[China Association of the National Shipbuilding Industry: China’s Ship Product Export Value Reached $55.08 Billion in 2025] On March 11, according to the China Association of the National Shipbuilding Industry, China’s ship product export value reached $55.08 billion in 2025, up 26.7% YoY. Among this, the combined export value of the three mainstream vessel types—bulk carriers, oil tankers, and container ships—was $30.46 billion, accounting for 55.3% of the total export value.

Nickel prices came under pressure and pulled back this week. Early in the week, rumors of tighter approvals for RKAB on the Indonesian ore side spurred the futures market to rally briefly, but it later retreated as US Fed officials repeatedly delivered hawkish remarks, the US dollar index held above 106, and global risk assets came under broad pressure. With tensions in the Middle East rising, macro risk-off sentiment strengthened, and nickel prices on SHFE and LME corrected notably. The most-traded SHFE nickel contract closed at 137,140 yuan/mt on Friday, down 1.6% on the week. The LME nickel 3M contract fluctuated between $17,000-17,900/mt this week, with a weekly decline of 2%. In the spot market, the weekly average price of SMM #1 refined nickel was 140,600 yuan/mt, down 2,150 yuan/mt WoW. The weekly average Jinchuan nickel premium was 6,900 yuan/mt, down 1,100 yuan/mt versus the week before Chinese New Year. Premiums for mainstream domestic brands of electrodeposited nickel ranged from -400-400 yuan/mt. After nickel prices fell this week, downstream restocking driven by rigid demand became more evident, and overall spot nickel plate shipments increased WoW. On the macro front, US ADP employment in February increased by 63,000, the largest rise since November 2025 and above the market expectation of 50,000, weakening expectations for US Fed interest rate cuts. Meanwhile, US January PCE and core PCE inflation data rose above expectations, and the US dollar index rebounded, creating short-term pressure on base metal prices. Geopolitical tensions continued to escalate this week, with Iran announcing the closure of the Strait of Hormuz, posing a potential threat to the sulfur supply chain. Domestically, the Two Sessions emphasized medium and long-term benefits from national defense spending, improving expectations for alloy demand in sectors such as defense industry and shipbuilding, which supported nickel alloy consumption. Inventory: Shanghai Bonded Zone inventory was about 2,200 mt this week, flat WoW. Domestic social inventory was about 85,000 mt, with an inventory buildup of about 8,000 mt WoW. Nickel prices are currently in a stalemate, with firmer cost support but unchanged near-term pressure. Tighter Indonesian RKAB quotas and tight nickel ore supply provided strong support for nickel prices, but levels above 140,000 yuan/mt faced strong resistance from high inventory and weak demand. The core expected trading range for the most-traded SHFE nickel contract next week is 130,000-140,000 yuan/mt.

National crude steel demand decreased from 1.05 billion mt in 2020 to 910 million mt in 2025, with the steel consumption in manufacturing (machinery, automobiles, home appliances, and ships) increasing from 242 million mt to 280 million mt, a rise of 15.7%, and its share rising from 23% to 31%, becoming a key force in boosting the upgrade of crude steel demand structure. In contrast, construction demand fell from 631 million mt to 440 million mt, with its share dropping from 60% to 49%.

