On April 24th, the spot market for steel rose slightly, but the main varieties in the futures market showed mixed results. Rebar, hot-rolled coil and iron ore fell slightly by about 0.2%, while coking coal and coke closed up 0.84% and 1.56% respectively. Market sentiment fluctuated significantly. In the morning session, the black series began a “high-level” pullback, while iron ore saw a relatively obvious decline, but it did not fall below yesterday’s low point. The spot market remained generally stable, with a few regions experiencing mixed gains and losses. At present, the battle between bulls and bears is intensifying, and the contradiction between cost support and demand elasticity is intertwined. In the short term, steel prices may continue to fluctuate. In the future, it is necessary to pay attention to the further guidance of policy trends and the pace of terminal inventory replenishment on the market. 01 #

TODAY’S INFORMATION \ n \ nChina Iron and Steel Association: Steel Inventory of Key Steel Enterprises in mid-April was 16.71 million tons. In mid-April 2025, the steel inventory of key steel enterprises under statistics was 16.71 million tons, an increase of 670,000 tons compared with the previous ten days, representing a growth of 4.2%. It decreased by 200,000 tons compared with the same ten days of last month, representing a decline of 1.2%. It decreased by 1.41 million tons compared with the same period last year, representing a decline of 7.8%. China Iron and Steel Association: In mid-April, key steel enterprises produced 2.229 million tons of crude steel per day. In mid-April 2025, the average daily crude steel production of key steel enterprises under statistics was 2.229 million tons, up 1.5% month-on-month. The average daily output of pig iron was 1.965 million tons, rising by 0.7% compared with the previous period. The average daily output of steel was 2.113 million tons, rising by 3.3% compared with the previous period. Under the influence of tariff policies, the second round of price hikes for coke may be put on hold. Disturbed by the adjustment of tariff policies, the expectation of the second round of price hikes in the coke market may face being put on hold. At present, the supply and demand of coke remain in a tight balance (low inventory operation of coke enterprises and high production of molten iron by steel mills support the basic demand), but the number of failed auctions of coking coal at the raw material end has increased. Coupled with cautious procurement in the trade link, the prices of some coal types have loosened, and the marginal cost support has weakened. Although steel mills still have a demand for coke, the policy factor of tariffs has led to a re-evaluation of the market’s cost transmission and demand expectations in the industrial chain. Coupled with the intensified competition between upstream and downstream, the resistance for coke enterprises to raise prices has increased. It is expected that the spot price of coke will remain stable in the short term. Subsequently, attention should be paid to the implementation pace of tariff policies and the impact of changes in terminal demand on market sentiment.