Macroeconomics

1. [Electricity Consumption] The National Development and Reform Commission (NDRC) announced that on July 10, national electricity load hit a record high of 1.518 billion kilowatts, an increase of 10 million kilowatts over the previous peak. Since the start of summer, the Southern Regional Power Grid and multiple provincial grids—including those in Guangdong, Guangxi, Hainan, Ningxia, Gansu, Fujian, and Shaanxi—have seen their electricity loads set new historical records on more than 20 occasions.

2. [Automobiles] The China Passenger Car Association (CPCA) released data showing that from July 1 to 5, national retail sales of passenger cars totaled 169,000 units—down 15% year-on-year but up 4% compared to the same period last month. Cumulative retail sales for the year reached 8.87 million units, a year-on-year decline of 20%. During the same period, retail sales of new energy vehicles (NEVs) totaled 103,000 units—down 9% year-on-year and down 6% compared to the same period last month—with cumulative sales for the year reaching 4.807 million units (down 14% year-on-year). The retail penetration rate for NEVs stood at 60.5% during this period.

3. [US-Iran Conflict] U.S. Central Command announced on social media on the 12th that, at 5:00 PM U.S. Eastern Time that day, U.S. forces launched a new round of strikes against Iran aimed at "further degrading its ability to attack commercial vessels in the Strait of Hormuz."

4. [Japan Interest Rates] The Bank of Japan plans to keep interest rates unchanged in July but will maintain its policy guidance, committing to continue the process of raising rates.

Non-ferrous Metals

1. [Alumina] Emirates Global Aluminium (EGA) has announced the restart of its Al Taweelah alumina refinery in Abu Dhabi. Operating capacity is expected to rise to 50% in the near term, with plans to achieve full production capability by the end of the year. The refinery’s output of 2.4 million tonnes in 2025 met 46% of EGA’s alumina requirements.

2. [Copper] Australian mining company BHP has announced that the expansion project for its Escondida copper mine in Chile has secured its first major environmental approval. The Antofagasta Environmental Assessment Commission in Chile has approved early-stage works involving sulfide leaching and power infrastructure upgrades. This move marks the official launch of a series of expansion projects with a total investment of up to $14.7 billion.

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