【SMM Steel】Japan's Ministry of Finance initiated an anti-dumping investigation on June 1, 2026, covering hot-rolled flat steel from China, South Korea, and Taiwan. The probe, requested by Nippon Steel, JFE Steel, Kobe Steel, and Nakayama Steel, examines dumping from April 2025 to March 2026 and injury over the 2021-26 period. Products include iron, non-alloy, and alloy hot-rolled flat steel (excluding clad, plated, or coated goods), used in autos, appliances, construction, containers, and steel pipes. HS codes: 7208, 7211, 7225, 7226 series.

SMM June 1 News: Metals market: As of the midday close, most base metals on the domestic market fell, with SHFE copper edging up, while SHFE aluminum and SHFE lead dipped slightly. SHFE zinc fell 0.84%. SHFE tin rose 0.85%. SHFE nickel fell 0.79%. In addition, the most-traded foundry aluminum futures fell 0.17%, the most-traded alumina contract fell 0.35%. The most-traded lithium carbonate contract fell 0.26%. The most-traded silicon metal contract rose 1.75%. The most-traded polysilicon futures rose 1.19%. Ferrous metals mostly rose, with iron ore down 0.38%, rebar up 0.67%, hot-rolled coil up 0.59%, and stainless steel down 0.81%. Coking coal and coke: the most-traded coking coal contract rose 7.2%, and the most-traded coke contract rose 5.1%. Overseas base metals, as of 11:44, LME metals rose across the board. LME copper rose 0.56%. LME aluminum rose 0.2%. LME lead rose 0.22%. LME zinc rose 0.08%. LME tin rose 0.51%. LME nickel rose 0.34%. Precious metals, as of 11:44, COMEX gold fell 0.88%, and COMEX silver rose 0.16%. Domestic precious metals: the most-traded SHFE gold contract rose 0.78%, and the most-traded SHFE silver contract rose 0.13%. In addition, as of the midday close, the most-traded platinum futures rose 0.97%, and the most-traded palladium futures fell 0.72%. As of the midday close, the most-traded Europe containerized freight index contract rose 11.26%, closing at 3,884 points. As of 11:44 on June 1, midday futures quotes for selected contracts: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 70 yuan/mt, down 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 0 yuan/mt, down 40 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 70 yuan/mt, down 40 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,845 yuan/mt, down 170 yuan/mt from the previous trading day; the average price of SX-EW copper was 104,740 yuan/mt, down 170 yuan/mt from the previous trading day. Spot market: Returning from the weekend, Guangdong inventory saw a significant increase... Macro front China: [The "Regulations of the State Council on Outbound Investment" was published and will take effect on July 1, 2026] It mentioned that investors conducting outbound investment activities shall not export or use goods, technologies, services, and related data prohibited from export by the state, or export or use goods, technologies, services, and related data restricted from export by the state without authorization; shall not transfer goods, technologies, services, and related data prohibited from export by the state to other countries (regions) through means such as cross-border dispatch of technical personnel, organizing personnel to work in other countries (regions), providing cross-border technical guidance, or arranging cross-border training, or transfer goods, technologies, services, and related data restricted from export by the state to other countries (regions) without authorization. [Shanghai Municipal Government General Office Released the Shanghai Service Industry Development 15th Five-Year Plan] The plan mentioned that by 2030, the service industry is expected to achieve notable progress in optimizing its structure, fostering momentum, and improving quality and efficiency, with continuous improvement in digitalization, standardization, integration, and internationalization. The added value of the service industry is expected to reach approximately 6 trillion yuan, basically forming a new high-quality and efficient service industry system led by high-level urban core service functions, anchored by high-end producer services, and supported by high-grade consumer services, building Shanghai's service industry into a "resilient foundation" for economic growth with higher capacity and a "dynamic hub" for global service resource allocation with stronger influence. (Source: Wallstreetcn) [PBOC