[SMM Analysis] Holiday Stability in Overseas Prices, Divergent Trading Performance HRC prices in Thailand and Malaysia mostly held steady. As the holidays largely coincided with those in the domestic market and shipments were affected by the Chinese New Year, overall transaction activity remained relatively weak. The galvanizing market in Thailand performed moderately, but due to low-priced resources capturing market share, downstream shipments were somewhat impacted, leaving limited room for price increases. Influenced by factors such as Ramadan, HRC trading in Indonesia also trended toward mediocrity, while overseas export offers remained stable amid a wait-and-see stance. However, supported by government policies promoting increased use of domestically produced steel in the local shipbuilding industry, medium and long-term demand for sheets & plates in Indonesia is expected to remain relatively optimistic.The Black Sea market recently exhibited overall calm, with FOB offers for HRC exports pulling back slightly compared to pre-holiday levels. Although some routine transactions were concluded, overall market activity remained sluggish. Despite tight spot supply in the domestic Indian HRC market, it remains range-bound due to weak overall procurement demand, lacking momentum for price increases. Turkish HRC export offers have seen slight increases, following the price hike trend among European producers. European and US markets face strong policy and cost disruptions: although the US Supreme Court overturned some previously imposed tariffs by the president, the subsequent announcement of new global tariffs of up to 15% has sharply heightened market risk aversion. In European markets such as Italy, steel mills are leading ex-factory price increases against a backdrop of tight spot supply. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

On January 26, 2026, the Poyang County Government signed a cooperation agreement with China Coal Xinji (Jiangxi) New Energy and China Shipbuilding Science & Technology, officially advancing an integrated wind power-to-hydrogen-to-green methanol project with a total investment of 4.5 billion yuan, injecting momentum into Poyang's green transformation and Jiangxi's new energy development. Representatives from the government and enterprises attended the signing ceremony. Wang Zonghua, County Mayor of Poyang, stated that the county would provide the optimal business environment to ensure project advancement, promote early implementation and results, and jointly build a demonstration project for integrated new energy development. According to the agreement, leveraging Poyang's abundant wind resources, the project will construct a 500,000 kW wind power project, supporting facilities with an annual production capacity of 16,500 mt of green hydrogen and 150,000 mt of green methanol , with a total investment of 4.5 billion yuan. It adopts an all-green electricity technical route of "wind power-electricity-hydrogen-methanol," establishing a closed-loop industry chain and addressing the local consumption of wind power. The three parties established a "government + central state-owned enterprise + publicly listed firm" collaboration model: Poyang County provides policy and resource support; China Coal Xinji leads project investment and operation; China Shipbuilding Science & Technology offers core technical support and expands the application market for green methanol in shipping. Upon completion, the project is expected to yield significant benefits, with an annual power generation of approximately 1.2 billion kWh, carbon reduction exceeding 900,000 mt, creation of numerous jobs during construction and operation, and annual tax contributions exceeding 200 million yuan. It will drive Poyang's transformation into a strong county in the new energy industry, establish a central China base for new energy fuel manufacturing, and provide a demonstration for the "dual carbon" goals. The project will be implemented in two phases, with the first phase expected to commence operation by the end of 2027 and the second phase to be completed in 2029. After implementation, it will synergize with China Coal Xinji's projects in multiple locations, enhancing the national network of green methanol production sites and promoting its commercial application.

On December 26, 2025, China Merchants Shipbuilding Industry Nanjing Shipyard successfully launched the second 25,900 DWT stainless steel chemical tanker (Vessel 25900-4) for SC Shipping. This milestone follows the delivery of the first vessel of the same class, "SC EMERALD," on December 20. It demonstrates the shipyard's rapid operational recovery and efficiency, achieving "restructuring, production, and delivery in the same year" after completing its reorganization from the former Nanjing Dongze Shipbuilding in November.

On December 4, 2025, the "Yongyuda," a 13,800 DWT stainless steel chemical tanker, was successfully launched at Ningxing Shipbuilding's Zhoushan base. This vessel marks the first of its kind built for Zhejiang Yongyuda International Shipping, with the ceremony witnessed by representatives from Bureau Veritas.

