[South Africa Initiated a Second Sunset Review Investigation of Safeguard Measures on Imported Threaded Fasteners of Iron or Steel] On March 6, 2026, the WTO Committee on Safeguards issued a safeguards notification submitted by the South African delegation. On February 27, 2026, the International Trade Administration Commission of South Africa (ITAC) published a notice and, upon an application filed by the South African industry association South African Fasteners Manufacturers Association (SAFMA), initiated a second sunset review investigation of safeguard measures on imported threaded fasteners of iron or steel.

This week, ferrous metals were in the doldrums. On the first day after the holiday resumption, due to the impact of overseas risk events during the long holiday—primarily the US's plan to impose new tariffs on approximately six industries (including large batteries, cast iron and iron fittings, plastic pipes, industrial chemicals, as well as power grid and telecommunications equipment) and the escalation of US-Iran tensions—overall sentiment fluctuated significantly, and ferrous futures also touched recent lows. Mid-week, with some steel mills in the Tangshan area receiving notifications for voluntary emission reductions during the Two Sessions, coupled with Shanghai's adjustment of housing purchase restrictions and rumors of favorable real estate policies during the Two Sessions, futures rebounded from lows, showing significant sector resonance effects. However, as the weekend approached, no new favorable policies emerged, and futures retreated once again.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Expected to Remain in the Doldrums] Iron ore concentrate prices in Tangshan edged down slightly, with the delivery-to-factory price, tax included, for 66% grade iron ore concentrates on a dry basis at 960–965 yuan/mt. Overall supply of iron ore concentrates from mines and beneficiation plants remains tight. As the Two Sessions approach, local mines and beneficiation plants have not yet received any related restrictions on explosives and are generally maintaining normal production as planned. On the demand side,

Due to potential safety hazards in some models of power banks, Shenzhen Romoss Technology Co., Ltd. (hereinafter referred to as "Romoss"), an established power bank company founded in 2012, has found itself at the center of public controversy. According to an announcement released on June 16 on the official website of the Shenzhen Market Supervision and Administration Bureau, due to the potential combustion risk of some products under extreme scenarios, Shenzhen Romoss Technology Co., Ltd. will recall some mobile power supplies manufactured from June 5, 2023, to July 31, 2024, involving three models: PAC20-272, PAC20-392, and PLT20A-152, totaling 491,745 units. According to product information, the capacity of the three recalled products is 20,000 mAh each. (Image source: Official website of the Shenzhen Market Supervision and Administration Bureau) Public information shows that Romoss, founded in 2012, has nine major product lines, including mobile power supplies, outdoor power supplies, data charging cables, and power adapters. On the afternoon of June 17, one day after the recall announcement was released, a reporter from Caixin Media arrived at the office location indicated on Romoss' official website—Floors 15-18, Tower B, Building 7, Phase III of Shenzhen International Innovation Valley. The reporter found on-site that Romoss' office was enveloped in the atmosphere of the recall incident: the front desk staff continuously received calls and repeatedly told the callers, "You can contact customer service." Multiple staff members were walking while making calls and repeatedly mentioned keywords such as "recall" and "battery cell." Regarding the reporter's interview request, the front desk staff of Romoss stated that they had contacted the brand department on behalf of the reporter, but the other party said it was currently inconvenient to accept interviews. It is worth mentioning that on the afternoon of June 17, the reporter from Caixin Media called the customer service hotline shown in the announcement twice, and the phone prompt said, "The user you dialed has been suspended due to arrears." Two hours later, when the reporter called the hotline again, the prompt changed to, "Sorry, the number you dialed is busy." In addition, the Romoss Tmall flagship store currently sells a new 2025 model of the PAC20 power bank with a capacity of 20,000 mAh, and the battery type is indicated as lithium polymer battery. When the reporter from Caixin Media tried to inquire about the battery cell of the product with customer service, multiple replies stated that the current "recall issue has led to a surge in inquiries." According to previous online news, a student claiming to be from a university in Beijing posted, "The