Net Drained 247 Billion Yuan via Open Market Operations Today] The PBOC conducted 11 billion yuan of 7-day reverse repo operations in the open market at an interest rate of 1.40%, unchanged from the previous day. A total of 258 billion yuan in reverse repos matured today. US Dollar: As of 11:44, the US dollar index rose 0.13% to 99.08. According to an article by Nick Timiraos, known as the "Fed whisperer," in a speech on Sunday evening local time, former US Fed Chair Powell stated that if any administration found an excuse to remove Fed officials simply over policy disagreements, the Fed would not be able to survive. Powell currently serves as a Fed governor. While speaking broadly about institutions, the rule of law, and related topics, he did not name any president, nor did he express any specific personal grievances. However, when addressing the institutional framework designed to keep monetary policy decisions out of presidential control, his language was extremely precise. Powell emphasized the legal protections designed to prevent the arbitrary removal of Fed officials and specifically noted that the executive branch "plays no role in selecting or supervising the 12 regional Reserve Bank presidents," who vote on interest rate decisions alongside Fed governors. "If any administration found an excuse to remove Fed officials simply over policy disagreements, future administrations would inevitably follow suit," Powell said. He noted that the credibility the Fed had built over decades was a "priceless asset," and he and his colleagues "have a responsibility to defend it." (Source: Jin10 Data APP) A CITIC Securities research report noted that the current US Fed transition pace was relatively smooth, and within the next two years, among the seven members of the Federal Reserve Board, only JeromeGovernor Powell may see changes due to his term ending in 2028, while regional Fed presidents face no formal departure pressure before 2028. New Chair Warsh was sworn in on May 22 and his remarks did not release dovish signals. Overall, dovish forces within the US Fed have notably weakened, with neutral and neutral-to-hawkish stances in the majority on policy, though attention is still needed on US economic conditions, geopolitical conflict risks, and other factors. Data: Today's releases include the UK May Nationwide House Price Index MoM, Switzerland April real retail sales YoY, France May manufacturing PMI final, Germany May manufacturing PMI final, Eurozone May manufacturing PMI final, UK May manufacturing PMI final, Eurozone April unemployment rate, US May S&P Global manufacturing PMI final, US May ISM manufacturing PMI, and US April construction spending MoM. In addition, attention is needed on: the opening of NVIDIA GTC Taipei 2026, with Jensen Huang delivering a keynote speech. Crude oil: As of 11:44, oil prices in both markets rose, with WTI up 2.26% and Brent up 2%. Oil prices rebounded from six-week lows as the outlook for an Iran war and peace agreement remained unclear. The US and Iran exchanged messages over the weekend seeking to revise a draft agreement aimed at extending the ceasefire and opening the Strait of Hormuz, but whether substantive progress was made remains unclear. Previously, optimism that the two sides would reach some form of peace agreement and that energy shipments through the Strait of Hormuz would resume had led to crude oil's first monthly decline this year. "Neither Iran nor the US will concede or compromise on their bottom lines for reaching a deal, some of which have not changed since before the war," said economist Gaoud. These bottom lines include the nuclear program, control of the Strait of Hormuz, the ballistic missile program, and sanctions. He also noted that oil prices may remain sensitive to local developments and statements from political leaders. (Jin10 Data) Spot market overview: ► ► ► ► ► ► ► ► ►

On May 27, China Huaneng Group Co., Ltd. announced the shortlisted candidates for its 2026 energy storage system framework procurement. As one of China’s major state-owned power generation groups among the “Big Five and Small Six,” Huaneng’s latest framework tender totals 4GWh, with the agreement valid through March 31, 2027. The procurement covers energy storage systems required for infrastructure and operational projects across the group’s subsidiaries and regional companies.

