Domestic News - The Ministry of Commerce spokesperson stated that the U.S. has continuously provoked new trade frictions, increasing uncertainty and instability in bilateral economic relations, and has unjustly accused China of violating agreements from the Geneva trade talks [1] - From May 26 to June 1, national freight logistics operated in an orderly manner, with national railways transporting 77.638 million tons of goods, a decrease of 0.16% month-on-month; highway freight traffic reached 52.008 million vehicles, down 6.14%; monitored ports completed a cargo throughput of 277.418 million tons, an increase of 2.24%, while container throughput was 6.517 million TEUs, down 0.72% [1] - On June 2, the national railway is expected to send 17.9 million passengers, with 1,279 additional passenger trains planned [1] Strategic Mineral Control - Various regions in China are implementing measures to prevent the illegal outflow of strategic minerals, with the National Export Control Coordination Mechanism issuing a deployment plan for comprehensive control of strategic mineral exports [2] - Guizhou will strictly follow the deployment plan, while Hunan will conduct systematic inspections of local strategic mineral export enterprises and guide them to enhance compliance awareness [2] - Guangxi will intensify supervision of strategic mineral exploration and mining, cracking down on illegal mining activities [2] Real Estate Market - In May, the total transaction volume of new and second-hand housing in Shanghai reached 2.23 million square meters, a year-on-year increase of 17% [2] - The real estate market in Shanghai has shown characteristics of "increased volume and stable prices" from January to May this year [2]

Group 1 - The article highlights the measures taken by various regions in China to strengthen the control and prevent the illegal outflow of strategic minerals [1] - The National Export Control Work Coordination Mechanism Office has issued a comprehensive deployment plan to enhance the management of strategic mineral exports [1] - Guizhou province will strictly follow the deployment plan to ensure proper implementation of related work [1] Group 2 - Hunan province's relevant authorities will implement local regulatory responsibilities, systematically assess strategic mineral export enterprises, and establish a ledger [1] - The focus will be on guiding enterprises to enhance compliance systems and awareness to ensure the effectiveness of control measures [1] - Guangxi will intensify supervision and management of national strategic mineral exploration and mining, cracking down on illegal mining activities [1] Group 3 - The cities of Wuzhou in Guangxi and Yunfu in Guangdong have established a cross-regional cooperation mechanism to combat illegal mining activities [1] - Other provinces like Jiangxi and Yunnan have also committed to fulfilling their responsibilities in implementing these measures [1]

Group 1 - The core viewpoint of the articles indicates that the trade war initiated by President Trump has failed, with recent agreements seen as a retreat rather than a victory for the U.S. [1] - The U.S. has agreed to significantly reduce tariffs on Chinese goods, with a notable increase of 300% in container bookings from China, indicating a strong recovery in trade activities [1] - The joint statement from the U.S. and China announced the cancellation of 91% of the imposed tariffs and a 90-day suspension of 24% "reciprocal tariffs," marking a substantial easing of tensions [1][3] Group 2 - China has emphasized the importance of controlling strategic mineral exports and has taken measures to address smuggling issues, indicating a cautious approach despite the tariff reductions [3] - The language used in the joint statement reflects a mutual understanding and respect, suggesting a shift towards cooperation rather than confrontation in trade relations [3] - The U.S. business community is calling for further tariff reductions, particularly regarding the 20% tariff on Chinese goods related to fentanyl, but there are political tensions surrounding this issue [5] Group 3 - The unpredictable nature of U.S. tariff policies under Trump has created significant uncertainty for U.S.-China trade, leading businesses to adopt a cautious stance when accepting large orders from the U.S. [6] - The Federal Reserve is facing challenges in predicting economic and inflation trends due to the fluctuating policies, with Trump urging for interest rate cuts to mitigate inflation caused by tariffs [6]

