[SMM Steel Market Morning Brief] To curb the surge in imports, India announced the temporary imposition of a 12% safeguard duty on certain steel products starting from the 21st of this month.

★Macro★

01 ★★★ 【$130 Billion in Ultra-Long Special Treasury Bonds to Be Issued for the First Time This Year】

The first issuance of $130 billion in ultra-long special treasury bonds is set to take place this year. According to the latest schedule from the Ministry of Finance, the 2025 ultra-long special treasury bonds and the special treasury bonds for capital injection into central financial institutions will both be issued on April 24.

02 ★★★ 【Hong Kong's 1-Month Offshore RMB HIBOR Hits Record Low at 1.4603% on Tuesday】

On Tuesday, Hong Kong's 1-month offshore RMB HIBOR was reported at 1.4603%, setting a new record low, indicating that offshore RMB liquidity has surpassed previous historical levels.

★Industry and Downstream★

01 ★★★ 【China's Stainless Steel Exports in March Reached 470,600 mt, Up 84,300 mt YoY】

In March, China's stainless steel exports reached 470,600 mt, up 84,300 mt YoY, an increase of 21.81%; from January to March, total stainless steel exports were 1.226 million mt, up 164,300 mt YoY, an increase of 15.47%.

02 ★★★ 【Jilin Province: Subsidies of 20,000 yuan and 15,000 yuan for Individuals Scrapping and Replacing Vehicles with Tax-Exempt New Energy or Fuel Passenger Cars】

On April 22, the General Office of the Jilin Provincial People's Government released the "Implementation Plan for the Action to Boost Consumption in Jilin Province." It proposes supporting Changchun City in applying to become a pilot city for national auto circulation and consumption reform. Auto shows and small-scale car exhibitions will be held. In 2025, individual consumers who transfer passenger cars registered under their names and purchase new fuel or new energy passenger cars within the province will receive subsidies of 3,000 yuan, 7,000 yuan, 11,000 yuan, 13,000 yuan, 4,000 yuan, 8,000 yuan, 12,000 yuan, or 15,000 yuan based on the invoice amount. Individuals scrapping eligible passenger cars and purchasing tax-exempt new energy or fuel passenger cars will receive subsidies of 20,000 yuan and 15,000 yuan, respectively. In 2025, there will be no restrictions on the registration location of new vehicles, and the restrictions on the registration and transaction locations of old vehicles will be lifted. The "Jilin Province Vehicle Replacement and Renewal Service Platform" will be optimized and upgraded to provide one-stop vehicle information comparison services. Support will be provided to used car dealerships to strengthen their main business and brand building, promoting the growth and development of these enterprises.

03 ★★ 【Hangzhou: Employees Buying Affordable Housing Can Use Housing Fund for Down Payment and Other Purchase Costs】

Recently, the Hangzhou Housing Fund Management Committee issued a notice on optimizing and improving several housing fund extraction policies. It mentions strong support for employees buying affordable housing. Employees purchasing affordable housing can use their housing fund to pay for the down payment and other purchase costs, with the total extraction not exceeding the purchase price; if using a housing fund loan to buy a home, the combined extraction and loan amount should not exceed the total price of the purchased home. The policy also increases the support for housing fund rental extraction. Employees renting public or affordable rental housing can extract their housing fund based on actual rent expenses. The housing fund management center is encouraged to collaborate with housing rental agencies to provide stable rental sources and more discounts and conveniences to employees. If the actual rent exceeds the rental extraction limit by 50%, the extraction will be made at 1.5 times the rental extraction limit. The conditions for withdrawing the housing fund upon leaving a job have been relaxed. Employees who terminate or end their labor relationship with their employer and whose personal housing fund account has been sealed for over six months, and who do not continue to contribute to the housing fund elsewhere, can withdraw the balance in their housing fund account.

【To Curb Import Surge, India Announces Temporary 12% Safeguard Duty on Some Steel Products Starting This Month】

On April 21, 2025, the Indian Ministry of Finance announced a temporary 12% safeguard duty on imported non-alloy/alloy flat steel products (HS codes 7208, 7209, etc.), effective for 200 days. A minimum CIF price of $675-964/mt is set, and imports above this threshold are exempt from the duty. The measure took effect immediately.

★Other Hot Topics★

⭕On April 21, the first phase of the CO₂ capture and utilization project, led by Binsteel Group, commenced construction.

⭕From April 14 to April 20, the total area of new residential property transactions (contracts) in ten key cities was 1.342 million m², down 3.2% MoM and 18.5% YoY; the total area of second-hand property transactions (contracts) was 2.5516 million m², down 2% MoM and up 19.1% YoY.

⭕On April 22, a signing ceremony for the cooperation agreement between Shanghai and Toyota Motor Corporation was held in Shanghai, marking the official establishment of a Lexus pure electric vehicle and battery R&D and production company, solely funded by Toyota, in Jinshan District, Shanghai.

⭕Clarksons: In March, global new ship orders totaled 72 vessels, with a combined capacity of 1,839,958 CGT. Chinese shipyards received 34 vessels, totaling 615,640 CGT; Japanese shipyards received 6 vessels, totaling 81,022 CGT; and Korean shipyards received 19 vessels, totaling 908,350 CGT.