Capacity side, the domestic alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW, with no new capacity added. No public information on offline electrolyzer deliveries was available this week. Hydro Hui Energy successfully shipped three megawatt-level PEM electrolyzers to Europe. Sany Hydrogen successfully completed the delivery for two major projects: the Ordos Green Hydrogen Production, Storage, Transportation, Refueling and Application Integration Project of Shenzhen Energy, and the Jidian Yancheng Green Hydrogen Project. A total of 20 alkaline electrolyzers, each with a capacity of 1000 Nm³/h, were delivered. Accelera, under Cummins, delivered a 35-megawatt (MW) proton exchange membrane (PEM) electrolyzer system to Linde Group's under-construction green hydrogen plant in Niagara Falls, New York. The 10 Nm³/h hydrogen production equipment and 10 kW fuel cell combined heat and power system delivered by Guofu Hydrogen Energy to the Morocco Clean Hydrogen Center of Excellence were successfully shipped. Peric Hydrogen Energy Technology Co., Ltd. (Handan), under the 718th Research Institute of China State Shipbuilding Corporation Limited, completed the final shipping and loading of ten 1000 Nm³/h electrolyzers, totaling 50 MW, which formally departed from Lianyungang Port for Piraeus Port, Greece. As of September 25, 2025, domestic enterprises (including overseas deliveries) delivered a total of 365.85 MW of alkaline electrolyzers in Q2 (data sourced from public information and SMM surveys). Electrolyzer project updates: Xindao Hydrogen Energy Technology (Baotou) Co., Ltd.: Held a signing ceremony for a green methanol offtake agreement with a renowned South Korean green energy company in Baotou, establishing a full-chain cooperation model of "off-grid wind power hydrogen production - methanol synthesis - international offtake". China Energy Engineering Group (CEEG): Released a public announcement of the successful bidders for its 2025 centralized procurement project for hydrogen production equipment. The tender project was divided into two sections: Section 1 primarily involved 1000 Nm³/h electrolyzers; Section 2 primarily involved 200 Nm³/h PEM electrolyzers. LONGi Green Energy Technology Co., Ltd.: Formally signed the "Lianyungang Ganyu 180,000 mt Annual Green Methanol Project Investment Agreement" with Zhong Sheng Technology (Jiangsu) Group Co., Ltd., Lianyungang Port Holding Group Co., Ltd., and the People's Government of Ganyu District, Lianyungang City. Junrui Green Hydrogen Energy (Qingshuihe County) Co., Ltd.: Issued a tender for the whole-process management services of the Qingshuihe County Wind and Solar Power Generation for Green Hydrogen Project. Tender content: Whole-process management services, including but not limited to all-stage whole-process project management services within the scope of this project's construction content. Gemenogjin New Energy Co., Ltd.: Held a feasibility study report review meeting for the Zhengxiangbai Banner 3,000 MW Wind and Solar Power Hydrogen Production Integration Project. It is understood that the main construction content of the project is a 1.3 million mt/year hydrogen production industrial production line, equipped with electrolyzer facilities. The project will be constructed in phases, with the first phase involving the production of 640,000 mt of green hydrogen per year and 360,000 mt of synthetic ammonia per year, including an integrated office building, water electrolysis hydrogen production workshop, green ammonia production workshop, etc. Zhongke Yitan: The 11th Division Zhongke Yitan Integrated Wind and Solar Power to Hydrogen to Methanol and SAF Project has been filed. It is scheduled to commence construction in April 2026 and be completed in December 2027. The project funding sources include 2 billion yuan from enterprise self-raised funds and 5.5 billion yuan from bank loans. The construction content includes one set of water electrolysis hydrogen production line and one set of green methanol synthesis line; with an annual production capacity of 62,500 mt of green hydrogen and 500,000 mt of methanol. Huaneng Nuclear Power Development Co., Ltd. Huaneng Shandong Shidaowan Nuclear Power Co., Ltd.: A tender has been issued for the High-Temperature Reactor Coupling Hydrogen Production Technology Research Coupling Design Project. It is understood that the project's construction location is Rongcheng City, Weihai, Shandong Province. The tender scope: Complete the coupling design of a 100kw-class SOEC device with the HTR-PM, aiming to minimize the impact of the SOEC device's hydrogen production on the HTR-PM's power generation. The main content includes, but is not limited to, layout and interface studies, safety analysis, transient characteristic research, and collaborative operation optimization. Xi'an Aerospace Yuanzheng Fluid Control Co., Ltd.: A tender announcement has been released for the design services of the hydrogen energy demonstration project for the water electrolysis hydrogen production system. The procurement project number is XJ025112600377, and the specific project name is "Design Services for the Hydrogen Energy Demonstration Project of the 200-Cubic-Meter ALK Water Electrolysis Hydrogen Production System". The quotation period is set from 12:36 on November 26 to 12:36 on November 28. Policy Review 1. The energy industry hydrogen standard NB/T 11896-2025 "Code for Preparation of Feasibility Study Reports for Renewable Energy Power to Hydrogen Projects", led by China Energy Engineering Group Tianjin Electric Power Design Institute Co., Ltd. (CEEG Tianjin), has been officially released. 