school issued a notice: Recently, it was found that the 20,000 mAh Romoss charger is more prone to explosion during charging compared to other brands and models." In the comment section, multiple netizens also posted screenshots of similar notices, which showed messages like "Received a reminder from the superior competent department" and "Please all faculty and staff promptly check if your power bank is of this brand and model, and it is recommended to discard it immediately to prevent danger." In response, Romoss issued a statement on Weibo on June 14, stating, "Regarding the recent discussions on the incident of 'multiple universities in Beijing banning Romoss power banks,' we sincerely apologize for the inconvenience caused to teachers, students, and the public. We hereby solemnly promise that we will assume full responsibility for any Romoss products identified as defective by authoritative institutions in accordance with the law. Meanwhile, we attach great importance to this matter and have initiated an immediate investigation. We have communicated with relevant departments, including the Beijing Municipal Commission of Education. As of the release of this statement, we have not received any risk notifications from the Beijing Municipal Commission of Education. There have been deviations in the dissemination of relevant information, leading to public misunderstandings. We will keep everyone informed of the subsequent developments of this incident through official channels as soon as possible." On June 17, a reporter from Cailian Press interviewed several teachers and students from the Capital University of Economics and Business, Beijing Union University, and Beijing University of Civil Engineering and Architecture, all of whom stated that they had not noticed the school issuing such a notice. The reporter learned from the interviews that factors such as overcharging, internal short circuits, and poor heat dissipation could potentially lead to bulging or explosion of power banks. Zhang Xiang, Secretary General of the International Intelligent Transport Technology Association and a visiting professor at Huanghe Science & Technology College, told a reporter from Cailian Press that overheating during the use of power banks could cause the product to expand and deform, leading to misalignment of the internal structures such as the positive and negative electrode separators and electrolyte within the battery due to compression. In addition, after prolonged use of power banks, lithium batteries are prone to developing dendritic crystals—lithium dendrites—which can puncture the battery separator. These situations can easily trigger short circuits and lead to explosions. According to information from the website of the Shenzhen Market Supervision and Administration Bureau, the mobile power supply products recalled by Romoss may experience overheating during use in a very small number of cases due to the raw materials of some battery cells, posing a combustion risk under extreme scenarios and presenting safety hazards. Regarding battery cell manufacturers, when asked whether they were involved in supplying products to Romoss, a representative from Sunwoda (300207.SZ) told the reporter, "They did not use our battery cells." A representative from the securities department of Desay Battery (000049.SZ) said, "I don't think so." The securities department of EVE (300014.SZ) stated, "We have not seen any relevant news. Everything is subject to the announcement. We are not really clear about this." "The safety and reliability of power banks can be further enhanced by increasing the functionality of the battery management system and improving the distribution of sensors," Zhang Xiang said. Typically, the explosion of a battery is a cumulative process, and battery safety is basically maintained through detection by relevant sensors. The sensor system measures whether the temperature, current, and voltage of the power bank are within the safe thresholds. If any abnormalities are detected, an alert is issued, which can significantly reduce the likelihood of battery explosion.

On June 10, FAW Toyota officially put its all-new mid-size electric SUV, the bZ5, onto the market, unveiling four initial variants: the 550 JOY, the 550 PRO, the 550 PRO Smart Drive, and the 630 PRO, ...

TSMC's Advanced Packaging Plant in Chiayi May Postpone Equipment Installation TSMC's AP7 advanced packaging plant in Chiayi was originally scheduled to install equipment in Q3, but the supply chain has recently received notifications of postponement to Q4. Two safety incidents occurred at the plant site recently, leading to a work stoppage. The first phase of the plant will establish a wafer-level multi-chip module (WMCM) packaging capacity. It is speculated by the outside world that this packaging technology will be first applied to Apple's self-developed chips.