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [4] Core Insights - The recent decrease in tungsten quotas by 4,000 tons in April, combined with seasonal production lows and environmental inspections, has led to a tightening supply and a significant increase in tungsten prices, reflecting its strategic value [1][3] - A meeting in Changsha emphasized the need for stricter regulation of strategic mineral exports, indicating a focus on controlling the entire supply chain from extraction to export [1][2] - The market for antimony is experiencing price adjustments due to weak downstream demand, despite a tight supply situation [2][14] - Molybdenum prices are supported by strong demand from the manufacturing sector, with a notable increase in procurement volumes [9][11] Summary by Sections Molybdenum - Molybdenum concentrate prices have risen to 3,505 CNY/ton, up 5.7% from previous lows, indicating robust demand from the manufacturing sector [9][11] - The total procurement volume for molybdenum iron steel exceeded 7,600 tons in early May, reflecting ongoing strong demand [11] Antimony - Antimony prices have seen a decline, with 2 antimony ingot prices at 219,000 CNY/ton, down 4.3% from the previous week, due to weak demand in downstream industries [2][14] - The supply remains tight, but the market is cautious with purchasing decisions [15] Magnesium - The average price of magnesium ingots has increased to 18,780 CNY/ton, with a 9.3% decrease in total inventory, indicating a tightening supply situation [19][20] Tungsten - The average price of black tungsten concentrate has risen to 167,500 CNY/ton, reflecting a 10% increase, driven by reduced quotas and supply constraints [3][22] - The APT price has also increased significantly, indicating a recovery in profitability for producers [3][22] Vanadium - The vanadium market remains stable with prices for vanadium pentoxide holding steady at 76,500 CNY/ton, reflecting a cautious market environment [27][29]

Report Overview - Report Type: Steel Daily Review [1] - Date: May 15, 2024 [2] - Research Team: Black Metal Research Team [3] Industry Investment Rating - Not provided in the report Core Viewpoints - Currently, the production of the top five steel products has slightly declined, inventory has increased, and the demand for rebar and hot-rolled coils has fallen from its peak. However, there are multi-dimensional signs of recovery in the real estate market, and the steel demand in the automotive, shipbuilding, and machinery industries generally maintains a high growth trend. With the easing of Sino-US tariffs and increased expectations of export rush, the downstream demand outlook has improved. In the short term, the futures prices of rebar and hot-rolled coils are expected to show a slightly stronger and volatile trend [10] Summary by Directory 1. Market Review - On May 14, the main futures contracts 2510 of rebar and hot-rolled coils opened low and closed high, rising significantly, while the main futures contract 2507 of stainless steel fluctuated upward. The KDJ indicators of the daily lines of rebar and hot-rolled coil 2510 contracts diverged upward, and the MACD red bars of the daily lines of both contracts expanded [5][8] - The trading data of the main steel futures contracts on May 14 are as follows: - RB2510: The previous closing price was 3,079 yuan/ton, the opening price was 3,084 yuan/ton, the highest price was 3,133 yuan/ton, the lowest price was 3,067 yuan/ton, the closing price was 3,127 yuan/ton, with a daily increase of 1.23%. The trading volume was 2,134,942 lots, the open interest was 2,111,525 lots, a decrease of 39,651 lots, and the capital inflow/outflow was -0.15 billion yuan [5] - HC2510: The previous closing price was 3,215 yuan/ton, the opening price was 3,220 yuan/ton, the highest price was 3,269 yuan/ton, the lowest price was 3,207 yuan/ton, the closing price was 3,267 yuan/ton, with a daily increase of 1.27%. The trading volume was 801,521 lots, the open interest was 1,351,894 lots, a decrease of 2,694 lots, and the capital inflow/outflow was 0.43 billion yuan [5] - SS2507: The previous closing price was 12,930 yuan/ton, the opening price was 12,930 yuan/ton, the highest price was 13,120 yuan/ton, the lowest price was 12,910 yuan/ton, the closing price was 13,080 yuan/ton, with a daily increase of 1.16%. The trading volume was 142,909 lots, the open interest was 131,758 lots, an increase of 6,744 lots, and the capital inflow/outflow was 0.75 billion yuan [5] - The spot market prices and changes of rebar and hot-rolled coils on May 14 are as follows: - Rebar (HRB400E: 20mm): The prices in Shanghai, Hangzhou, Beijing, and other places were 3,250 yuan/ton, 3,240 yuan/ton, 3,200 yuan/ton, etc., with price increases ranging from 10 to 40 yuan/ton [8] - Hot-rolled coils (4.75mm): The prices in Shanghai, Hangzhou, Beijing, and other places were 3,320 yuan/ton, 3,330 yuan/ton, 3,330 yuan/ton, etc., with price increases ranging from 0 to 60 yuan/ton [8] 2. Industry News - According to data released by the China Iron and Steel Association, in early May 2025, key steel enterprises produced 22.05 million tons of crude steel, with an average daily output of 2.205 million tons, a 0.2% increase in daily output compared to the previous period; 19.9 million tons of pig iron, with an average daily output of 1.99 million tons, a 1.6% increase in daily output; and 20.83 million tons of steel products, with an average daily output of 2.083 million tons, an 8.4% decrease in daily output. The steel inventory of key steel enterprises was 16.06 million tons, a 5.0% increase from the previous ten-day period, a 29.8% increase from the beginning of the year, a 0.1% increase from the same period last month, a 1.4% decrease from the same period last year, and an 8.8% decrease from the same period the year before last [11] - The spokesperson of the Ministry of Commerce stated that strategic mineral export control is related to national security and development interests. To prevent the illegal outflow of strategic minerals, it is necessary to strengthen control over all links of the production and supply chain, starting from the source and involving all aspects from mining to export. All departments need to cooperate in their work, strengthen daily supervision, and promptly detect potential risks. Local governments should implement their regulatory responsibilities, comprehensively investigate relevant business entities in their regions, understand the production, operation, and flow of strategic minerals, and guide local enterprises to improve their compliance awareness and capabilities [11] - According to Mysteel, an alloy plant in Ulanqab, Inner Mongolia, recently reduced production at two 33,000KVA ferrosilicon-manganese alloy submerged arc furnaces, expected to affect the daily output by about 400 tons. A large ferrosilicon-manganese enterprise in Chongqing shut down two submerged arc furnaces starting from 12:00 on May 12, 2025, with the resumption time to be determined, affecting a daily output of 400 tons [11] - The UK Trade Remedies Authority (TRA) recommended on Tuesday that country-specific quota caps should be imposed on certain categories of steel imported into the UK to protect the UK's steel production industry. The quota cap measures will take effect on October 1 this year [11] 3. Data Overview - The report provides multiple data charts, including the spot prices of rebar and hot-rolled coils in major markets, the weekly production of the top five steel products, the steel mill inventory of the top five steel products, the social inventory of rebar and hot-rolled coils in major cities, blast furnace and electric furnace operating rates and capacity utilization rates, the national daily average pig iron output, and the apparent consumption of the top five steel products [14][16][19]

