Fangda Special Steel stated on an interactive platform that its cooperation with CATL mainly involves R&D of steel products, and its subsidiary has partnered with CATL on a PV power generation project.

In the news, on June 25, the National Energy Administration released the national power statistics for the period from January to May. As of end-May, China's cumulative installed power generation capacity reached 4.01 billion kW, up 11.0% YoY, ranking first worldwide. Among them, solar power (4.560, 0.10, 2.24%) installed capacity stood at 1.26 billion kW, up 16.3% YoY; wind power installed capacity was 660 million kW, up 17.0% YoY. Relevant analysts pointed out that during the fifteen years from 2010 to 2025, the installed capacity of various power sources in China grew rapidly, with wind and PV installed capacity achieving average annual growth rates of 22.7% and 75.7%, respectively, which were 4.3 times and 14.3 times the average annual growth rate of thermal power installed capacity, and served as the primary driving force behind China's total installed power capacity exceeding 4 billion kW (5.500, -0.08, -1.43%).

Two departments under the National Development and Reform Commission (NDRC) issued guidance to transform thermal power into supporting and regulating power sources. The country will optimize the layout of thermal power, and reasonably cap the installed capacity and power generation volume of coal-fired power units.

SMM, June 26: Metals market: As of the midday close, base metals on the domestic market almost all fell. SHFE copper edged down, SHFE aluminum fell 0.38%, SHFE lead rose 0.15%, SHFE zinc fell 1%, SHFE tin dropped 1.7%, and SHFE nickel declined 1.81%. In addition, the most-traded foundry aluminum futures fell 0.4%, the most-traded alumina contract dropped 1.41%, the most-traded lithium carbonate contract tumbled 5.26%, the most-traded silicon metal contract lost 0.89%, and the most-traded polysilicon futures fell 3.53%. Ferrous metals all fell. Iron ore dropped 0.67%, rebar lost 0.64%, hot-rolled coil slipped 0.51%, and stainless steel dipped 0.21%. Coking coal and coke: the most-traded coking coal contract fell 0.92%, and the most-traded coke contract fell 1.21%. Overseas base metals: as of 11:43, LME metals all fell. LME copper dropped 1.55%, LME aluminum fell 0.97%, LME lead lost 0.39%, LME zinc declined 1.38%, LME tin tumbled 1.99%, and LME nickel fell 1.36%. Precious metals: as of 11:43, COMEX gold fell 0.9% and COMEX silver plunged 3.4%. Domestic precious metals: SHFE gold edged down 0.11%; the most-traded SHFE silver contract extended losses from the previous five trading days, falling another 2.72%, and hit an intraday low of 13,513 yuan/kg, the weakest since December 2025. Additionally, as of the midday break, the most-traded platinum futures rose 0.31%, while the most-traded palladium futures fell 0.85%. As of the midday close, the most-traded container shipping (Europe route) futures added 0.7% to 3,686.5 points. Selected futures midday quotes as of 11:43, June 26: Spot and fundamentals Aluminum: The futures market stopped falling and edged up today. Spot aluminum in South China gradually weakened amid divergence. Low aluminum prices and strong destocking continued to support suppliers holding prices firm in selling... Macro front China: [National Energy Administration: During the 15th Five-Year Plan period, it will continue to open up energy projects and issue investment guidelines for private enterprises to participate in large and medium-sized hydropower projects] Wan Jinsong, deputy director and spokesperson of the National Energy Administration, stated at a State Council Information Office press conference that during the 15th Five-Year Plan period, the administration will persist in the approach of open construction and service-driven investment, increasing support for private enterprises to engage in building a new-type energy system. For major energy projects, it will expand the investment space for private enterprises. For major projects with certain returns, such as nuclear power, hydropower, and oil and gas storage and transportation facilities, the feasibility of private enterprise participation will be assessed on a case-by-case basis. During the 15th Five-Year Plan period, we will continue to open up energy projects, issue investment guidelines for private enterprises to participate in large and medium-sized hydropower projects and others, so that their investments have direction and returns are guaranteed. We will further improve the electricity market and pricing mechanism, and support private enterprises in investing in projects such as virtual power plants, charging facilities, and new-type energy storage. [Wang Hongzhi, Director of the National Energy Administration: China's installed power capacity is expected to reach 5.4 billion kW by 2030] Wang Hongzhi, member of the Party Leadership Group of the National Development and Reform Commission (NDRC) and Director of the National Energy Administration, stated at a press conference of the State Council Information Office that China's