This week, the ferrous metals series first rose and then fell, with an overall downward trend. At the beginning of the week, the China-US talks sent optimistic signals, improving market sentiment and driving up the futures market. However, mid-week, the fundamental factors of steel turned weak, coupled with fading sentiment, causing the futures market to decline. As the weekend approached, the US announced that it would impose a tariff hike on steel home appliances starting from the 23rd, leading to a significant drop in the futures market, except for coking coal and coke. In the spot market, the futures market rose in the first half of the week, leading to a phased improvement in market transactions. However, most transactions were driven by rigid demand for low-priced purchases, and seasonal characteristics began to emerge...

[SMM Rebar Daily Review: Seasonal Demand in Off-Season, Contradictions in Industrial Sector Gradually Emerging] This week, rebar prices fluctuated rangebound, with the nationwide average price at 3,087 yuan/mt, down 10 yuan/mt MoM.

According to CCTV News, on June 12, Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked about the meeting of the China-U.S. Economic and Trade Consultation Mechanism. Lin Jian stated that he would like to emphasize that this meeting was held under the strategic guidance of the heads of state of the two countries. The two sides reached a consensus in principle on the framework of measures to implement the important consensus reached during the phone call between the heads of state of the two countries on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing each other's economic and trade concerns. The Chinese side has always delivered on its promises. Now that a consensus has been reached, both sides should abide by it. It is hoped that the U.S. side will work with the Chinese side to implement the important consensus reached during the phone call between the heads of state of the two countries, give full play to the role of the China-U.S. Economic and Trade Consultation Mechanism, and enhance consensus, reduce misunderstandings, and strengthen cooperation through communication and dialogue.

[SMM Steel Morning Meeting Summary] Yesterday, the steel futures market fluctuated downward, closing at 2,968, down 0.70% from the previous trading day. On the spot side, most market quotes dropped slightly, with declines of 10-20 yuan/mt, and the trading performance throughout the day was mediocre...

[SMM Rebar Daily Review: Weak Supply and Demand, Insufficient Upward Momentum for Construction Steel Prices] Today, the futures market fluctuated downward, closing at 2,968, a decrease of 0.70% from the previous trading day. On the spot cargo side, most market quotes dropped slightly, with declines of 10-20 yuan/mt, and the overall trading performance was mediocre throughout the day.

[SMM Construction Steel Inventory: Reduced Supply Drives Further Decline in Construction Steel Inventory; Can Destocking Continue?] This week, the total inventory of construction steel continued to decline. Total rebar inventory fell 2.20% WoW, and total wire rod inventory fell 2.70% WoW.

On June 12, the total rebar inventory this week was 5.2603 million mt, a decrease of 118,300 mt WoW, down 2.20% WoW, and down 27.31% YoY on the lunar calendar. The total wire rod inventory this week was 1.0994 million mt, a decrease of 30,400 mt WoW, down 2.70% WoW, and down 38.93% YoY on the lunar calendar.

[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.

[SMM Rebar Daily Review: Favourable Macro Front Boosts Market Confidence, Can Steel Price Increase Continue?] Today, positive signals were released from the macro perspective. The agreement framework reached in principle during the China-US-London negotiations boosted market sentiment, and the futures market fluctuated upwards. On the spot side, most market quotes increased, with rises of 10-30 yuan/mt, and overall trading performance was average.