Report Summary 1. Report Industry Investment Rating No information provided in the given documents. 2. Core View of the Report Platinum is led upwards by silver, while palladium is slowly catching up in price [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Price Data**: Platinum futures 2606 closed at 435.55 with a 1.22% increase; gold futures 2606 closed at 371.55 with a 0.26% increase. Various platinum and palladium prices in different markets showed different degrees of increase or decrease [1]. - **Trading Volume and Position Data**: Trading volumes of some platinum and palladium contracts decreased compared to the previous day, while positions of some contracts changed. For example, the trading volume of Guangbo platinum decreased by 42,013, and its position increased by 1,376 [1]. - **ETF and Inventory Data**: Platinum ETF and palladium ETF positions increased compared to the previous day. NYMEX platinum inventory decreased by 622 ounces [1]. - **Spread Data**: Spreads between different platinum and palladium contracts and prices changed compared to the previous day. For example, the spread between PT9995 and PT2606 decreased by 2.14 [1]. - **Exchange Rate Data**: The US dollar index decreased by 0.02%, and various US dollar - RMB exchange rates also decreased slightly [1]. 3.2 Macro and Industry News - Trump announced to revoke all documents signed by former US President Biden through an automatic signature device, and advised not to over - interpret the US closure of Venezuelan airspace. He also confirmed a phone call with Venezuelan President Maduro [3][8]. - The US - Ukraine new round of talks ended, and Rubio said it was productive but there was still work to be done [8]. - OPEC+ agreed to keep the group's production stable next year, and eight major oil - producing countries reaffirmed the suspension of production increases in Q1 next year [8]. - The US White House National Economic Council Director Hasset said he would be "very happy to serve" if nominated as the Fed Chairman [4]. - CME experienced a several - hour outage last Friday due to a cooling system problem in a data center [5]. - Zelensky announced the reorganization of the presidential office, and his chief of staff Yermak announced his resignation [6]. - The National Bureau of Statistics reported that the manufacturing PMI rose to 49.2%, and the steel PMI in November 2025 showed that the industry operation slowed down and off - season characteristics gradually emerged [6]. 3.3 Trend Intensity The trend intensity of platinum is 1, and that of palladium is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7].

Core Viewpoint - The steel industry continues to face pressure, with the PMI for June at 45.9%, indicating a contraction in activity and weak demand [1][2] Demand Analysis - Steel demand remains weak, with the new orders index at 45.6%, down 0.8 percentage points month-on-month, reflecting a lack of optimism in the overall economic outlook [2] - Extreme weather conditions in southern China have significantly hindered construction progress, further impacting demand [2] Supply and Production - Steel production continues to tighten, with the production index at 43.5%, indicating insufficient recovery in production activities [3] - Daily crude steel production in early June was 215.9 million tons, a 3.2% increase month-on-month, but overall production remains below demand levels, leading to a slowdown in inventory reduction [3] Price Trends - Raw material prices are under pressure, with the purchasing price index dropping to 25.6%, remaining low for eight consecutive months [4] - Steel prices showed minor fluctuations in June, with the Shanghai rebar price index ranging from 3032 to 3069 yuan per ton, reflecting weak terminal market demand [4] Future Outlook - In July, steel demand is expected to continue its weak trend due to extreme weather conditions affecting construction activities [5] - The steel market is likely to see continued low price fluctuations, with potential impacts on steel mill production due to squeezed profit margins [5]

Core Viewpoint - The steel industry continues to face pressure with a weak supply and demand dynamic, as indicated by the June 2025 steel PMI of 45.9%, marking a 0.5 percentage point decrease from the previous month, and reflecting two consecutive months of decline [1] Group 1: Industry Performance - The steel industry PMI for June 2025 is reported at 45.9%, indicating ongoing challenges within the sector [1] - There has been a continuous decline in the PMI for two months, suggesting persistent pressure on the steel market [1] - Weak demand is evident, with steel production tightening and increased pressure on inventory reduction [1] Group 2: Price Trends - Steel prices remain low, with raw material prices continuing to decline [1] - It is anticipated that in July, demand will be further pressured due to high temperatures and rainy weather, leading to continued low fluctuations in steel prices [1] - The supply side is also expected to lack upward momentum, contributing to the overall market pressure [1]