Macroeconomics

1. [China Warehousing Index] China Federation of Logistics & Purchasing: Driven by the concentrated launch of major national infrastructure projects and a simultaneous recovery in manufacturing supply and demand, warehousing business demand has improved significantly, pushing the index back into expansion territory. In June, the China Warehousing Index stood at 50.2%, up 0.6 percentage points from the previous month.

2. [Eurozone PPI] The Eurozone Producer Price Index (PPI) rose 0.2% month-on-month in May, matching expectations; the previous month's figure was revised from 0.6% to 0.7%.

Steels

1. Mild Steel Plates] New EU safeguard measures took effect on July 1, halving quotas and doubling tariffs to 50%, signaling an accelerated restructuring of global trade barriers. FOB export quotes for Chinese hot-rolled coils and mild steel plates both fell by $5—to $490 and $532 per tonne, respectively—weighed down by easing costs and sluggish demand.

2. [Steel] Last week, the average capacity utilization rate among 94 independent electric arc furnace (EAF) steel mills nationwide stood at 61.56%, down 0.61 percentage points week-on-week but up 10.51 percentage points year-on-year. The average operating rate was 74.15%, down 0.19 percentage points week-on-week and up 7.28 percentage points year-on-year.

3. [Iron Ore] From June 29 to July 5, total iron ore arrivals at 47 Chinese ports amounted to 25.878 million tonnes, a week-on-week decrease of 2.916 million tonnes; arrivals at 45 Chinese ports totaled 25.121 million tonnes, down 2.257 million tonnes week-on-week.

4. [Hot-Rolled Coils] Last week, the blast furnace operating rate across 247 surveyed steel mills stood at 83.99%, down 0.42 percentage points week-on-week; the profitability rate of steel mills was 42.86%, a decrease of 8.22 percentage points; and the average daily output of molten iron was 2.4325 million tonnes, up 3,000 tonnes week-on-week.

5. [Steel Billets] In June, the total volume of steel billet stocks held by sampled trading enterprises nationwide was approximately 2.5 million tonnes, representing a month-on-month decline of 17.71% and a year-on-year drop of 20.96%. Steel enterprises across various regions reduced their billet supply to varying degrees, with particularly significant reductions observed in Northeast and South China.

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