Macroeconomics

1. [Direct Green Power Connection] The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) have issued a *Notice on Matters Concerning the Orderly Promotion of Multi-User Direct Green Power Connections*. With the rapid growth of installed capacity for new energy generation, the capacity of the main power grid in certain regions to accommodate new energy sources is approaching its limit. Consequently, new energy faces a dilemma of having "nowhere to go," creating an urgent need to innovate methods for new energy consumption and expand the scope for its development and utilization. The "direct green power connection" model has emerged as an effective pathway to resolve these challenges.

2. [Public Budget Revenue] Ministry of Finance: From January to April, national general public budget revenue totaled 8,340.4 billion RMB, a year-on-year increase of 3.5%. Of this total, national tax revenue amounted to 6,809.7 billion RMB, up 3.9% year-on-year; non-tax revenue stood at 1,530.7 billion RMB, up 1.6% year-on-year.

3. [Japan PMI] Japan's preliminary Manufacturing PMI for May came in at 54.5, down from the previous reading of 55.1. The preliminary Services PMI for May was 50, down from the previous reading of 51. Japan's preliminary Composite PMI for May stood at 51.1, down from the previous reading of 52.2.

4. [Indonesia Rate Hike] Bank Indonesia announced that it has raised its benchmark interest rate by 50 basis points to 5.25%, exceeding market expectations of 5%.

Steel

1. [Galvanized Sheet] On May 20, 2026, statistics covering 154 galvanized sheet manufacturers nationwide indicated a total transaction volume of 14,010 tons—a decrease of 606 tons from the previous trading day, representing a decline of 4.15%. The region recording the largest decrease was the Southwest, where volume fell by 259 tons compared to the previous trading day, a decline of 9.97%.

2. [Stainless Steel] Shanghai Futures Exchange: On May 20, stainless steel inventory in the Guangdong region stood at 15,123 tons, remaining unchanged from the previous day; total inventory in the Jiangsu region amounted to 57,505 tons, an increase of 692 tons from the previous day. The combined total for both regions reached 72,628 tons, up 692 tons from the previous trading day.

3. [Ferrosilicon] In April 2026, China's exports of ferrosilicon (Si ≤ 55%) amounted to 2,332.002 tons, representing a month-on-month increase of 1.08% and a year-on-year decrease of 11.12%. From January to April, total ferrosilicon exports reached 8,847.679 tons, down 5.66% year-on-year. In April 2026, China's imports of ferrosilicon (Si ≤ 55%) totaled 1 ton, marking a month-on-month decrease of 88.92% and a year-on-year decrease of 91.71%. From January to April, total ferrosilicon imports amounted to 397.61 tons, up 584.53% year-on-year.

In April 2026, China's imports of ferrosilicon (Si > 55%) amounted to 6,941.338 tons, representing a month-on-month decrease of 30.41% and a year-on-year decrease of 50.48%. From January to April, total ferrosilicon imports reached 43,823.071 tons, down 24.99% year-on-year. In April 2026, China's exports of ferrosilicon (Si > 55%) totaled 29,091.322 tons, marking a month-on-month decrease of 32.14% and a year-on-year decrease of 18.22%. From January to April, total ferrosilicon exports amounted to 127,871.99 tons, up 7.18% year-on-year.

4. [Crude Steel] Data from the American Iron and Steel Institute (AISI) indicates that for the week ending May 16, the capacity utilization rate of U.S. steel mills rose to 82.2%, marking a further increase from the 81.4% recorded the previous week. During the same period last year, the utilization rate stood at only 76.6%, with crude steel production totaling 1.72 million tons; production for the corresponding period this year represents a year-on-year increase of 10.3%.

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