Data: SHFE, DCE market movement (May 11)

Dong Lijuan, Chief Statistician of the Urban Division of the NBS, interpreted the April 2026 PPI data. On a MoM basis, the national PPI rose 1.7% MoM, with the increase expanding by 0.7 percentage points from the previous month. A key feature of the monthly PPI movement was that international input factors drove up prices in China's petroleum-related industries. The rise in international crude oil prices drove up prices in China's petroleum-related industries. Specifically, prices in the oil and natural gas extraction industry were up 18.5% MoM, the petroleum, coal, and other fuel processing industry up 16.4%, the chemical raw material and chemical product manufacturing industry up 8.3%, the chemical fiber manufacturing industry up 5.6%, and the rubber and plastic products industry up 1.7%

【SMM Steel】The US Court of International Trade ruled Trump's 10% global tariff under Section 122 of the Trade Act of 1974 is illegal. The court rejected the administration's argument that "balance-of-payments deficits" equals a trade deficit. The injunction applies only to the plaintiffs (two small businesses and Washington state). The DOJ filed an appeal on May 8. The ruling does not affect Section 232 steel and aluminum tariffs on national security grounds.

【SMM Steel】Vietnamese steelmaker Vnsteel inaugurated a new warehouse in Khanh Hoa province, marking its return to the South Central Vietnam market. The project strengthens its nationwide logistics and distribution network. The new facility enhances Vnsteel's capacity to serve local distributors and construction projects. Beyond storage, it serves as a regional logistics center. The company aims to improve customer support, accelerate shipping, and solidify its standing in Vietnam's steel industry.