installed power capacity has now exceeded 4 billion kW and is expected to reach 5.4 billion kW by 2030. Among this, new energy will account for over 50% of installed capacity, becoming the mainstay of power capacity, while non-fossil fuel power generation will account for 50% of total electricity output, becoming the main source of electricity. Coal and oil consumption will have peaked. The PBOC conducted a 231.5 billion yuan 7-day reverse repo operation today at an interest rate of 1.4%, unchanged from the previous rate. No reverse repos matured today. The PBOC injected a net 329.7 billion yuan into the open market this week. (From Wallstreetcn APP) US dollar aspect: As of 11:43, the US dollar index rose 0.01% to 101.47. According to CME "FedWatch": the probability that the Fed will keep interest rates unchanged in July is 69%, while the probability of a cumulative 25-basis-point hike is 31%. For September, the probability of keeping rates unchanged is 36.6%, cumulative 25-bp hike is 48.8%, and cumulative 50-bp hike is 14.6%. Fed Williams stated that the current monetary policy stance is well positioned to bring inflation back to the Fed's 2% target while acknowledging that risks to achieving its dual mandate remain. Williams said, "Given that inflation is elevated, we must bring it back sustainably to the 2% longer-run goal. The current stance of monetary policy is fully capable of achieving that." Williams noted that inflation is "clearly elevated" and well above the Committee's 2% objective. He expects inflation data to pull back slightly over the next few quarters, although significant risks remain. Fed Goolsbee said on Thursday that while the latest US inflation report showed a glimmer of hope for improvement in services inflation, underlying inflation pressures remain too high and concerning. In an interview with CNBC, Goolsbee declined to offer specific views on whether the Fed should raise rates or keep them unchanged. He said he agreed with Fed Chairman Warsh's view that fueling speculation about future interest rate paths should be avoided. (Jin10 Data APP) US data sent mixed signals while oil prices fell below pre-conflict levels. The May PCE inflation YoY matched average expectations, accelerating from 3.8% to 4.1%. Lower energy costs are expected to cool future inflation. May durable goods orders fell 4.5%, versus average expectations for a 4% decline. Meanwhile, Q1 real GDP annualized quarterly rate was revised up from 1.6% to 2.1%, compared to expectations of 1.7%. Initial jobless claims for the week fell to 215,000, against average expectations of 223,000. (Jin10 Data APP) A CITIC Securities research report said the US dollar index has strengthened rapidly in recent days, driving gold prices below the $4,000/oz mark. Fading inflation concerns did not push the dollar lower. We believe political “re-dollarization” may partly explain the dollar’s recent strength, but a more important driver likely comes from expectations of tightening dollar liquidity. We expect the dollar index to find support this year but struggle to sustain a strong rally, and the next US inflation data could be a catalyst for the market to adjust trading strategies. On the data front: The final US June University of Michigan consumer sentiment index and final June one-year inflation expectations will be released today. Also to watch: FOMC permanent voter and New York Fed President Williams delivers a speech; 2027 FOMC voter and Chicago Fed President Goolsbee speaks; 2026 FOMC voter and Minneapolis Fed President Kashkari speaks. On the crude oil front: As of 11:43, both crude benchmarks fell, with WTI down 1.67% and Brent down 1.54%. As shipping through the Strait of Hormuz resumed, supply concerns eased somewhat. However, a cargo vessel was attacked near Oman on Thursday, and markets will closely monitor geopolitical developments. S&P Global Energy reported on the 25th that 78 vessels transited the Strait of Hormuz on the 24th, the highest single-day tally since the outbreak of the Iran war. The daily average number of vessels transiting the Strait this month has recovered to about 57% of pre-conflict levels. As of the 24th, a cumulative total of 551 vessels had transited the Strait this month, putting it on track to be the busiest month since the war began. The report noted that recent departures from the Strait included vessels that had been stranded for long periods due to the conflict as well as recent arrivals, signaling early signs of normalization in shipping activity. However, whether the rebound in transit volumes can be sustained remains to be seen, and related agreements still need further consolidation and implementation. ((Xinhua News Agency) US Secretary of Energy Wright expects Iran's daily crude oil exports to reach up to 2 million barrels. Additionally, market sources say that crude oil exports from the Persian Gulf have rebounded to 75% of pre-war levels; in the past three days through Wednesday, the region exported 13 million barrels of crude oil. (Jin10 Data App) An earlier Wallstreetcn article reported that the UAE formally withdrew from OPEC on May 1, and Iraq subsequently threatened to follow suit unless granted greater production freedom. Meanwhile, a series of geopolitical shocks—including the US takeover of Venezuelan oil assets and US-Israeli military actions against Iran—have significantly eroded OPEC's market control capability. Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

