Data: SHFE, DCE market movement (May 25)

A representative from the Philippine Iron and Steel Institute said AI projects will directly require infrastructure, and infrastructure development in turn requires steel. Market attention is also focused on the US-led Pax Silica initiative, which plans to build a 4,000-acre industrial hub in the Philippines to support AI, semiconductor, and critical minerals supply chains. The project is seen as a potential catalyst for stronger industrial investment and steel demand in the country.

From January to April, Ningxia's above-scale industrial raw coal production reached 33.8928 million mt, up 2.4% YoY. Of this, general bituminous coal was 31.406 million mt, down 0.4%; coking bituminous coal was 2.2949 million mt, up 72.5%; anthracite was 191,800 mt, down 13.4%. From January to April, Ningxia's above-scale industrial raw coal sales volume was 18.8748 million mt, up 15.7% YoY. As of month-end in April, the region's raw coal production inventory was 2.1108 million mt, with inventory turnover days at 13 days, down 65.1% YoY.