Data from the General Administration of Customs show that from January to May 2026, China's total import and export value of mechanical and electrical products reached $1,599.74 billion, up 24.6% YoY. Specifically, the export value of mechanical and electrical products was $1,089.89 billion, up 22.4% YoY. A breakdown shows that the YoY growth rates of export values for integrated circuits, automobiles (including chassis), and automatic data processing equipment and parts all exceeded 30%.

[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Fluctuates at Highs, Spot Trading Sentiment Further Weakens]

On June 11, a delegation led by Boris Titov, Russian Chairman of the Russian-Chinese Committee for Friendship, Peace and Development, visited Shaanxi Nonferrous Metals Group. Wu Qunying, Party Secretary and Chairman of the Group, held talks with Titov and his delegation at the Group's headquarters, reaching a consensus on deepening trade and expanding cooperation in various business areas. Zhao Liming, member of the Group's Party Committee and Vice General Manager, also participated in the talks. Wu Qunying welcomed Titov and his delegation, noting that Shaanxi Nonferrous Metals Group had previously sent a delegation composed of relevant enterprises from the SCO Nonferrous Metals Joint Venture to Russia and other regions for economic and trade exchanges, achieving a series of fruitful results. He expressed hope that both sides would establish a regular cooperation mechanism in areas such as nonferrous metals, oil and gas, new energy, and import and export business, implementing "list-based management, milestone-based advancement, and responsibility-based implementation." He hoped that with the support of the Russian-Chinese Committee for Friendship, Peace and Development, negotiations would be accelerated to ensure the smooth delivery of trade orders, promoting deeper and more effective pragmatic cooperation in various fields across the Group's overseas operations, achieving a strong alliance and complementary advantages, and creating a new benchmark for in-depth Sino-Russian friendly cooperation.

The global secondary copper industry is at a critical juncture defined by tightening resources, green transformation, and intensifying global competition. As environmental protection policies continue to tighten and the energy crisis deepens, secondary copper—with its notable environmental advantages and economic value—is playing an increasingly prominent role in alleviating tight supply of primary copper and driving low-carbon development. Currently, the global copper industry chain is under multiple pressures, including supply fragility, demand transformation, and low-carbon upgrading. Major economies have listed copper among critical minerals, and international competition for secondary copper resources is becoming ever more intense. Optimizing the industry chain structure, improving recycling and recovery efficiency, and aligning global standards have become urgent priorities for the sector. To help the industry gain a comprehensive understanding of global policy trends and market dynamics. SMM and Qingyuan Xiangzhan Metal Trading Co., Ltd. have joined forces to create the , focusing on industry development directions, amplifying market voices, and aiming to provide practitioners with an authoritative and professional industry distribution guide. (Click the link to receive a free copy: ) Qingyuan Xiangzhan Metal Trading Co., Ltd. is a comprehensive enterprise specializing in non-ferrous metal material supply, processing and manufacturing, and international trade services. Its main business covers a wide range of products, including various high-quality materials, tin-plated materials, brass block materials in various specifications (natural or plated), copper block materials, copper pipe & tube materials, copper powder, copper bricks, copper ingots, copper alloy materials, 3-series and 4-series stainless steel, secondary aluminum, and aluminum ingots. The company’s operations span production and processing, procurement integration, import and export trade, and supply chain services. Leveraging its production site in Thailand and supply chain advantages in Southeast Asia, the company has established robust systems for raw material procurement, production management, quality control, and logistics distribution, and is committed to providing stable and reliable metal material products to global clients. Its products are widely used in electronic appliances, machinery equipment, hardware manufacturing, casting processing, automotive parts, new energy, and industrial manufacturing. Over the years, Xiangzhan Metal has upheld the philosophy of “Quality First, Integrity in Business, and Win-Win Cooperation,” continuously enhancing product quality and service standards. It has maintained long-term, close cooperative relationships with the Taiwan region and actively promoted industrial exchanges and resource integration across the Strait and within Southeast Asian markets. With professional market experience, stable supply capabilities, and comprehensive international trade services, the company has become a trusted partner to numerous clients. Looking ahead, Xiangzhan Metal will continue to deepen its industrial footprint in the metal materials sector, strengthen its global procurement and sales network, and enhance its processing technology and supply chain management capabilities, striving to become a competitive metal material supplier and international trade service provider in Asia. Qingyuan Xiangzhan Metal Trading Co., Ltd. Contact Information Ling Jingzhao 134 1727 8888 Cao Bangjiang 177 2882 2736 SMM Co-production Contact Person Liu Mingkang 156 5309 0867 liumingkang@smm.cn

[Major steel mills did not continue to push up prices; the non-oriented silicon steel market may remain in the doldrums next week] This week, spot prices of cold-rolled non-oriented silicon steel in Shanghai were stable, with overall market transactions being moderate. Market feedback indicated that ferrous metals futures swung wildly this week, and coupled with Baowu's flat July price policy, the drivers for price changes were weak. In terms of fundamentals, downstream demand remained sluggish, with weak purchasing enthusiasm. Meanwhile, steel mills reduced production, leaving both supply and demand for non-oriented silicon steel weak. Although some traders destocked, overall market inventory remained high, suppressing prices.

