Zou Lan, Deputy Governor of the People's Bank of China (PBOC), stated at a press conference held by the State Council Information Office on April 28 that the PBOC would implement RRR cuts and interest rate cuts in a timely manner based on the domestic and overseas economic situation and the operation of financial markets, to maintain ample liquidity, leverage the dual functions of the monetary policy toolkit in terms of both aggregate and structural aspects, create new structural monetary policy tools, and provide targeted financial support in key areas focused on stabilizing employment and promoting growth. The PBOC is also exploring ways to enrich its policy toolkit and will introduce incremental policies in due course to help stabilize employment, enterprises, markets, and expectations.

【SMM Steel Morning Meeting Summary】Yesterday, rebar futures maintained a fluctuating trend, closing at 3,129, up 0.61% from the previous trading day. In the spot market, prices in some regions rose slightly, with increases ranging from 10 to 30 yuan/mt. The futures market lacked sustained performance, and market sentiment weakened somewhat, with overall trading volume being average. On the supply side, there has been strong demand for billet exports recently, with profit margins higher than those for rebar. Some manufacturers have nearly filled their billet orders for May-June, and there are expectations of reduced finished steel production. Additionally, many blast furnace steel mills have recently announced new maintenance plans, which may alleviate the supply pressure for finished steel after the holiday. On the demand side, influenced by the pullback in the morning session, market enthusiasm has diminished, with end-user purchases primarily driven by immediate needs. Overall, the current fundamental situation for construction steel is moderate. However, with intensified competition in the futures market and increased market caution, it is expected that construction steel prices will maintain a fluctuating trend in the short term.

Today, Dalian iron ore futures fluctuated rangebound, with the most-traded contract I2509 closing at 710.5, down 0.49% for the day. Traders' willingness to sell was moderate; some steel mills had not yet completed restocking, and their purchase willingness was good. The market trading atmosphere was moderate.