[Crude Steel Daily Production of Key Steel Enterprises Declined in Late April]

Some major mills added maintenance shutdowns, and May supply pressure is lower than previous expectations. Demand side, sheets & plates demand is expected to weaken marginally in mid-to-late May. Hot-rolled coil inventory is expected to continue destocking over the next 2–3 weeks, with limited accumulation of supply-demand imbalances before month-end in May. The energy premium outside China is unlikely to ease in the short term, hot metal production continues at elevated levels, and coil prices are expected to continue fluctuating at highs in the near term. The pullback in coking coal prices driven by expectations of easing U.S.-Iran tensions and the periodic weakening of hot-rolled coil export order-taking are expected to cause prices to come under pressure briefly, with limited downside.

[SMM Steel] In April 2026, China exported 9.498 million mt of steel, an increase of 363,000 mt MoM, up 4.0% MoM; cumulative steel exports from January to April totaled 34.214 million mt, down 9.7% YoY. In April, China imported 465,000 mt of steel, a decrease of 47,000 mt MoM, down 9.2% MoM; cumulative steel imports from January to April totaled 1.804 million mt, down 13.4% YoY.

According to preliminary statistics from CPCA, from April 1-30, national passenger vehicle retail sales reached 1.406 million units, down 20% YoY and down 15% MoM, with cumulative retail sales of 5.628 million units year-to-date, down 18% YoY. From April 1-30, national passenger vehicle producer wholesale volume reached 2.13 million units, down 3% YoY and down 10% MoM, with cumulative wholesale volume of 7.997 million units year-to-date, down 6% YoY. From April 1-30, national passenger vehicle new energy retail sales reached 883,000 units, down 5% YoY and up 4% MoM, with cumulative retail sales of 2.792 million units year-to-date, down 17% YoY.