On June 9, customs data showed that China exported 10.341 million mt of steel in May 2026, an increase of 844,000 mt MoM, up 8.9% MoM. Cumulative exports from January to May reached 44.554 million mt, down 8.1% YoY. China imported 451,000 mt of steel in May 2026, a decrease of 14,000 mt MoM, down 3.1% MoM. Cumulative imports from January to May totaled 2.255 million mt, declining 12.2% YoY. Table1 – Steel Import and Export Data Overview, January-May Source: SMM Steel Exports in May Crossed 10 Million mt MoM According to SMM's export schedule survey for May, planned HRC exports that month stood at 1.1435 million mt, up 213,500 mt from actual April exports, a 23% MoM increase. Meanwhile, SMM export order data showed that from March to April, domestic export prices held a strong advantage in international markets, and overseas demand for semi-finished products remained present. Export orders reached a periodical high in mid-April, providing some support for May exports exceeding 10 million mt. Table 2– China Total Steel Exports Source: SMM Steel Imports in May Declined MoM On the import side, steel imports stood at 451,000 mt in May, edging down MoM. From January to May, China imported a total of 2.255 million mt of steel, down 12.2% YoY; net steel exports reached 42.299 million mt. Short-Term Steel Export Outlook 1. Global manufacturing diverges notably; US accelerates sharply while domestic new export orders slide from highs Global manufacturing activity showed marked divergence in May 2026. The latest PMI data indicates the US accelerated strongly, rising to 54% from 52.7% in April, though cost surges driven by inflation posed significant headwinds. The Eurozone PMI dropped to 47.5% from 48.8%. India continued to demonstrate resilience: its May manufacturing PMI reached 55%, a three-month high, fueled by robust domestic demand, infrastructure spending, and new business growth. China's new export orders index came in at 48.6% in May, down 1.7 percentage points MoM, reflecting some weakening in export demand. 2. Overseas supply continues to decline, particularly evident in the Middle East World Steel Association data shows global crude steel production fell 1.9% YoY to 153.4 million mt in April 2026. Excluding China, output in the rest of the world slid 4.25% MoM, with production schedule paces diverging significantly across regions. Among markets outside China, India and Vietnam maintained high production levels, mainly benefiting from the structural ramp-up dividends brought by new capacity commissioning. Meanwhile, the US and Germany also stood out in April: the US was directly boosted by seasonal Q2 production schedule expansions in high-end manufacturing sectors such as automobiles, while Germany's four consecutive months of production rebound essentially reflected a strategic inventory build by steel mills in response to raw material price fluctuations. In contrast, Middle East production continued its steep YoY plunge during the month, mainly attributable to wartime energy controls and systemic logistical paralysis triggered by the US-Iran conflict and the full closure of the Strait of Hormuz. Overall, Middle East output remains in contraction. As original recipient countries face a lack of stable supply sources, coupled with the digestion of previous low-priced resources, China's steel export orders may encounter structural opportunities. Figure 1 – Global Crude Steel Production by Region Source: SMM 3. Price advantage remains notable, but Southeast Asian markets show price-cutting behavior to seize market share As of June 5, 2026, HRC export quotations (FOB) from India, Turkey, and the CIS stood at $550/mt, $645/mt, and $535/mt, respectively, while China's HRC export quotation (FOB) was $501/mt. China's HRC export quotations currently stand at discounts of -$49/mt, -$144/mt, and -$34/mt against these countries, keeping its steel export price advantage distinct. Recently, however, Southeast Asia entered its off-season; with domestic demand unable to support elevated prices, there are signs of price reductions to capture orders from the international market and disperse domestic pressures. The price spread between China and Southeast Asia has narrowed somewhat. Figure 2 – HRC Quotations in Key Global Markets Source: SMM 4. Export orders dropped notably in May, with a related slowdown after concentrated procurement According to SMM's latest survey of steel mill export schedules, planned HRC exports this month stand at 1.03 million mt, roughly steady compared with actual exports last month. SMM steel export order data indicates that, affected by holidays, export orders in May declined noticeably from April on a MoM basis. Orders for both flat products and long products slipped, signaling that overseas buyers have slowed their procurement pace after the earlier round of concentrated procurement. Figure 3 – SMM Steel Export Order Volumes