On May 31, 2026, Zenith Steel released its pricing policy for the first ten days of June. I. Supplementary price adjustment for the third ten days of May: 1. Wire rod: 125 2. Rebar: 165 II. Provisional prices for the first ten days of June: 1. Wire rod: 3,650 2. Rebar: 3,450 III. The benchmark discount rate for acceptance bills was adjusted to 0.8‰ [SMM Steel]

In May, China's aluminum fabrication industry recorded an overall PMI of 50.8%, barely staying above the 50 mark but pulling back significantly by 3.1 percentage points from April. Industry sentiment slid from the edge of expansion territory toward the critical threshold, with structural divergence intensifying further.

[SMM Copper Wire and Cable Weekly Operating Rate] The SMM copper wire and cable enterprise operating rate came in at 66.1% this week, down 0.77 percentage points MoM and down 12.57 percentage points YoY. Copper prices fluctuated at highs during the week, and with the traditional off-season gradually approaching, overall industry demand showed no significant improvement.

This week (May 22–May 28), the SMM copper wire and cable enterprise operating rate was recorded at 66.1%, down 0.77 percentage points WoW and down 12.57 percentage points YoY. During the week, copper prices stayed high, and as the traditional off-season gradually approached, overall industry demand showed no significant improvement. End-use demand side, only State Grid orders were heard to remain stable, with submarine cable and channel orders performing relatively well overall; medium- and low-voltage products for construction and real estate sectors continued to deliver mediocre performance. Inventory side, raw material inventory increased 2.06% WoW, mainly because some enterprises restocked when copper prices pulled back at the end of the week; finished product inventories increased 1.37% WoW, indicating that weakening demand slowed down end-user cargo pick-up. Looking ahead to next week, the copper price pullback at the end of the week is expected to drive some growth in new orders, boost this week's production schedule arrangements, and push up the operating rate. SMM expects the copper wire and cable operating rate next week (May 29–June 4) to continue rising 1.26 percentage points WoW to 67.36%, down 8.72 percentage points YoY.

This week, the operating rate of China's leading downstream aluminum processing enterprises was 64.1%, down 0.3 percentage points WoW.

【SMM Steel】On May 26, 2026, Ukraine's Ministry of Economy initiated an anti-dumping investigation on hot-rolled bars in coils from China under Resolution No. AD-602/2026/441-01. Products covered include carbon steel bars 5-14mm and alloy steel bars 5-32mm (excluding high-speed steel and welding wire). The investigation period runs from 2022 to October 2025. Affected Ukrainian customs codes: 7213.91.10.00, 7213.91.41.00, 7213.91.49.00, 7213.91.70.00, 7213.91.90.00, 7227.20.00.00, 7227.90.10.00, 7227.90.50.00, 7227.90.95.00. This is Ukraine's sixth AD probe on Chinese products since April 2024.