Macroeconomics

1. [Reverse Repo] The People's Bank of China (PBOC) announced that it will conduct a 500-billion-RMB Medium-term Lending Facility (MLF) operation on August 25. The operation will feature a one-year term and utilize a multiple-price bidding method based on a fixed volume and interest rate. Given that 600 billion RMB in MLF loans are maturing in August, the central bank will effect a net withdrawal of 100 billion RMB through this operation. The PBOC also announced plans to conduct overnight reverse repo operations from August 27 to September 1, utilizing fixed-rate, volume-based bidding, with a daily operation volume capped at 600 billion RMB.

2. [US-Canada Tariffs] Trump announced that, effective January 1, 2027, the United States will raise tariffs to 50% on all Canadian automobiles, trucks, auto parts, and steel; relevant products manufactured within the United States will be subject to "zero tariffs." Trump stated that the U.S. "doesn't need Canada; Canada needs the U.S.," noting that while 95% of Canada's business involves the United States, the situation for the U.S. is "exactly the opposite."

Steel

1. [Seamless tubes] Shandong Panjin Steel tube Manufacturing Co., Ltd. plans to conduct staggered maintenance on its 159, 180, and 273 continuous rolling lines in late August; this maintenance is expected to impact production by 100,000 tonnes.

Effective 8:00 AM on August 25, price adjustments for Panjin Steel tube products are as follows: prices for 20# hot-rolled tubes, line tubes, large-diameter seamless tubes, and cold-drawn tubes are all raised by 30 RMB/tonne. The adjusted ex-factory prices are: 4,510 RMB for 57-65×3.5 mm; 4,320 RMB for 108×4.5 mm; 4,120 RMB for 219-245×7-13 mm; and 4,140 RMB for 325×10-13 mm. The figures above apply to 20# steel tubes of non-fixed lengths.

2. [Galvanized Sheet] On August 24, 2026, Anyang Shenlong announced its latest pricing policy for galvanized sheet coils: the mill's guide price for 1.0mm x 1000mm x C coils is 3,740 RMB/ton (up 10 RMB/ton from the previous period), and the guide price for 1.0mm x 1250mm x C coils is 3,740 RMB/ton (up 10 RMB/ton from the previous period). Note: The prices above are ex-works prices inclusive of tax.

3. [Iron Ore] From August 17 to August 23, 2026, total iron ore arrivals at 47 Chinese ports amounted to 27.175 million tonnes, a week-on-week decrease of 1.385 million tonnes; arrivals at 45 Chinese ports totaled 26.396 million tonnes, down 0.673 million tonnes week-on-week; and arrivals at six northern ports totaled 12.315 million tonnes, down 1.080 million tonnes week-on-week.

4. [Crude Steel] According to the World Steel Association, global crude steel production fell by 0.3% year-on-year to 149.2 million tonnes in July 2026.

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