During the 618 shopping festival, the "national subsidy" for home appliances in many regions has shifted from a unified subsidy to a voucher-based subsidy. A reporter from Cailian Press visited home appliance stores in Jiangsu, Guangdong, and other regions and learned that the relevant "national subsidy" discounts have entered a "scramble" mode. During interviews, industry practitioners often responded with terms like "limited quantity" and "quota allocation." Meanwhile, in Chongqing, Hubei, and other regions, the "national subsidy" for consumer goods, including home appliances and renovation products for kitchens and bathrooms, under the trade-in program, has been suspended or adjusted. As an important measure to expand domestic demand and boost consumption, the trade-in subsidy policy has effectively driven sustained consumption rebound and improvement. Data from the Ministry of Commerce shows that since the beginning of this year, the sales volume of consumer goods under the trade-in program has exceeded RMB 1 trillion. The "braking" of the "national subsidy" may be related to the depletion of subsidy funds. Announcements from multiple regions mention: "The subsidy amount applied for in this batch has reached the limit" and "The subsidy funds for this round have been fully utilized." However, market analysts believe this is a temporary situation, and a new round of subsidies may be restarted. Jiangsu's "national subsidy" requires "queuing for quota," with digital products being "hard to come by" Cailian Press reporters have noticed that on major online shopping platforms, the national subsidy in Jiangsu is currently temporarily unavailable for collection and use. A local consumer told the reporter that they had their eye on an Apple smartwatch and wanted to see if there would be a better deal during the 618 shopping festival. "But then I found out the subsidy was suspended, so I canceled my purchase plan. After all, it's not a necessity, so I just considered it money saved." Offline, Cailian Press reporters visited multiple large electronics and appliance malls and brand stores in Nanjing, Jiangsu, and learned that the widespread national subsidies for home appliances and 3C digital products have been suspended since June 1. However, this is not a complete halt but rather a "quota-based" management approach. When asked whether and when there would be a new round of widespread national subsidies, the interviewed merchants all expressed that they were unaware or had not received any notifications. Cailian Press reporters learned that if consumers wish to use the national subsidy, the specific process is as follows: First, register and queue at the merchant where they intend to make a purchase, then wait for the merchant to "scramble" for the allocated subsidy quota on the relevant platform, and finally, the merchant will notify the consumer to proceed with payment for the order. The waiting time for this process is uncertain and depends on factors such as the merchant's success in securing the quota and the number of people in the queue. At a Gree counter in a JD.com electronics mall, a salesperson told the reporter that if consumers want to use the national subsidy, they may need to wait in line for 2-3 months. "Consumers don't need to scramble for this national subsidy; we'll do it for them. However, the quota allocated to each store is limited, and we can't guarantee when we'll be able to secure the quota." At a Hisense TV counter, a salesperson also mentioned that waiting in line for the national subsidy might take several months. "I'm not sure if you can wait that long. If you have a current need, it's better to just buy it directly," they said. However, since it's currently the 618 shopping festival period, even without using the national subsidy, most stores are offering relatively favorable selling prices. One of the main promoted products at the aforementioned Gree counter is a 1.5-horsepower, first-tier energy efficiency split-type air conditioner, priced at over 6,000 yuan. According to the salesperson, it has relatively comprehensive functions and a higher price among similar products in the store. Currently, after discounts (without using the national subsidy), the actual selling price is less than 4,000 yuan. However, not all products have such significant discounts. A similar product priced at over 4,000 yuan nearby has a selling price after discounts that is close to the aforementioned higher-priced product. It's worth noting that salespeople at different stores have varying views on the "quota" and estimates of waiting times. At a Midea counter in a Suning.com store, a salesperson told reporters that after queuing, it might only take a few days to use the national subsidy. "We just secured a quota of 100,000 yuan this morning. I predict that if you register and queue now, you'll receive a notification soon. It's still very cost-effective to enjoy the national subsidy on top of the discounted price," they said. On the other hand, reporters learned on-site that currently, the subsidy quota management for 3C digital products like mobile phones in the Jiangsu region is much stricter than for home appliances. At this stage, consumers can hardly use the national subsidy to purchase digital products. At various digital brand stores, reporters found that unlike the previous sales strategy of directly informing consumers about the post-subsidy prices, salespeople are no longer proactively mentioning the national subsidy. If asked whether the national subsidy