SMM June 26 News: Metals market: Overnight, base metals on the domestic market broadly rose. SHFE tin rose 0.91%, SHFE copper rose 0.9%, and SHFE nickel rose 0.17%. SHFE lead rose 0.25%. SHFE zinc fell 0.12%, and SHFE aluminum fell 0.17%. Additionally, the most-traded alumina futures fell 0.78%, and the most-traded cast aluminum continuous contract fell 0.44%. Overnight, most ferrous metals fell. Iron ore fell 1.08%, rebar fell 0.61%, HRC fell 0.48%, and stainless steel rose 1.4%. Coking coal and coke: the most-traded coking coal contract fell 0.48%, and the most-traded coke contract fell 1%. Overnight LME base metals posted near across-the-board gains. LME copper rose 2.22%. LME aluminum rose 2.26%. LME lead edged lower. LME zinc rose 0.88%. LME tin rose 1.31%. LME nickel rose 0.42%. Overnight precious metals: COMEX gold rose 0.82%, and COMEX silver fell 0.34%. Overnight, SHFE gold rose 1.17%, and SHFE silver rose 1.24%. As of 7:09 a.m. on June 26, overnight closing quotes: Macro Front China: [Two departments: initially establish a clean, low-carbon, safe and efficient new-type energy system by 2030] The National Development and Reform Commission (NDRC) and the National Energy Administration issued the "15th Five-Year Plan for Building a New-Type Energy System." The main objectives are: initially establish a clean, low-carbon, safe and efficient new-type energy system by 2030. Raise overall energy production capacity to 5.8 billion tonnes of standard coal equivalent, comprehensively enhance the complementary and mutual support capabilities and security resilience of the power system, and achieve diversified and controllable energy imports; coal and oil consumption will peak, the share of non-fossil energy consumption will reach 25%, wind and solar installed capacity will exceed 50%, becoming the mainstay of installed power capacity, and non-fossil energy power generation will account for 50% of the total, becoming the dominant source of electricity; accelerate building a resilient, green, low-carbon, integrated, smart and efficient new-type energy infrastructure system and initially complete a new-type power system; achieve overall independent controllability of key technological equipment across the energy industry chain, and rank among the world's leading countries in energy technology innovation; accelerate the improvement of market and pricing mechanisms suited to the new-type energy system, and basically establish a unified national electricity market system. US dollar: The overnight US dollar index fell 0.11% to 101.46. As US data sent mixed signals and oil prices fell below pre-war levels, the decline in energy costs is expected to cool future inflation, and the dollar declined. (Jinshi Data APP) Driven by the Middle East conflict which pushed up energy prices, US inflation edged higher in May, with the annual PCE rate breaking above 4% for the first time in three years, potentially bringing the Fed closer to raising interest rates this year. The Commerce Department reported on Thursday that the US PCE price index rose 4.1% YoY in May, the first reading above 4.0% since April 2023. The US-led war against Iran pushed up oil prices, which in turn drove gasoline prices higher. Although crude oil and gasoline prices have pulled back in recent weeks after a fragile ceasefire was reached, economists expect inflation to remain elevated for some time. And even before the latest conflict, consumers were already grappling with higher prices triggered by Trump's sweeping import tariffs. The Fed left its benchmark rate unchanged in the 3.50%-3.75% range last week, but updated quarterly projections showed policymakers are expected to raise rates this year amid heightened inflation concerns. Financial markets are betting on a rate increase as early as September, potentially followed by another hike. According to CME's FedWatch tool: the probability of the Fed keeping rates unchanged in July is 69%, while the probability of a cumulative 25bp hike is 31%. The probability of the Fed holding rates steady by September is 36.6%, a cumulative 25bp hike 48.8%, and a cumulative 50bp hike 14.6%. (Jinshi Data APP) The Commerce Department reported on Thursday that the final estimate for Q1 GDP showed an annualized growth rate of 2.1%, revised up by 0.5 percentage point from the second estimate and far above economists' expectations. This final reading markedly outperformed the earlier second estimate of 1.6% and was also above the initial 2.0% pace published by the department. Markets had expected the final figure to be basically flat compared to the second estimate. According to the Bureau of Economic Analysis (BEA), a sharp acceleration in business investment—likely fueled by an AI investment