[SMM Survey: Pig Iron "Inflection Point" Collides with Demand "Ebb" - Can the Production Rhythm of Building Materials Rolling Lines Be Maintained?] According to the SMM survey, the maintenance volume of building materials steel mills increased slightly this week, with pig iron production peaking. Subsequently, there will be more maintenance of blast furnaces at steel mills, which will affect the production of building materials. The impact from maintenance on building materials production was 1.1138 million mt, an increase of 28,700 mt WoW.

[SMM Survey: Diverging Trends in Rebar and Wire Rod Rolling Lines in Central China; How Will Production Change Subsequently?] During the survey period (May 6 - May 12), both the operating rate and capacity utilisation rate of rebar rolling lines at steel mills in the Central China region declined; the capacity utilisation rate of wire rod rolling lines increased.

[SMM Weekly Maintenance Statistics] According to SMM statistics, for the week (May 10 to May 16), the impact of blast furnace maintenance on pig iron production was...

The Government of the People's Republic of China ("China") and the Government of the United States of America ("US"), Recognizing the importance of bilateral economic and trade relations to both countries and the global economy; Recognizing the importance of sustainable, long-term, and mutually beneficial bilateral economic and trade relations; In light of recent discussions between the two sides, believing that continued consultations will help address issues of concern in the economic and trade fields; Proceeding with relevant work in the spirit of mutual openness, ongoing communication, cooperation, and mutual respect; The two sides commit to taking the following measures by May 14, 2025:

[SMM Steel Morning Meeting Summary] In the spot market, the rise in futures prices has driven an improvement in market sentiment, with increased trading at lower prices and improved speculative demand. However, the spot market in some regions has struggled to keep up with the price increases. On the news front, the China-US Geneva Economic and Trade Talks concluded with the issuance of a joint statement. China and the US agreed to reduce tariffs over the next 90 days, marking substantial progress in the high-level economic and trade talks between the two countries, with a significant reduction in bilateral tariff levels, which has significantly boosted market sentiment. On the fundamental side, as we enter May, downstream demand will be impacted to some extent by the off-season, and it is expected that the apparent demand for HRC will pull back MoM in May. In terms of supply, the daily average production schedule for HRC in May will decrease slightly MoM compared to April, which is slightly better than previously expected. In addition, with the consensus reached in the China-US tariff negotiations, the short-term HRC prices are expected to break through slightly upwards, driven by favourable news. In the medium and long-term, with the off-season demand expected to decline, and after the tariff favourable news has been fully priced in, if there is a lack of further favourable macro front stimulus, the price center of HRC will still trend downwards.

[SMM Steel Morning Meeting Summary] In terms of supply, coke producers are maintaining slight profitability, with an overall moderate production enthusiasm and operating rates remaining high. However, the shipment pace of some coke producers has slowed down somewhat, leading to increased shipment pressure. On the demand side, steel mills' rigid demand for coke persists. Coupled with the fact that steel mills' coke inventories are within a reasonable range, some steel mills have begun to control coke arrivals. Overall, the imbalance in the coke fundamentals is relatively small. However, the market outlook for finished steel products is relatively pessimistic. Additionally, the cost support for coke has weakened recently, and market sentiment has turned bearish. The coke market may operate in the doldrums, with expectations of price reductions.

On the morning of the 10th local time, high-level economic and trade talks between China and the US began in Geneva, Switzerland. He Lifeng, a member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, as the Chinese lead negotiator for economic and trade issues with the US, held talks with his US counterpart, US Treasury Secretary Scott Bessent, on the same day.

This week, the ferrous metals series was in the doldrums, with the average price of steel dropping slightly WoW. In terms of news, the People's Bank of China and two other departments held a press conference on the morning of the 7th to introduce the "package of financial policies to support market stability and stabilize expectations," including multiple favorable policies such as a 0.5 percentage point reduction in the reserve requirement ratio (RRR), an expected injection of approximately 1 trillion yuan in long-term liquidity into the market, and a 0.25 percentage point reduction in the interest rate for individual housing provident fund loans. Market sentiment was somewhat boosted, but after a brief surge, steel futures prices weakened again...

[SMM Rebar Daily Review: Merchants Operate Cautiously, Market Trading Activity Declines] Today, rebar futures fluctuated downward, closing at 3,022, down 1.63% from the previous trading day. On the spot price side, the market sentiment was characterized by strong wait-and-see attitudes, and spot prices continued to decline. Prices in various regions fell by 10-30 yuan/mt, with overall market trading conditions remaining weak.

[Commentary on SMM Steel Import and Export Data] China's steel exports surged past 10 million mt again in April! Will May really witness a "Waterloo"? In April, China's total steel exports increased by 0.1% MoM. Although it still exceeded 10 million mt, the growth rate slowed down significantly. On April 9, US President Trump suddenly announced a 90-day suspension of new tariffs on over 70 countries and regions, excluding China, while only raising tariffs on China to a historic 125% (later corrected to 145%). Therefore, the increase in April was more pronounced during the 90-day exemption period for the US, with Chinese export enterprises "scrambling for re-exports". Additionally, there were market rumors at the time that starting from May 1, relevant tax payment certificates would be required for export customs declarations, and the phenomenon of domestic buyers rushing to export remained prominent, keeping the total export volume at a high level.