[SMM Steel] Turkish Flat Steel Transits Stably: HRC Eyes New EU Quota Cycle

According to monitoring data from the China Index Academy, as of September 24, a total of over 870 real estate-related policies had been issued nationwide, of which more than 280 were issued in Q3, continuing the high-frequency policy rollout trend seen in H1. Local policies mainly focused on three directions: activating demand, optimizing supply, and urban renewal, primarily involving the optimization of restrictive policies, adjustments to housing provident fund policies, the issuance of home purchase subsidies, the revitalization of existing housing stock, the construction of "quality housing," and the implementation of supporting policies for urban renewal.

From January to August, industrial enterprises above designated size nationwide achieved total profits of 5,271.98 billion yuan, up 15.7% YoY (calculated on a comparable basis). From January to August, among industrial enterprises above designated size, state-controlled enterprises achieved total profits of 1,675.99 billion yuan, up 10.3% YoY; joint-stock enterprises achieved total profits of 4,071.46 billion yuan, up 20.4%; foreign-invested enterprises and enterprises invested by investors from Hong Kong, Macao, and Taiwan achieved total profits of 1,179.47 billion yuan, up 2.3%; private enterprises achieved total profits of 1,321.32 billion yuan, up 10.4%.

On 26 September, an explosion occurred at the Elga coal mine in Yakutia — Russia's largest coking coal deposit — killing four workers who were carrying out welding operations. Despite the incident, no full production halt has been announced for Elga's core production areas. The key industrial base is estimated to hold 2.2 billion mt of coking coal reserves, and the mine produced 35.1 million mt in 2025. The incident has triggered a criminal investigation into safety violations, which may threaten near-term output at the 8,000-employee facility.