He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, pointed out during a survey in Hebei from the 23rd to the 24th that it is necessary to thoroughly study and implement the important instructions of General Secretary Xi Jinping, earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council, accelerate the construction of a unified national market, actively expand domestic demand and boost consumption, accelerate the construction of a new model for real estate development, develop new quality productive forces according to local conditions, and better promote high-quality economic development.

[SMM Steel Morning Meeting Summary: HRC futures and spot prices were mostly stable with individual declines during the day, and overall trading performance was moderate.] Yesterday, HRC futures fluctuated rangebound, with the 05 contract closing at 3,098, down slightly by 0.26%. In the spot market, market quotes were mostly stable with individual declines, and overall trading performance was moderate. In terms of data, HRC inventory data for some mainstream cities were released. This week, Shanghai's HRC inventory stood at 256,000 mt, down 23,300 mt WoW, a decrease of 8.34%; this week, Lecong's HRC inventory was 68.71 mt, up 20,300 mt WoW, an increase of 3.04%; this week, Shenyang's HRC inventory was 200,000 mt, up 25,000 mt WoW, an increase of 14.29%. Looking ahead, it is expected that the inflection point for HRC inventory buildup may occur within the next two weeks. The accumulation of short-term fundamental contradictions is relatively slow, and there is still support below. Considering the lack of macro news stimulus, it is expected that the 05 contract will fluctuate rangebound in the 3,060-3,150 range in the short term.

[SMM Daily Briefing on Coal and Coke] In terms of supply, most coking enterprises were operating at a loss, leading to voluntary production cuts and a certain decline in the actual supply of coke. Demand side, steel mill profits were moderate, and there was support for the rigid demand for coke. As a result, steel mills reduced their control over arrival volumes. In summary, the fundamental contradictions in the coke market have eased recently, coupled with the fact that cost support is no longer weakening. This week, the coke market may stabilize temporarily.

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...