[SMM Steel Morning Meeting Summary] Yesterday, rebar futures fluctuated rangebound, closing at 2,981, up 0.17% from the previous trading day. In terms of spot prices, spot prices in most regions remained stable, while prices in a few regions fell by 10 yuan/mt. The market sentiment was one of wait-and-see, with trading performance throughout the day falling short of the previous day. On the fundamental side, EAF steel mills, facing intensified profit losses, saw some mills reducing operating hours or halting production. Blast furnace steel mill profits remained considerable. According to the SMM survey, the impact from maintenance on building materials this week was 1.262 million mt, down 57,000 mt WoW, with supply increasing slightly...

In recent years, China has continued to increase its investment in green development, the digital economy, and other fields in Central Asian countries. As of now, China's cumulative investment in Central Asian countries has exceeded US$30 billion. China is a major source of investment for Central Asian countries. In recent years, China has accelerated cooperation with Central Asian countries in fields such as 5G, the Internet of Things, and smart cities, implemented multiple clean energy projects including wind and solar power, water storage, and others, and promoted the transformation and upgrading of traditional industries. Meanwhile, China is a major partner for Central Asian countries in the field of contracted projects. As of April 2025, China had signed contracted project agreements with Central Asian countries worth a cumulative US$120.1 billion and completed a turnover of US$75.6 billion. Economic and trade cooperation has continued to deepen. China has signed new investment agreements with Kazakhstan and Tajikistan and initiated negotiations on a service trade and investment agreement with Kyrgyzstan, which will provide institutional guarantees for trade and investment cooperation between China and Central Asian countries.

SMM Steel News on June 17: According to SMM statistics, the estimated total resource shipments in the mainstream market this week were 227,400 mt, down 28,000 mt WoW from the shipping level last week. By market:

SMM Steel News on June 17: According to SMM statistics, the estimated total resource shipments in the mainstream market this week were 227,400 mt, down 28,000 mt WoW from the shipment level. By market:

[SMM Daily Briefing on Coal and Coke] In terms of supply, affected by environmental protection and inventory accumulation, some coke enterprises have slightly cut production, leading to a tightening of coke supply. Demand side, steel mill profits are moderate, and there have been no large-scale maintenance activities. There is a rigid demand for coke, but pig iron production has peaked. Moreover, steel mills have the intention to continue driving down coke prices, with some controlling the arrival of coke and lacking the willingness to purchase. In summary, the market sentiment is weak, and there is an expectation for a fourth round of coke price cut this week.

[SMM Weekly Maintenance Statistics] According to SMM statistics, for the week (June 14 to June 20), the impact of blast furnace maintenance on pig iron production was...

[SMM Steel Morning Meeting Summary] Today, rebar futures fluctuated upward, closing at 2,990, up 0.98% from the previous trading day. In terms of spot prices, most markets saw quotes rise slightly due to the rebar futures, with increases of 10-30 yuan/mt. Trading volume throughout the day was moderate. From a fundamental perspective, on the supply side, blast furnace steel mill profits remained above 100 yuan, and steel mills' production willingness was moderate, with some steel mills that had undergone maintenance earlier resuming production as planned. EAF steel mills faced difficulties in collecting scrap and were mostly operating at a loss, making it difficult to increase operating rates in the short term. The overall supply pressure for construction materials still exists.....

Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and director of the NBS's Department of Comprehensive Statistics of National Economy, stated at a press conference held by the State Council Information Office that China's economy operated generally smoothly in May, with some indicators continuing to improve, new growth momentum expanding, and the trend of high-quality development persisting, demonstrating the strong resilience and vitality of China's economy. In May, influenced by factors such as the trade-in policy for consumer goods, market sales growth accelerated. Total retail sales of social consumer goods in May were up 6.4% YoY, with the growth rate accelerating by 1.3 percentage points compared to the previous month. From January to May, service retail sales grew by 5.2%, accelerating by 0.1 percentage points compared to the period from January to April. The acceleration of consumption growth, particularly the expansion of service consumption, is also evident in its boost to related service industries. In May, the production index growth rates of the wholesale and retail industries, as well as the accommodation and catering industries, all accelerated compared to the previous month. Meanwhile, new growth drivers such as high-end manufacturing, the digital economy, and the new energy industry continued to expand, effectively promoting industrial transformation and the stable operation of the economy.

[SMM Daily Briefing on Coal and Coke] In terms of supply, most coke enterprises have seen profit recovery, with production temporarily stable. Some coke enterprises have slightly cut production due to losses and inventory accumulation, leading to a tightening of coke supply. Demand side, steel mill profits are moderate, with no large-scale maintenance occurring. There is a certain rigid demand for coke, but the coke inventory of most steel mills is at a medium to high level, lacking restocking demand. Purchasing as needed is the main approach, and even some steel mills with high coke inventory are controlling arrivals. In summary, the coke market is still in the doldrums, and there is an expectation for a fourth round of coke price cut this week.

Since Q2, the issuance of local government bonds has significantly accelerated. A review of the Special Bond Information Network by reporters revealed that as of June 12, local government bond issuance this year had exceeded 4 trillion yuan, with newly added special bonds accounting for nearly 40%. Experts stated that fiscal policy will remain one of the key supports for economic resilience in Q2, and the issuance of local government bonds is expected to further increase, driving steady growth in infrastructure investment throughout the year. This year, there has been a notable increase in the issuance scale of new bonds allocated to major projects through local government bonds, primarily in the form of newly added special bonds. Data shows that among the 4,483.4 billion yuan of local government bonds issued so far, 1,645.7 billion yuan are newly added local government bonds, and 359.6 billion yuan are newly added general bonds.