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."

Chemical

1. [Lithium Ore] Recently, Australia’s TG Metals commenced drilling operations at the Burmeister lithium deposit—part of the Lake Johnston project in Western Australia—targeting a resource of 6.7 million tonnes of lithium ore.

2. [Carbon Black] Recently, two 40,000-tonne-per-year production lines (Lines 4 and 5) at Sinochem Quanzhou Petrochemical Co., Ltd.’s 80,000-tonne-per-year carbon black project successfully came online. The initial batch of products passed quality inspections and was shipped out, marking the project's official completion and entry into production. With the launch of this new project, the company’s total carbon black production capacity has risen to 150,000 tonnes per year.

3. [Ethanol] The fermentation ethanol plant in Jiangsu Huating (capacity: 260,000 tonnes/year) is scheduled for maintenance from July 25, 2026, to August 30, 2026.

The fermentation ethanol plant in Yushu, Jilin (capacity: 170,000 tonnes/year) is scheduled for maintenance from July 28, 2026, to August 20, 2026.

4. [Lithium Carbonate] A research report by CSC Financial indicates that lithium prices had previously over-factored in expectations of looser future supply. However, inventory depletion during the off-season has exceeded expectations; current inventory levels have dropped to their lowest point of the year, marking eight consecutive weeks of accelerated drawdown. Total production scheduling by battery manufacturers rose 5.71% month-on-month in August. With strong supply and demand during the peak season coinciding with low inventory levels, lithium prices may shift toward being driven by fundamentals, pointing to a bullish outlook.

5. [Acrylic Acid] On August 25, Wanhua Chemical’s quoted price for acrylic acid in the Northeast region stood at 8,150 RMB/ton, an increase of 200 RMB/ton from the previous quote; the company's acrylic acid facility, with an annual capacity of 300,000 tonnes, is operating normally.

6. [Sulfur] On August 24, total sulfur inventory at Chinese ports stood at 886,600 tonnes, distributed as follows: Fangchenggang (400,000 tonnes), Beihai Port (20,000 tonnes), Zhanjiang Port (160,000 tonnes), Zhenjiang Port (204,000 tonnes), Nanjing Port (5,000 tonnes), and Dafeng Port (89,000 tonnes).

7. [Soda Ash] As of August 24, 2026, total domestic soda ash inventories held by manufacturers stood at 1.87 million tonnes, an increase of 25,100 tonnes (up 1.36%) from the previous Thursday. Of this total, light soda ash accounted for 1.0266 million tonnes (down 2,100 tonnes week-on-week), while heavy soda ash accounted for 843,400 tonnes (up 27,200 tonnes week-on-week).

8. [Maleic Anhydride] China's imports of maleic anhydride totaled 79.461 tonnes in July 2026, with cumulative imports reaching 233.115 tonnes for the January-July period. Exports of maleic anhydride amounted to 14,200 tonnes in July, with cumulative exports reaching 183,100 tonnes for the January-July period.

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