Macroeconomics

1. [Reverse Repo] To maintain ample liquidity in the banking system, the People's Bank of China will conduct a 500-billion-RMB outright reverse repo operation on August 5, 2026. The operation will utilize a fixed-quantity, interest-rate tender with multiple-price winning bids; it carries a three-month (92-day) term, with a maturity date of November 5, 2026 (postponed if falling on a holiday).

2. [Automotive] CPCA (China Passenger Car Association): In July, the domestic new energy passenger vehicle market saw a remarkable recovery. Estimated wholesale sales of new energy passenger vehicles by domestic automakers reached 1.47 million units—up 23% year-on-year and down 1% month-on-month. This marked the highest year-on-year growth rate of the year, while the month-on-month decline was milder than seasonal trends would suggest, signaling the initial emergence of a recovery in the domestic new energy vehicle sector.

Steels

1. [Welded Pipe] On August 3, 2026, the Australian Anti-Dumping Commission issued Notice No. 2026/093, announcing the initiation—upon application by domestic Australian enterprises—of a third anti-dumping and countervailing duty sunset review concerning welded pipe imported from mainland China, and a third anti-dumping sunset review concerning welded pipe imported from South Korea (excluding Kukje Steel Co Ltd and Hi-Steel Co Ltd), Malaysia, and Taiwan.

2. [Galvanized Sheet] On August 4, 2026, Rizhao Steel announced prices for cold-forming steel and galvanized coils in the Lecong market: Cold-forming steel (RECC 1.0*1250mm) is priced at 3,730.5 RMB/ton, down 30 RMB/ton from the previous quote; galvanized coils (DX51D+Z 1.0*1250/1500mm) are priced at 3,910.5 RMB/ton, down 30 RMB/ton from the previous quote. 

3. [Iron Ore] Satellite data shows that between July 27 and August 2, 2026, the total iron ore inventory at seven major ports in Australia and Brazil stood at 13.801 million tonnes, a week-on-week decrease of 602,000 tonnes; while port inventories continue to decline, current stock levels remain slightly above the year-to-date average.

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