Macroeconomics

1. [US-Canada Trade] Trade negotiations between the US and Canada collapsed on August 22. As Canada failed to reach an agreement by the deadline, the US immediately imposed a 50% tariff on select Canadian goods. Canada responded strongly, announcing reciprocal tariffs on $20 billion worth of US goods effective September 8; Ottawa criticized the US terms as harsh and detrimental to Canadian sovereignty and core industrial interests, marking a sharp escalation in bilateral trade tensions.

2. [US PMI] The preliminary US S&P Global Manufacturing PMI for August came in at 53.2, versus an estimated 53.9 and a previous reading of 53.9.

3. [Eurozone PMI] The preliminary Eurozone Manufacturing PMI for August was 52.8 (expected 51.8; previous 51.9), while the preliminary Services PMI was 51.7 (expected 51.5; previous 51.7).

Steel

1. [Steel] Last week, the blast furnace operating rate across 247 steel mills stood at 82.8%, up 0.16 percentage points week-on-week; the capacity utilization rate for blast furnace ironmaking was 89.25%, down 0.19 percentage points; the profitability rate of steel mills was 32.47%, down 1.30 percentage points; and the average daily output of molten iron was 2.3768 million tonnes, a decrease of 5,200 tonnes week-on-week.

2. [Steel] Last week, the supply of the five major steel product categories totaled 8.0183 million tonnes, a week-on-week decrease of 91,800 tonnes. Total inventory stood at 16.098 million tonnes, down 187,600 tonnes week-on-week. Weekly consumption was 8.2059 million tonnes, a decline of 1.8%; specifically, consumption of construction steel rose by 0.2% week-on-week, while consumption of flat steel fell by 2.8%.

3. [Ferrosilicon] Shandong Iron & Steel Co., Ltd. has issued a tender for ferrosilicon, planning to purchase 600 tonnes of 75-B grade material. The deadline for bid submissions is 10:30 on August 24, with a delivery period extending to September 30, 2026.

4. [Ferrosilicon] In July 2026, China's imports of ferrosilicon (Si ≤ 55%) totaled 8.983 tonnes, down 88.26% month-on-month and 82.46% year-on-year; exports totaled 2,111.541 tonnes, down 38.85% month-on-month but up 29.51% year-on-year. From January to July, total imports were 541.622 tonnes (up 129.04% year-on-year), and total exports were 17,345.895 tonnes (up 14.89% year-on-year).

In July, imports of ferrosilicon (Si > 55%) totaled 4,081.483 tonnes, down 63.41% month-on-month and 67.16% year-on-year; exports totaled 24,070.76 tonnes, down 27.73% month-on-month and 29.86% year-on-year. From January to July, total imports were 66,564.974 tonnes (down 36.64% year-on-year), and total exports were 225,100 tonnes (up 1.95% year-on-year).

5. [silicomanganese] In July 2026, the total volume of manganese ore imports was approximately 3.0853 million tonnes, an increase of 68,600 tonnes (up 2.27%) month-on-month and 12.46% year-on-year. Specifically, imports from Australia totaled 433,500 tonnes (down 2.28% month-on-month); South Africa, 1.4285 million tonnes (down 9.89%); Gabon, 373,500 tonnes (down 9.31%); Ghana, 507,200 tonnes (up 102.2%); Brazil, 228,000 tonnes (up 289.78%); and Myanmar, 69,900 tonnes (up 0.91%). Cumulative imports from January to July totaled approximately 20.5767 million tonnes, an increase of 3.3738 million tonnes (up 19.61%) year-on-year.

6. [Seamless Tubes] In July 2026, China's exports of seamless tubes totaled 501,100 tonnes, down 1.88% month-on-month but up 8.37% year-on-year; cumulative exports for January-July reached 3.4293 million tonnes, a year-on-year increase of 1.02%. Imports in July stood at 6,300 tonnes, down 1.43% month-on-month and 25.88% year-on-year; cumulative imports for January-July totaled 51,800 tonnes, down 7.33% year-on-year. Net exports for July amounted to 494,800 tonnes, an increase of 8.84% month-on-month.

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