can be used, most salespeople will directly state that it has been suspended and then introduce the current in-store promotional activities. However, at a Xiaomi Home store, a salesperson told reporters that there is actually still a national subsidy for digital products, but the quota is extremely limited. "I think it can be considered negligible. We don't expect to secure it at all. You can just treat it as non-existent. The quota for appliances is larger than that for digital products. If you're buying appliances, it might be worth waiting in line," they said. After Jiangsu suspended the widespread national subsidy, merchants of 3C digital products like mobile phones have also been actively launching promotional activities, hoping to maintain consumers' purchasing enthusiasm in this way. At the aforementioned Xiaomi Home store, except for products that have just been released, almost all other mobile phones are available with discounts. At an Apple counter in a JD.com appliance store, a salesperson told reporters that previously, the national subsidy policy for mobile phones only covered products priced below 6,000 yuan, so most mobile phone products in the Apple store were ineligible. The recent 618 selling prices have hit the lowest levels in store history. For instance, the iPhone 16 Pro and iPhone 16 Pro Max models offer a 2,000-yuan discount across all storage variants compared to their launch prices. Multiple Regions Temporarily Halt National Subsidies, Potential Reboot in H2 Jiangsu's subsidy suspension is not an isolated case, with Chongqing, Hubei, and Guangdong also experiencing temporary unavailability of national subsidies. Caixin reporters found that Guangdong's consumer goods trade-in public service platform posted a notice on June 5, 2025, suspending discount vouchers for the "Guangzhou Home Improvement & Kitchenware Campaign" until further notice. On JD.com, Chongqing's home appliance subsidy page displayed "activity under upgrade" with unavailable vouchers during the transition, while Hubei's smart home subsidies were similarly paused. The Chongqing Commerce Commission confirmed that Phase 1 subsidy funds were fully utilized by June 3, with Phase 2 policies still under formulation. Can physical stores honor subsidies? Stores in Guangzhou told Caixin that vouchers could be used if successfully claimed. "Quantities are now limited. WeChat mini-program vouchers sell out quickly each morning, though UnionPay may have residual stock," said one retailer. Initial ample funding is nearing depletion, creating a first-come-first-served scenario. Midea Smart Home staff noted no customer complaints about voucher availability under normal circumstances. This year's expanded "program of large-scale equipment upgrades and consumer goods trade-ins" allocated 300 billion yuan from ultra-long special bonds for trade-in initiatives. Subsidies are accelerating market impact. Ministry of Commerce data shows that by May 31, 2025, the trade-in program generated 1.1 trillion yuan in sales across five categories, distributing 175 million direct consumer subsidies. Breakdown: 49.863 million consumers purchased 77.618 million home appliances; 53.529 million bought 56.629 million digital devices; and 57.626 million home improvement orders were completed. AVC noted that 2025's recovering consumer market and frequent promotions drove rapid subsidy utilization, with H1 expenditure projected at 70% of total funds. Judging from the responses of relevant departments in regions where the policy has been suspended, the "national subsidy" may not come to an end. The Chongqing Municipal Commission of Commerce stated that the second phase of the trade-in subsidy policy is expected to be introduced in early June. A relevant official from the Jiangsu Provincial Department of Commerce responded to the media, stating that currently, some platforms are undergoing rectifications or system upgrades. After adjustments, consumers will be able to receive and use the subsidies normally, and each platform and merchant will implement quota management. Xiao Yunxuan, an analyst from the Major Home Appliances Department of AVC Revo, stated that the early national subsidy policies primarily focused on inclusive subsidies, aiming to rapidly activate the market through a "flood-like" approach. However, as the rate of fund depletion far exceeded expectations, the policy model urgently needed transformation. The "quota allocation" model pioneered by Jiangsu is becoming an important reference for national policy adjustments. This model precisely controls the pace of fund depletion through daily and monthly fund limits, combined with a phased subsidy distribution mechanism. This shift alleviates the pressure on local governments for audit and write-off, reduces the risk of fund misuse, and forces enterprises to abandon the competitive strategy of blindly pursuing subsidy amounts. Instead, they are shifting towards rational competition that focuses more on market demand and product value, promoting the industry's transformation towards high-quality development. It is worth noting that Ding Lin, Deputy Director-General of the General Office of the National Development and Reform Commission (NDRC), mentioned at the "China Economic Roundtable" recently launched by Xinhua News Agency that the allocation of funds for accelerating the trade-in of consumer goods should be expedited, and the process for applying for subsidies should be simplified. The second half of the "national subsidy" may be just around the corner.