SMM News, May 27: Metals market: As of the midday close, most domestic base metals rose, while SHFE copper edged down. SHFE aluminum rose 0.8%. SHFE lead rose 0.33%, SHFE zinc fell 0.72%. SHFE tin rose 0.63%. SHFE nickel rose 1.91%. In addition, the most-traded casting aluminum futures rose 0.52%, the most-traded alumina contract rose 0.96%. The most-traded lithium carbonate contract fell 1.09%. The most-traded silicon metal contract rose 0.47%. The most-traded polysilicon futures contract fell 2.17%. Ferrous metals mostly fell. Iron ore fell 0.19%, rebar fell 0.69%, hot-rolled coil fell 0.44%, and stainless steel rose 1.49%. Coking coal and coke: the most-traded coking coal contract fell 1.48%, and the most-traded coke contract fell 1.77%. Overseas base metals, as of 11:38, LME metals rose across the board. LME copper rose 0.6%. LME aluminum rose 0.39%. LME lead rose 0.05%. LME zinc rose 0.4%. LME tin rose 1.24%. LME nickel rose 0.32%. Precious metals, as of 11:38, COMEX gold rose 0.08%, COMEX silver rose 0.63%. Domestic precious metals: the most-traded SHFE gold contract fell 1.05%, the most-traded SHFE silver contract fell 0.73%. In addition, as of the midday close, the most-traded platinum futures contract fell 1.15%, and the most-traded palladium futures contract fell 0.98%. As of the midday close, the most-traded Europe containerized freight index contract rose 0.77%, closing at 2,949 points. As of 11:38 on May 27, midday futures quotes for selected contracts: Spot Cargo and Fundamentals Alumina: SMM statistics show that the scale of alumina projects under construction and under planning in Guinea has exceeded... Macro Front China: [NBS: From January to April, profits of China's above-scale industrial enterprises rose 18.2%; non-ferrous metals sector profits surged 117.8%] NBS data showed that from January to April, total profits of China's above-scale industrial enterprises reached 2.44 trillion yuan, up 18.2% YoY. From January to April, the mining sector posted profits of 361.84 billion yuan, up 26.0% YoY; the manufacturing sector posted profits of 1.80 trillion yuan, up 20.4%; and the electricity, heat, gas, and water production and supply sector posted profits of 272.01 billion yuan, down 1.9%. From January to April, profitability of major industries was as follows: non-ferrous metals smelting and rolling processing (up 1.2x YoY), computer, communications, and other electronic equipment manufacturing (up 1.1x), chemical raw materials and chemical products manufacturing (up 73.4%), coal mining and washing (up 21.0%), textile (up 11.2%), petroleum and natural gas extraction (up 8.1%), petroleum, coal, and other fuel processing (turned from loss to profit), general equipment manufacturing (down 0.6%), electricity and heat production and supply (down 2.5%), special equipment manufacturing (down 7.2%), electrical machinery and equipment manufacturing (down 11.4%), agricultural and sideline food processing (down 11.8%), automobile manufacturing (down 16.8%), non-metallic minerals products (down 50.7%), and ferrous metals smelting and rolling processing (down 51.5%). [PBOC Conducts 177.6 Billion Yuan in Open Market Reverse Repo Operations with Net Injection of 127.6 Billion Yuan in a Single Day] The PBOC conducted 177.6 billion yuan in 7-day reverse repo operations in the open market at an operation rate of 1.40%, unchanged from the previous day. 50 billion yuan in reverse repos matured today. US Dollar: As of 11:38, the US dollar index fell 0.05% to 99.1. According to Nikkei, Fed's Kashkari stated that the US Fed may implement a "series" of interest rate hikes in response to inflation concerns triggered by the Middle East situation. During the late-April FOMC meeting, the US Fed kept interest rates unchanged. Kashkari and two other officials dissented against the decision to include language in the Fed's statement hinting at future monetary easing. In a written interview, Kashkari said: "I think the next rate adjustment could be an interest rate cut, or it could be a rate hike." He used this to express his differing views. Kashkari said the outcome would depend on inflation trends, which depend on whether the Strait of Hormuz would reopen soon or remain effectively closed due to further damage to infrastructure in the region, the latter of which would exacerbate the global energy shortage. Kashkari said the concern was that long-term inflation expectations of enterprises and households "could become unanchored." He said the FOMC "may well need to respond forcefully," and rate hikes, or even a series of rate hikes, could be necessary measures. According to CME "FedWatch": the probability of the US Fed keeping rates unchanged through June was 99.2%, with a 0.8% probability of a cumulative 25-basis-point interest rate cut. The probability of