China Steel Market: [Flat Products] Flat-product export prices steady, deals remain hard to close HRC and other flat-product export prices held broadly steady today, with HRC deals at 490-500 USD/tonne FOB. Northeastern mills said deals remain hard to close; North China mills offer lower prices, leaving the Northeast less competitive, with only small-lot transactions done. [Billet] Billet export quotes hold steady, Middle East inquiries up slightly but trading mild Billet export quotes were stable today, with workable FOB offers at 463-465 USD/tonne. The market noted that with geopolitics unsettled and strait passage repeatedly disrupted, Middle East inquiries rose slightly, but Chinese export billet offers held no clear edge; wary of future costs, mills showed limited willingness to discount, leaving trading mild. [Rebar] Rebar export quotes steady, some mills curb orders for maintenance Rebar export quotes were stable today, with workable FOB prices at 481-483 USD/tonne. Traders said export inquiries showed no clear change; some mills are under maintenance and deliberately curbing order intake to safeguard domestic supply. Off-season demand and overseas price pressure kept overall trading weak. International Steel Market: [Southeast Asia] Southeast Asia slab exports soften, Indonesian offers cut Southeast Asian slab trading was thin in June and regional export prices kept falling. Indonesian mills cut August-shipment HRCgrade slab offers to 495 USD/tonne FOB, down 15 USD/tonne week-on-week and 20 USD/tonne from early June on weak sales; Vietnamese slab is offered near 510 USD/tonne FOB with limited deals. On imports, Chinese slab recently traded at 510 USD/tonne CFR, with workable levels now no higher than 500 USD/tonne CFR. [European Union] Off-season and policy wait-and-see leave EU HRC hike unlikely EU local steel demand stayed weak on poor weather and extended summer holidays, pressuring HRC prices lower. Some mills quote around 775-781 USD/tonne EXW, but traders report actual deals are lower and vary by region. Earlier rumors that major mills planned a 57-80 USD/tonne hike in July-August look uncertain given current weakness. Buyers are sidelined, waiting for clarity after July 1, with the near-term outlook still under pressure. [India] India HRC prices hold, weak demand caps deals India's domestic HRC trade prices held this week at about 601 USD/tonne EXW in Mumbai and 617 USD/tonne EXW in Chennai. Monsoon-driven weak demand kept buyers restocking only as needed, with supply-chain inventories high. The market awaits mills' July base-price guidance, with any rise seen limited at about 8 USD/tonne. High prices, high stocks and rising Chinese finished-steel imports left sentiment bearish, with weakness possibly lasting through end-October. [United States] Nucor ends rally, US HRC mill price stays elevated Nucor held its HRC price unchanged this week, the first pause since late January, ending a 22-week run of increases. For the week ended June 29, Nucor's HRC was steady at 1245 USD/tonne EXW and California Steel Industries flat at 1300 USD/tonne EXW. Nucor's lead times are typically 3 to 5 weeks. Citing domestic and overseas HRC price trends and strong demand, Nucor still expects a robust HRC market in the coming months.

[United States] US steelmaker Nucor kept its hot-rolled coil (HRC) offers unchanged this week, marking the first pause in price hikes since late January and ending a 22-week upward streak. For the week ending June 29, Nucor's HRC offer remained stable at 1245 USD/tonne EXW, while California Steel Industries' price also held flat at 1300 USD/tonne EXW. Nucor's delivery times are currently ranging between 3 and 5 weeks. Based on domestic and global HRC price trends as well as robust current demand, Nucor continues to expect the HRC market to remain strong in the coming months.

