He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, pointed out during a survey in Hebei from the 23rd to the 24th that it is necessary to thoroughly study and implement the important instructions of General Secretary Xi Jinping, earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council, accelerate the construction of a unified national market, actively expand domestic demand and boost consumption, accelerate the construction of a new model for real estate development, develop new quality productive forces according to local conditions, and better promote high-quality economic development.

[SMM Steel Morning Meeting Summary: HRC futures and spot prices were mostly stable with individual declines during the day, and overall trading performance was moderate.] Yesterday, HRC futures fluctuated rangebound, with the 05 contract closing at 3,098, down slightly by 0.26%. In the spot market, market quotes were mostly stable with individual declines, and overall trading performance was moderate. In terms of data, HRC inventory data for some mainstream cities were released. This week, Shanghai's HRC inventory stood at 256,000 mt, down 23,300 mt WoW, a decrease of 8.34%; this week, Lecong's HRC inventory was 68.71 mt, up 20,300 mt WoW, an increase of 3.04%; this week, Shenyang's HRC inventory was 200,000 mt, up 25,000 mt WoW, an increase of 14.29%. Looking ahead, it is expected that the inflection point for HRC inventory buildup may occur within the next two weeks. The accumulation of short-term fundamental contradictions is relatively slow, and there is still support below. Considering the lack of macro news stimulus, it is expected that the 05 contract will fluctuate rangebound in the 3,060-3,150 range in the short term.

According to China Construction Bank (CCB), the bank successfully issued A shares to specific targets, with the Ministry of Finance as the issuing target. The total amount of funds raised was 105 billion yuan, all of which was used to supplement CCB's core Tier 1 capital after deducting relevant issuance expenses. With this, the fundraising initiatives of the four major banks have all been completed. From the announcement of the private placement plan to the completion of fundraising, it took less than three months.

[SMM Steel Morning Meeting Summary: HRC futures and spot prices were in the doldrums during the day, with overall trading performance being average] Yesterday, HRC futures fluctuated rangebound, with the 05 contract closing at 3,099, down slightly by 0.51%. In the spot market, market quotes mostly followed the weak and stable trend in the futures market, with overall trading performance being poor. In terms of data, according to SMM's weekly maintenance data, the impact from HRC maintenance this week was 52,400 mt, a decrease of 64,400 mt WoW. It is expected that HRC production will increase slightly this week. In the short term, with the fourth round of coke price cuts implemented, coke prices may remain weak and stable in the short term. Coupled with the expected slight increase in pig iron production over the next two weeks, the cost support margin is improving. From a fundamental perspective, against the backdrop of the off-season, manufacturing demand still shows strong resilience. It is expected that inventory will continue to decline this week, and the inventory buildup turning point may appear around early July. In the short term, there are no obvious fundamental contradictions, and it is expected that HRC prices will continue to fluctuate rangebound, with the 05 contract focusing on the 3,060-3,150 range.

According to the SMM survey, the impact from maintenance on construction steel declined slightly this week (6.21-6.27). Multiple steel mills resumed production on their construction steel rolling lines that were under maintenance last week or this week, resulting in an impact from maintenance on construction steel of 1.2689 million mt this week, down 8,800 mt WoW.

[SMM Survey: Rebar Production Rises While Wire Rod Production Falls - What Are the Reasons Behind the Diverging Trends in Rolling Lines in Central China?] During the survey period (June 17 - June 23), both the operating rate and capacity utilization rate of rebar rolling lines in Central China increased; the weekly production of wire rod decreased on a WoW basis.

[SMM Survey: With Steel Mills' Profit of 100 Yuan per Ton and Low Inventory, Impact from Building Materials Maintenance May Continue to Decline] According to the SMM survey, the impact from building materials maintenance declined slightly this week (6.21-6.27). Multiple steel mills resumed production of building materials rolling lines that were under maintenance last week or this week, resulting in an impact from building materials maintenance of 1.2689 million mt this week, down 8,800 mt WoW.

[SMM Weekly Maintenance Statistics] According to SMM statistics, this week (from June 21 to June 27), the impact of blast furnace maintenance on pig iron production was...

To improve the policies and measures for cultivated land protection, the Ministry of Natural Resources has guided localities in setting reasonable transition periods based on actual conditions to address the issue of cultivated land outflow caused by historical occupation of cultivated land for tree, fruit, and tea planting. During the transition period, cultivated land will be gradually and orderly restored or replaced through the approach of "identifying a batch," "restoring a batch," and "replacing a batch," allowing the general public sufficient time to adjust the types of crops they plant and enabling local governments ample time to optimize industrial development. For plots included within the scope of the transition period, comprehensive consideration will be given in the assessment of cultivated land protection, which not only reinforces the main responsibilities for cultivated land protection at all levels but also effectively alleviates the burden on local governments and safeguards the rights and interests of farmers.