Group 1 - The central bank reported that M2 increased by 8% year-on-year to 325.17 trillion yuan, while M1 grew by 1.5% to 109.14 trillion yuan as of the end of April [1] - In the first four months, new RMB loans increased by 1.006 trillion yuan, with total loans reaching 269.54 trillion yuan, a year-on-year growth of 6.8% [1] - The average interest rate for new corporate loans in April was approximately 3.2%, down about 50 basis points from the previous year, indicating a favorable borrowing environment for businesses [2] Group 2 - The State Council has implemented a 0.5 percentage point reserve requirement ratio cut, providing approximately 1 trillion yuan in long-term liquidity to the market [2] - The National Development and Reform Commission held a meeting to gather opinions from private enterprises, emphasizing their resilience and confidence in the current economic environment [2] - The Ministry of Commerce announced measures to prevent illegal outflow of strategic minerals, highlighting the importance of regulatory oversight in this sector [6] Group 3 - China Rare Earth announced plans to advance internal and external asset integration and restructuring to align with industry consolidation and green transformation [7] - Vanke A received a loan of up to 1.552 billion yuan from its largest shareholder, Shenzhen Metro Group, to repay bond principal and interest [8] - Macroview Technology signed a contract worth 563 million yuan for computing power services, indicating growth in the tech service sector [9] Group 4 - Baofeng Energy plans to repurchase shares worth between 1 billion and 2 billion yuan, reflecting confidence in its stock value [9] - Xinhua Du is collaborating with Hong Kong Polytechnic University to establish an AI laboratory, aiming to enhance AI applications in business [9] - BeiGene's shareholder HHLR Fund reduced its stake to 4.89%, indicating a shift in ownership dynamics [10] Group 5 - ST United is planning to acquire a stake in Jiangxi Runtian Industrial, with shares suspended for trading, indicating potential growth through strategic acquisitions [12] - Shenghe Resources intends to acquire 100% of Peak Rare Earths Limited for approximately 742.6 million yuan, focusing on the development of the Ngualla rare earth project in Tanzania [12]