【SMM Steel】Australia initiates AD probe on galvanised steel from South Korea & Vietnam

China Steel Market Export : [Sheets & Plates] Today, HRC export prices continued to decline by 2 USD/tonne on a daily basis, with transaction prices at 496-504 USD/tonne. Domestic futures fell, and market inquiry activity weakened somewhat. Domestic traders reported that tax-exclusive offers appeared in multiple northern markets, and congestion at some ports persisted. [Steel Billet] Today, square billet export prices were at 473-475 USD/tonne, easing slightly by 1 USD/tonne DoD. Recently, northern market offers were on the high side, but high-priced resources failed to close deals. Additionally, inquiries from outside China weakened, with buyers adopting a wait-and-see approach, and inquiry prices remained 3-5 USD/tonne below market prices. [Rebar] Today, rebar export offers eased slightly by 1 USD/tonne. According to some market participants, rebar inquiry activity was weak with lackluster transactions, and some steel mills plan to venture into markets outside China to seek new order-taking opportunities.

The DCE iron ore futures trended weaker today. The most-traded contract I2609 closed at 767 yuan/mt, down 1.85% from the previous trading session. Port spot prices fell 6-11 yuan/mt from the previous day.

[SMM Hot-Rolled Coil Daily Trading] On June 4, the combined daily trading volume of hot-rolled coil from SMM's sample enterprises across four cities (Shanghai, Lecong, Tianjin, and Ningbo) totaled 12,910 mt, down 970 mt or 6.7% DoD, down 32.20% YoY (solar calendar), and down 21.14% YoY (lunar calendar).