10-Basis-Point Drop in 5-Year LPR Reduces 30-Year Mortgage Payments by RMB 20,000

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, support from coke costs has strengthened recently, also leading to losses for coking enterprises. Most coking enterprises have initiated the first round of price increases, and current downstream procurement demand is relatively good, with smooth shipments from coking enterprises. Demand side, affected by market sentiment, finished steel prices continued to improve, steel mill profits recovered, stimulating steel mills' production enthusiasm, increasing rigid demand for coke and raising procurement willingness. In summary, coke fundamentals have shifted toward a tighter situation. In the short term, the coke market may hold up well, and the first round of coke price increases is expected to be implemented.

As supply and demand for construction steel were not fully matched across different markets, regional supply-demand mismatches created price differentiation, which in turn drove the cross-regional circulation of steel resources. When the regional price spread gradient was appropriate, regions with surplus construction steel capacity and production often shipped excess resources out, thereby rebalancing construction steel resources across regions.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Mar , 2026