[SMM Construction Steel Inventory: "Small Essay" Speculation, Coupled with Continuous Decline in Steel Prices, Led to Improved Transactions and a Drop in Total Construction Steel Inventory] This week, the total inventory of construction steel continued to decline, with the total rebar inventory down 1.82% MoM and the total wire rod inventory up 0.68% MoM...

On June 5, the total rebar inventory for the week was 5.3786 million mt, a decrease of 99,600 mt WoW, down 1.82% WoW, and a decrease of 26.24% YoY on the lunar calendar. The total wire rod inventory was 1.1299 million mt, an increase of 7,700 mt WoW, up 0.68% WoW, and a decrease of 38% YoY on the lunar calendar.

The US White House issued a statement saying that President Trump had signed an order to raise tariffs on imported steel, aluminum, and their derivative products from 25% to 50%, effective from 00:01 a.m. on the 4th, Eastern Time. The statement indicated that tariffs on steel and aluminum imported from the UK would remain at 25%.

According to SMM's survey, the maintenance impact volume of construction steel this week (May 31 - June 6) saw a slight increase. Most steel mills continued their maintenance from last week, and some steel mills added new rolling line maintenance plans. The maintenance impact volume of construction steel was 1.1984 million tons, a month - on - month increase of 0.041 million tons.

China's Caixin Manufacturing PMI for May came in at 48.3, falling below the threshold for the first time since October 2024. The forecast was 50.7, and the previous reading was 50.4.

[SMM Weekly Maintenance Statistics] According to SMM statistics, this week (from May 31 to June 6), the impact of blast furnace maintenance on pig iron production was...

[SMM Survey: Rebar Futures and Spot Prices Fall Simultaneously - How Long Can the Production Enthusiasm of Blast Furnace Steel Mills Last?] According to the SMM survey, the impact from maintenance of building materials increased slightly this week (5.31-6.6). Most steel mills continued their maintenance status from last week, while some steel mills had new plans for rolling line maintenance. The impact from maintenance of building materials was 1.1984 million mt, up 4,100 mt WoW.

[SMM survey: Rebar rolling lines' operating rate and capacity utilisation rate rose, while wire rod rolling lines' capacity utilisation rate fell in Central China; in-plant inventory accumulated at steel mills] During the survey period (May 27 - June 2), the operating rate and capacity utilisation rate of rebar rolling lines at steel mills in Central China both increased, while the capacity utilisation rate of wire rod rolling lines decreased.

According to CME's "FedWatch Tool": The probability that the US Fed will maintain interest rates unchanged in May is 96.3%, and the probability of a 25-basis-point interest rate cut is 3.7%. The probability that the US Fed will maintain interest rates unchanged by June is 22.1%, the cumulative probability of a 25-basis-point interest rate cut is 75.0%, and the cumulative probability of a 50-basis-point interest rate cut is 2.8%.