Macroeconomics

1. [MLF] The People's Bank of China (PBOC) will conduct a Medium-term Lending Facility (MLF) operation worth 500 billion RMB on June 25. Given that 300 billion RMB in MLF loans are maturing this month, this represents a net injection of 200 billion RMB through the rollover—marking the second consecutive month of increased volume, with the scale of the increase expanding by 100 billion RMB compared to May.

2. [Bank of Japan] Bank of Japan (BOJ) Governor Kazuo Ueda stated that the central bank sees a risk of inflation exceeding its 2% target and reiterated plans to raise interest rates further at an appropriate time; the timing and pace of such adjustments will depend on the impact of the conflict involving Iran and other factors. The BOJ also released a summary of opinions from its June policy meeting, hinting at the necessity of further rate hikes.

3. [Australia CPI] Australia's core CPI rose 3.6% year-on-year and 0.4% month-on-month in May, both exceeding market expectations and reinforcing the view that the Reserve Bank of Australia (RBA) will maintain a hawkish stance.

Plastics and Rubber

1. [Separator Film] On June 24, Cangzhou Mingzhu announced that the remaining production lines for its subsidiaries' separator film projects had all commenced operation. Specifically, the Wuhu facility's wet-process line (100 million square meters capacity) and the Mingzhu Lithium Battery subsidiary's dry-process line (300 million square meters capacity) have come online. The completion of these two projects will boost the company's lithium-ion battery separator production capacity and enhance its market competitiveness.

2. [BR] On June 24, the polybutadiene rubber market in East China saw sluggish, range-bound trading, with spot traders making minor adjustments to their quotes. Currently, Daqing and Yangzi brands are quoted at 13,300–13,550 RMB/tonne, while some private brands are quoted around 13,100–13,300 RMB/tonne.

3. [Natural Rubber] On June 24, the natural rubber raw material market in Thailand remained stable with a slight downward trend: ribbed smoked sheets (RSS) were quoted at 97.25 THB/kg (stable); field latex was quoted at 85.00 THB/kg (down 0.25 THB/kg); and cup lump was quoted at 75.30 THB/kg (stable).

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