According to the China National Light Industry Council, in 2025, the retail sales of 11 categories of light industrial goods totaled 8,671.9 billion yuan, up 7.8% YoY. Among them, the retail sales of household appliances and audio-video equipment were up 11% YoY.

Data released by the National Bureau of Statistics (NBS) on the 16th showed that in May, the trade-in policy for consumer goods continued to show results, with retail sales of household appliances and audio-visual equipment, communication equipment, cultural and office supplies, and furniture by units above designated size increasing by 53.0%, 33.0%, 30.5%, and 25.6%, respectively.

Since Q2, the issuance of local government bonds has significantly accelerated. A review of the Special Bond Information Network by reporters revealed that as of June 12, local government bond issuance this year had exceeded 4 trillion yuan, with newly added special bonds accounting for nearly 40%. Experts stated that fiscal policy will remain one of the key supports for economic resilience in Q2, and the issuance of local government bonds is expected to further increase, driving steady growth in infrastructure investment throughout the year. This year, there has been a notable increase in the issuance scale of new bonds allocated to major projects through local government bonds, primarily in the form of newly added special bonds. Data shows that among the 4,483.4 billion yuan of local government bonds issued so far, 1,645.7 billion yuan are newly added local government bonds, and 359.6 billion yuan are newly added general bonds.

[SMM Steel Morning Meeting Summary] Last week, rebar prices fluctuated rangebound, with the current nationwide average price at 3,087 yuan/mt, down 10 yuan/mt MoM. On the supply side, blast furnace steel mills are still in a profitable phase. In June, some steel mills adjusted their production structures, shifting towards increasing production of high-quality special steel and strip steel varieties, with expectations of further reductions in construction materials. Steel scrap prices have remained firm, exacerbating losses on production at EAF steel mills. This week, individual steel mills have halted operations, and several others have reduced their operating hours, resulting in operating rates significantly lower than the same period last year...

The US Department of Commerce announced that it would impose additional tariff on a variety of steel household appliances, including dishwashers, washing machines, and refrigerators, among other "steel derivatives". This move will affect the 50% tariff set by most countries, potentially leading to an increase in consumer prices and drawing close attention from industry stakeholders. In addition, sources revealed that the US plans to list rare earths under the Defense Production Act, but the timetable for Trump's rare earths plan remains unclear.

This week, the ferrous metals series first rose and then fell, with an overall downward trend. At the beginning of the week, the China-US talks sent optimistic signals, improving market sentiment and driving up the futures market. However, mid-week, the fundamental factors of steel turned weak, coupled with fading sentiment, causing the futures market to decline. As the weekend approached, the US announced that it would impose a tariff hike on steel home appliances starting from the 23rd, leading to a significant drop in the futures market, except for coking coal and coke. In the spot market, the futures market rose in the first half of the week, leading to a phased improvement in market transactions. However, most transactions were driven by rigid demand for low-priced purchases, and seasonal characteristics began to emerge...