Macroeconomics

1. [US-Iran Conflict] Sources revealed that Iran informed Yemen's Houthi rebels that if the US attacks Iran's power grid, the Houthis should blockade the Bab el-Mandeb Strait. The Iranian military emphasized that the issue of the Strait of Hormuz is a "red line" for Iran and will not be reopened due to US pressure. If hostile actions against Iran continue, the conflict will expand into new arenas.

2. [US-Brazil Tariffs] The US will impose a 25% tariff on certain Brazilian goods starting July 22.

3. [US Initial Jobless Claims] US initial jobless claims totaled 208,000 last week, compared to an estimated 217,000 and a previous figure of 215,000.

Plastics and Rubber

1. [PS] On July 16, Lihuayi Refining & Chemical raised its ex-factory price for PS by 150 RMB/tonne; the ex-factory price for GPPS 535 is now 8,800 RMB/tonne.

2. [LLDPE] On July 16, Wanhua Chemical (Shandong) quoted LLDPE 7042 at 8,650 RMB/tonne for the East China market, an increase of 150 RMB/tonne.

3. [Natural Rubber] On July 16, market prices for natural rubber raw materials in Thai production regions saw a slight rise: Ribbed Smoked Sheets (RSS) were quoted at 94.50 THB/kg (up 1.20 THB/kg); field latex was quoted at 80.30 THB/kg (stable); and cup lump was quoted at 70.60 THB/kg (up 0.20 THB/kg).

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