boom—was the key driver of the upward revision, with expanding exports and shrinking imports also providing a favorable backdrop. Yet the headline numbers also masked concerns over domestic demand. A key gauge of the economy's internal growth momentum—final sales to domestic private purchasers—was revised down by 0.7 percentage points from the second estimate to 1.7%; consumer spending also decelerated notably from Q4 2025 and from the previous estimate, underscoring pressure on household consumption. New York Fed President John Williams said the current monetary policy stance is effective in suppressing inflation, but numerous risks remain and rates are expected to stay unchanged in the near term. Williams said on Thursday that inflation is "undeniably high," and the current rate stance is "well positioned" to guide inflation back toward the 2% long-run target. He expects inflation to ease to 3.5% by the end of this year, then continue to decline along a "glide path" and reach the 2% target in 2028. (Wall Street CN) On the macro front: Today will see the release of the final University of Michigan consumer sentiment index for June and the final one-year inflation expectations for June, among others. Also to watch: FOMC permanent voter and New York Fed President Williams delivers a speech; 2027 FOMC voter and Chicago Fed President Goolsbee delivers a speech; 2026 FOMC voter and Minneapolis Fed President Kashkari delivers a speech. Crude oil: Overnight, both oil futures gained, with WTI rising 1.61% and Brent rising 1.65%. Oil prices, which had rapidly pulled back following the Iran ceasefire, came under renewed pressure from fresh developments in the Strait of Hormuz. As noted by Wall Street CN, reports said Iran proposed charging a transit fee for ships passing through the Strait of Hormuz, and US Secretary of State Rubio promptly responded that such a move would "set an unacceptable precedent." Notably, inventories in Cushing, Oklahoma, have fallen to about 19 million barrels, below the level considered the operational minimum. Nevertheless, prices remain far below pre-Iran-war levels, and near-dated futures contracts are still in bearish contango. (Wall Street CN) According to Xinhua News Agency, the United Nations maritime regulator, the International Maritime Organization (IMO), announced on Thursday that a ship was attacked in the Gulf of Oman the same day, and the organization decided to suspend evacuation operations for vessels stranded in the Strait of Hormuz to further verify whether related security measures remain effective. Market sources said: crude oil exports from the Persian Gulf rebounded to 75% of pre-war levels; over the three days ending Wednesday, the region exported 13 million barrels of crude. (Jinshi Data APP)

SMM, June 25: Metal markets: As of the noon close, base metals on the domestic market fell across the board, with SHFE copper down 1.82%, SHFE aluminum down 2.75%, SHFE lead down 0.7%, SHFE zinc down 1.64%, SHFE nickel down 0.92%, and SHFE tin down 1.76%. Additionally, the most-traded cast aluminum futures fell 2.08%, the most-traded alumina contract fell 1.29%, the most-traded lithium carbonate contract fell 1.75%, the most-traded silicon metal contract fell 0.29%, and the most-traded polysilicon futures rose 0.33%. Ferrous metals mostly rose, with only stainless steel down 0.75%. Iron ore rose 0.2%, rebar rose 0.1%, and hot-rolled coil edged up. In the coking coal and coke segment: the most-traded coking coal contract inched up 0.08%, and the most-traded coke contract rose 0.28%. In overseas base metals, as of 11:38, LME metals rose across the board. LME copper rose 0.82%, LME aluminum rose 0.24%, LME lead rose 0.6%, LME zinc rose 0.31%, LME tin rose 2.02%, and LME nickel rose 0.77%. In precious metals, as of 11:38, COMEX gold fell 0.48%, and COMEX silver fell 2.02%. In domestic precious metals: SHFE gold declined 2.81%, hitting an intraday low of 868.34 yuan/g; the most-traded SHFE silver contract fell 7.1%, with an intraday low of 13,560 yuan/kg. Additionally, as of the noon close, the most-traded platinum futures fell 4.39%, and the most-traded palladium futures fell 3.54%. As of the noon close, the most-traded containerized freight index (Europe) futures fell 2.45% to 3,665.5 points. As of 11:38 on June 25, midday quotes for selected futures: Spot and fundamentals Silver: In the spot market, downstream consumption recovered somewhat after silver continued to decline. Morning quotes in Shanghai were mainly at TD parity to +20 yuan/kg... Macro front Domestic front: [China's power generation capacity exceeds 4 billion kW] On June 25, the National Energy Administration announced that as of the end of May 2026, China's power generation capacity reached 4.01 billion kW, ranking first globally. Non-fossil energy capacity became the absolute mainstay of capacity additions, and the energy mix continued to improve. The share of coal-fired power capacity fell from 61% in 2010 to 32% in May 2026; the share of non-fossil energy capacity rose from 25% in 2010 to 62% in May 2026; and the share of renewable energy