Source: SMM 5. HRC faced the most cases entering the enforcement stage in May After the concentrated final rulings of anti-dumping cases in April, anti-dumping cases decreased somewhat in May, involving products including HRC, coiled rebar, section steel, and steel pipes. Specific cases and their affected volumes are shown in the table below: Table – New Anti-Dumping Cases in May Source: SMM Taking all factors into consideration, as the new export orders index narrows somewhat, Southeast Asian markets cut prices to compete for orders, and the significant contraction in export order volumes over the previous two months gradually feeds through to the shipment stage, the cushioning effect from earlier orders will weaken considerably. SMM expects that actual total steel exports in June will face some downward pressure. At the same time, as overseas supply of previously low-priced materials is absorbed and Chinese prices remain competitive, domestic export orders may show a bottoming-out recovery trend. Recent feedback from the Southeast Asian market also indicates new procurement demand for semi-finished products. Figure 4 – Steel Exports and Forecast, 2024-2026 Source: SMM Disclaimer on Data Sources: Except for publicly available information, all other data herein are processed and derived by SMM based on publicly available information, market communication, and SMM's internal database models. The content is for reference only and does not constitute decision-making advice. Note: This article is an original work published on this official account. For requests regarding reproduction, whitelist access, cooperation, or other matters, please contact us. Without permission, the content shall not be reproduced, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or otherwise disclosed to third parties or licensed for third-party use. 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According to customs statistics, in the first five months of 2026, China's total goods trade import and export value reached 20.68 trillion yuan, a YoY increase of 15.3% (the same hereinafter). Exports totaled 11.91 trillion yuan, up 11.8%, while imports totaled 8.77 trillion yuan, up 20.5%. In May alone, total goods trade import and export value stood at 4.45 trillion yuan, up 16.9%. Exports were 2.59 trillion yuan, up 13.8%, and imports were 1.86 trillion yuan, up 21.5%. By trade mode, in the first five months, China's Ordinary Trade imports and exports reached 12.47 trillion yuan, up 8.3%; processing trade imports and exports reached 3.95 trillion yuan, up 22.9%; and bonded logistics imports and exports reached 3.59 trillion yuan, up 41.8%. By trading partner, China's trade with ASEAN totaled 3.52 trillion yuan, up 16.6%; with the EU, 2.53 trillion yuan, up 10.3%; and with the US, 1.61 trillion yuan, down 6.6%. Over the same period, combined imports and exports with countries jointly building the Belt and Road reached 10.57 trillion yuan, up 13.6%. By type of enterprise, in the first five months, private enterprises' imports and exports reached 11.81 trillion yuan, up 15.5%; foreign-invested enterprises, 6.02 trillion yuan, up 15.7%; and state-owned enterprises, 2.81 trillion yuan, up 14%. In terms of key commodities, on the export side, China's exports of mechanical and electrical products reached 7.58 trillion yuan, up 18.4%; labor-intensive products, 1.61 trillion yuan, down 3.1%; and agricultural products, 300.79 billion yuan, up 1.6%. On the import side, imports of mechanical and electrical products reached 3.54 trillion yuan, up 25.3%; crude oil, 218 million mt, down 4.8%; and agricultural products, 618.16 billion yuan, up 7.6%. SMM has compiled the import and export data for selected metal industry products based on figures released by the General Administration of Customs, as follows: Exports: Rare earth exports in May 2026 5,490.4 mt, a YoY decrease of 6.4% vs. May 2025 . Cumulative exports in January-May 2026 reached 25,378.0 mt, a YoY increase of 2.2% vs. the same period of 2025. Steel exports in May 2026 10.341 million mt, a YoY decrease of 2.2% vs. May 2025 . Aluminum semis exports in January-May 2026 totaled 4,455.4 mt, on a YoY basis from January-May 2025, down 8.1 %. Exports of unwrought aluminum and aluminum semis in May 2026 reached 632,000 mt, on a YoY basis from May 2025, up 15.5% . Cumulative exports in the first five months of 2026 reached 2.685 million mt, on a YoY basis from January-May 2025, up 10.4%. Imports: Imports of iron ore and concentrates in May 2026 reached 97.711 million mt, on a YoY basis from May 2025, down 0.4% . Cumulative imports in the first five months of 2026 reached 516.258 million mt, on a YoY basis from January-May 2025, up 6.3%. Imports of copper ore and concentrates in May 2026 reached 2.361 million mt, on a YoY basis from May 2025, down 1.4% . Cumulative imports in the first five months of 2026 reached 12.275 