Macroeconomics

1. [Monetary Policy] The central bank released the Report on Monetary Policy Implementation in China for the second quarter of 2026. The report proposes the comprehensive use and timely adjustment of monetary policy tools to maintain ample liquidity and relatively loose social financing conditions; the timely planning and introduction of practical, effective incremental policies to intensify counter-cyclical adjustments; and the expansion of the central bank's macro-prudential and financial stability functions, alongside the innovation of financial instruments, to safeguard the stable operation of financial markets.

2. [Reverse Repo] To better align with the banking system's short-term liquidity needs, the People's Bank of China will conduct overnight reverse repo operations on August 14 and from August 17 to August 19. These operations will utilize fixed-rate, quantity-based tendering, with a daily volume not exceeding 600 billion RMB.

3. [US CPI] Data released by the US Department of Labor shows that the year-on-year growth rate of the US non-seasonally adjusted CPI slowed to 3.4% in July, while the core CPI growth rate slowed to 2.5%. On a month-on-month basis, the seasonally adjusted CPI rose by 0.1% and core CPI by 0.2%; all figures met market expectations. Following the data release, market expectations regarding a Federal Reserve rate hike in September remained generally stable.

Steels

1. [Silicomanganese] Jupiter has announced its September 2026 shipment prices for manganese ore to China: the price for South African semi-carbonate lump (Mn 36.5% typical) is set at $4.10 per dmtu, down $0.50 per dmtu from August.

2. [Cold Rolled Sheet] Angang Steel, Bengang Steel, and Linggang Steel have released their product pricing policies for September 2026: prices for hot-rolled, pickled, cold-rolled, full-hard, galvanized, and non-oriented silicon steel products will be raised by 50 RMB/ton compared to August levels.

3. [Iron Ore] UK-based mining investment firm Cadence Minerals announced that the refurbishment of the Azteca processing plant—part of its iron ore project in Amapá, Brazil—has reached 87% completion and is expected to be finished by the end of August. The plant is projected to have an initial annual output of 380,000 to 400,000 tonnes of iron ore concentrate, with the potential to increase capacity to 5.5 million tonnes per year in the future.

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