According to China Construction Bank (CCB), the bank successfully issued A shares to specific targets, with the Ministry of Finance as the issuing target. The total amount of funds raised was 105 billion yuan, all of which was used to supplement CCB's core Tier 1 capital after deducting relevant issuance expenses. With this, the fundraising initiatives of the four major banks have all been completed. From the announcement of the private placement plan to the completion of fundraising, it took less than three months.

[SMM Steel Morning Meeting Summary: HRC futures and spot prices were in the doldrums during the day, with overall trading performance being average] Yesterday, HRC futures fluctuated rangebound, with the 05 contract closing at 3,099, down slightly by 0.51%. In the spot market, market quotes mostly followed the weak and stable trend in the futures market, with overall trading performance being poor. In terms of data, according to SMM's weekly maintenance data, the impact from HRC maintenance this week was 52,400 mt, a decrease of 64,400 mt WoW. It is expected that HRC production will increase slightly this week. In the short term, with the fourth round of coke price cuts implemented, coke prices may remain weak and stable in the short term. Coupled with the expected slight increase in pig iron production over the next two weeks, the cost support margin is improving. From a fundamental perspective, against the backdrop of the off-season, manufacturing demand still shows strong resilience. It is expected that inventory will continue to decline this week, and the inventory buildup turning point may appear around early July. In the short term, there are no obvious fundamental contradictions, and it is expected that HRC prices will continue to fluctuate rangebound, with the 05 contract focusing on the 3,060-3,150 range.

SMM Steel News on June 24: According to SMM statistics, the estimated total shipments of mainstream market resources this week were 243,700 mt, an increase of 16,300 mt from the shipping level WoW. By market:

[SMM Daily Briefing on Coal and Coke] In terms of supply, most coke enterprises are already operating at a loss, with their production enthusiasm dampened. As a result, coke supply has contracted, but shipments remain basically normal, and inventory has not accumulated significantly. On the demand side, the steel market is gradually weakening, and steel mills' purchase willingness is low. Moreover, the Tangshan region has received emission reduction notices, requiring some steel mills to implement production cuts during specified periods, further suppressing coke demand. Steel mills are mainly purchasing coke as needed. In summary, the coke market is exhibiting a pattern of weak supply and demand, and the coke market will operate in the doldrums in the short term.

From January to May, China's cumulative exports of sheets & plates reached 30.387 million mt, a 0.8% decrease YoY. By product category, cumulative exports of HRC decreased by 22.1% YoY, with the decline significantly outpacing other sheet & plate varieties. Cumulative exports of cold-rolled coil decreased by 5.3% YoY. However, other varieties excluding cold-rolled and hot-rolled coils, such as strip steel, medium-thickness plates, coated/galvanized sheets (strips), and electrical steel sheets (strips), all showed varying degrees of YoY growth in cumulative exports.

[SMM Weekly Maintenance Statistics] According to SMM statistics, this week (from June 21 to June 27), the impact of blast furnace maintenance on pig iron production was...

To improve the policies and measures for cultivated land protection, the Ministry of Natural Resources has guided localities in setting reasonable transition periods based on actual conditions to address the issue of cultivated land outflow caused by historical occupation of cultivated land for tree, fruit, and tea planting. During the transition period, cultivated land will be gradually and orderly restored or replaced through the approach of "identifying a batch," "restoring a batch," and "replacing a batch," allowing the general public sufficient time to adjust the types of crops they plant and enabling local governments ample time to optimize industrial development. For plots included within the scope of the transition period, comprehensive consideration will be given in the assessment of cultivated land protection, which not only reinforces the main responsibilities for cultivated land protection at all levels but also effectively alleviates the burden on local governments and safeguards the rights and interests of farmers.

[SMM Steel Morning Meeting Summary: Futures and Spot Prices Fluctuate Rangebound, HRC Trading Performance Weakens During the Day] Yesterday, HRC futures fluctuated rangebound, with the 05 contract closing at 3,112, down 0.16%. In the spot market, market quotes mostly followed the futures market and remained in the doldrums, with overall trading performance being mediocre and market trading sentiment weak. In terms of data, according to SMM steel shipping data, last week, port departures of steel from China's main ports were 2.6072 million mt, down 20% WoW, and still at a high level YoY. In the short term, with the fourth round of coke price cuts implemented, driven by expanding profits and orders, HRC production remains at a medium-to-high level. On the demand side, against the backdrop of the off-season, manufacturing demand still shows strong resilience. It is expected that the inventory buildup turning point will appear around early July. Considering that current inventory levels are at a low point compared to the same period in recent years, with no significant contradictions in the fundamentals, it is expected that HRC prices will continue to fluctuate rangebound in the short term, with the 05 contract focusing on the 3,060-3,150 range.

[SMM Daily Coke Market Brief Review] Mainstream steel mills in Hebei and Shandong regions implemented a coke price cut of 50-55 yuan/mt, marking the fourth round of price reductions. In terms of supply, affected by environmental protection measures and the shift from profit to loss, the production enthusiasm of some coke enterprises was dampened, leading to voluntary production restrictions and a contraction in coke supply. On the demand side, the purchase willingness of steel mills was low, and the Tangshan region received a notice on emission reduction, requiring some steel mills to implement production cuts during specified periods, further suppressing coke demand. In summary, the fourth round of coke price reductions has been implemented, and the bearish sentiment in the market has been somewhat released. The coke market is exhibiting a pattern of weak supply and demand, and the short-term coke market is expected to remain in the doldrums.