》Check SMM copper quotes, data, and market analysis 》Subscribe to view historical price trends of SMM metal spot cargo SMM June 5 At 11:30 today, the futures closing price was 78,250 yuan/mt, down 170 yuan/mt from the previous trading day. The average spot premiums/discounts were 90 yuan/mt, down 40 yuan/mt from the previous trading day. Today, the price of secondary copper raw material remained unchanged MoM. The price of bare bright copper in Guangdong was 72,400-72,600 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 1,212 yuan/mt, down 210 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,015 yuan/mt. According to the SMM survey, suppliers of secondary copper raw material have gradually received notifications from copper rod enterprises regarding the implementation of "reverse invoicing". However, suppliers have not yet adapted to the specific procedures and still require a transition period before they are willing to resume normal supply volumes of secondary copper raw material.

[Some automakers received notifications from relevant departments to participate in a seminar to discuss topics such as "zero-kilometer" used cars] Reporters learned from multiple companies in the automotive industry chain that some automakers, downstream companies, and industry organizations received notifications from relevant departments to participate in the seminar. The main topics were to promote the high-quality development of the used car circulation and discuss content related to "zero-kilometer" used cars and further promoting the circulation and consumption of used cars.

★Macro★ 01 ★★★ LPR for loans over 5 years drops by 10 basis points; 1 million yuan mortgage over 30 years reduces by 20,000 yuan The latest Loan Prime Rate (LPR) was released today, with the five-year LPR lowered to 3.5% from 3.6%. For a commercial loan of 1 million yuan with a 30-year term and equal principal and interest repayments, the 10 basis point drop in LPR will reduce the monthly payment by 56 yuan, accumulating to a total reduction of 20,000 yuan over 30 years. 02 ★★ NDRC: Most policies to stabilize employment and economy will be implemented by the end of June The National Development and Reform Commission (NDRC) held a May press conference. At the conference, Li Chao, Deputy Director of the Policy Research Office of the NDRC and spokesperson for the Commission, stated that on the basis of accelerating the implementation of existing policies, the NDRC has collaborated with relevant departments to expedite the introduction of several measures to stabilize employment, stabilize the economy, and promote high-quality development. Currently, relevant departments are urgently implementing these measures, with most policy initiatives planned to be in place by the end of June. Meanwhile, the NDRC will continue to strengthen policy pre-research and reserves on a regular and open-ended basis, continuously improving the policy toolkit for stabilizing employment and the economy to ensure timely implementation when needed. 03 ★★ NDRC: Aims to issue the full list of "two major" construction projects for this year by the end of June The NDRC held a May press conference on May 20. Li Chao, Deputy Director of the Policy Research Office of the NDRC and spokesperson for the Commission, stated that the NDRC aims to issue the full list of "two major" construction projects for this year by the end of June, ensuring high standards in organization and implementation. 04 ★★ Zhao Chengfeng of NDRC: Central budgetary investment plan for 2025 urban renewal projects to be issued by the end of June Zhao Chengfeng, Head of the Fixed Asset Investment Department of the NDRC, stated at a press conference held by the State Council Information Office that the NDRC will continue to advance various urban renewal initiatives and increase central investment support. This year, a special central budgetary investment has been established specifically for urban renewal to support the construction of public infrastructure and public service facilities related to urban renewal. In addition to supporting projects such as