Macro

1. [Bonds] The Ministry of Finance and the State Administration of Taxation announced that, effective August 8, value-added tax will be reinstated on interest income from newly issued treasury bonds, local government bonds, and financial bonds. Interest income from treasury bonds, local government bonds, and financial bonds issued before August 8, as well as subsequent issuances after August 8, will continue to be exempt from value-added tax until the bonds mature.

2. [US Tariffs] The White House announced an adjusted "reciprocal tariff" rate schedule, which will take effect on August 7. The new rates are 10% for countries with a merchandise trade deficit with the US; approximately 15% for countries with a trade agreement or a small merchandise trade surplus with the US; and higher rates for countries without a trade agreement but with a large merchandise trade surplus with the US. The US will increase its tariff on Canada from 25% to 35%, Switzerland and South Africa will face punitive tariffs of up to 39% and 30%, respectively, and India will be subject to a 25% tariff.

3. [US Non-Farm Payrolls] The US reported a seasonally adjusted 73,000 non-farm payrolls in July, the smallest increase since October last year and well below market expectations of 110,000. Data for May and June were significantly revised downward.

4. [US ISM Manufacturing PMI] The US ISM Manufacturing PMI unexpectedly fell to 48 in July, marking the fastest contraction in nine months.

5. [Eurozone PMI] The final Eurozone Manufacturing PMI for July was 49.8, in line with expectations and a preliminary reading of 49.8.

6. [Germany PMI] The final German Manufacturing PMI for July rose to 49.1 from 49.0 in June, slightly lower than the preliminary reading of 49.2.

Energy

1. [Crude Oil] On August 1, international crude oil futures closed lower. The September contract for US WTI crude oil futures settled at $67.33 per barrel, down $1.93, or 2.8%. Brent crude oil futures for October delivery settled at $69.67 per barrel, down $2.03, or 2.8%. Market concerns about OPEC's potential oil production increase, coupled with US employment data, weighed on the demand outlook.

2. [Crude Oil] The Organization of the Petroleum Exporting Countries (OPEC) announced that eight major OPEC and non-OPEC oil-producing countries have decided to increase production by 547,000 barrels per day (bpd) in September.

3. [Crude Oil] Chevron expects some Venezuelan oil to begin flowing into the market this month.

4. [Liquefied Natural Gas] On August 4, Australian natural gas producer Santos and French energy company Engie signed a non-binding memorandum of understanding to supply natural gas from the Narrabri gas project to the domestic market on Australia's east coast. Upon commissioning, Santos will supply Engie with up to 20 petajoules (PJ) of Narrabri gas annually for at least 10 years.

5. [Liquefied Natural Gas] Gassco, the Norwegian National Gas Transport Company, has adjusted the planned natural gas outage from August 2 to 19 from 12.6 million cubic meters to 7.6 million cubic meters.

6. [Refined Oil] Ministry of Commerce: The "Measures for the Administration of Refined Oil Circulation" have been reviewed and approved at the 22nd Executive Meeting of the Ministry of Commerce on July 21, 2025. They are hereby promulgated and will take effect on September 1, 2025.

Chemical Industry

1. [Polysilicon] The Ministry of Industry and Information Technology issued a list of special energy conservation monitoring tasks for the polysilicon industry in 2025, requiring local industrial and information technology authorities to promptly organize and implement these tasks in accordance with the notice and submit the monitoring results to the Ministry of Industry and Information Technology by September 30, 2025.

2. [Lithium Carbonate] Fengxin Jiuling Lithium Industry Co., Ltd. recently received approval for its 50,000-ton annual lithium battery material project, with an estimated total investment of 1 billion yuan.

3. [Lithium Carbonate] Zangge Mining recently stated that the production cost of lithium carbonate is expected to be approximately RMB31,000 per ton after the first phase of the Mami Co project reaches full production.

4. [Lithium Carbonate] Sichuan Energy Investment De'a Lithium Industry Co., Ltd. recently successfully commissioned its 30,000-ton annual lithium salt project and produced qualified battery-grade lithium salt products.

5. [Fluorite] The Wulanxi fluorite mining project in Urad Middle Banner, constructed by Inner Mongolia Dongyue Fluorine Materials Co., Ltd., has commenced and is progressing at an accelerated pace. The project is scheduled to run from January 2026 to January 2028. The project covers an area of 0.6704 square kilometers and has an annual production capacity of 100,000 tons (based on ore).

6. [Propylene Oxide] Qixiang Tengda announced that on August 10, 2024, the company disclosed a notice regarding the overhaul and renovation of some units. The company plans to carry out technical renovations and equipment maintenance on its 300,000-ton/year propylene oxide unit and ancillary equipment. At present, the unit has completed all overhaul and technical upgrade work and has gradually resumed normal production.

7. [Bromine] (20250725-0731) The operating rate of bromine enterprises was 60.32%, a 7.15% increase from the previous week.

8. [Baking Soda] In the week of July 31, the domestic baking soda comprehensive capacity utilization rate was 63.90%, a 3.54% decrease from the previous week.