SMM, June 30: Metals market: Overnight, base metals on overseas and Chinese markets mostly fell, with only LME copper and SHFE zinc rising together—LME copper fell 0.17%, while SHFE zinc gained 0.12%. LME aluminum dropped 3.11%, leading the decline; LME nickel, SHFE aluminum, and SHFE nickel all fell more than 2%, with LME nickel down 2.41%, SHFE aluminum down 2.19%, and SHFE nickel down 2.55%. LME tin fell 1.27%, and declines in other metals were all within 1%. Alumina main contract fell 0.82%, and cast aluminum main contract fell 1.08%. Overnight, in ferrous metals, iron ore gained 0.61%, stainless steel fell 0.92%, HRC and rebar fluctuated with relatively small declines, and in coking coal and coke, coking coal gained 0.16% while coke fell 0.18%. Overnight, in precious metals, COMEX gold fell 1.61% and COMEX silver fell 1.54%. In China, SHFE gold fell 1.25% and SHFE silver fell 0.98%. As of 6:42 AM on June 30, overnight closing prices: Macro Front China: [Li Qiang presided over a State Council executive meeting, which reviewed and approved the "15th Five-Year Plan Action Plan for Carbon Peaking" and the "15th Five-Year Plan for National Health"] Li Qiang presided over a State Council executive meeting, which reviewed and approved the "15th Five-Year Plan Action Plan for Carbon Peaking" and the "15th Five-Year Plan for National Health". The meeting noted that the strategic driving role of carbon peaking and carbon neutrality should be leveraged to promote the transformation and upgrading of the economic structure and create more green economic growth points. It is necessary to focus on key areas and critical links with sustained effort, accelerate the adjustment and optimization of the energy structure, advance industrial greening and low-carbonisation, improve systems for laws, regulations, standards, and carbon emission statistical accounting, conduct evaluation and assessment in a scientific and orderly manner, integrate green and low-carbon orientation into all areas and links of the national economic cycle, promote the formation of green production and lifestyles, and strengthen the green foundation for high-quality development. The meeting noted that in recent years, the construction of a Healthy China has accelerated, and people's health levels have continued to improve. It is necessary to build a full-life-cycle health service system, coordinate resource allocation, strengthen synergy among medical care, medical insurance, and disease control, and provide the public with systematic, continuous, high-quality, and efficient health services. It is necessary to vigorously develop the health industry, improve supporting policies, cultivate and expand new-type service formats in the health sector, enrich the supply of health products, strictly enforce quality and safety supervision, and enable the public to consume with confidence and live healthily. (CCTV News) [Li Qiang presided over a State Council executive meeting and heard a report on the development of artificial intelligence] Li Qiang presided over a State Council executive meeting and heard a report on the development of artificial intelligence. The meeting noted that it is necessary to deeply grasp the evolution trends of AI, improve supporting policies and governance systems, and firmly hold the initiative in development. Efforts should be intensified to promote AI innovation and breakthroughs, accelerate key technology research and the construction of ultra-large-scale intelligent computing clusters, strengthen the supply of high-quality data, enhance the guarantee of factors such as talent and capital, and support enterprises in conducting basic research and frontier exploration. It is necessary to deeply implement the "AI+" initiative, leverage China's advantages in having a complete industrial system and abundant application scenarios, and promote the accelerated large-scale commercial application of intelligent products and services. The bottom line of AI safety must be firmly upheld, improving institutional rules on technology ethics and testing and certification, building a dynamically adaptive, tiered, and classified safety regulatory system, and strengthening international cooperation on AI governance. (CCTV News) [Multiple Shanghai municipal departments jointly held a centralized meeting on the compliance governance of ride-hailing platforms] On the afternoon of June 29, led by the Shanghai Ride-Hailing Collaborative Supervision Task Force and coordinating multiple departments including transportation, public security, market regulation, human resources and social security, data, and communications management, a centralized meeting on compliance governance of ride-hailing platform enterprises was held citywide. The main responsible persons from 24 ride-hailing platforms and aggregation platforms in the city attended the meeting. Targeting various problems identified during inspections, the meeting specified five mandatory compliance governance requirements: first, platforms must strictly regulate capacity access management, comprehensively screen and remove