Macroeconomics

1. [MLF] The People's Bank of China will conduct a Medium-term Lending Facility (MLF) operation worth 500 billion RMB on July 24. Wind data shows that 400 billion RMB in MLF loans are maturing in July; this implies a net increase of 100 billion RMB in the rollover, marking the third consecutive month of increased-volume rollovers.

2. [US Tariffs] The Office of the United States Trade Representative (USTR) issued an announcement on the 23rd stating that, pursuant to Section 301 of the Trade Act of 1974, it would impose additional tariffs of 10% to 12.5% on goods from dozens of countries and regions—citing alleged "forced labor"—to replace expiring global import tariffs. The new tariffs are set to take effect on the 24th (Eastern Time).

3. [ECB Interest Rates] On Thursday (local time), the European Central Bank (ECB) announced it would keep interest rates unchanged, maintaining the deposit facility rate at 2.25%, the main refinancing operations rate at 2.40%, and the marginal lending facility rate at 2.65%, in line with market expectations.

4. [European Auto Market] Data released by the European Automobile Manufacturers' Association (ACEA) shows that passenger car sales in the EU market rose by 13.6% year-on-year in June 2026, reaching 1.15 million units, compared to 1.01 million units during the same period last year.

Steels

1. [Stainless Steel Plate] Recently, a project involving a full industrial chain for the annual production of 100,000 tons of stainless steel composite plates and pipes was signed by Shanghai Jinhuan Zhilian Environmental Protection Technology Co., Ltd.

2. [Galvanized Sheet] On July 23, 2026, the total sales volume across 154 surveyed galvanized steel enterprises nationwide reached 16,711 tons, an increase of 1,127 tons (or 7.23%) from the previous trading day. The Southwest region recorded the largest increase, rising by 450 tons (or 21.63%) compared to the previous trading day.

3. [Silicomanganese] A certain group issued a tender for silicomanganese with the following pricing (all terms are cash, tax-inclusive, and delivered to the plant): Hubei at 5,700 RMB/ton (2,900 tons); Jiangsu at 5,730 RMB/ton (500 tons); Yunfu, Guangdong at 5,790 RMB/ton (3,100 tons); and Heyuan, Guangdong at 5,850 RMB/ton (1,000 tons).

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