2. The first energy industry hydrogen standard NB/T 11810-2025 "Code for Preparation of Planning Reports for Renewable Energy Power to Hydrogen Projects", compiled under the direction of the General Institute of Hydropower and Planning Design, has been officially released and will take effect on December 30, 2025. 3. The European Commission has approved a 4 billion euro special fund for electrolyzers, providing a 30% equipment cost subsidy for projects with a capacity of ≥500 MW/year, and setting an electrolyzer efficiency target of ≥60% (LHV basis) for green hydrogen projects by 2030. 4. The European Commission has published the "Clean Industrial Agreement State Aid Framework". The new rules explicitly require member states to prioritize support for "Renewable Fuels of Non-Biological Origin" (RFNBOs) and ensure public resources are directed towards low-carbon technologies through details such as fund allocation ratios and project timelines. Corporate Developments Thyssenkrupp Nucera : On Monday, it forecast a significant decline in sales for 2026, stating that the green hydrogen market has become more challenging, which is expected to cause investors to continue delaying investment decisions. The company said in a statement that it expects sales for the 2026 fiscal year starting in October to reach only €500-600 million ($576-691 million). This represents a 41% decrease compared to the previous fiscal year's €845 million and is well below the €757 million forecast by LSEG. Greenlyte Carbon Technologies: Opened the world's first LiquidSolar synthetic natural gas (SNG) plant in Duisburg. Plug Power : Will deliver approximately 480,000 pounds (217.7 mt) of liquid hydrogen to NASA's Glenn Research Center in Cleveland, Ohio, and the Neil A. Armstrong Test Facility in Sandusky, Ohio, with a maximum contract value of approximately $2.8 million. Dongfu Research Institute : A plaque awarding ceremony was held for the National Key Laboratory's Green Hydrogen Preparation and Conversion Pilot Base at Shenzhen University. Shaanxi Hydrogen Energy: Shaanxi Hydrogen Energy Chaoran Power Technology Co., Ltd. received a reward fund of 2.3148 million yuan for hydrogen energy industry development from Yulin City. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory test lifespan reaching 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprint/Technical Specifications 1. The research group of Researcher Shi Le from the College of Environmental and Resource Sciences at Zhejiang University, in collaboration with the research group of Professor Weng Xiaole and the research group of Professor Bruce E. Logan from Pennsylvania State University in the US, made a breakthrough in the field of distributed hydrogen production via electrolysis using non-traditional water sources. The main content involves using water vapor electrolysis to directly produce green hydrogen from non-traditional water sources. 2. Related research teams from the School of Electrical Engineering and the National Key Laboratory of Electrical Insulation for Electrical Equipment at Xi'an Jiaotong University successfully developed a Ru/Ti 3 C 2 O x @NF bifunctional electrocatalyst for seawater electrolysis. 3. "Technical Specification for Green Electricity Coupling with Wind and Solar Power and Electrolytic Hydrogen Production" (Standard Number T/CIEP 0272—2025), a group standard, was issued and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100 kW-class PEM electrolyzer hydrogen production multi-field coupling test equipment. 4. GKN Powder Metallurgy announced the development of a new generation of high-performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis. 5. Dr. Oh Keun-hwan's team at the Korea Research Institute of Chemical Technology developed a nanocomposite technology that simultaneously improves mechanical strength, hydrogen barrier properties, chemical stability, and thermal stability. 6. Tongda Electromagnetic Energy Co., Ltd. independently developed and manufactured China's first off-grid medium-voltage DC 20 kV direct-hanging hydrogen production power supply (also known as "Hydrogen Yuan 1") successfully applied. 7. The China Association for Promoting Industrial Development (CAPID) officially released the group standard "Multi-Pulse Wave Thyristor Rectifier for Water Electrolysis Hydrogen Production" (Standard Number T/CAPID013—2025). This standard specifies the technical requirements, test methods, inspection rules, marking, packaging, transportation, and storage of multi-pulse wave thyristor rectifiers for water electrolysis hydrogen production. 8. The first 220 kW high-safety solid-state hydrogen storage fuel cell emergency power generation system was officially launched and put into application demonstration at the Microgrid Optimal Link Wi-Fi Smart Terminal Industrial Park. This achievement marks a major breakthrough in China's independent core equipment in the field of hydrogen energy emergency power sources.