non-compliant vehicles and personnel, and strictly prohibit dispatching orders in violation of regulations; second, improve the routine self-inspection mechanism for operational data to ensure that data is reported to regulatory authorities in a complete, timely, and standardized manner; third, implement full-chain control of safety production, strengthen dynamic verification of personnel and vehicle qualifications, and build a solid line of defense for safe operations; fourth, fully standardize the fee disclosure mechanism, with clear price labeling and transparent charging, to protect the legitimate rights and interests of both drivers and passengers; fifth, simultaneously enhance network security operation and maintenance management, complete network security graded protection assessments on schedule, and promptly identify and eliminate system security risks. (Shanghai Transportation) (Jinshi Data APP) US dollar: Overnight, the US dollar index fell 0.25% to close at 101.11, recording its third consecutive daily decline. US President Donald Trump responded on his social media platform to the "Supreme Court ruling on the case concerning a Federal Reserve Board member", stating: We will take corresponding action regarding the Cook lawsuit to ensure that Cook will not make crucial decisions (on FOMC monetary policy issues). Minneapolis Fed President Neil Kashkari publicly stated last Friday that his assessment of the federal funds rate has undergone a fundamental shift over the past three months. In March of this year, Kashkari still leaned toward the Fed cutting rates by 25 basis points. In his latest dot plot projections, however, he has marked one rate hike to be implemented within the year. As an official with voting rights on the FOMC in 2026, his shift in view also reflects a significant adjustment in the Fed's overall policy tone. The market simultaneously digested the signal of a collective hawkish turn by the Fed, leading to notable pricing adjustments. In early June, the probability of a rate hike within the year priced in by the market was only 25%; that figure has now climbed to 67%. (Wall Street CN) According to CME "FedWatch": The probability of the Fed maintaining rates unchanged in July is 70.1%, while the probability of a cumulative 25-basis-point rate hike is 29.9%. By September, the probability of maintaining rates unchanged is 37.2%, the probability of a cumulative 25-basis-point rate hike is 48.8%, and the probability of a cumulative 50-basis-point rate hike is 14.1%. (Jinshi Data APP) Other currencies: The yen depreciated against the US dollar to its lowest level since 1986. This "milestone" decline has sparked concerns within Japan and also put traders on high alert, closely watching whether authorities will intervene in the market. The yen briefly fell 0.1% against the dollar, touching 161.96, thereby breaching the 161.95 level reached in July 2024 when Japan took action to prop up the currency. The Bank of Japan raised its benchmark interest rate to 1% on June 16, the highest level since 1995. However, this move had little effect, as traders expect the Fed to maintain a hawkish stance going forward. Furthermore, the Japanese government is expected to call for the implementation of "appropriate" currency management in its basic policy guidelines, a move apparently aimed at dissuading the central bank from further rate hikes. Japan previously conducted record-scale foreign exchange intervention totaling ¥11.73 trillion, yet the yen remained persistently weak. According to the Ministry of Finance's foreign reserve data, Japan likely utilized its holdings of foreign securities, including US Treasury bonds, during this round of intervention to support the currency. (Jin10 Data APP) On the macro front: Data to be released today include China's June official manufacturing PMI, US April FHFA House Price Index month-over-month, US April S&P/CS 20-City Unadjusted House Price Index year-over-year, US June Chicago PMI, US May JOLTS Job Openings, US June Conference Board Consumer Confidence Index, UK Q1 GDP final year-over-year, UK Q1 Current Account, Germany June seasonally adjusted unemployment change, Germany June seasonally adjusted unemployment rate, Germany June CPI month-over-month preliminary, France June CPI month-over-month preliminary, Switzerland June KOF Economic Leading Indicator, Canada April GDP month-over-month, and Japan May unemployment rate. In addition, ECB President Lagarde delivered opening remarks at the Global Central Bank Forum in Sintra, the Reserve Bank of Australia released the minutes of its June monetary policy meeting, and the US and Iran held technical negotiations. Notably, on July 1, the Hong Kong Stock Exchange will be closed for the Hong Kong Special Administrative Region Establishment Day, with Northbound and Southbound Trading shut. The Toronto Stock Exchange in Canada will also be closed for Canada Day. On the crude oil front: Overnight, oil prices in both markets rose, with WTI up 1.72% and Brent up 1.34%. US-Iran geopolitical tensions flared up again, but optimistic market expectations for