the US Fed keeping rates unchanged through July was 88.6%, with an 11.3% probability of a cumulative 25-basis-point rate hike and a 0% probability of a cumulative 25-basis-point interest rate cut. (Jin10 Data) A CITIC Securities research report noted that the resilience of the global economy is being tested by the Middle East conflict, while a glimmer of hope for the resumption of navigation through the Strait of Hormuz has emerged. The US economy is likely to continue growing mildly but unevenly this year, the pace of the EU's weak recovery is being delayed, and Japan's private-sector demand is inevitably subject to disruptions from energy shortages. High oil prices are already pushing up global inflation, with headline inflation rates in Europe and the US likely to fluctuate at highs this year, while Japan's headline inflation rate may continue its mild performance. The US Fed may not cut interest rates at all this year, while potential rate hikes by the European and Japanese central banks are imminent, and the "unrestrained" fiscal stances of Japanese and European political circles could constitute a source of market risk this year. We maintain our view that US equities will outperform US Treasuries and the US dollar index will find support, while gold prices are expected to break out of their current range as tail risks to inflation dissipate. Other currencies: The Reserve Bank of New Zealand (RBNZ) kept rates unchanged for the third consecutive meeting, opting to continue observing the impact of the global energy shock on domestic consumption and medium-term inflation. The RBNZ's Monetary Policy Committee on Wednesday held the Official Cash Rate (OCR) at 2.25%, in line with market expectations. The RBNZ's latest projections show a rising likelihood of at least two 25bp rate hikes before year-end. In its post-meeting statement, the RBNZ said: "Taken together, the OCR will likely need to be raised sooner and by more than projected in the February Monetary Policy Statement." "The pace of hikes will depend on the relative impact of persistent wage and pricing behavior versus weakening economic activity on medium-term inflation pressures." Following the statement, NZD/USD rose. (Jin10 Data) Bank of Japan (BoJ) Governor Ueda Kazuo said vigilance is needed regarding the impact of surging oil prices on underlying inflation trends, but did not clearly signal how this factor would influence next month's policy meeting outcome. Ueda said on Wednesday: "Japan's experience shows that oil price shocks are never just oil price shocks; they actually test the entire inflation mechanism." Reviewing the impact of oil crises since the 1970s, he noted: "We are in fact experiencing the fifth oil price shock." "If a temporary shock alters wages, inflation expectations, and corporate pricing behavior, it may evolve into persistent inflation." Ueda did not directly signal the future policy path, but as his remarks reflected concerns over the impact of high oil prices, markets may further strengthen speculation about the prospect of a rate hike at the BoJ's June meeting. Overnight swap market pricing shows traders currently assign roughly a 75% probability to a 25bp rate hike by the BoJ next month. (Jin10 Data) Australia's April core inflation rate remained above the upper bound of the Reserve Bank of Australia's (RBA) target range, further reinforcing market expectations that the RBA will maintain its hawkish stance after consecutive rate hikes this year. Data on Wednesday showed the closely watched core inflation gauge—the annual trimmed mean inflation rate excluding volatile items—rose 3.4% YoY, in line with economists' expectations. The RBA targets keeping inflation near the midpoint of its 2%-3% target band. Interest rate swap markets currently price the probability of another rate hike in August at around 50%, down from 64% before the data release. Under the dual pressure of high borrowing costs and surging fuel prices driven by the Iran war, the Australian economy is beginning to show signs of weakness. The unemployment rate in April rose to a four-and-a-half-year high, while approximately one-third of enterprises reported declining revenue over the past four weeks, and half reported rising operating costs. The market widely expects that after raising rates at all three meetings earlier this year, the Reserve Bank of Australia will hold the cash rate unchanged at 4.35% in June. Sue-Ellen Luke, head of price statistics at the Australian Bureau of Statistics, said: "Automotive fuel prices currently remain 23.5% higher than before the outbreak of the Middle East conflict. The impact of rising oil prices is also reflected in goods and services with higher transportation and logistics costs." (Jin10 Data) Data: Today will see the release of the RBNZ interest rate