million mt, on a YoY basis from January-May 2025, down 1% . Imports of coal and lignite in May 2026 reached 33.265 million mt, on a YoY basis from May 2025, down 7.7% . Cumulative imports in the first five months of 2026 reached 182.623 million mt, on a YoY basis from January-May 2025, down 3.2%. Imports of rare earths in May 2026 reached 6,770.2 mt, on a YoY basis from May 2025, down 42.1% . Cumulative imports in the first five months of 2026 reached 47,628.0 mt, on a YoY basis from January-May 2025, down 2.8%. Imports of steel in May 2026 reached 451,000 mt, on a YoY basis from May 2025, down 6.2%. Cumulative imports in the first five months of 2026 reached 2.255 million mt, on a YoY basis from January-May 2025, down 12.2%. Imports of unwrought copper and copper semis in May 2026 reached 446,000 mt, on a YoY basis from May 2025, up 4.4% . Cumulative imports in the first five months of 2026 reached 2.013 million mt, on a YoY basis from January-May 2025, down 7 % .

SMM June 9 News: In the metals market, as of the midday close, domestic base metals fell near across the board. SHFE lead dropped 1.86%, SHFE tin declined 1.86%, SHFE nickel lost 2.33%, SHFE copper edged down, SHFE aluminum fell 0.52%, and SHFE zinc shed 0.38%. Additionally, the most-traded cast aluminum futures contract dipped 0.41%, while the most-traded alumina contract edged down. The most-traded lithium carbonate contract rose 0.32%, the most-traded silicon metal contract slid 2.41%, and the most-traded polysilicon futures contract tumbled 4.04%. Ferrous metals all fell. Iron ore dipped 0.39%, rebar fell 0.47%, hot-rolled coil declined 0.71%, and stainless steel dropped 1.67%. Coking coal and coke: the most-traded coking coal contract plunged 7.48%, hitting the limit-down price of 1,340.5 yuan/mt during the session; the most-traded coke contract slumped 4.31%. In the overseas base metals market, as of 11:46 am, LME metals moved lower across the board. LME copper edged down 0.19%, LME aluminum fell 0.65%, LME lead dropped 0.25%, LME zinc slipped 0.35%, LME tin shed 0.73%, and LME nickel lost 1.01%. In precious metals, as of 11:46 am, COMEX gold edged down 0.1% and COMEX silver fell 1.13%. Domestically, the most-traded SHFE gold contract dipped 0.2%, and the most-traded SHFE silver contract dropped 1.93%. Additionally, as of the midday close, the most-traded platinum futures contract fell 0.99%, and the most-traded palladium futures contract shed 0.33%. At the midday break, the most-traded container freight futures (Europe) contract rose 0.61% to 3,865 points. As of 11:46 am on June 9, selected futures midday quotes: Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper quoted at 110 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper quoted at a premium of 70 yuan/mt, up 80 yuan/mt from the previous trading day; SX-EW copper quoted at a premium of 10 yuan/mt, up 70 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,275 yuan/mt, up 330 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,195 yuan/mt, up 335 yuan/mt. Spot market: Guangdong inventories continued to decline today, marking six consecutive sessions of draws... Macro Front China: [General Administration of Customs: China's Goods Trade Imports and Exports Grew 15.3% YoY in the First Five Months, with Electromechanical Product Exports Up 18.4%] According to customs statistics, in the first five months of 2026, China's total goods trade import and export value reached 20.68 trillion yuan, up 15.3% YoY (the same hereinafter). Specifically, exports reached 11.91 trillion yuan, up 11.8%; imports were 8.77 trillion yuan, up 20.5%. In May, China's total merchandise trade import and export value reached 4.45 trillion yuan, up 16.9%. Of this, exports were 2.59 trillion yuan, up 13.8%; imports were 1.86 trillion yuan, up 21.5%. In terms of key commodities, on the export side, in the first five months, China's exports of mechanical and electrical products amounted to 7.58 trillion yuan, up 18.4%; labour-intensive products reached 1.61 trillion yuan, down 3.1%; and agricultural products totalled 300.79 billion yuan, up 1.6%. On the import side, in the first five months, China imported 3.54 trillion yuan worth of mechanical and electrical products, up 25.3%; 218 million mt of crude oil, down 4.8%; and 618.16 billion yuan worth of agricultural products, up 7.6%. [Ministry of Commerce Holds Symposium on Solid Waste Recycling for PV, Lithium-ion Battery and NEV] On June 5, the Ministry of Commerce held a symposium on solid waste recycling for PV, lithium-ion battery and NEV. The meeting emphasized the need to align thoughts and actions with the decisions and plans of the CPC Central Committee and the State Council, adopt multiple measures, and take concrete actions to advance the construction of the solid waste recycling system for PV, lithium-ion battery and NEV. It called for systematic advancement and synergy, accelerating