Japanese Prime Minister Kishida Fumio failed to reach a trade agreement with US President Trump during the Group of Seven (G7) summit, a result that has brought Japan's economy closer to the brink of recession amid the impact of US tariffs. "We will continue to actively coordinate with the US to reach an agreement that benefits both sides without sacrificing Japan's national interests," Kishida told the media on Monday on the sidelines of the G7 meeting in Calgary, Canada. "Currently, there are still differences between the two sides on some issues." Trump, for his part, told the media that he had a "very good conversation" with Kishida and said an agreement was still possible. "The Japanese are tough," Trump said. Regarding the potential consequences of failing to reach an agreement, he said, "At the end of the day, you have to understand that we'll send a letter telling them this is the price you have to pay, or else don't do business with us." Like other countries, Japan faces 25% tariffs on automobiles and parts, as well as 50% tariffs on steel and aluminum products. In addition, the Trump administration has imposed a reciprocal tariff rate of 24% on Japan (currently temporarily reduced to 10%). According to a report released by Daiwa Institute of Research in May this year, if the so-called "reciprocal tariff" rises from the current 10% to 24%, Japan's real GDP will be reduced by approximately 2.2% by 2029. Automobile tariffs are a key focus of negotiations between Japan and the US. The automotive industry is crucial to Japan's economy. According to data from the Japan Automobile Manufacturers Association (JAMA), the industry employs approximately 5.6 million people, accounting for 8.3% of the country's total workforce, and contributes about 10% of GDP. Major Japanese automakers such as Toyota, Honda, Mazda, and Subaru expect to face collective losses exceeding $19 billion in the current fiscal year alone due to the impact of tariffs. "For Japan, automobiles are indeed a matter of national interest. We will protect them at all costs," Kishida said in a media interview. When asked whether automobile tariffs were included in the negotiation agenda, Trump did not reveal much, only saying, "We'll see." According to previous media reports, Japan has proposed a series of potential concessions in an attempt to narrow its trade surplus with the US, including increasing imports of soybeans from the US and strengthening cooperation in the shipbuilding sector. In addition, Japan has also tried to persuade the US by emphasizing its status as the largest investor in the US, arguing that if tariffs weaken Japan's domestic economy, it will affect its ability to invest in the US. However, so far, these commitments still seem not enough to facilitate a trade agreement between the US and Japan.