decision as of May 27, Switzerland's May ZEW Investor Confidence Index, US weekly ADP employment change for the week ending May 9, and the US May Richmond Fed Manufacturing Index, among other data. In addition, attention should be paid to: Bank of Japan Governor Ueda Kazuo delivering a speech at a monetary policy conference hosted by the BOJ; the RBNZ releasing its interest rate decision and monetary policy statement; RBNZ Governor Breman holding a monetary policy press conference. Crude oil: As of 11:38, both benchmarks declined, with WTI down 2.03% and Brent down 1.75%. Oil prices fell in Asian early trading as traders weighed the prospects of a US-Iran deal. Front-month Brent crude declined. Despite a resurgence in hostilities, hopes remain for an agreement to reopen the Strait of Hormuz. Tehran signaled that the attacks would not derail negotiations, while US Secretary of State Rubio said it would take a few days to finalise a potential deal. Uncertainty remains high. Kieran Tomkins of Capital Economics noted that while crude oil options data suggest investors expect prices to pull back over the next three months, their conviction is unusually low. He said options indicate investors see a swift resumption of supply through the strait as the most likely outcome, but their implied expectations suggest a 37% probability that oil prices will exceed $100 per barrel in three months. (Zhitong Finance) On the evening of May 26 local time, the Public Relations Department of the Islamic Revolutionary Guard Corps (IRGC) Navy announced that over the past 24 hours, 25 vessels including oil tankers, container ships, and other commercial vessels passed through the Strait of Hormuz with permission, under the coordination and security guarantee of the IRGC Navy. Meanwhile, the IRGC Navy stated that it is exercising "effective and authoritative" control over the Strait of Hormuz, and any act of aggression will be met with a severe response. (CCTV News) (Jin10 Data APP) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

[SMM Tin Midday Review: The Most-Traded Contract Hovered at Highs, Spot Market Trading Remained Sluggish]

SMM News, May 25: Metals market: As of the midday close, base metals on the domestic market mostly rose. SHFE copper gained 1.06%. SHFE aluminum fell 0.47%. SHFE lead rose 0.06%, SHFE zinc rose 0.34%. SHFE tin gained 1.22%. SHFE nickel rose 0.23%. In addition, the most-traded casting aluminum futures fell 0.54%, the most-traded alumina futures rose 0.37%. The most-traded lithium carbonate futures rose 0.58%. The most-traded silicon metal futures rose 1.07%. The most-traded polysilicon futures rose 0.48%. Ferrous metals all rose. Iron ore gained 0.25%, rebar rose 1.23%, hot-rolled coil rose 1.03%, and stainless steel edged up. Coking coal and coke: the most-traded coking coal contract and the most-traded coke contract hit the daily limit up with gains of 7.97% and 7.99%, respectively. Overseas base metals: The London Metal Exchange (LME) was closed on May 25 for the UK bank holiday and will resume trading on May 26. Precious metals: as of 11:38, COMEX gold rose 0.86% and COMEX silver gained 2.44%. Domestic precious metals: the most-traded SHFE gold futures rose 0.64% and the most-traded SHFE silver futures rose 2.27%. In addition, as of the midday close, the most-traded platinum futures fell 0.2% and the most-traded palladium futures rose 0.01%. As of the midday close, the most-traded Europe containerized freight index contract fell 3.36% to 2,901 points. As of 11:38 on May 25, midday futures quotes for selected contracts: Spot and fundamentals Copper: Today, #1 copper cathode spot prices in North China against the front-month contract were reported at an average discount of 360 yuan/mt to a discount of 280 yuan/mt. The average price fell 10 yuan/mt from the previous trading day, and the average transaction price was 105,230 yuan/mt, up 1,035 yuan/mt from the previous trading day. Macro front Domestic: [Huawei Announces Semiconductor Tao's Law] On May 25, Huawei officially announced a new law in the semiconductor field. "Tao's Law" proposes replacing "geometric scaling" with "temporal scaling," achieving new breakthroughs in transistor density and system performance through logic folding technology. This marks the first time China has proposed a new principle guiding industrial development in the global semiconductor field. By 2031, high-end chip transistor density based on this law is expected to reach the equivalent level of the 1.4nm process node. (People's Daily) [PBOC Reverse Repo Operations Result in Net Injection of 257 billion yuan Today] The PBOC conducted 258 billion yuan of 7-day reverse repo operations in the open market, with an operation rate of 1.40%, unchanged from the previous day. 1 billion yuan of reverse repos matured