President Trump said his presidency is among the most successful in history.

US President Trump: My presidency has been one of the most successful in history.

The Russian Defense Ministry said on June 11 Russian forces have seized two populated localities in Donetsk and Kharkiv regions, launched an offensive in northern Donetsk and are conducting street fighting in Kostiantynivka, with full control of the city’s eastern sector. The Ukrainian General Staff said on June 11 that between June 10 and early June 11 Ukrainian forces struck multiple military, logistics and industrial targets inside Russia, including oil refineries, UAV production facilities and military command posts.

A U.S. federal appeals court on Thursday extended a stay of a lower-court injunction and ruled the government may collect Trump’s 10% global tariffs while legal challenges proceed, saying temporary enforcement is "amply justified." Affected importers include two small businesses and the state of Washington, which paid duties on purchases for the University of Washington. Trump imposed the duties in February under Section 122 of the Trade Act of 1974 after the Supreme Court struck down his earlier IEEPA-based tariffs. In May, a split panel of the U.S. Court of International Trade found the Section 122 tariffs invalid, prompting a new appeal that is likely to return to the Supreme Court.

[Futures Hot Topics Tracking] The USDA raised its global corn inventory estimate. Abundant rainfall in the Midwest put downward pressure on US corn futures. With both weather and supply factors exerting pressure, US soybean futures hit a four-month low!

1. Hebei Iron & Steel's June ferrosilicon tender inquiries are at 6,000 yuan/ton, the same as the May price. The June tender quantity for 75B ferrosilicon is 2,600 tons, compared to 2,916 tons in the previous round (including 900 tons of Tangshan medium and heavy plates), a decrease of 316 tons. 2. According to Mysteel, as of the week ending June 11, rebar production reversed its decline and increased. Apparent demand has decreased for four consecutive weeks, mill inventories have increased for two consecutive weeks, and social inventories have decreased for thirteen consecutive weeks. Apparent rebar demand was 2.0732 million tons, a decrease of 58,500 tons from the previous week, a drop of 2.74%. 3. According to the latest survey results, as of June 11, 77 coal mines in Shanxi Province have resumed production, with a total capacity of 90.45 million tons. 4. The China Iron and Steel Association (CISA) held a meeting to promote the steel capacity replacement policy. CISA Vice President Xia Nong called on the entire industry to strictly implement policies such as steel capacity replacement and steel project registration, and resolutely prohibit new capacity additions. 5. According to the Ministry of Agriculture and Rural Affairs, the forecast for China's soybean supply and demand situation in 2026/2027 remains unchanged from last month. 6. According to the June forecast data released by CONAB, the national commodity supply company under the Brazilian Ministry of Agriculture, Brazil's soybean production in 2025/2026 is expected to reach 180.2527 million tons, an increase of 8.7722 million tons, or 5.1%, year-on-year. 7. The US Climate Prediction Center (CPC) confirmed that El Niño conditions have formed and are expected to further intensify during the 2026-27 Northern Hemisphere winter. 8. According to the US Department of Agriculture, the forecast for Argentina's soybean production in 2025/2026 has been revised upward from 48 million tons to 50 million tons, while the market expectation is 48.62 million tons. 9. As of June 11, 2026, the total inventory of domestic soda ash manufacturers this week was 1.7121 million tons, an increase of 26,200 tons from Monday, a rise of 1.55%. 10. As of June 11, 2026, the total inventory of float glass sample enterprises nationwide was 76.573 million weight boxes, an increase of 107,000 weight boxes month-on-month, up 0.14%, and up 9.89% year-on-year. 11. According to Beike Finance, rumors related to the clearing of photovoltaic capacity may be the biggest driving force behind this trend. It is understood that the "Energy Efficiency Limits and Energy Efficiency Grades for Crystalline Silicon Photovoltaic Modules and Inverters" has entered the final approval stage before its official release and is expected to be officially released soon. 12. According to SMM, due to recent price weakness and their own planning impacts, the subsequent construction plans of some domestic polysilicon bases have undergone unexpected changes.