[SMM Steel Morning Meeting Summary] In terms of supply, coke producers' production profits are moderate, and they are highly motivated to operate, keeping coke supply at a high level. However, the shipment pace of some coke producers has slowed down, resulting in certain inventory pressure. On the demand side, steel mills' coke inventory is at a medium-to-high level, with weak restocking demand. As the off-season approaches, the number of blast furnace maintenance operations is gradually increasing. Some steel mills have slowed down their purchasing pace, mainly purchasing as needed. In summary, the market is beginning to transition into the off-season. Pig iron production has basically peaked. Coupled with the relatively high level of coke inventory at steel mills, the short-term coke market may be in the doldrums, with the first round of price cuts expected to be implemented.

Foreign Ministry spokesperson Lin Jian stated that China and the United States had reached multiple positive consensus during their economic and trade talks in Geneva, agreeing to significantly reduce bilateral tariff levels. The US side committed to removing 91% of tariffs and suspending the implementation of 24% reciprocal tariffs. Correspondingly, the Chinese side also removed 91% of retaliatory tariffs and suspended the implementation of 24% retaliatory tariffs, with both sides retaining 10% tariffs each. The US side, using fentanyl as a pretext, unreasonably imposed two rounds of tariffs on China, to which the Chinese side promptly took retaliatory measures, including tariff and non-tariff measures, to firmly safeguard its legitimate rights and interests. These retaliatory measures remain in effect.

[SMM Daily Review of Coking Coal and Coke] In terms of supply, coking enterprises have moderate production profits and high enthusiasm for operation, keeping coke supply at a high level. However, the shipment pace of some coking enterprises has slowed down, resulting in certain inventory pressure. On the demand side, steel mills' coke inventory is at a medium-to-high level, with weak restocking demand. As the off-season approaches, the number of blast furnaces under maintenance is gradually increasing. Some steel mills have slowed down their purchasing pace, mainly purchasing as needed. In summary, the market is beginning to transition into the off-season. Pig iron production has basically peaked. Coupled with the relatively high level of coke inventory at steel mills, the coke market may be in the doldrums in the short term, and the first round of price cuts is expected to be implemented.

[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: