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.

Building Materials

1. [Kraft Linerboard] Nine Dragons Paper (Dongguan Base): Effective July 15, 2026, prices for Nine Dragons Premium V-grade Kraft Linerboard, Nine Dragons Virgin Kraft Linerboard (Premium), Nine Dragons Kraft Linerboard, Hailong Premium V-grade Kraft Linerboard, Hailong Kraft Linerboard, Dilong Premium V-grade Virgin Kraft Linerboard, and Dilong Kraft Linerboard will increase by RMB/HKD 50 per tonne (USD 7 per tonne).

Nine Dragons Paper (Taicang Base): Effective July 15, 2026, prices for Nine Dragons Premium Kraft Linerboard, Nine Dragons Kraft Linerboard, Hailong Premium Kraft Linerboard, Hailong Kraft Linerboard, Dilong Kraft Linerboard, and Recycled Kraft Linerboard will increase by RMB 50 per tonne.

Nine Dragons Paper (Beihai Base): Effective July 15, 2026, prices for Nine Dragons Premium V-grade Kraft Linerboard, Hailong Premium V-grade Kraft Linerboard, and Dilong Premium V-grade Kraft Linerboard will increase by RMB/HKD 50 per tonne (USD 7 per tonne).

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