the gradual resumption of energy shipments through the Strait of Hormuz capped the gains to some extent. Morgan Stanley stated that due to the faster-than-expected reopening of the Strait of Hormuz, coupled with high US exports and low Chinese imports, it lowered its Brent crude oil price forecast. It cut its Q3 2026 price forecast by $15 to $75 per barrel; Q4 2026 by $5 to $75; Q1 and Q2 2027 by $5 to $75; and Q3 and Q4 2027 by $10 to $70. It noted: "For the market to balance in 2027, oil shipments through the Strait of Hormuz need only recover to 11-12 million barrels per day, about 65% of pre-conflict levels. Looking ahead to 2027, our model assumes this figure will be exceeded, and observable inventories will increase by 3 million barrels per day, which may put pressure on oil prices." (Wall Street CN) According to data from the US Department of Energy (DOE), crude oil inventories in the US Strategic Petroleum Reserve (SPR) decreased by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983. This drawdown was part of an agreement reached by the US to release 172 million barrels of crude from the reserve to fill global inventory gaps following the Iran conflict and help lower fuel prices. Amid strong US crude exports and refining demand, US crude inventories have declined rapidly in recent weeks. Since the conflict erupted at end-February, total US inventories through June 19, including commercial stocks and the SPR, have fallen by 111.4 million barrels to 743.3 million barrels, the lowest since 1984. (Jin10 Data APP) US President Trump posted that gasoline retailers must immediately lower prices. Given that crude oil prices have fallen to $68 per barrel and are still declining, current gasoline prices are far too high. Retailers must respond swiftly to this statement and take the right actions they know well—lower prices for our great American people. Price gouging will never be allowed; it is completely illegal. If retailers do not comply, they will face major trouble ahead! The target price should be around $2.50 per gallon (note: the current national average gasoline price is about $3.86 per gallon), and California should stop taxing gasoline so heavily. Soon, the tax will exceed the product price itself; the US will never tolerate this, and the people of California won't either—they are being squeezed by these absurd taxes and their state government. (Jin10 Data APP)

Pearl Crop commissioned Renewable America to build 1.9 MWDC of commercial solar across four projects in Ripon, Linden, and Stockton, California, to offset rising energy costs. The largest site, in Stockton, will cover 86% of its energy needs, delivering an estimated $230,000 in annual utility savings. Renewable America served as both developer and EPC contractor for the portfolio.

The latest update from the World Meteorological Organization shows that the probability of an El Niño event occurring from June to August 2026 is as high as 80%, and it is expected to persist at least through the Northern Hemisphere winter. Solcast research indicates that during past strong El Niño events (especially July–September), regional differences in global surface horizontal irradiance were dramatically amplified, with maximum deviations reaching around 10%. The regional impacts are markedly divergent: irradiance in Rajasthan, India, could be about 15% above normal, and in eastern Australia about 5% above; meanwhile, key PV installation hubs such as eastern China, California in the US, and the Atacama Desert in South America will experience persistent irradiance deficits, directly weighing on actual power output from plants. This climate shift is becoming a systemic variable for the PV industry in 2026 that cannot be ignored.

[SMM Analysis: Impact on Solid-state Batteries of the Ministry of Commerce Adding 10 US Entities to the Export Control List] On June 22, 2026, the Ministry of Commerce issued an announcement and, effective immediately, formally implemented the "Export Control List (June 22, 2026)," which includes 10 US entities. This export control measure has almost no direct impact on China's solid-state battery industry, but attention should be paid to the indirect link of the rare earth supply chain. (1) China already has export controls on high-end batteries with an energy density exceeding 300 Wh/kg (including semi-solid and all-solid-state), and this measure targeting specific entities is an extension of the existing control framework rather than a new restriction specifically aimed at the solid-state battery industry. (2) The solid-state battery industry is still in the development stage and has not yet generated a significant export demand.

Recently, the U.S. House of Representatives passed the H.R.7037 bill, known as the Developing Overseas Mineral Investments and New Allied Networks for Critical Energies Act (DOMINANCE ACT, referred to as the "Domination Act"). The bill was jointly introduced by California Representatives Ami Bera and Young Kim, aiming to strengthen U.S. energy security and build a more resilient supply chain with trusted allies and partners.

