【SMM Steel Morning Meeting Minutes】Raw Material End Still Provides Support, Finished Product Prices May Fluctuate Rangebound

SMM Steel Morning Meeting Summary: Raw Material Side Still Provides Support, Finished Product Prices May Fluctuate Rangebound. On the news front, the World Trade Organization released its latest "Global Trade Outlook and Statistics" report, indicating that global merchandise trade volume is expected to decline by 0.2% in 2025, nearly 3 percentage points lower than the forecast under the "low tariff" baseline scenario. Cost side, iron ore demand remains strong, providing price support, while coke prices are stable in the short term, with moderate cost support. Supply side, this week, some steel mills in north-east and north China completed maintenance, and pig iron flow resumed in some mills in south China, with HRC production slightly down MoM.