Important Macro Meetings Approaching, Short-Term Steel Prices Expected to Cease Decline [SMM Steel Industry Chain Weekly Report]
The ferrous metals series remained in the doldrums this week. On the news front, the US-China tariff war continued to escalate, with the cumulative tariffs on certain Chinese exports to the US reaching 245%. Domestically, data from the central bank showed that the preliminary statistics indicated the outstanding social financing scale reached 4,229.6 trillion yuan at the end of March 2025, up 8.4% YoY, hitting a high level over the past year. In Q1, China's cumulative social financing scale increment totaled 1.518 trillion yuan, 237 billion yuan more than the same period last year. RMB loans in China increased by 978 billion yuan, with the credit structure showing notable highlights. According to the preliminary calculation by the National Bureau of Statistics on April 16, China's GDP grew 5.4% YoY in Q1, marking a "good start" for the Chinese economy...