SMM May 23: Metals market: Last Friday's overnight domestic market saw base metals mostly rise. SHFE copper rose 0.58%. SHFE aluminum fell 0.14%, SHFE lead rose 0.3%. SHFE zinc fell 0.16%. SHFE tin rose 1.09%. SHFE nickel rose 0.49%. In addition, the most-traded alumina futures contract fell 0.77%, and the most-traded foundry aluminum futures contract fell 0.06%. Last Friday's overnight ferrous metals mostly fell. Iron ore was flat at 792.5 yuan/mt, stainless steel rose 0.34%, rebar edged down 0.09%, and hot-rolled coil fell 0.15%. Coking coal and coke: coking coal continued to fall for the third consecutive trading day, down 1.45%, and coke fell 0.95%. Last Friday's overnight overseas metals market saw LME base metals rise across the board. LME copper rose 0.18%. LME aluminum rose 0.45%, LME lead rose 0.4%. LME zinc edged up 0.06%. LME tin rose 1.16%. LME nickel rose 0.67%. Last Friday's overnight precious metals : COMEX gold fell 0.7%, posting a second consecutive weekly decline with a 1.13% weekly drop; COMEX silver fell 1.06%, falling for two consecutive weeks with a 2.1% weekly drop. Last Friday's overnight SHFE gold most-traded contract fell 0.1%, posting a second consecutive weekly decline with a 2.13% weekly drop; SHFE silver most-traded contract rose 0.51%, but SHFE silver fell for two consecutive weeks with a 7.81% weekly drop. As of 8:31 am on May 23, last Friday's overnight closing prices: Macro front China: [PBOC: 600 billion yuan MLF operation to be conducted on May 25] PBOC: To maintain ample liquidity in the banking system, on May 25, 2026, the People's Bank of China will conduct a 600 billion yuan MLF operation with a fixed quantity, interest rate tender, and multiple-price winning method, with a maturity of 1 year. [CSRC: Crackdown on illegal cross-border securities business; investors' property safety unaffected by the rectification] Xinhua News Agency reported that recently, with the approval of the State Council, the CSRC and seven other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures, and Fund Business Activities." Regarding this rectification, all parties are highly concerned about how the legitimate rights and interests of existing investors will be protected. In this regard, the plan emphasized that investors' property safety will not be affected by the rectification. A CSRC official said the plan specified numerous measures to safeguard the legitimate rights and interests of existing investors. For example, a 2-year concentrated rectification period will be set to phase out relevant domestic services of overseas institutions. Overseas institutions are required to properly communicate with investors affected by rectification measures in China and arrange account disposal to ensure client property safety. [Hong Kong SFC: Enhanced measures to address forged documents and money laundering risks and raise account opening standards] The Hong Kong SFC issued a circular on May 22, setting out the monitoring measures that should be implemented when opening accounts and maintaining customer relationships. The circular was issued following the SFC's review of account opening practices at 12 securities brokerages. The review identified multiple significant deficiencies, including inadequate due diligence on account opening documents, acceptance of suspicious or forged documents during the account opening process, and weaknesses in managing cross-border agency relationships with ex-China intermediaries. (Wallstreetcn) US dollar: Last Friday, the overnight US dollar index rose 0.12% to 99.32. On a weekly basis, the US dollar index posted its second consecutive weekly gain, up 0.04% for the week. The 17th Fed Chairman Warsh was sworn in at the White House on Friday. Warsh stated: "The Fed's mission is to promote price stability and full employment." He said, "When these goals are pursued with wisdom and clarity, independence and resolve, inflation can be lower, economic growth can be stronger, real take-home wages can be higher, America can be more prosperous, and just as importantly, America's standing in the world can be more secure." He added: "To fulfill this mission, I will lead a reform-oriented Fed that learns from past successes and mistakes, breaking free from static frameworks and models while adhering to clear standards of integrity and performance." (Jin10 Data) Fed Governor Waller's hawkish remarks put US Treasury prices under pressure, with money markets fully pricing in a 25-basis-point interest rate hike in 2026. The most significant policy signal on Friday came from Fed Governor Waller. On Friday local time, Fed Governor Waller stated that as the energy shock from the Iran war pushes up prices, he supports making it clear that the Fed's next rate move is as likely to be a hike as an interest rate cut. Waller said his current stance is to remain patient and keep rates unchanged until the impact of the war becomes clearer, but he warned on Friday that he does not rule out the possibility of future rate hikes if inflation does not begin to slow down soon. Waller's remarks were released almost simultaneously with the swearing-in of new Fed Chairman Warsh. The interest rate environment Warsh currently faces is notably more hawkish than the Fed's internal dot plot expectations. (Wall Street CN) "Fed whisperer" Nick Timiraos noted that there were several key moments during Kevin Warsh's swearing-in ceremony at the White House: ① Trump asked Warsh to