Recently, news has emerged from multiple regions about the suspension or adjustment of the "national subsidy" for trade-in policies. In response, relevant national authorities have stated their plans for the next steps regarding the "national subsidy." This year, the state has allocated 300 billion yuan in ultra-long-term special treasury bond funds to support the trade-in of consumer goods. To date, a total of 162 billion yuan has been disbursed to local governments, with the remaining funds to be disbursed in an orderly manner. The trade-in policy for consumer goods will be implemented throughout 2025, and relevant departments are guiding local governments to use the "national subsidy" funds in a stable and orderly manner to enhance the effectiveness of the policy.

[SMM Steel Morning Meeting Summary] Yesterday, rebar futures fluctuated and closed at 2,986, up 0.13% from the previous trading day. In terms of spot prices, spot cargo quotes in most regions dropped slightly in the morning, with declines of 10-20 yuan/mt. Market trading sentiment was weak, and overall transaction performance was mediocre throughout the day. On the fundamental side, supply side, EAF steel mill profits continued to be squeezed. This week, three additional electric furnace plants halted production for maintenance, and two electric furnace plants shortened their operating hours. According to the SMM survey, the operating rate of 50 electric furnace steel mills nationwide, which mainly produce construction materials, was 30.98%, down 3.66% MoM from the previous period...

[SMM Daily Coke Market Briefing] In terms of supply, environmental protection inspections have been tightened. Additionally, some coke enterprises have voluntarily cut production due to losses and inventory pressure, leading to a contraction in coke supply. However, the willingness of downstream buyers to purchase is generally low, and inventories at some coke enterprises continue to accumulate. On the demand side, steel mills' coke inventories remain at a relatively high level. Combined with the impact of the traditional off-season, steel mills maintain a purchasing-as-needed strategy. In summary, market supply remains relatively loose, and the coke market may operate in the doldrums in the short term, with the expectation of a fourth round of price cuts still existing.

[SMM Hot Topic: Leveraging the "Golden Key" of Trade-in Policy to Unlock New Growth Opportunities in the Market] "Market sales have rebounded significantly, with rapid growth in trade-in related goods." This was stated by Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and director of the Department of Comprehensive Statistics of National Economy, at a press conference held by the State Council Information Office on June 16. Implementing trade-in policies for consumer goods plays a crucial role in boosting consumption and expanding domestic demand. Since the beginning of this year, various regions have continuously intensified their trade-in policies, effectively stimulating market vitality and becoming a "golden key" to promoting economic growth and enhancing people's livelihoods.

[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.