Macroeconomics

1. [Foreign Exchange Reserves] Statistics from the State Administration of Foreign Exchange show that as of the end of June 2026, China's foreign exchange reserves stood at $3.4163 trillion, a decrease of $26 billion (or 0.75%) from the end of May.

2. [US ADP Employment] US ADP employment increased by 21,000 last week, compared to a previous figure of 30,750.

Steels

1. [Ferrosilicon] Wukun Co., Ltd. has issued a tender for ferrosilicon (specifically FeSi72Al1.5) for a volume of 300 tonnes. The deadline for bid submissions is 11:00 on July 8, with a required delivery date of July 31, 2026.

2. [Steel] South Korea's Minister of Trade, Industry and Energy recently stated that the country has reached a broad consensus with the European Union regarding the EU's plan to revise its steel import quota system. Under the new system, South Korea's duty-free steel import quota will decrease by 46%, dropping from the current 33.8 million tonnes to 18.3 million tonnes.

3. [Iron Ore] Satellite data indicates that between June 29 and July 5, 2026, the total iron ore inventory at seven major ports in Australia and Brazil stood at 14.394 million tonnes, an increase of 421,000 tonnes from the previous period. Port inventories continued their upward trend, with current stock levels rising to the high end of the range seen so far this year.

4. [Iron Ore] NMDC (National Mineral Development Corporation of India): Iron ore production reached 5.15 million tonnes in June 2026, up 44% year-on-year, while sales volume stood at 3.98 million tonnes, an increase of 11% year-on-year. For the first quarter of the 2026/27 fiscal year (April 1, 2026, to June 30, 2026), the company's cumulative iron ore production reached 15.10 million tonnes, a year-on-year increase of 26%.

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