Macroeconomics

1. [Boosting Consumption] The State Council has approved the "15th Five-Year Plan for Expanding Consumption." The goal is for the overall scale of the consumer market to continue expanding by 2030, with a significant rise in the household consumption rate and rapid growth in the consumption of goods and services across society. Total retail sales of consumer goods are projected to reach approximately 60 trillion RMB, further strengthening consumption's role in driving economic growth.

2. [Shipping] Trump stated that the blockade on Iran would be reimposed. The Strait of Hormuz remains open and will stay open, with or without Iran. The U.S. will receive compensation amounting to 20% of the value of goods transported through the strait.

3. [India CPI] India's CPI rose to 4.38% year-on-year in June, marking the first time in nearly 17 months that it exceeded the central bank's 4% target; this was driven primarily by rebounding food prices and rising international oil prices. The market believes this single month's data is unlikely to alter the central bank's policy stance, and rates are expected to remain unchanged in the short term.

Plastics and Rubber

1. [PP] Fushun Petrochemical operates two PP production lines with a combined capacity of 390,000 tons/year. The older line was shut down for maintenance on July 8, while the new line is operating at normal load. On July 13, the ex-factory price for raffia-grade PP (L5E89) was raised by 200 RMB to 8,900 RMB/ton. Spot market prices set by traders are tracking the market trend, and trading activity remains moderate.

2. [Nitrile Rubber] Ex-factory price update for Shunze Nitrile Rubber on July 13: The ex-factory quote for Nitrile 3355 is 16,000 RMB/ton, an increase of 500 RMB/ton.

3. [Natural Rubber] On July 13, natural rubber raw material prices in Thai producing regions saw a slight rise: Ribbed Smoked Sheets (RSS) were quoted at 93.00 THB/kg (up 0.80 THB/kg); field latex was quoted at 80.30 THB/kg (up 1.00 THB/kg); and cup lump remained stable at 70.20 THB/kg.

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