[SMM Coke and Coking Coal Inventory: Coke inventory at coking plants this week was 466,000 mt] Coke inventory at coking plants this week was 466,000 mt, up 28,000 mt or 6.4% WoW. Coke inventory at steel mills was 2.505 million mt, down 35,000 mt or 1.4% WoW. Coke inventory at ports was 1.27 million mt, down 0 mt or 0.0% WoW. Coking coal inventory at coking plants was 2.384 million mt, down 67,000 mt or 2.7% WoW.

On June 18 local time, the US Fed decided to maintain the target range for the federal funds rate at 4.25% to 4.50%. This marked the fourth consecutive decision by the US Fed's monetary policy meeting to keep interest rates unchanged. On June 19, the Hong Kong Monetary Authority stated that the US Fed's decision to maintain interest rates unchanged was in line with market expectations. The dot plot released after the meeting indicated that the US Fed may reduce interest rates by a total of 50 basis points within this year. However, the market generally believes that there is still significant uncertainty regarding the future pace of interest rate cuts by the US Fed, depending on the trends in US inflation and employment data, as well as the impact of tariff measures and other economic policies on economic activity.

[SMM Steel Morning Meeting Summary] Today, rebar futures first declined and then rose, closing at 2,986, up 0.13% from the previous trading day. In terms of spot prices, most construction material markets maintained stable quotes in the morning, while a few markets saw a slight drop in quotes, with declines ranging from 10 to 30 yuan/mt. Trading performance was poor throughout the day. Fundamentals side, supply side, the production profit margins for construction materials diverged between BF and EAF steel mills...

[SMM Daily Briefing on Coking Coal and Coke] In terms of supply, affected by environmental protection factors, the operating rates of coking enterprises have declined. However, the purchase willingness of downstream buyers remains low, and coke inventories at most coking enterprises are still accumulating. Demand side, steel mills' coke inventories are generally at medium to high levels, but the market is still in a downward phase, and steel mills' enthusiasm for purchasing is relatively weak. In summary, the overall supply-demand pattern of coke is loose, and the coke market will be in the doldrums in the short term, with expectations strengthening for a fourth round of proposed price reductions for coke.

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...