[SMM Daily Coke Market Briefing] In terms of supply, the national environmental protection inspection teams have been stationed in many northern provinces. With some coking enterprises incurring losses and accumulating inventory, they have slightly cut production, leading to a tightening of coke supply. In terms of demand, the finished steel market has entered the off-season. Pig iron output from steel mills has declined, and their coke inventory remains at a medium-to-high level. As a result, there is a lack of restocking demand, and steel mills are mainly purchasing as needed, with some controlling the arrival of goods. In summary, downstream demand is weak. This week, coke prices are expected to remain in the doldrums, and there is an expectation of a fourth round of price cuts next week.

[SMM Steel Morning Meeting Summary] Yesterday, positive signals were released from the macro perspective. The agreement framework reached in principle during the China-US-London business talks boosted market sentiment, leading to an upward oscillation in the futures market. In the spot market, most market quotes increased, with rises of 10-30 yuan/mt. Trading performance throughout the day was average...

On June 10 local time, Li Chenggang, the International Trade Representative and Vice Minister of Commerce, said in London, when referring to the first meeting of the China-U.S. economic and trade consultation mechanism, that China and the United States had conducted professional, rational, in-depth, and candid communications. The two sides reached a framework in principle on implementing the consensus reached during the phone call between the heads of state of the two countries on June 5, as well as the consensus reached during the Geneva talks.

Today, the most-traded HRC futures contract first rose and then fell, with the 2510 contract closing at 3,108 at the end of the session, up 0.77% MoM. Spot prices increased slightly. In terms of supply, the impact from HRC maintenance this week was 172,600 mt, a decrease of 35,800 mt WoW. Next week, the impact from HRC maintenance is expected to be 158,800 mt, a decrease of 13,800 mt WoW, indicating a continued rebound in supply pressure. On the demand side, market sentiment was significantly influenced by the futures market, with slightly better sales at lower prices. Overall, purchasing was mainly as needed. In terms of raw materials, pig iron production may continue to decline in the short term, slightly weakening the cost support for HRC. Overall, the China-US talks may release optimistic signals. However, on the whole, even if the talks are optimistic, their impact on steel will be more about stimulating sentiment, with limited actual effects. Meanwhile, inventory has accumulated in some mainstream cities. In June, HRC may gradually show a pattern of increasing supply and decreasing demand. After the sentiment-driven rally fades, it is expected that HRC prices will peak and pull back in the short term. It is recommended to focus on selling at highs.

[SMM Daily Commentary on Coking Coal and Coke] In terms of supply, some coke enterprises have slightly reduced production due to losses and inventory pressure. However, most coke enterprises have seen profit recovery, and production remains stable for the time being. On the demand side, steel mills' coke inventory is at a medium-to-high level. Moreover, the finished steel market is significantly affected by the off-season, and steel mills maintain a cautious procurement attitude, controlling the arrival of goods. In summary, the cost support for coke has further loosened, and downstream demand has weakened. In the short term, coke prices may continue to face downward pressure.

[SMM Steel Morning Meeting Summary] Yesterday, the steel futures market continued to oscillate, with significant fluctuations during the session due to the impact of negotiation expectations. It eventually closed at 2974, down 0.07% from the previous trading day. On the spot cargo side, the market showed mixed performance, with fluctuations ranging from 10-30 yuan/mt. Trading activity was weak throughout the day. ......

China Reform Holdings Corporation Ltd. and China Chengtong Holdings Group Ltd., two state-owned capital operation companies, successfully issued 39.5 billion yuan of special bonds for steady growth and expanded investment in the interbank market on the 9th, further supporting central state-owned enterprises in strengthening their investments in the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins," and continuing to make efforts in areas such as major equipment upgrades and technological transformations, major scientific and technological innovations, and major strategic emerging industries. This is the second batch of special bonds successfully issued by the two central state-owned enterprises since they were approved to issue special bonds with a total scale of 500 billion yuan last year. This batch of special bonds consists of 23 billion yuan issued by China Reform Holdings Corporation Ltd. and 16.5 billion yuan issued by China Chengtong Holdings Group Ltd., both with a maturity of 10 years and a final coupon rate of 2.09%.

SMM Steel News on June 10: According to SMM statistics, the estimated total shipments of resources in the mainstream market this week were 255,400 mt, an increase of 19,000 mt from the shipment level WoW. By market:

SMM Steel News on June 10: According to SMM statistics, the estimated total resource shipments in the mainstream market this week were 255,400 mt, up 19,000 mt WoW from the shipment level last week. By market:

Today, the most-traded HRC futures contract first rose and then stabilized, with the 2510 contract closing at 3089, unchanged MoM. Spot prices remained stable overall. In terms of supply, the impact from maintenance on hot-rolled coil production this week was 172,600 mt, a decrease of 35,800 mt WoW. Next week, the impact from maintenance on hot-rolled coil production is expected to be 158,800 mt, a decrease of 13,800 mt WoW, indicating a continued rebound in supply pressure. On the demand side, with the arrival of hot and rainy weather, the terminal processing data in some markets have gradually entered off-season levels, and the manufacturing sector is mainly purchasing as needed. In terms of raw materials, pig iron production may continue to decline in the short term, and the third round of coke price cuts is imminent, with prices expected to remain in the doldrums. The cost support for HRC has slightly weakened. Overall, today's futures market fluctuated based on the situation of the China-US talks. Attention should be paid to the actual outcomes of subsequent talks. In June, HRC may gradually show a pattern of increasing supply and decreasing demand. Exports remain the biggest support for current prices. Attention should be paid to SMM's weekly shipping data and terminal processing data. Before new positive macro factors emerge, it is expected that HRC prices will remain in the doldrums in the short term.