Macroeconomics

1. [Industrial Value Added] National Bureau of Statistics: In May, the value added of industrial enterprises above designated size grew by 4.5% year-on-year in real terms, an acceleration of 0.4 percentage points from the previous month. Month-on-month, the value added of these enterprises rose by 0.40% in May. For the January–May period, the value added of industrial enterprises above designated size increased by 5.4% year-on-year.

2. [Power Generation] National Bureau of Statistics: In May, power generation by industrial enterprises above designated size totaled 784.3 billion kWh, up 4.2% year-on-year—an acceleration of 1.6 percentage points compared to April—with an average daily output of 25.3 billion kWh. From January to May, total power generation by these enterprises reached 3,912.9 billion kWh, a year-on-year increase of 3.6%.

3. [Bank of Japan Rate Hike] The Bank of Japan announced a 25-basis-point rate hike, raising its target rate from 0.75% to 1.00%, in line with expectations. The bank stated that it would pause the reduction of bond purchases starting in April 2027, maintaining the monthly purchase volume of Japanese government bonds at approximately 2 trillion yen.

4. [Central Bank of Chile Interest Rate] The Central Bank of Chile kept its key interest rate unchanged at 4.5%, matching market expectations.

Steel

1. [Galvanized Sheet] On June 16, 2026, the total trading volume across 154 surveyed galvanized steel enterprises nationwide was 15,724 tonnes, a decrease of 1,569 tonnes (or 9.07%) from the previous trading day. The region recording the largest decline was East China, where volume fell by 546 tonnes (or 8.27%) compared to the previous trading day.

2. [Stainless Steel] Shanghai Futures Exchange: On June 16, stainless steel inventory in the Guangdong region stood at 17,666 tonnes, up 191 tonnes from the previous day; inventory in the Jiangsu region totaled 75,559 tonnes, remaining flat; the combined total was 93,225 tonnes, an increase of 191 tonnes from the previous trading day.

3. [Steel Products] National Bureau of Statistics: In May 2026, China's crude steel output was 84.36 million tonnes, down 2.7% year-on-year; pig iron output was 72.97 million tonnes, down 2.6%; and steel product output was 123.03 million tonnes, down 2.8%. From January to May, China's crude steel output totaled 415.53 million tonnes, down 3.9% year-on-year; pig iron output was 354.71 million tonnes, down 3.1%; and steel product output was 592.99 million tonnes, down 1.5%.

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