the renovation of old urban residential communities and urban village renovation, the scope of support has been expanded to include projects for the transformation and upgrading of dilapidated urban housing, old neighborhoods, and old factory districts. Currently, the NDRC is organizing plan submissions and project evaluations, and plans to issue the central budgetary investment plan for 2025 urban renewal projects by the end of June this year. ★Industries and Downstream Sectors★ 01 Xi Jinping: To Advance Chinese-style Modernization, We Must Continue to Excel in Manufacturing On the afternoon of the 19th, General Secretary Xi Jinping visited Luoyang Bearing Group Co., Ltd. in Henan Province for a field trip. He toured the company's intelligent factory, learned about the performance and applications of various bearing products, inspected the intelligent production lines, and had a cordial conversation with the company's employees. Xi Jinping said that we have adhered to developing the real economy, transitioning from relying on imports for matches, soap, and iron in the past to becoming the world's largest manufacturing country with the most comprehensive industrial categories. This path has been the right one. We must continue to excel in manufacturing, persist in self-reliance and self-improvement, master key core technologies, promote the integration of industry, academia, and research, and cultivate a large number of high-quality talents. Only in this way can Chinese-style modernization be truly achieved. 02 In April 2025, major excavator manufacturers sold 22,142 excavators, up 17.6% YoY According to statistics from the China Construction Machinery Industry Association, in April 2025, major excavator manufacturers sold 22,142 excavators, up 17.6% YoY. Of these, domestic sales reached 12,547 units, up 16.4% YoY, and exports amounted to 9,595 units, up 19.3% YoY. From January to April 2025, a total of 83,514 excavators were sold, up 21.4% YoY. Domestic sales reached 49,109 units, up 31.9% YoY, and exports amounted to 34,405 units, up 9.02% YoY. In April 2025, 25 electric excavators were sold (1 unit below 6 mt, 2 units in the 10-18.5 mt range, 18 units in the 18.5-28.5 mt range, 1 unit in the 28.5-40 mt range, and 3 units of 40 mt and above). 03 China's automobile production reached 2.604 million units in April According to data from the National Bureau of Statistics (NBS), by industry, in April, 36 out of 41 major industrial categories maintained year-on-year growth in added value. Among them, the automobile manufacturing industry grew by 9.2%. By product, in April, 341 out of 623 industrial products above designated size saw year-on-year growth in production. Among them, automobile production reached 2.604 million units, up 8.5% YoY, including 1.228 million NEVs, up 38.9% YoY. From January to April, automobile production reached 10.116 million units, up 11.1% YoY, including 4.395 million NEVs, up 43.7% YoY. 04 China's production figures for four major home appliances in April released According to data from the National Bureau of Statistics (NBS), in April 2025, China's air conditioner production reached 30.833 million units, up 1.6% YoY. The cumulative production from January to April reached 105.314 million units, up 7.2% YoY. In April, the national production of refrigerators reached 8.179 million units, down 10.7% YoY. The cumulative production from January to April was 32.204 million units, down 0.7% YoY. In April, the national production of washing machines reached 9.651 million units, up 2.6% YoY. The cumulative production from January to April was 39.188 million units, up 10.9% YoY. In April, the national production of color TVs reached 16.074 million units, down 9.8% YoY. The cumulative production from January to April was 59.666 million units, down 3.9% YoY. 05 [SMM Shenyang HRC Inventory] This week, the HRC inventory in Shenyang was 99,000 mt. This week, the HRC inventory in Shenyang was 99,000 mt, down 5,300 mt or 5.08% WoW, and down 70,000 mt or 41.42% YoY. 06 [SMM Zhangjiagang HRC Inventory] This week, the inventory in Zhangjiagang continued to decline steadily. This week, the HRC inventory in Zhangjiagang was 349,000 mt, down 22,000 mt or 5.93% WoW. It increased by 10.44% on a solar calendar YoY basis and by 12.58% on a lunar calendar YoY basis. 