[SMM Steel] The UK is seeking exemptions from the EU’s upcoming steel import restrictions as London and Brussels continue post-Brexit trade negotiations. The EU plans to reduce tariff-free steel quotas and raise out-of-quota tariffs to 50%, while the UK is also preparing similar measures, including a 60% reduction in tariff-free quotas and 50% tariffs above quota limits. UK Trade Minister Chris Bryant said restrictive measures between the UK and EU would be counterproductive, arguing that global overcapacity, particularly from China, remains the core issue affecting European steel markets.

Starting July 1, 2026, the UK will tighten its steel import controls, slashing tariff-free quota volumes by approximately 60%. Under the new regime, imports exceeding product-specific quotas will be subject to a steep 50% tariff. Notably, stainless steel long products will be brought back under quota restrictions for the first time since Brexit, reflecting a significant pivot in the UK government’s broader Steel Strategy. By extending protections to domestically manufacturable products, these measures are expected to cause substantial disruption to the UK’s stainless steel long products supply chain and pricing structure.

Jamie Dimon, CEO of JPMorgan Chase, recently stated that the possibility of a US economic recession remains as the impact of tariffs continues to disrupt the global economy. On Thursday (May 15) local time, Dimon told the media at JPMorgan Chase's annual Global Markets Conference in Paris, "We hope to avoid a recession, but at this point, I cannot rule it out." "If a recession does occur, I don't know how severe it will be or how long it will last." The Trump administration's tariff policies have shaken the markets for over a month. Dimon pointed out that some of JPMorgan Chase's clients have postponed investment decisions due to excessive market volatility. Earlier this week, high-level China-US economic and trade talks reached important consensus and made substantive progress, directly reflected in a significant reduction in bilateral tariff levels. The international community has highly praised this development, and the financial markets have also responded positively. Dimon expressed his hope that trade easing could continue, "so that genuine communication can take place." Previously, Dimon had repeatedly called for US Treasury Secretary Scott Bessent to lead trade negotiations and, in his annual letter to shareholders released last month, urged the swift resolution of uncertainties. As the head of the world's largest bank, Dimon wields significant influence in the financial world and is often regarded as an authority in the field. Dimon speaks highly of Bessent, and it was reported that when Bessent was nominated by Trump, Dimon called it an "excellent choice." In his latest interview, Dimon stated that recent volatility persists, and JPMorgan Chase's trading volume has remained high as a result. "Sometimes market volatility is good, and sometimes it's bad. This time it's good, but next time it might not be so optimistic." Dimon believes that tariff instability could lead to the loss of some investments in the US. "There will definitely be some consequences. We've annoyed a lot of people. When I meet them, they say, 'You know what? We're not buying your Kentucky bourbon anymore.'" However, Dimon also noted that this impact may not be widespread, as the US is still not considered a poor investment destination. Benefiting from significant market volatility, JPMorgan Chase's stock trading division achieved record revenue in the first quarter, and all of this occurred before the announcement of reciprocal tariffs on April 2 and their subsequent suspension. Analysts predict that trading revenue for the largest US bank will continue to grow YoY in the second quarter of this year. In this interview covering a wide range of topics, Dimon also expressed optimism about the prospects for negotiations between the EU and the UK, "They have an opportunity to build a truly good relationship, which could somewhat make up for the chaos caused by Brexit."

[SMM Tin Midday Review: Trump May Announce a Trade Deal Between the US and the UK on Thursday; SHFE Tin Prices Fluctuate Upward] The most-traded SHFE tin contract (SN2506) fluctuated upward today. In the morning session, it continued to rise, buoyed by news that US President Trump was expected to announce a trade deal between the US and the UK on Thursday. It ultimately closed at 263,000 yuan/mt, up slightly by 0.42% from the previous trading day. Trading volume and open interest decreased slightly by 1,443 lots, with total open interest reaching 30,500 lots.

Gold Price Volatility consistently attracts the scrutiny of economists, investors, and policymakers. Its fluctuating nature, driven by a myriad of factors, poses significant forecasting challenges. Notably, monetary policy enacted by global central banks stands out as a primary influence on gold price volatility. A profound comprehension of the intricate relationship between these elements is indispensable for participants in financial markets. This article aims to explore the foundational aspects of gold price volatility, elucidate the core tenets of monetary policy, and examine their interrelationship in detail.

Gold has long been regarded as a safe-haven asset, especially during times of economic uncertainty. Understanding gold price fluctuations requires an in-depth analysis of various global economic trends. We will explore the driving forces influencing gold prices, examine the role of geopolitical events, and discuss economic indicators that shape the market.