today. On the US dollar: As of 11:38, the US dollar index fell 0.3% to 99.03. Kevin Hassett, chief economic adviser to US President Trump, said he believes that the eventual decline in oil prices will create room for the Fed to cut interest rates. "We again expect that once a deal is reached, energy prices will plunge," Hassett said. "When that happens, the Fed will have plenty of room to take the right action and lower interest rates." He emphasized that he respects the Fed's independence and praised Kevin Warsh, who was sworn in as Fed Chairman last Friday. Although the surge in US fuel prices caused by Iran's closure of the Strait of Hormuz poses a growing political risk to Trump and his Republican Party in the November midterm elections, Hassett believes that the accelerating inflation is mainly driven by energy prices. "If you look at the last few data reports, energy prices are absolutely concerning, but core prices have barely moved at all," he said. "I think once we see energy prices pull back, due to declining energy prices, you may actually see negative inflation." (Jin10 Data) According to CME's "FedWatch": the probability that the Fed will keep interest rates unchanged in June was 97.3%, and the probability of a cumulative 25-basis-point rate hike was 2.7%. The probability that the Fed will keep interest rates unchanged in July was 84.8%, the probability of a cumulative 25-basis-point rate hike was 14.8%, and the probability of a cumulative 50-basis-point rate hike was 0.3%. (Jin10 Data) On data: Today, data including China's year-to-date installed power generation capacity in April and its year-on-year rate will be released. In addition, attention should be paid to: 500 billion yuan of 1-year medium-term lending facility (MLF) and 1 billion yuan of 7-day reverse repos will mature today. In addition, it is worth noting that due to the Memorial Day holiday, US stock markets will be closed for one day on May 25 (Monday); CME's precious metals and US crude oil futures contract trading will end early at 02:30 Beijing time on the 26th, and US stock and US Treasury futures contract trading will end early at 01:00 Beijing time on the 26th. Due to the Buddha's Birthday holiday, Hong Kong stock markets will be closed for one day on May 25 (Monday), with both southbound and northbound trading suspended; South Korean stock markets will also be closed for one day on the same day. In addition, due to the Spring Bank Holiday, the UK stock market will be closed on Monday, May 25; trading of ICE Brent crude oil futures contracts will end early at 01:30 Beijing time on May 26. Investors are advised to take note. (Jin10 Data) Overseas exchange closure arrangements are as follows (all in Beijing time): Crude oil: As of 11:38, oil prices in both markets fell, with WTI down 5.92% and Brent down 5.32%. Rising expectations of a US-Iran deal boosted global risk sentiment, putting oil prices under pressure. The direct catalyst for the oil price decline was signs of improvement in actual transit conditions through the Strait of Hormuz. According to Iran's Islamic Republic News Agency citing a statement from the Islamic Revolutionary Guard Corps, 33 vessels — including oil tankers, container ships, and other commercial vessels — passed through the Strait of Hormuz within 24 hours on Sunday after receiving authorization from the IRGC Navy. (Wallstreetcn) The Washington Post reported on May 24 that the US and Iran had reached agreement on a framework for a memorandum of understanding (MOU), which, once signed, would fully restore shipping through the Strait of Hormuz within 30 days. Citing an anonymous senior US government official, the report said the US and Iran had developed an MOU "framework" that includes a 60-day ceasefire extension to allow both sides to reach a "final agreement" on permanently ending hostilities with Iran, during which the Strait of Hormuz would be demined and reopened. The official said the MOU includes a "commitment" that Iran will not possess nuclear weapons. Over the next two months, the US and Iran will discuss the "mechanism" for implementing this commitment. However, neither side signed any agreement on May 24. (Xinhua) Trump said on social media on Saturday that a US-Iran deal was largely done, including the opening of the Strait of Hormuz, and told US representatives not to rush into a deal. But on Sunday he said the deal was "not fully done yet." US Secretary of State Marco Rubio had previously said there could be "some good news" on the Hormuz issue in the coming hours. Iran remained cautious. Iran's Tasnim News Agency warned that the draft agreement could still collapse due to US obstacles on several key terms — including Iran's demand for unfreezing assets. (Wallstreetcn) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ► ►