1. [Electricity Consumption] National Energy Administration: In April, total electricity consumption across society reached 820.5 billion kWh, a year-on-year increase of 6.0%. Breaking this down by sector: electricity consumption in the primary industry stood at 11.2 billion kWh, up 2.0% year-on-year; in the secondary industry, it reached 558.4 billion kWh, up 5.3%; and in the tertiary industry, it totaled 151.7 billion kWh, up 8.9%. Electricity consumption by urban and rural residents amounted to 99.2 billion kWh, an increase of 6.0% year-on-year. For the period from January to April, cumulative electricity consumption across society reached 3,334.5 billion kWh, a year-on-year increase of 5.4%.

2. [US Employment Figures] ADP data indicates that for the four-week period ending May 2, US private-sector employment increased by an average of 42,250 jobs per week—an uptick from the previous figure of 33,000.

3. [Fed Interest Rates] Barclays' latest analysis suggests that the Federal Reserve's baseline scenario remains a rate cut in March 2027; however, this scenario is contingent upon extremely stringent conditions and carries a probability of only 35%. The three pathways that could trigger an interest rate hike are also clearly defined: long-term inflation expectations becoming unanchored; core inflation remaining persistently elevated even after the impact of tariffs subsides; and demand outpacing supply—particularly if the AI investment cycle and wealth effects materialize ahead of corresponding productivity gains.

Steel

1. [Steel] News Update (May 19): The European Parliament has overwhelmingly approved new regulations governing steel imports, which are set to officially take effect on July 1. Under these new rules, the volume of duty-free steel imports into the EU will be reduced by 47% compared to 2024 levels, lowering the annual quota to 18.3 million tons. Furthermore, tariffs on imports exceeding this quota will be raised from 25% to 50%. Concurrently, the regulations will strengthen oversight of steel origin tracing to prevent tariff evasion. The EU will allocate specific duty-free import quotas to individual countries, aiming to utilize this mechanism to support domestic steel producers and boost capacity utilization within the industry. Previously, Turkey, South Korea, China, and India served as the EU's primary sources for steel imports.

2. [Silicomanganese] Hebei Iron & Steel Group has set its May pricing for silicomanganese at 6,050 RMB/ton, with an inquiry price of 6,000 RMB/ton. (For comparison, the April pricing for silicomanganese was 6,300 RMB/ton and 6,550 RMB/ton.) (Note: The silicomanganese pricing for May 2025 is set at 5,850 RMB/ton.)

3. [Scrap Steel] As of May 19, the total scrap steel inventory held by a representative sample of 300 long-process and short-process steel mills nationwide stood at 4.955 million tons—a decrease of 2,400 tons (0.05%) compared to the previous day. Total daily consumption amounted to 532,400 tons, down 0.08% from the previous day; meanwhile, total daily arrivals reached 530,000 tons, an increase of 0.37% from the previous day.

4. [Iron Ore] Satellite data indicates that during the period of May 11–17, the total iron ore inventory across seven major ports in Australia and Brazil stood at 13.797 million tonnes—an increase of 736,000 tonnes month-on-month—marking a continuation of the upward trend in inventory levels. Current inventory levels are slightly above the average recorded since the beginning of the second quarter.

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