[SMM Survey: Rebar Supply in Central China Declines WoW Amidst Poor Iron Tapping and Product Mix Adjustments] During the survey period (May 13-19), the capacity utilisation rate of rebar rolling lines in the Central China region continued to decline; the operating rate and capacity utilisation rate of wire rod remained unchanged from the previous week.

[SMM Survey: With Profits "Driving Range" Boosting Production Momentum, Why Are Construction Material Steel Mills Finding It Hard to Reduce Their "Horsepower"?] According to the SMM survey, the impact from maintenance of construction materials continued to increase slightly this week (5.17-5.23). Some steel mills' blast furnaces and rebar rolling lines began maintenance as scheduled this week, with the impact from construction maintenance reaching 1.1378 million mt, up 24,000 mt WoW.

[SMM Weekly Maintenance Statistics] According to SMM statistics, for the week (May 17 to May 23), the impact of blast furnace maintenance on pig iron production was...

[SMM Rebar Daily Review: Real Estate Data in April Sluggish, Construction Steel Prices Continue to Face Pressure] Today, rebar futures fluctuated downward, closing at 3,069 yuan/mt, down 1.00% from the previous trading day. On the spot cargo side, market trading enthusiasm weakened, with spot rebar quotes loosening in many regions, showing declines ranging from 10 to 30 yuan/mt, and overall trading performance was weak throughout the day.

This week, the ferrous metals series saw a narrow pullback after a rebound from low levels. Among them, iron ore outperformed other ferrous metals, while coke showed weaker performance. On the macro front, the China-U.S. economic and trade talks in Geneva on May 12 indicated a 90-day suspension of the 34% reciprocal tariffs imposed on April 2, 2025, with a 10% portion remaining in place during the suspension period. This temporary tariff relief provides greater possibilities and more ample room for China to rush exports in the short term. However, from a medium and long-term perspective, the easing of the tariff environment is not yet a permanent solution, as the current 30% tariff remains higher than those imposed on other countries. In the spot market, influenced by improved market sentiment, both the spot prices and trading volumes of hot-rolled coil and rebar saw improvements...

According to the SMM survey, as of May 13, the operating rate of 50 electric furnace steel mills across China, which mainly produce building materials, was 37.16%, up 0.64% MoM from the previous period; the capacity utilisation rate was 38.63%, up 1.65% MoM; the daily average production of building materials was 86,000 mt, an increase of 3,700 mt MoM.

[SMM Steel Morning Meeting Summary] In the spot market, most daily quotes remained stable, with overall transaction performance being moderate. SMM released the weekly supply and demand data for HRC. This week, maintenance work at some steel mills in east China, north China, and parts of south China was relatively concentrated. Coupled with the MoM decline in the daily average production schedule of domestic steel mills' HRC in May, HRC production saw a significant MoM pullback. This week, SMM's statistics showed that the social inventory of HRC in 86 warehouses (large sample) nationwide was 3.3304 million mt, down 106,100 mt MoM, a 3.09% MoM decrease and an 18.45% YoY decrease compared to the new calendar year. This week, the nationwide social inventory declined. By region, the central China market began to experience a slight inventory buildup, while the east China market saw a relatively larger decline, with inventories in other regions decreasing slightly. In the short term, with the easing of supply pressure and moderate demand resilience, inventory continues to decline and remains at a relatively low level compared to the same period in previous years. The fundamental imbalance in the HRC market is not apparent, providing support for the price floor. Considering that the reduction in tariffs has boosted market sentiment to a certain extent, it is expected that HRC prices will still have a slight upward space in the short term.

The General Offices of the Central Committee of the Communist Party of China and the State Council issued the "Opinions on Continuously Promoting the Urban Renewal Initiative." The main objectives are as follows: By 2030, significant progress will be made in the implementation of the urban renewal initiative, with continuous improvement in the institutional mechanisms for urban renewal. Initial results will be achieved in the transformation of urban development and construction methods, a more solid foundation for safe development, continuously enhanced service efficiency, a significantly improved living environment, a more diversified economic landscape, effective protection of cultural heritage, more prominent urban characteristics and styles, and cities becoming spaces for the high-grade life of the people.