the improvement of top-level institutional design, promoting the issuance of policy documents, and forming a working pattern featuring policy coordination, resource sharing, complementary advantages, and integrated progress. It urged targeted guidance and category-specific policies, adopting differentiated and precise measures based on the development stages and recycling characteristics of power batteries, PV modules, and wind turbine equipment, to effectively resolve dismantling issues in recycling. It stressed technology-led and technology-empowered approaches, actively promoting basic R&D on technologies related to solid waste recycling for PV, lithium-ion battery and NEV, and facilitating the integration and application of AI in the recycling process. It emphasized pilot exploration and encouraging pioneers, continuing pilot work on building a renewable resource recycling system, encouraging industrial clusters and industry leaders to take the lead in trials, improving recycling efficiency, enhancing sorting capacity, and promoting high-quality development of the recycling industry. (From Wall Street CN APP) [Two Departments Jointly Launch 2026 Humanoid Robot and Embodied AI Real-Scenario Training Special Action] The Ministry of Industry and Information Technology and the State-owned Assets Supervision and Administration Commission of the State Council jointly launched the 2026 Humanoid Robot and Embodied AI Real-Scenario Training Special Action. Adhering to application-driven approaches, they will target key scenarios in industrial, special, and service fields, and promote key tasks such as the construction of real-scenario training spaces, cultivation of innovative application consortia, tackling of operational skills, and application deployment verification. Through real-scenario training, they will continuously optimize embodied AI model algorithms, accumulate high-quality real-machine data, improve the performance of key robot body components, and explore the establishment of full life-cycle management and assurance mechanisms for humanoid robots and embodied AI products. By the end of 2026, key products such as humanoid robots will have taken the lead in completing application verification and routine deployment across a range of representative scenarios, entering an "operational mode"; over 100 high-value application scenarios will be condensed and formed, further enriching the embodied AI application spectrum and driving the deployment capabilities on a scale of tens of thousands of units. (From Wall Street Insights app) [PBOC open market operations achieved a net injection of 152.8 billion yuan today.] PBOC conducted 153 billion yuan of 7-day reverse repo operations today, and as 200 million yuan of 7-day reverse repos matured today, a net injection of 152.8 billion yuan was achieved. (Gold Ten Data APP) On the dollar front: As of 11:46, the US dollar index fell 0.02% to 99.08. The market is waiting for the US inflation data to be released on Wednesday, which will affect expectations for the Fed's June rate decision. According to CME "FedWatch": the probability that the Fed will keep interest rates unchanged in June is 98.1%, and the probability of a cumulative 25bp rate cut is 1.9%. For the July meeting, the probability of keeping rates unchanged is 84.7%, the probability of a cumulative 25bp rate hike is 13.6%, and the probability of a cumulative 25bp rate cut is 1.6%. (Gold Ten Data APP) Morgan Stanley strategists said in a report that if risk appetite rebounds and the Fed avoids raising rates, the US dollar could weaken in the coming months. They noted that in the absence of higher interest rates, positive risk sentiment is negative for the dollar. However, they said that if the US economy outperforms others, leading to larger rate hikes than in other countries, the dollar would fare better. "Given that both the ECB and the BOJ are expected to raise rates this month, narrowing rate differentials should fuel a rise in risk appetite, thereby putting pressure on the dollar." (Gold Ten Data APP) On the data front: Today will see the release of Germany's April seasonally adjusted industrial output m/m, Germany's April seasonally adjusted trade balance, the US May NFIB Small Business Optimism Index, the US weekly ADP employment change for the week ending May 23, the US April trade balance, the US May existing home sales annualized, and the US April wholesale sales m/m, among other data. In addition, attention should be paid to Apple's WWDC developer conference, which runs through June 13. On the crude oil front: As of 11:46, oil prices in both markets declined, with WTI down 1% and Brent down 0.83%. The phased easing of the Iran-Israel situation has pulled back oil prices, reflecting some relief in market concerns over Middle East supply risks. However, the market remains cautious in its assessment of the situation. Whether