Macroeconomics

1. [Automotive] Data released by the CPCA (China Passenger Car Association) shows that retail sales in the national passenger vehicle market totaled 1.541 million units in August, a year-on-year decline of 23.6%. Of this total, retail sales of new energy vehicles (NEVs) reached 1.005 million units—down 10.1% year-on-year—with a market penetration rate of 65.2%.

2. [ECB] The European Central Bank is set to announce its interest rate decision on Thursday; a 25-basis-point rate hike is expected.

Steel

1. [Hot-Rolled Coil] On September 9, the Shanghai Futures Exchange (SHFE) and the London Metal Exchange (LME) jointly announced that the LME Shanghai Hot-Rolled Coil contract will begin trading on the LME on October 27, 2026. The contract's final settlement price will be based on the SHFE hot-rolled coil futures settlement price (in RMB), converted into US dollars for cash settlement.

2. [Silicomanganese] HBIS Group has issued its first round of inquiries for September silicomanganese at 6,000 RMB/tonne. The August pricing was 5,880 RMB/tonne (compared to 6,000 RMB/tonne in September 2025). The procurement volume is 14,800 tonnes (excluding 6,000 tonnes for the heavy plate division); the August procurement volume was 16,600 tonnes (compared to 17,000 tonnes in September 2025).

3. [Ferrosilicon] Bensteel has issued a tender announcement for ferrosilicon dated September 8, covering ferrosilicon, ferrosilicon powder, and rare-earth magnesium ferrosilicon alloy. Specifically, the procurement volume includes 6 tonnes of FeSi75-B grade ferrosilicon, 3 tonnes of FeSi75-B ferrosilicon powder (0-3mm particle size), and 5 tonnes of REMgFe-Si03CeC rare-earth magnesium ferrosilicon alloy. The submission deadline for all items is 08:00 on September 18, with delivery required within 10 days of contract signing.

4. [Ferrosilicon] HBIS Group's initial inquiry price for silicomanganese for September 2026 is 6,000 RMB/ton; the settled price for August was 5,880 RMB/ton, and the settled price for September 2025 was 6,000 RMB/ton. The procurement volume is 14,800 tonnes (excluding 6,000 tonnes for mild steel plates), compared to 16,600 tonnes in August and 17,000 tonnes in September 2025.

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