SMM News on June 16: Metal Market: As of the daytime close, domestic market base metals showed mixed performance. SHFE copper, SHFE lead, and SHFE tin all rose, with SHFE copper up 0.19% to lead the gains, while SHFE zinc fell 0.5% to lead the losses. The % changes of the remaining metals fluctuated slightly. The main alumina contract fell 0.73%, while the main casting aluminum contract rose 0.31%. In addition, the main lithium carbonate contract fell 0.7%, the main silicon metal contract rose 0.41%, the main polysilicon contract rose 1.93%, and the main European container shipping contract fell 4.04%. The ferrous metals series rose collectively. Rebar rose 0.98%, HRC rose 1.07%. In the coking coal and coke segment, coking coal rose 2.84%, and coke rose 1.9%. In the overseas market, as of 15:03, overseas market base metals generally rose, with only LME aluminum and LME tin falling. LME tin fell 0.24%, LME aluminum fell 0.04%, and LME zinc rose 0.53%. The remaining metals all rose slightly. In the precious metals segment, as of 15:03, COMEX gold fell 0.47%, and COMEX silver rose 0.48%. Domestically, SHFE gold fell 0.08%, and SHFE silver rose 0.45%. Market conditions as of 15:03 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [National Bureau of Statistics (NBS): Industrial Added Value Above Designated Size Grew 5.8% in May, with the National Economy Generally Stable and Making Steady Progress] The NBS showed that in May, the industrial added value above designated size actually increased by 5.8% YoY. On a MoM basis, the industrial added value above designated size increased by 0.61% compared to the previous month. From January to May, the industrial added value above designated size increased by 6.3% YoY. By industry, in May, 35 out of 41 major industry categories maintained YoY growth in added value. Among them, the coal mining and washing industry grew by 5.5%, the oil and natural gas extraction industry grew by 5.3%, the agricultural and sideline food processing industry grew by 7.6%, the liquor, beverage, and refined tea manufacturing industry grew by 4.1%, the textile industry grew by 0.6%, the chemical raw material and chemical product manufacturing industry grew by 5.9%, the non-metallic mineral products industry fell by 0.6%, the ferrous metal smelting and rolling processing industry grew by 4.8%, the non-ferrous metal smelting and rolling processing industry grew by 8.1%, the general equipment manufacturing industry grew by 6.3%, the special equipment manufacturing industry grew by 2.3%, the automobile manufacturing industry grew by 11.6%, the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industry grew by 14.6%, the electrical machinery and equipment manufacturing industry grew by 11.0%, the computer, communication, and other electronic equipment manufacturing industry grew by 10.2%, and the electric power, heat production, and supply industry grew by 2.0%. Overall, in May, as the combined effects of policies continued to unfold, the effects of stabilizing the economy and promoting development became evident. The national economy maintained a generally stable development trend with steady progress, fully demonstrating the resilience and vitality of China's economy. However, it should also be noted that there are many external uncertainties and destabilizing factors, and the endogenous momentum for expanding domestic demand still needs to be strengthened. The foundation for sustained economic rebound and improvement still needs to be consolidated. 》Click to view details [NBS: The real estate market continues to move towards stabilization and recovery] Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and director of the NBS's Department of Comprehensive Statistics of National Economy, stated at a press conference held by the State Council Information Office that since the beginning of this year, China has implemented more proactive macro policies, increased counter-cyclical adjustments, and accelerated the implementation of major national strategies and the development of security capabilities in key areas ("two major" policies) as well as the program of large-scale equipment upgrades and consumer goods trade-ins ("two new" policies). These efforts have effectively enhanced the vitality of consumption, driven production growth, and promoted transformation and upgrading, fully demonstrating the important role of macro policies in stabilizing economic operations. In the next stage, China has sufficient reserves in its policy toolbox, and macro policies have room for maneuver. They can be dynamically adjusted and actively responded to according to changes in the situation, and will continue to safeguard the stable operation of the economy. Fu Linghui stated that since the beginning of this year, with the accelerated implementation of various policies to stabilize the real estate market, the market has continued to move towards stabilization and recovery. Judging from the situation in May, the operation of the real estate market was generally stable. The YoY decline in