9. [Styrene] The latest data shows that as of the week of July 31, the overall output of styrene factories in China was 361,500 tons, an increase of 400 tons or 0.11% from the previous week; the factory capacity utilization rate was 78.92%, a 0.08% increase from the previous week.

10. [Ethylene Glycol] As of July 31, 2025, total ethylene glycol inventories at major ports in East China were 427,200 tons, a decrease of 54,800 tons from the total inventory of 482,000 tons on June 30, a decrease of 149,500 tons from the total inventory of 576,700 tons on May 29, a decrease of 273,700 tons from the total inventory of 700,900 tons on April 28, and a decrease of 244,700 tons from the total inventory of 671,900 tons on March 31.

11. [Aniline] On August 4, Jiangsu Fuqiang's 100,000 ton/year plant operated normally. The price of aniline was increased by 300 RMB to 7,900 RMB/ton in cash and 7,980 RMB/ton in acceptance. Details on actual orders are available for negotiation.

Rubber and Plastics

1. [Polyamide Film] On July 30, 2025, the Department of Foreign Trade of the Ministry of Commerce of Thailand announced the initiation of an anti-dumping investigation into polyamide film originating in mainland China, Taiwan, and Indonesia, based on applications submitted by domestic Thai companies.

2. [HDPE] (July 25-31), PE plant maintenance losses totaled approximately 102,100 tons, a decrease of 9,900 tons from the same period the previous week.

3. [Natural Rubber] According to data from the Yunnan Provincial Bureau of Statistics, Yunnan's natural rubber production reached 169,200 tons from January to June 2025.

4. [Natural Rubber] According to data from the Hainan Provincial Bureau of Statistics, Hainan's natural rubber harvesting area reached 4.5157 million mu from January to June 2025, with natural rubber production reaching 91,900 tons, a 6.0% decrease from 97,700 tons in 2024.

Textiles

1. [Pure Polyester Yarn] According to statistics, as of July 31, the average operating rate of domestic pure polyester yarn enterprises was 70.69%, unchanged from the previous week. The pure polyester yarn industry's inventory was 23.71 days, down 0.04 days from the previous week.

2. [Cotton Yarn] According to statistics, as of July 31, the average operating rate of domestic pure cotton yarn enterprises was 68.14%, down 0.04% from the previous week. The pure cotton yarn industry's finished product inventory was 31.86 days, unchanged from the previous week.

3. [Lint Cotton] From July 25 to 31, 2025, the average spot price of standard grade cotton in seven major US domestic markets was 63.72 cents/pound, down 0.39 cents/pound from the previous week and up 4.02 cents/pound from the same period last year. 3,785 bales were traded in the seven major US spot markets, bringing the total traded in the 2024/25 fiscal year to 995,781 bales.

4. [Lint Cotton] The U.S. Department of Agriculture reported that net U.S. upland cotton export contracts for the 2024/25 marketing year (MY) were 8,867 tons from July 18 to 24, 2025, a significant decrease from the previous week and a significant increase from the four-week average. Shipments totaled 52,400 tons, up 25% from the previous week and 10% from the four-week average.

5. [Lint Cotton] The Cotton Association of India (CA) announced that India's cotton arrivals by July 31, 2025, are estimated at 9,500 170 kg bales, or 1,615 tons. So far in the 2024/25 marketing year (October to September), India's cumulative cotton arrivals are 29,988,600 bales, or 5,098,062 tons.

Steel

1. [Steel] Last week, supply of the five major steel varieties totaled 867,420 tons, a weekly increase of 4,500 tons, or 0.1%. Total inventory was 13.5189 million tons, a weekly increase of 153,900 tons, or 1.15%. Weekly consumption was 8.5203 million tons, a decrease of 1.9%.

2. [Bill] Last week, inventories of same-caliber billets at major warehouses and ports in Tangshan totaled 1.223 million tons, a weekly increase of 55,200 tons and a year-on-year increase of 12.22%.

3. [Steel Sections] Last week, of Tangshan's 87 steel section production lines, only 27 were actually in operation, with an overall operating rate of 45.76%, a decrease of 5.08% from the previous week. The section capacity utilization rate was 46.12%, an increase of 0.80% from the previous week.

4. [Galvanized Sheet] On August 1st, inventory levels of coated and galvanized sheet and coil warehouses in major domestic markets were monitored: galvanized was 1.0803 million tons, a week-on-week increase of 1,500 tons; color-coated was 257,400 tons, a week-on-week decrease of 2,800 tons. Total coated and galvanized inventory was 1.3377 million tons, a week-on-week decrease of 1,300 tons.

5. [Ferrosilicon] Hebei Xinghua Steel has launched its August 2025 ferrosilicon tender, with a bid quantity of 350 tons for 75B ferrosilicon.

