[SMM Steel Morning Meeting Summary] On the spot market, intraday quotations fluctuated relatively small on a WoW basis, with market transactions weaker than yesterday. According to SMM data, this week's HRC inventory in Shenyang was 104,300 mt, down 2,000 mt WoW, a decrease of 1.88%. It was also down 64,700 mt YoY, a decrease of 38.28%. On the fundamental side, the daily average HRC production schedule in May decreased slightly MoM from April, with supply pressure less than previously expected. In the short term, the Sino-US tariff war has come to a temporary halt, and the trading space for favourable macro front has narrowed. There is insufficient momentum for HRC prices to rise further, and it is expected that the most-traded contract will fluctuate within the 3140-3280 range in the short term. In the medium and long-term, off-season demand will gradually pull back. Without further macroeconomic stimulus, the price center of HRC will still move lower.

Foreign Ministry spokesperson Lin Jian hosted a regular press conference on May 13. A reporter from Agence France-Presse asked whether the spokesperson could provide detailed information on the next phase of China-US economic and trade talks, and whether there were plans to discuss the 20% special tariff imposed by the US on Chinese exports on the grounds of fentanyl. Lin Jian stated that regarding the high-level economic and trade talks between China and the US, the competent Chinese authorities had already released information. On the issue of fentanyl, China had repeatedly made it clear that fentanyl was a US issue, not a Chinese one, and that the responsibility lay with the US itself. The US had ignored China's goodwill and unreasonably imposed fentanyl tariffs on China, which had severely impacted China-US dialogue and cooperation in the field of drug control and also seriously harmed China's interests. "If the US truly wants to cooperate with China, it should stop smearing and shifting blame onto China and engage in dialogue with China in an equal, respectful, and mutually beneficial manner," Lin Jian said.

SMM Steel News on May 13: According to SMM statistics, the estimated total resource shipments in the mainstream market this week were 244,500 mt, a decrease of 1,500 mt WoW from the shipment level last week. By market:

SMM Steel News on May 13: According to SMM statistics, the estimated total resource shipments in the mainstream market this week were 244,500 mt, a decrease of 1,500 mt WoW from the shipment level. By market:

[SMM Daily Review of Coking Coal and Coke] In terms of supply, coking enterprises maintained a high level of operation, and the shipment of some coking enterprises slowed down. However, the overall inventory remained low, and the sales pressure was relatively small. On the demand side, steel mills operated at a relatively high level and had procurement needs for coke. However, the coke inventory of steel mills was generally at a medium-to-high level, and their willingness to restock was low. In summary, the imbalance in the coke fundamentals increased slightly. Moreover, the steel market is expected to enter the traditional consumption off-season, and the buyers' desire to bargain down prices for raw materials is gradually increasing. The coke market may weaken in the short term.

[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 Daily Coke Market Briefing] In terms of supply, most enterprises are maintaining profits or operating at the break-even point, with their own coke inventories remaining at low levels. Therefore, their willingness to voluntarily cut production is relatively small, and coke supply is relatively sufficient in the short term. On the demand side, the outcome of the Sino-US tariff negotiations exceeded market expectations, stimulating downstream end-use demand. Additionally, steel mills' profitability remains moderate, with blast furnace pig iron production at a high level, creating a rigid demand for coke. As a result, steel mills' enthusiasm for purchasing has increased. In summary, the fundamental imbalance in the coke market is relatively small, and market confidence is high. This week, the coke market may operate steadily for the time being, with expectations of price reductions dissipating.