Macroeconomics

1. [Electric Power] Data from the National Energy Administration shows that, as of the end of July this year, the country's cumulative installed power generation capacity stood at 4.08 billion kilowatts, a year-on-year increase of 11.0%. Of this total, installed solar power capacity reached 1.29 billion kilowatts (up 16.1% year-on-year), and installed wind power capacity reached 690 million kilowatts (up 19.5% year-on-year). From January to July, the cumulative average utilization time for power generation equipment nationwide was 1,671 hours, a decrease of 135 hours compared to the same period last year.

2. [Canadian Tariffs] The Canadian government has announced the imposition of retaliatory tariffs on U.S. goods valued at approximately US$20 billion. Officials stated that, effective September 8, counter-tariffs ranging from 15% to 50% will be applied to around 700 types of U.S. products. The government also announced a C$7.5 billion aid package to support businesses and workers affected by the new U.S. tariffs.

Steel

1. [Ferrosilicon] Fujian Sangang Taiming Cast Pipe has issued a tender announcement for ferrosilicon (grade FeSi75Al2.0-B) with a procurement volume of 140 tonnes. The deadline for bid submissions is 15:00 on September 1, 2026, and the delivery period extends to October 31, 2026.

Jianlong Group's August tender prices for ferrosilicon are as follows: Heilongjiang at 6,180 RMB/ton (1,695 tonnes); Jilin at 6,350 RMB/ton (945 tonnes); Liaoning at 6,180 RMB/ton (150 tonnes); Chengde at 6,060 RMB/ton (600 tonnes); and Shanxi at 6,030 RMB/ton (560 tonnes). All prices are quoted on a delivered-to-plant basis, inclusive of tax and settled via bank acceptance draft.

2. [Steel] Data from the China Iron and Steel Association (CISA) shows that in mid-August 2026, steel product inventories at key surveyed steel enterprises stood at 18.33 million tonnes. This represents an increase of 1.15 million tonnes (6.7%) from the previous ten-day period; an increase of 4.19 million tonnes (29.6%) from the beginning of the year; an increase of 0.20 million tonnes (1.1%) from the same period last month; an increase of 2.66 million tonnes (17.0%) from the same period last year; and an increase of 1.88 million tonnes (11.4%) from the same period the year before last.

In mid-August 2026, key surveyed steel enterprises produced a total of 19.65 million tonnes of crude steel, with an average daily output of 1.965 million tonnes (down 0.4% from the previous period); 18.20 million tonnes of pig iron, with an average daily output of 1.820 million tonnes (down 1.6%); and 19.15 million tonnes of steel products, with an average daily output of 1.915 million tonnes (up 5.3%). Based on these figures, the estimated national daily output for this period was 2.49 million tonnes of crude steel (down 6.7%), 2.21 million tonnes of pig iron (down 5.6%), and 3.76 million tonnes of steel products (down 7.2%).

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