be "completely independent." Trump said, "(I hope he) doesn't look at me, doesn't look at anybody." ② Just two minutes later, Trump offered some "suggestions" indicating the economic direction he hoped to see: "Strong economic growth doesn't need to be cooled down," "Economic growth does not mean inflation," and "I want the economy to boom to unprecedented levels, because there is indeed some debt to deal with." ③ Trump hinted that the US Fed's decision-making body would "converge." He said other Fed policymakers "will make their own decisions, but they will listen to Kevin throughout," even those "whose positions are slightly different." ④ Warsh referenced Greenspan, not Bernanke. Warsh recalled the historical scene of Greenspan being sworn in at the White House in 1987, and pledged to "begin work with abundant energy and a sense of mission, just as Chairman Greenspan did." He made no mention of former Chairman Bernanke, with whom he had worked for five years during his previous tenure as a governor. (Jin10 Data) In addition, affected by the Iran war, the US consumer confidence index in May fell to a historic low, and long-term inflation expectations also deteriorated significantly. Data showed that the University of Michigan's final reading of the May consumer confidence index dropped to 44.8, with consumers expecting prices to rise at an annualized rate of 3.9% over the next five to ten years, up from 3.5% in April and hitting a seven-month high. They also expected prices to rise 4.8% over the next year. Gasoline prices continued to hover near their highest levels since 2022, exacerbating Americans' concerns about rising living costs and the failure to reach a deal to end the war. The impact of inflation on household budgets, particularly for low-income consumers, poses risks to the future consumption outlook. Joanne Hsu, the survey director, stated: "Cost of living concerns remain the top issue on people's minds, with 57% of respondents spontaneously citing that high prices are eroding their personal finances, up from 50% last month." She stated: "The key point is that consumers appear worried that inflation will not only spread beyond fuel prices to other areas, but that this upward trend could persist well into the future." (Jin10 Data) Regarding other currencies: ECB President Lagarde stated that despite the deepening impact of the Iran conflict, long-term inflation expectations remained broadly in line with the 2% target. Although the energy crisis is pushing up inflation and dragging down the economy, long-term inflation expectations have remained well-anchored overall. The impact of this conflict on medium-term inflation and economic activity will depend on the intensity and duration of the energy price shock, as well as the scale of its indirect transmission effects. (Wall Street Journal) Bank of Japan Governor Ueda Kazuo said that Prime Minister Takaichi Sanae told him during their meeting on Friday that she hoped the BOJ would adopt appropriate policies, taking into account the government's price measures. Ueda Kazuo told reporters after the meeting with Takaichi Sanae at the Prime Minister's residence in Tokyo that it was a routine meeting between the two and that no specific details of monetary policy were discussed. (Wall Street Journal) On the macro front: Data to be released this week include the UK May CBI retail sales balance, US March FHFA house price index MoM, US March S&P/CS 20-city non-seasonally adjusted house price index YoY, US May Conference Board consumer confidence index, US May Dallas Fed business activity index, Australia April non-seasonally adjusted CPI YoY, New Zealand RBNZ interest rate decision through May 27, Switzerland May ZEW investor confidence index, US weekly ADP employment change for the week ending May 9, US May Richmond Fed manufacturing index, Eurozone May industrial confidence index, Eurozone May economic sentiment index, Canada Q1 current account, US initial jobless claims for the week ending May 23, US April core PCE price index YoY, US April personal spending MoM, US Q1 real GDP annualized QoQ revised, US April core PCE price index MoM, US April durable goods orders MoM, US April new home sales annualized, Japan April unemployment rate, France May CPI MoM preliminary, France Q1 GDP YoY final, Germany May seasonally adjusted unemployment change, Germany May seasonally adjusted unemployment rate, Germany May CPI MoM preliminary, Canada March GDP MoM, US May Chicago PMI, and China May official manufacturing PMI. In addition, other events to watch this week include: 500 billion yuan in 1-year medium-term lending facility (MLF) and 1 billion yuan in 7-day reverse repo maturing today; BOJ Governor Ueda Kazuo delivering a speech at a monetary policy conference hosted by the BOJ; the RBNZ releasing its interest rate decision and monetary policy statement; RBNZ Governor Breeman holding a monetary policy press conference; the ECB publishing the minutes of its April monetary policy meeting; permanent FOMC voter and New York Fed President Williams delivering a keynote speech at a conference co-organized by the Central Bank of Iceland; 2028 FOMC voter and St. Louis Fed President Musalem delivering a speech; Bank of England Governor Bailey delivering a speech; 2028 FOMC voter and Kansas City Fed President Schmid delivering a speech; and US Fed Governor Bowman delivering a speech. In addition, it is worth noting that due to the Memorial Day