Macroeconomics

1. [Fed Interest Rates] The Federal Reserve announced that the Federal Open Market Committee (FOMC) agreed to maintain the target range for the federal funds rate at 3.5% to 3.75%, marking the fifth consecutive time this year that the Fed has kept rates unchanged.

2. [Automotive] Data released by the CPCA (China Passenger Car Association) shows that from July 1 to 26, national retail sales of passenger cars totaled 1.123 million units, down 18% year-on-year and 13% compared to the same period last month; cumulative retail sales for the year reached 9.824 million units, a year-on-year decline of 20%. During the same period, retail sales of new energy passenger cars totaled 738,000 units, down 2% year-on-year and 10% compared to the same period last month, with cumulative sales for the year reaching 5.443 million units, down 13% year-on-year. The retail penetration rate for new energy passenger cars stood at 65.7% during this period.

Building Materials

1. [Corrugated Paper] Effective July 29, Nine Dragons Paper’s Dongguan base lowered prices for local corrugated medium by 200 RMB/tonne and recycled paper by 100 RMB/tonne; "Jiulong" corrugated medium (48–90g) was reduced by 100 RMB/tonne, while "Dilong" and "Dilong Premium V" kraft linerboard were reduced by 100 RMB/tonne.

Effective July 29, Nine Dragons Paper’s Taicang base lowered prices for local corrugated medium by 200 RMB/tonne, and reduced prices for recycled paper, local kraft linerboard, and premium local kraft linerboard by 150 RMB/tonne.

2. [Wastepaper] On July 29, 2026, Shanying Paper (Jiaxing, Zhejiang) lowered its wastepaper procurement price by 10 RMB/tonne; the adjusted price for delivery to the factory (excluding tax invoice) is 2,020 RMB/tonne.

Rongcheng Paper (Pinghu, Zhejiang) lowered its wastepaper procurement price by 20 RMB/tonne; the adjusted price for delivery to the factory (excluding tax invoice) is 1,970 RMB/tonne.

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