistics: January Passenger NEV Retail Sales Reach 786,000 Units, Up 17% YoY】

According to preliminary statistics from the China Passenger Car Association (CPCA), from January 1 to 31, retail sales in the passenger car market reached 1.853 million units, down 9% YoY and 30% MoM. Year-to-date retail sales totaled 1.853 million units, down 9% YoY. During the same period, wholesale sales by passenger car manufacturers nationwide reached 2.048 million units, down 3% YoY and 33% MoM. Year-to-date wholesale sales totaled 2.048 million units, down 3% YoY. Retail sales in the passenger NEV market reached 786,000 units, up 17% YoY but down 40% MoM. Year-to-date retail sales totaled 786,000 units, up 17% YoY. Wholesale sales of passenger NEVs nationwide reached 900,000 units, up 29% YoY but down 40% MoM. Year-to-date wholesale sales totaled 900,000 units, up 29% YoY.

⭕【Hangzhou's Second-Hand Housing Market Hits Record High in January】

According to data from the Hangzhou Beike Research Institute, in January 2025, the transaction volume in Hangzhou's second-hand housing market reached 6,064 units, setting a new high for a Chinese New Year month since 2017. The average transaction price was 30,100 yuan/m², up 5% MoM, mainly driven by strong sales of newer improved housing and school district properties. Huaren Yaocheng in the Asian Games Village led with 27 transactions, followed by Guiguan Dongfang with 25 transactions. Market confidence has been boosted, and intermediaries expect a potential "mini spring" in the market.