The ferrous metals series rebounded slightly this week. On the news front, at the beginning of the week, the PBOC kept the one-year and five-year loan prime rates (LPR) unchanged at 3.1% and 3.6%, respectively. The Korea Customs Service stated on Monday that an increasing number of companies were attempting to disguise foreign products as Korean exports, with most of these products originating from China, to evade the comprehensive tariffs imposed by US President Trump. The Korea Customs Service has established a special task force to prevent illegal export activities. US President Trump delivered a public speech on Tuesday, April 22, acknowledging that the current tariffs on Chinese exports to the US were excessively high and anticipated a significant reduction in rates. This marked a softening of Trump's stance on his signature tariff policy, alleviating market pessimism over the tariff war...

【SMM HRC Daily Trading】On April 25, the total daily trading volume of HRC from sample enterprises in four cities (Shanghai, Lecong, Tianjin, Ningbo) monitored by SMM was 11,920 mt, up 1,180 mt, or 12% MoM. Today, the futures market for HRC initially rose and then fell. The spot price fluctuated rangebound. The trading atmosphere in the morning session was moderate, with increased volume at lower prices. The Politburo meeting did not release any policies beyond expectations. In the afternoon session, trading weakened again, and the daily trading volume fluctuated rangebound MoM.

【SMM Coke Market Weekly Report 20250425】Coke Has Rigid Demand, Second Round of Price Hike Expected to Land Next Week

SMM Coke and Coking Coal Inventory: Coke inventory at coking plants stood at 291,000 mt this week, down 18,000 mt WoW, a decrease of 5.8%. Coke inventory at steel mills was 2.679 million mt, up 36,000 mt WoW, an increase of 1.4%. Coke inventory at ports was 1.56 million mt, down 80,000 mt WoW, a decrease of 4.9%. Coking coal inventory at coking plants was 2.641 million mt, up 9,000 mt WoW, an increase of 0.3%.

【SMM Coke Plant Operation: Coke Oven Capacity Utilisation Rate at 75.3% This Week】 According to the SMM survey, the coke oven capacity utilisation rate was 75.3% this week, up 0.2 percentage points WoW. In Shanxi, the coke oven capacity utilisation rate was 75.5%, up 0.1 percentage points WoW.

US President Trump delivered a speech in public on Tuesday, April 22, acknowledging that the current tariffs on goods imported from China by the US are excessively high, and he anticipated a significant reduction in the rates...

【SMM Coal and Coke Daily Brief】 In terms of supply, due to the profit margin of coke enterprises, production enthusiasm is high, and product shipments are very smooth, resulting in a good supply-demand pattern in the coke market. Demand side, pig iron production in steel mills continues to remain at a high level, with a considerable daily average production, indicating a rigid demand for coke. Additionally, with the approach of the May Day holiday, some steel mills are slightly restocking. Although the overall fundamentals of coke remain stable, the cost support is insufficient. Therefore, in the short term, the coke market is expected to maintain a stable operating pattern, with an anticipated second round of price increases for coke.