capacity rose from 24% in 2010 to 61% in May 2026. (Xinhua) [PBOC reverse repo net injection of 322.5 billion yuan today] The PBOC conducted 370.5 billion yuan of 7-day reverse repos and 500 billion yuan of 1-year medium-term lending facility (MLF) operations today. With 300 billion yuan of 1-year MLF and 248 billion yuan of 7-day reverse repos maturing today, this resulted in a net injection of 322.5 billion yuan. ((Jin10 Data APP) US dollar: As of 11:38, the US dollar index fell 0.07% to 101.51. All large US banks passed the Fed's annual stress test, paving the way for banks to boost share buybacks and dividends by tens of billions of dollars. The stress test aims to assess how Wall Street lenders would fare under hypothetical financial system shocks. Unlike in previous years, the 2026 test results will not affect capital requirements, as the Fed is continuously revising the test to make it more friendly to banks. This year's test examined how 32 large lenders would withstand a severe global shock amid greater stress in commercial and residential real estate markets and corporate debt markets. The hypothetical scenario included a severe global recession, a 39% drop in commercial real estate prices, and a 30% decline in residential prices. The unemployment rate also surged to a peak of 10%, with a corresponding decline in economic output. The regulators said, "Despite absorbing over $708 billion in loan losses under this year's hypothetical scenario, total capital fell by just 1.6 percentage points, still above the minimum capital requirement." According to CME FedWatch, the probability that the Fed keeps rates unchanged in July is 65.8%, while the chance of a cumulative 25bp rate hike is 34.2%. By September, the probability of rates remaining unchanged is 33.6%, of a cumulative 25bp hike is 49.7%, and of a cumulative 50bp hike is 16.7%. US Treasury Secretary Bessent praised Fed Chairman Warsh for eliminating forward guidance, and said no one should make dot plot forecasts. On the economy, he expects real wage growth to return to the pace seen before April and expects the economy to accelerate for the rest of the year without fueling inflation. He stressed that the dominance of the US dollar is crucial. He believes that once the situation in Ukraine is over, Russia will want to return to the dollar system, while a new Venezuela is returning to that system. During a period of rate cuts, the dollar can still remain strong, and the US is willing to take the right measures to keep the dollar strong. (Jin10 Data APP) On the data front: Today will see the release of Australia's May seasonally adjusted unemployment rate, Germany's July GfK Consumer Confidence Index, US initial jobless claims for the week ending June 20, US May core PCE price index year-on-year, US May personal spending month-on-month, the final reading of US Q1 real GDP annualized quarter-on-quarter, the final reading of US Q1 real personal consumption expenditures quarter-on-quarter, the final reading of US Q1 core PCE price index annualized quarter-on-quarter, US May core PCE price index month-on-month, US May durable goods orders month-on-month, and other data. Additionally, attention should be paid to: Nvidia's annual shareholder meeting; the Bank of Canada's release of monetary policy meeting minutes; the US Federal Reserve's release of annual bank stress test results; Bank of Japan Governor Ueda Kazuo's attendance at a central bank lecture event hosted by the International Monetary Fund (IMF); Micron Technology's fiscal 2026 Q3 earnings call; and 300 billion yuan in 1-year medium-term lending facility (MLF) and 248 billion yuan in 7-day reverse repos maturing today. Crude oil: As of 11:38, oil prices on both exchanges continued to decline, extending losses from the previous three trading days, with WTI falling 1.69% and Brent falling 1.53%. Oil prices pulled back their wartime gains on Thursday as the market bet on improving global crude supply, with tankers that had been stranded in the Persian Gulf for months beginning to sail out of the Strait of Hormuz. According to data from maritime analytics firm Kpler, more than 20 tankers carrying approximately 35 million barrels of crude oil have passed through the Strait of Hormuz since a US-Iran agreement reopened this critical shipping lane. These non-Iranian tankers had been stuck in the Persian Gulf for over three months after Tehran effectively blockaded the waterway early in the conflict. Most of these tankers are expected to arrive at Asian destinations by early August. Citigroup stated that the worst may be over for commodity futures carry trade strategies, which suffered massive losses during the US-Iran war as short positions in near-month contracts were hit hard by soaring prices, while long positions in forward contracts were bought. Citi noted that the current base case is for significant de-escalation, and predicts that as Strait of Hormuz shipping normalizes, Brent crude prices will fall to $60-$65 per barrel over the next 6 to 12 months. (Jin10 Data APP) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ► ►