Bengang Beiying has launched its August 2025 low-aluminum ferrosilicon and ferrosilicon powder tender, with a bid quantity of 165 tons for FeSi75Al0.5-A low-aluminum ferrosilicon and 66 tons for ferrosilicon powder (0-2mm). The deadline for submission of responses is 08:00 on August 7, 2025. Required delivery dates: low-aluminum ferrosilicon by September 30, 2025; ferrosilicon powder by September 15, 2025. Ansteel Group's Chaoyang Iron and Steel has announced a new round of ferrosilicon bidding prices. The ex-factory acceptance price for FeSi75Al2.0-B ferrosilicon is 6,150 RMB/ton, including tax. This represents a 550 RMB/ton increase from the previous round (5,600 RMB/ton on July 15). The tendered purchase quantity is 150 tons (Chaoyang Iron and Steel), with a required delivery date of before August 12, 2025.

6. [Silicon Manganese] According to Japanese customs data, Japan's total silicon manganese imports in June 2025 were 17,946.65 tons, a 27.54% increase from the previous month and a 1.53% decrease from the previous year. The top three importing countries were India (9,554.29 tons), Vietnam (4,859.46 tons), and Malaysia (3,028.90 tons). No silicon manganese was imported from China in June. From January to June, Japan's total silicon manganese imports were 105,283.79 tons, a 13.77% decrease from the previous year.

Nonferrous Metals

1. [Gold] The World Gold Council's "Global Gold Demand Trends Report" for the second quarter of 2025 shows that, amidst a high gold price environment, global gold demand (including over-the-counter transactions) reached 1,249 tons in the second quarter, a 3% year-on-year increase. Strong investment demand was the primary driver of demand growth.

2. [Copper] On August 1, Shanghai Futures Exchange copper inventories in the Shanghai region totaled 7,202 tons, up 727 tons from the previous day; copper inventories in Guangdong totaled 6,720 tons, unchanged from the previous day; copper inventories in Jiangsu totaled 6,427 tons, unchanged from the previous day; and copper inventories in Zhejiang totaled 0 tons, unchanged from the previous day. The total was 20,349 tons, up 727 tons from the previous day.

3. [Copper] Chile's National Copper Company confirmed that all five miners trapped at its El Teniente mine have died. Chilean Mining Minister Aurora Williams immediately announced that the government would suspend all activities at the mine. El Teniente is the world's largest underground copper mining project. Last year, the mine produced 356,000 tons of copper.

Building Materials

1. [Glass] As of the week of July 31, total inventory at sample float glass companies nationwide reached 59.499 million tct, marking a six-month low for the sixth consecutive week. It decreased by 2.397 million tct, or 3.87%, month-on-month and 13.88% year-on-year. The average inventory days were 25.5 days, a decrease of 1.1 days from the previous period.

2. [Paper] Effective August 7, Nine Dragons Paper's Shenyang base will increase the price of all recycled linerboard by 30 RMBn/ton.

Effective August 5, Nine Dragons Paper's Tianjin and Hebei bases will increase the price of recycled linerboard by 30RMB/ton, and the price of corrugated paper by 50RMB/ton. The Tianjin base will also increase the price of white-faced linerboard and coated linerboard by 30 RMB/ton.

Effective August 1, Jiangsu Jintian Paper will increase the price of Jinbo brand high-strength corrugated paper by 30 RMB/ton based on the current price.

Effective August 1st, Shanxi Qiangwei Paper will raise all grammage prices for recycled paper, corrugated paper, and tube paper by 50 RMB/ton (existing orders that have not yet been filled are also subject to the price increase).

Agricultural and Sideline Products

1. [Live Pigs] According to the Ministry of Agriculture and Rural Affairs, the average price of pork in the national agricultural product wholesale market was 20.60 RMB/kg on August 1st, down 1.3% from 20.87 RMB/kg the previous Friday (July 25th).

2. [Soybeans] Data from the U.S. Department of Agriculture showed that net U.S. soybean export sales for the 2024/2025 marketing year were 349,000 tons in the week ending July 24th, compared to 161,000 tons the previous week; and net soybean sales for the 2025/2026 marketing year were 429,000 tons, compared to 239,000 tons the previous week.

3. [Soybean Meal] The U.S. Department of Agriculture reported net sales of 77,100 tons of soybean meal for the 2024/25 marketing year in the week ending July 24, 2025, the lowest for the year, down 58% from the previous week and 71% from the four-week average. Net sales for the 2025/26 marketing year were 132,000 tons, compared to 238,800 tons a week earlier.

4. [Corn] The U.S. Department of Agriculture's weekly export sales report showed that as of July 24, 2025, U.S. corn export shipments to China (mainland) for the 2024/25 marketing year were 33,000 tons, compared to 2.81 million tons in the same period last year.

5. [Palm Oil] EU data showed that EU palm oil imports decreased 53% year-on-year in the 2025/26 marketing year, reflecting the long-term constraints on palm oil demand from the EU Renewable Energy Directive (RED II). Imports from major suppliers declined, but Indonesia's share increased.

6. [Palm Oil] Indonesian Ministry of Trade: The reference export price of crude palm oil in August is set at US$910.91 per ton.

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