holiday, the US stock market will be closed for one day on May 25 (Monday). Trading of precious metals and WTI crude oil futures contracts under CME will end early at 02:30 Beijing time on May 26, and trading of US equity and Treasury futures contracts will end early at 01:00 Beijing time on May 26. Due to the Buddha's Birthday holiday, the Hong Kong stock market will be closed for one day on May 25 (Monday), with Southbound and Northbound trading suspended. The South Korean stock market will also be closed for one day on the same date. In addition, due to the Spring Bank Holiday, the UK stock market will be closed for one day on May 25 (Monday). Trading of Brent crude oil futures contracts under ICE will end early at 01:30 Beijing time on May 26. Investors are advised to take note. (Jin10 Data) The overseas market exchange closure schedule is as follows (all in Beijing time): Crude oil: Both oil futures rose during the overnight session last Friday, with WTI up 0.67% and Brent up 1.62%. On a weekly basis, WTI futures declined 3.98% for the week, and Brent futures declined 4.59% for the week. Since the ceasefire agreement was reached in April this year, US-Iran negotiations have remained deadlocked, with no comprehensive agreement to end the conflict in sight. Although a draft reportedly "close to being finalized" has been emerging, four core obstacles still stand in the way of lasting peace. According to Bloomberg, the Strait of Hormuz, nuclear issues, the Lebanon conflict, and sanctions currently constitute the four core points of divergence in the negotiations. For investors, this war has plunged global energy markets into severe turbulence, and any progress or breakdown in negotiations will have an impact on commodity prices. (Wallstreetcn) Iranian Foreign Ministry spokesperson Baghaei stated on May 22 that it was premature to say a US-Iran agreement was close to being reached, as significant differences remained between the two sides. According to Iranian media reports on May 22, Baghaei, commenting on the visit of senior Pakistani officials to Tehran, said it indicated that the current situation had entered a "turning point or decisive stage." He mentioned that Pakistan's Chief of Army Staff Munir had visited Tehran and that related communications were still ongoing. When asked whether this meant a change in the negotiation process, Baghaei said it could not be said that a US-Iran agreement was close to being reached, as there were serious and wide-ranging differences between the US and Iran, and "diplomacy is a time-consuming process." Baghaei added that one should not expect to see results within weeks or months through several rounds of back-and-forth consultations. He emphasized that diplomatic negotiations are inherently a long-term process, and both sides are utilizing various opportunities to convey their respective positions. (Xinhua) Baker Hughes data showed that US drilling companies increased the number of oil and natural gas rigs for the fifth consecutive week. The total US oil rig count for the week ending May 22 was 425, compared to the previous reading of 415. In addition, Kazakhstan's national oil and gas company reported that Q1 oil production fell 12% YoY to 5.6 million mt. (Jin10 Data) According to Bloomberg, affected by the Iran war, the national average gasoline price in the US has surpassed $4.5 per gallon, with California exceeding $6. Despite high prices, consumers have not significantly reduced fuel purchases. For most Americans, driving to work and picking up children are daily necessities. Gasoline spending is nearly impossible to cut, and consumers can only reduce discretionary spending to balance their budgets. Philadelphia resident Avarisse Crawford said she has cut entertainment expenses, replacing steak dinners and bar outings with free park activities. The ongoing Middle East tensions continue to push oil prices higher. The effective blockade of the Strait of Hormuz has hindered global crude oil transportation, and US gasoline inventory has fallen to its lowest level for the same period since 2014. Morgan Stanley expects it to hit a seasonal historic low by the end of August. Facing persistently climbing oil prices, the Trump administration has successively released strategic petroleum reserves, waived the Jones Act, and discussed implementing a federal gasoline tax holiday, but the effects remain unclear. As the Memorial Day weekend kicks off the summer travel season, upward demand pressure is expected to further strain already tight inventories. (Wallstreetcn) Recommended Reading:

CIM Group has launched Permanent Power Company, a national platform focused on solar, battery storage and transmission infrastructure in the US. Its current portfolio includes 652MW of solar, 360MW/1,440MWh of BESS and transmission assets in California, with future projects expected to lift the platform to around 1.2GW of solar and 690MW/2,760MWh of BESS.

[Tesla Semi Electric Truck Battery Capacity Officially Revealed, Up to 822 kWh] The California Air Resources Board recently confirmed the battery capacity of the Tesla Semi electric truck through regulatory filings, with actual specifications lower than the figures Musk initially disclosed in 2022. According to the documents, the long-range Tesla Semi is equipped with an 822 kWh battery pack, while the standard-range version has 548 kWh. Both car models use Tesla 4680 battery cells with NCMA lithium-ion chemistry.