Macroeconomics

1. [PPI] National Bureau of Statistics: In June 2026, China's producer prices for manufactured goods rose by 4.1% year-on-year and fell by 0.3% month-on-month. Producer purchase prices rose by 6.4% year-on-year and fell by 0.2% month-on-month. For the first half of the year, producer prices for manufactured goods increased by 1.5% year-on-year, while producer purchase prices rose by 2.4%.

2. [CPI] National Bureau of Statistics: In June 2026, China's Consumer Price Index (CPI) rose by 1.0% year-on-year and fell by 0.3% month-on-month. The average CPI for the January-June period increased by 1.0% year-on-year.

3. [Automobiles] Data from the CPCA (China Passenger Car Association) shows that retail sales in the national passenger vehicle market totaled 1.602 million units in June, a year-on-year decline of 23.2%. Of this total, retail sales of conventional internal combustion engine vehicles stood at 600,000 units (down 39% year-on-year), while retail sales of new energy vehicles (NEVs) reached 1.007 million units (down 9.4% year-on-year); the domestic retail penetration rate for NEVs was 62.8%. Exports of new energy passenger vehicles in June totaled 499,000 units, a year-on-year increase of 152.7%.

4. [New Zealand Rate Hike] On July 8, the Reserve Bank of New Zealand announced a 25-basis-point interest rate hike, raising the benchmark rate to 2.50%, in line with market expectations.

Steels

1. [Iron Ore] As of July 8, 2026, workers at global mining giant BHP’s iron ore port operations in Port Hedland, Western Australia, plan to stage an eight-hour strike on July 16; this move could cause a brief disruption to operations at the world’s largest iron ore export port.

2. [Silicomanganese] Comilog has announced its offer price for Gabonese lump ore to China for August 2026 at $5.10 per dry metric tonne unit (dmtu), down $0.08/dmtu from the previous month.

3. [Silicomanganese] HBIS Group has issued its initial inquiry for July silicomanganese at 5,900 RMB/ton. The June settlement price was 5,980 RMB/ton (compared to 5,850 RMB/ton in July 2025). The procurement volume is 15,400 tonnes, matching the volume from June (and compared to 14,600 tonnes in July 2025).

4. [Ferrosilicon] Shandong Yihong has released a tender for ferrosilicon with a procurement volume of 300 tonnes; the deadline for quotations is 16:00 on July 9, and the delivery period extends to August 31, 2026.

5. [Ferrosilicon] HBIS Group’s inquiry price for the July ferrosilicon tender is 5,900 RMB/ton, compared to the June settlement price of 6,100 RMB/ton. The tender volume for July 75B ferrosilicon is 3,380 tonnes (including 900 tonnes for Tangshan Medium-Heavy Plate), an increase of 780 tonnes from the previous round's 2,600 tonnes. The breakdown is as follows: Wuyang New Wide & Heavy Plate 400 tonnes (unchanged), Handan Iron & Steel 880 tonnes (+180), Tangshan Iron & Steel New Area 600 tonnes (unchanged), Chengde Iron & Steel 100 tonnes (-100), Shijiazhuang Iron & Steel Special Steel 100 tonnes (-100), Zhangxuan High-Tech 400 tonnes (-100), and Tangshan Medium-Heavy Plate 900 tonnes (+900).

6. [Steel] According to the China Iron and Steel Association (CISA), during the last ten days of June 2026, key steel enterprises produced a total of 20.24 million tonnes of crude steel (average daily output: 2.024 million tonnes, down 3.6% month-on-month), 19.00 million tonnes of pig iron (average daily output: 1.900 million tonnes, down 0.1% month-on-month), and 22.18 million tonnes of finished steel products (average daily output: 2.218 million tonnes, up 8.3% month-on-month). Based on these figures, the estimated national daily output for this period was 2.66 million tonnes of crude steel (down 3.6% month-on-month), 2.39 million tonnes of pig iron (down 0.1% month-on-month), and 4.35 million tonnes of finished steel products (up 2.8% month-on-month).

At the end of June 2026, the inventory of finished steel products held by key steel enterprises stood at 16.28 million tonnes. This represented a decrease of 1.62 million tonnes (down 9.1%) from the previous ten-day period; an increase of 2.14 million tonnes (up 15.1%) from the beginning of the year; an increase of 0.45 million tonnes (up 2.8%) from the same period last month; an increase of 0.83 million tonnes (up 5.4%) from the same period last year; and an increase of 1.59 million tonnes (up 10.8%) from the same period the year before last.

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