energy transit through the Strait of Hormuz can be substantially restored remains a key focus for traders. A small number of commercial vessels returned to the waterway last weekend, but risks persist, with some ships even sailing with their digital transponders turned off. (Wall Street CN) The US Department of Transportation said on Monday that rising jet fuel prices, driven by the Middle East situation, caused US airlines' fuel costs in April to surge 78% compared to the same period last year, reaching nearly $6.5 billion. In its monthly report, the department stated that airlines' fuel costs rose 26% from March, while fuel consumption in April fell 2.6% from March. The department added that the cost per gallon of fuel in April was $4.11, up $1.81 from April 2025, a trend that is already having an impact on the industry. The International Air Transport Association (IATA) expects airlines' fuel expenditure to jump from about $252 billion in 2025 to approximately $350 billion this year, with fuel costs accounting for nearly one-third of operating costs. (Jin10 Data APP) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ►

[SMM Analysis] Steel billet sees notable YoY increase, while UAE’s decline hits a new low By product: Steel billet’s increase remains impressive, mainly because previous geopolitical conflicts caused periodic logistical bottlenecks and surging insurance premiums in major billet and slab production areas at some local Middle East EAF mills and BF-based plants. Overseas billet supply faced a vacuum period, directly pushing global buyers to launch massive inquiries with China. Purchasing sentiment strengthened notably in Southeast Asia in particular. According to SMM’s order-taking survey, exports are expected to stay high in the short term. It is also worth noting that Vietnam’s anti-dumping duties on China’s HRC will be implemented on April 17. As a result, total HRC exports to Vietnam in April increased compared with March, driven by a final rush to front-load shipments before the deadline. Exports are expected to pull back again in May. Data Source: SMM, General Administration of Customs By country: Djibouti’s increase topped the list. Its product mix chart clearly shows that HRC (42%) and steel billet (30%) are the dominant products. As the “Gateway to East Africa” and a transshipment hub, Djibouti itself lacks large-scale consumption capacity. This surge is essentially because repeated Red Sea tensions caused large vessels to unload and transship directly in the Mediterranean or south of the Suez Canal, with Djibouti serving as a safe transit point serving East African inland infrastructure projects such as Ethiopia, or shipping onward via smaller vessels to North Africa. As a global shipping and trade settlement center, Singapore saw an increase of 290,000 mt, mainly due to centralized procurement and trade settlement by ASEAN and Chinese-invested construction projects in Singapore, which provided marginal support for China’s exports of bars, wire rods, and other infrastructure-related finished steel products. The UAE dropped 870,000 mt, and Saudi Arabia dropped 450,000 mt. This was primarily due to geopolitical uncertainties in the Middle East, compounded by excessive stockpiling by major Middle Eastern buyers earlier to avoid logistics risks, pushing the Middle East market into a defensive cycle of destocking and slower purchasing. Data Source: SMM, General Administration of Customs Outlook: SMM’s April orders remain at a high level, and May exports are still expected to see increases. According to SMM’s steel export order data, affected by holidays, steel export orders in April dipped slightly by 0.57% MoM from March. However, it is also learned that shipping to the Middle East is gradually recovering, and orders for slabs destined for Southeast Asia saw a significant increase in April. Taking all factors into consideration—with the new export orders index re-entering expansion territory, the export price advantage still significant, and export order performance excellent—SMM expects that China’s steel exports in May will still see growth, with steel billet continuing to play a dominant role. Data Source: SMM 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. 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[Relatively Firm Support from Raw Material Side; Non-Oriented Silicon Steel Market May Be in the Doldrums Next Week] This week, spot prices of cold-rolled non-oriented silicon steel in the Shanghai market remained stable, with overall market transactions performing moderately. Market feedback indicated that current market demand was sluggish, with downstream motor enterprises being cautious in procurement, primarily making just-in-time procurement. The relatively firm support from the raw material side provided certain support for spot silicon steel prices, and traders mainly sold at par prices.