Macro

1. Carbon emissions: The Central Office and the State Council have issued opinions on promoting green and low-carbon transformation and strengthening the construction of the national carbon market. The opinion mentions that by 2027, the national carbon emission trading market will basically cover the major emission industries in the industrial sector, and the national voluntary greenhouse gas emission reduction trading market will achieve full coverage in key areas. By 2030, a national carbon emission trading market based on total quota control and combining free and paid distribution will be basically established, and a national voluntary greenhouse gas emission reduction trading market will be built, forming a carbon pricing mechanism with significant emission reduction effects, a sound regulatory system, and reasonable price levels.

2. Automobile: According to data released by the China Association of Automobile Manufacturers, the new energy vehicle market in China sold 1.262 million units in July 2025, a decrease of 5.0% compared to the previous month and a year-on-year increase of 27.3%. The penetration rate reached 48.7% and remained at a high level. Among them, sales of new energy passenger vehicles reached 1.195 million units, a year-on-year increase of 25.4%; Sales of new energy commercial vehicles reached 67,000 units, a year-on-year increase of 74.9%.

3. US India tariffs: The Trump administration outlined plans to impose a 50% tariff on Indian products in a draft announcement released on Monday, the latest signal of the White House's plan to push for tariff increases.

Building materials

Wood pulp: Jingxing Paper Industry stated that the company's 200T/D recycled pulp preparation line has been put into use, mainly providing the preparation of recycled pulp for the production of environmentally friendly household paper on the household paper production line. Currently, the main raw materials used are recycled pulp boards produced by Jingxing Holdings (Ma) Company.

It is reported that Brazilian company Suzano will increase the pulp price in the Asian market by $20 per ton starting from September.

According to customs data, the import quantity of bleached needle pulp in June 2025 was 678,000 tons, a decrease of 6.1% compared to the previous month and an increase of 23.3% year-on-year. The cumulative import volume for the whole year was 4.48 million tons, with a year-on-year increase of 1.2%.

According to data from the Pulp and Paper Products Council (PPPC), the shipment volume of chemical commodity pulp in the world's 20 major pulp producing countries increased by 4.7% year-on-year and 8.5% month on month in June 2025.

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