On the 25th local time, US President Trump told reporters on the Air Force One that he would not cancel the tariffs imposed on China unless China made substantial concessions. In the past week, the US side has been sending out confusing and even contradictory signals on the issue of tariffs on China. On the evening of the 25th, a spokesperson for the Chinese Embassy in the US emphasized that China and the US have not engaged in consultations or negotiations on the tariff issue, let alone reached an agreement. If the US side truly wants to resolve the issue through dialogue and negotiation, it should correct its mistakes, stop threats and blackmail, and completely cancel all unilateral tariff measures against China. On one hand, they claim to reach an agreement with China, while on the other hand, they continue to exert extreme pressure. This is not the correct way to deal with China, nor is it feasible.

【SMM Steel Morning Meeting Summary】In terms of supply, due to the profit margin of coke enterprises, production enthusiasm is high, and product shipments are very smooth, the supply-demand pattern of the coke market performs well. Demand side, the pig iron production of steel mills continues to remain at a high level, with a considerable daily average production, showing a rigid demand for coke. Moreover, with the approaching May Day holiday, some steel mills have engaged in minor restocking activities. The fundamentals of coke are generally stable, but the cost support is insufficient. In summary, the coke market is expected to maintain a stable operation pattern in the short term, with an anticipated second round of price increase for coke.

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.