07 [SMM HRC Arrivals] Arrivals in mainstream markets decreased significantly. SMM Steel News on May 20: According to SMM statistics, the estimated total resource shipments in mainstream markets this week were 207,500 mt, a decrease of 37,000 mt compared to the shipment level last week. 08 [SMM Electric Furnace Operating Rate] Two electric furnace plants resumed production as scheduled, with the national operating rate rising to 38.46%. According to the SMM survey, as of May 20, the operating rate of 50 electric furnace steel mills mainly producing construction materials nationwide was 38.46%, up 1.3% from the previous period. The capacity utilisation rate was 39.72%, up 1.08% WoW. The daily average production of construction materials was 88,400 mt, an increase of 2,400 mt WoW. ★Other Hot Topics★ ⭕ [Six Major State-Owned Banks Collectively Lower Deposit Interest Rates Today, All One-Year Fixed Deposit Rates Reduced by 15 Basis Points] Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Postal Savings Bank of China, and Bank of Communications all announced today that they have lowered their deposit interest rates, with the reductions being consistent across the board. The specifics are as follows: ①Bank of China lowered its RMB deposit interest rates on May 20. The demand deposit interest rate was lowered by 5 basis points to 0.05%. The interest rates for fixed deposits with terms of three months, six months, one year, and two years were all lowered by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The interest rates for fixed deposits with terms of three years and five years were both lowered by 25 basis points to 1.25% and 1.3%, respectively. The interest rates for time deposits with lump-sum deposit and withdrawal in installments, lump-sum deposit and lump-sum withdrawal in installments, and principal deposit with interest withdrawal were all lowered by 15 basis points. The interest rate for 7-day notice deposits was lowered by 15 basis points to 0.3%. ② On May 20, the Agricultural Bank of China reduced the RMB deposit interest rates, with the demand deposit rate lowered by 5 basis points to 0.05%. The interest rates for fixed deposits with lump-sum deposit and withdrawal for three-month, six-month, one-year, and two-year terms were all lowered by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The interest rates for three-year and five-year terms were both lowered by 25 basis points to 1.25% and 1.3%, respectively. The interest rates for fixed deposits with small lump-sum deposit for withdrawal by installments, lump-sum deposit for small withdrawal by installments, and lump-sum deposit with interest withdrawal at maturity for all three terms were lowered by 15 basis points. The interest rate for 7-day notice deposits was lowered by 15 basis points to 0.3%. ③ On May 20, the Industrial and Commercial Bank of China reduced the RMB deposit interest rates, with the demand deposit rate lowered by 5 basis points to 0.05%. The interest rates for fixed deposits with lump-sum deposit and withdrawal for three-month, six-month, one-year, and two-year terms were all lowered by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The interest rates for three-year and five-year terms were both lowered by 25 basis points to 1.25% and 1.3%, respectively. The interest rates for fixed deposits with small lump-sum deposit for withdrawal by installments, lump-sum deposit for small withdrawal by installments, and lump-sum deposit with interest withdrawal at maturity for all three terms were lowered by 15 basis points. The interest rate for 7-day notice deposits was lowered by 15 basis points to 0.3%. ④ On May 20, the China Construction Bank reduced the RMB deposit interest rates, with the demand deposit rate lowered by 5 basis points to 0.05%. The interest rates for fixed deposits with lump-sum deposit and withdrawal for three-month, six-month, one-year, and