housing prices in 70 large and medium-sized cities continued to narrow, and the inventory of commercial housing continued to decrease. From the perspective of market transactions, under the influence of various policies to stabilize the real estate market, real estate sales remained basically stable. From January to May, the sales area and sales volume of newly-built commercial housing decreased by 2.9% and 3.8% YoY respectively, basically flat with the figures from January to April. Market transactions in some first-tier and second-tier cities were relatively active, with the sales area and sales volume of commercial housing maintaining growth. From the perspective of market prices, the YoY decline in newly-built commercial residential housing continued to narrow. From the perspective of commercial housing inventory, the area of commercial housing pending sale in May decreased by 7.15 million m² compared to the end of April, marking a decrease for three consecutive months. Fu Linghui emphasized that overall, the policies to promote the stabilization and recovery of the real estate market have continued to show effects, and the operation of the real estate market was generally stable in May. However, it should be noted that the real estate market is still in the process of adjustment. Market confidence still needs to be continuously restored, and the supply-demand relationship in the market still needs to be improved. Continuous efforts are still needed to promote the stabilization and recovery of the real estate market. 》Click to view details ► On June 16, the central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market was 7.1789 yuan per US dollar. US dollar: As of 15:03, the US dollar index fell by 0.08% to 98.04. This week marks a "super central bank week," with attention focused on the US Fed's statements regarding inflation and monetary policy in the second half of the year. The University of Michigan's US consumer sentiment index for June rose to 60.5, compared with a forecast of 53.5. Consumers' 12-month inflation expectations fell to 5.1%. Long-term inflation expectations declined to 4.1%. As Sino-US trade tensions eased, US consumer confidence improved for the first time in six months, though households remained concerned about the trajectory of the economy. Despite widespread expectations that the US Fed would keep interest rates stable, the market eagerly anticipated signals of possible interest rate cuts in the coming months. Macro: Today, data such as the eurozone's total reserve assets in May, the US New York Fed's manufacturing index for June, and the US New York Fed's manufacturing index for the next six months' expectations in June will be released. In addition, the US New York Fed's manufacturing index for the next six months' expectations in June. Crude oil: As of 15:03, oil prices in both markets rose simultaneously, with US oil up 0.74% and Brent oil up 0.55%. On Friday, prices surged 7% as renewed tensions in the Middle East heightened fears that geopolitical conflicts could spread across the region and severely disrupt oil exports from the Middle East. It is understood that the latest developments have heightened concerns about potential disruptions to the Strait of Hormuz, a vital shipping lane. Approximately one-fifth of global oil consumption, or around 18-19 million barrels per day of oil, condensate, and fuel oil, passes through the Strait of Hormuz. Most of the crude oil and refined product exports from OPEC members Saudi Arabia, the UAE, Kuwait, Iraq, and Iran transit through the Strait of Hormuz, with few viable alternative routes. Toshitaka Tazawa, an analyst at Fujitomi Securities, said, "Buying is driven by the ongoing conflict between Israel and Iran, with no signs of resolution in sight. However, as seen on Friday, there has been some selling due to concerns about overreaction." Tazawa added that the market is monitoring potential disruptions to Iran's oil production from Israeli strikes on energy facilities, while heightened concerns about disruptions to traffic through the Strait of Hormuz could significantly boost oil prices. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently produces around 3.3 million barrels of oil per day and exports over 2 million barrels of crude oil and fuel. So far, Israeli attacks on Iran's oil and natural gas infrastructure have not affected production or exports from the region. However, concerns persist that Israel could destroy Iran's oil facilities, depriving it of a major source of revenue and driving up oil prices. Analysts and OPEC observers say that the idle oil production capacity that OPEC and its allies, including Russia, have increased to offset any disruptions is roughly equivalent to Iran's production. (Wenhua Comprehensive) SMM Daily Review ► Inventory buildup of high-grade NPI continues, short-term market focus may dip again [NPI Daily Review] ► [SMM MHP Daily Review] On June 16, MHP prices in Indonesia edged lower ► [SMM Nickel Sulphate Daily Review] On June 16, nickel salt prices remained stable