[SMM Survey on Operating Rate of Steel Mills Using Externally Purchased Billets] According to an SMM survey, as of February 28, the operating rate of steel mills using externally purchased billets that mainly produce construction materials was 0%, down 24.49 percentage points MoM from the January operating rate and down 16.21 percentage points YoY.

During the survey period (June 10-17), the spot price of rebar fluctuated, with overall weak trading activity. Amid escalating geopolitical risks overseas, the futures market for industrial commodities experienced amplified volatility. However, there was no significant improvement in the fundamentals of the ferrous metals series. Market trading enthusiasm remained lackluster, with apparent rebar demand declining and electric furnace mills' profits continuously compressed. This week, three additional electric furnace mills halted production for maintenance, while two others shortened their operating hours. Overall, the national electric furnace operating rate this week was 30.98%, down 3.66% WoW.

The "Golden March and Silver April" expectations fell short. Can steel prices rebound in May? The annual average spot rebar price in 2024 was 3,575 yuan/mt, while the average price from January to April 2025 was 3,310 yuan/mt, with the price center overall down by 265 yuan/mt.

Today, the iron ore futures moved downwards after a higher opening and remained in the doldrums throughout the day. The most-traded contract I2509 finally closed at 721, with a daily decline of 0.28%. Traders followed the market to sell goods. As the May Day holiday approaches, most steel mills have a restocking demand. The market transaction atmosphere was moderate. The mainstream transaction prices of PB fines in Shandong were around 765-770 yuan/mt, down 5 yuan/mt from yesterday. The transaction prices of PB fines in Tangshan were around 770-780 yuan/mt, down 0-5 yuan/mt from yesterday. The ongoing US-China trade war has cooled market sentiment. In addition, today's industrial data performance was average. Although the inventory of the five major steel products continued destocking, the apparent demand for rebar and wire rod declined. Downstream demand is gradually shifting from the peak season to the off-season. Fortunately, the current pig iron production is at a high level, and with the May Day holiday approaching, steel mills have started restocking, providing support for iron ore prices. Before the holiday, the market will continue to hold up well. 》Order to view SMM metal spot historical prices

Reviewing 2024, affected by weak end-use demand and surplus capacity, the national average rebar price fluctuated downward, with the overall price center shifting lower. Specifically, the national average rebar price in 2024 was 3,575 yuan/mt, down 322 yuan/mt compared to 2023, with a YoY decline of 8.26%.

Today, iron ore prices soared significantly, with the main contract I2501 closing at 707, a full-day increase of 3.97%. The trading atmosphere in the market today was average. The transaction price increased by 10-20 yuan/ton compared with yesterday; today's apparent demand for steel rebar data increased significantly, the inventory of five major steel products decreased markedly, the terminal demand rose sharply, and the overall market sentiment improved, driving iron ore prices to surge. Given the recent minor changes in steel mill profits and the slow resumption of blast furnaces, there is insufficient momentum to drive up ore prices, and further upside potential is limited. .........