"HRC Prices Decline Amid Off-Season, Cost Support, and Inventory Shifts; Volatility Expected to Continue"

The American Iron and Steel Institute recently reported that the US imported a total of 1.874 million short tons of steel in April 2026, including 1.378 million short tons of finished steel, up 5.9% and 5.5% respectively from March. From January to April 2026, total US steel imports were 6.972 million short tons, down 29.5% MoM, while finished steel imports stood at 5.118 million short tons, down 30.5% MoM. The finished steel import market share in April is estimated to be 16%, and for the first four months of 2026, 15%.

May's financial data were released, and the topic of "deposit migration" once again sparked market attention. Data recently released by the central bank shows that after a decline of 1.94 trillion yuan in April, household deposits continued to shrink by 110 billion yuan in May, with a total reduction of 2.05 trillion yuan over the two months. This marks a rare occurrence in nearly a decade of household deposits posting negative growth for two consecutive months. Over the same period, deposits at non-bank financial institutions increased by a combined 3.61 trillion yuan, with the "seesaw" effect persisting. Another phenomenon that has drawn significant attention is the continued deleveraging in the household sector: in May, household loans decreased by 141.2 billion yuan, with a YoY decline that widened by 195.2 billion yuan (compared to an increase of 54 billion yuan in the same period last year). Industry experts have repeatedly noted that the flow of household deposits to non-bank institutions merely changes the structure of bank deposits, and this trend precisely reflects the deepening of China's financial market. A more noteworthy positive signal is that as the growth rate of household deposits continues to pull back, the "scissors gap" between it and the growth of M2 (broad money) continues to narrow and has remained negative for five consecutive months, indicating a trend of marginal fund mobilization. Some institutional sources believe that the capital cycle from households to enterprises and non-bank institutions is restarting, building momentum for the improvement of the domestic economic cycle.

Trump: The deal with Iran has now been reached. Congratulations to all! I hereby fully authorize free passage through the Strait of Hormuz, and simultaneously authorize the immediate lifting of the US maritime blockade. Ships of the world, start your engines. Let the oil flow! Pakistan Prime Minister Sharif Shehbaz stated: "After several rounds of intensive negotiations, we are pleased to announce that the US and Iran have reached a peace agreement. Both sides have declared an immediate and permanent cessation of military operations on all fronts, and hostilities within Lebanese territory have also been concurrently halted. The official signing ceremony of the agreement will take place on Friday, June 19, in Switzerland. We commend the United States and the Islamic Republic of Iran for their commitment to resolving the conflict through diplomatic channels. At the same time, we extend sincere gratitude to the leadership of Qatar, whose mediation efforts provided substantial support in finalizing this agreement. Special thanks are also due to the visionary leadership of the Kingdom of Saudi Arabia and the Republic of Turkey, both of which made immense contributions. The agreement has now been finalised, and the mediators will lead a series of talks this week. These preliminary consultations ahead of implementation will lay a solid foundation for subsequent technical negotiations and the formal signing ceremony."