two-year terms were all lowered by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The interest rates for three-year and five-year terms were both lowered by 25 basis points to 1.25% and 1.3%, respectively. The interest rates for fixed deposits with small lump-sum deposit for withdrawal by installments, lump-sum deposit for small withdrawal by installments, and lump-sum deposit with interest withdrawal at maturity for all three terms were lowered by 15 basis points. The interest rate for 7-day notice deposits was lowered by 15 basis points to 0.3%. ⑤ On May 20, the Postal Savings Bank of China reduced the RMB deposit interest rates for multiple terms, with the demand deposit rate lowered to 0.05%. The interest rates for fixed deposits with lump-sum deposit and withdrawal for three-month, six-month, one-year, three-year, and five-year terms were all lowered to 0.65%, 0.86%, 0.98%, 1.25%, and 1.30%, respectively. ⑥ The Bank of Communications reduced the RMB deposit interest rates, with the demand deposit rate lowered by 5 basis points to 0.05%. The interest rates for fixed deposits with lump-sum deposit and withdrawal for three-month, six-month, one-year, and two-year terms were all lowered by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The interest rates for three-year and five-year terms were both lowered by 25 basis points to 1.25% and 1.3%, respectively. The interest rates for fixed deposits with small lump-sum deposit for withdrawal by installments, lump-sum deposit for small withdrawal by installments, and lump-sum deposit with interest withdrawal at maturity for all three terms were lowered by 15 basis points. The interest rate for 7-day notice deposits was lowered by 15 basis points to 0.3%. ⭕ [Thailand: Removal of Incentives for the Steel Manufacturing Industry] Nari Tesdirasudi, Secretary General of the Thailand Board of Investment (BOI), stated to the media on the 19th that the BOI has introduced four new measures aimed at enhancing the competitiveness of small and medium-sized enterprises (SMEs) in Thailand, mitigating risks arising from US trade policies, and integrating Thai enterprises into the global supply chain. ⭕ [Commencement of the 3-Million-Ton Short-Process Project by Yonggang Steel in Kazakhstan] Recently, the groundbreaking ceremony for the 3-million-ton short-process integrated steel mill project of the Yonggang Steel Group in Kazakhstan, which was overall designed by Shougang Engineering, was held in the Zhebekjoly Special Economic Zone, Jambyl Province, Kazakhstan. ⭕ [Australia Initiates Second Sunset Review Anti-Dumping Investigation on Wire Rods from China] On May 19, the Australian Anti-Dumping Commission issued Notice No. 2025/040, announcing the initiation of a second sunset review anti-dumping investigation on wire rods imported from China, in response to an application submitted by InfraBuild (Newcastle) Pty Ltd, an Australian domestic enterprise. The dumping investigation period for this case spans from April 1, 2024, to March 31, 2025, while the injury investigation period commenced on April 1, 2020. ⭕[South Africa Issues Final Safeguard Measure Determination on Imported Flat-Rolled Products] On May 16, 2025, the WTO issued a notification stating that the South African International Trade Administration Commission (ITAC), acting on behalf of the Southern African Customs Union (SACU), which includes Namibia, South Africa, Lesotho, Swaziland, and Botswana, has issued a final determination in the safeguard measure case concerning certain flat-rolled products of iron, non-alloy steel, or other alloy steel. The decision is to impose safeguard duties on the products in question at rates of 13% in the first year, 11% in the second year, and 9% in the third year, for a duration of three years. The South African tariff codes for the products in question are 7208.10, 7208.25, 7208.26, 7208.27, 7208.36, 7208.37, 7208.38, 7208.39, 7208.4, 7208.51, 7208.52, 7208.53, 7208.54, 7208.9, 7211.14, 7225.3, 7225.4, 7225.99, and 7226.99. The safeguard measures in this case do not apply to grain-oriented electrical silicon steel.