Macroeconomics

1. [Reverse Repo] The central bank announced that, to better align with the banking system's short-term liquidity needs, the People's Bank of China will conduct overnight reverse repo operations from September 14 to September 17. These operations will utilize fixed-rate, quantity-based tendering, with a daily volume not exceeding 600 billion RMB.

2. [US PPI] US Producer Price Index (PPI) rose 0.4% month-on-month and 5.4% year-on-year in August, marking the largest monthly increase in three months; markets are betting on a 70% probability of a Federal Reserve rate hike next week.

3. [US Treasuries] The US Treasury's long-term bond buyback operation, totaling over $5 billion, fell short of the targeted maximum; the sell-off in US Treasuries remains unstoppable, with the 10-year yield approaching 5%.

4. [ECB Rate Hike] The European Central Bank raised its three key interest rates by 25 basis points. Specifically, the ECB increased the deposit facility rate from 2.25% to 2.5%, while simultaneously raising the main refinancing rate and the marginal lending rate to 2.65% and 2.9%, respectively.

5. [Shipping] According to Iranian sources, Iran has ordered a temporary suspension of the 10% freight surcharge levied on foreign vessels transporting energy products into or out of the country. This move represents a tactical adjustment amidst ongoing maritime tensions in the Strait of Hormuz, a critical shipping lane vital to the global energy supply.

Chemical

1. [Iron Phosphate] Wanrun New Energy's integrated project—featuring an annual capacity of 240,000 tons of lithium iron phosphate (LFP) and a co-production capacity of 240,000 tons of iron phosphate—has seen a cumulative investment of RMB 2.042 billion (99.05% of the planned investment). The project is expected to reach the stage of readiness for use by December 2026.

2. [Graphite] On September 9, a signing ceremony was held for Sichuan Rui'an's integrated project, which includes a production line for lithium-ion battery anode materials with an annual capacity of 100,000 tons and a supporting graphitization line with an annual capacity of 150,000 tons.

3. [Aniline] On September 11, Shandong Jinling's aniline unit was operating stably. The price of aniline was raised by 400 RMB/ton; the latest price is set at RMB 13,500/ton (spot payment), with specific transaction terms subject to negotiation.

4. [Styrene] On September 11, Lihuayi Weiyuan Chemical Co., Ltd. quoted styrene at 10,500 RMB/ton, an increase of 550 RMB/ton from the previous trading day.

5. [Methanol] On September 10, Inner Mongolia Rongxin offered methanol at a starting price of 3,580 RMB/ton for a volume of 2,000 tonnes; the entire lot was sold at a final price of 3,590 RMB/ton. Additionally, the company's Phase I methanol project (900,000 tonnes/year capacity) was shut down for maintenance on September 5 for an expected duration of 25 days, while the Phase II project (900,000 tonnes/year capacity) continues to operate normally.

6. [Ethylene Glycol] On September 10, ethylene glycol outbound shipments from major East China ports were as follows: shipments from major storage areas in Zhangjiagang totaled approximately 2,000 tonnes, while shipments from two major storage areas in Taicang totaled approximately 4,900 tonnes.

7. [Caustic Soda] As of September 10, 2026, factory inventories of liquid caustic soda held by sampled enterprises with capacities of 200,000 tonnes or more stood at 500,000 tonnes (wet basis), up 1.04% month-on-month and 40.12% year-on-year.

8. [Polysilicon] Domestic polysilicon production totaled 118,900 tonnes in August, a month-on-month increase of 13.1%. With multiple enterprises resuming production in September, expectations for increased supply remain, though some companies plan to reduce output for maintenance in October.

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