Macroeconomics

1. [US-Iran Conflict] Sources revealed that Iran has told Yemen's Houthi rebels to blockade the Bab el-Mandeb Strait if the US attacks Iran's power grid. The Iranian military emphasized that the Strait of Hormuz is a "red line" for Iran and will not be reopened in response 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] The number of Americans filing initial claims for unemployment benefits last week was 208,000; the forecast was 217,000, and the previous figure was 215,000.

Steels

1. [Galvanized Sheet] On July 16, 2026, the total transaction volume for 154 surveyed galvanized steel enterprises nationwide was 17,948 tonnes, a decrease of 2,486 tonnes (12.17%) from the previous trading day. The region recording the largest decline was East China, where volume fell by 1,079 tonnes (14.10%) compared to the previous trading day.

2. [Galvanized Sheet] On July 16, 2026, Anyang Shenlong announced its latest pricing policy for galvanized steel coils: the mill's guide price for 1.0mm x 1000mm x C specifications is 3,780 RMB/ton (up 10 RMB/ton from the previous period), and the guide price for 1.0mm x 1250mm x C specifications is 3,780 RMB/ton (up 10 RMB/ton from the previous period). Note: The prices listed above are ex-factory prices inclusive of tax.

3. [Steel Products] CISA (China Iron and Steel Association): In early July 2026, the steel product inventory held by key surveyed steel enterprises stood at 16.77 million tonnes. This represents an increase of 0.49 million tonnes (3.0%) from the previous ten-day period and an increase of 2.63 million tonnes (18.6%) since the beginning of the year. Compared to the same period last month, inventory decreased by 0.10 million tonnes (0.6%); compared to the same period last year, it increased by 1.70 million tonnes (11.3%); and compared to the same period the year before last, it increased by 1.37 million tonnes (8.9%).

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