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![[SMM Steel Morning Meeting Summary] Weak Balance of Supply and Demand, Coupled with Favorable Factors Yet to Be Realized, Short-Term Building Materials Market Maintains a Wait-and-See Attitude](https://static.metal.com/price.metal.com/3.1.14/image/news-default.png)
[SMM Steel Morning Meeting Summary] From a fundamental perspective, on the supply side, according to the SMM survey, due to poor profits at EAF steel mills and weakening demand, some electric furnace plants in south China adjusted their operating hours downward. Some electric furnace plants in central and south-west China also conducted temporary maintenance due to raw material procurement issues. This week, the national electric furnace operating rate dropped to 36.52%, down 1.82% WoW. On the demand side, the market enthusiasm for construction materials demand in May waned, and continuous rainfall during the flooding season in south China disrupted construction schedules. Overall, the supply-demand imbalance in the fundamentals is not yet prominent. It will take some time for positive news such as RRR cuts, reductions in housing provident fund loan interest rates, and the advancement of Sino-US peace talks at the macro level to be implemented. The market sentiment is one of wait-and-see, and merchants are operating more cautiously. It is expected that construction material prices may fluctuate in the short term, and subsequent attention should be paid to any changes in the macro direction.
The People's Bank of China will strengthen macroeconomic regulation and control, and introduce a package of monetary policy measures, mainly consisting of three categories and ten policies.
US hopes to sign mineral agreements with two African countries
