Macroeconomics

1. [Automotive] CPCA: In July, retail sales of passenger vehicles in China totaled 1.506 million units, down 18% year-on-year and 6% month-on-month; cumulative retail sales for the year reached 10.207 million units, a year-on-year decline of 20%. Wholesale volume by manufacturers stood at 2.241 million units, up 1% year-on-year but down 5% month-on-month; cumulative wholesale volume for the year was 14.788 million units, down 5% year-on-year.

2. [US ADP Employment] Data shows that US ADP employment increased by 44,000 in July—far below the market expectation of 70,000 and the lowest level seen this year. Wages for employees who changed jobs rose 7% year-on-year, marking the fastest growth rate in nearly a year, while wage growth for employees who stayed in their jobs remained at 4.4%.

3. [Brazil Interest Rate Cut] On August 5 (local time), the Monetary Policy Committee of the Central Bank of Brazil announced a cut to the benchmark interest rate to 14%. This marks the fourth consecutive rate cut by the central bank, bringing the rate to its lowest level in nearly a year.

Steels

1. [Galvanized Sheet] Japan has announced the imposition of provisional anti-dumping duties ranging from 29.2% to 55.3% on hot-dip galvanized steel imported from China and South Korea between August 8 and December 7, aiming to protect domestic steelmakers. The product is used in construction materials and electrical appliance components; imports into Hong Kong and Macau are excluded from the scope of the tariffs.

2. [Ferrosilicon] A major ferrosilicon producer in Gansu has partially shut down furnaces due to persistently high electricity costs, which have caused production costs to exceed selling prices. The shutdown involves two 33,000 kVA furnaces and three 25,000 kVA furnaces, resulting in a daily supply reduction of 400 tonnes of 72% and 75% grade ferrosilicon; there is currently no clear timeline for resuming production.

3. [Silicomanganese] HBIS Group’s procurement volume for silicomanganese in August 2026 is 16,600 tonnes. The procurement volume in July was 15,400 tonnes. (Procurement volume in August 2025: 16,100 tonnes).

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