SunSirs: Steel Products Industries Bulk Commodity Intelligence (September 11, 2026)

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.

Steel

1. [Steel] This week, the total inventory of imported sintering fines held by 114 steel mills (under the new statistical scope) stood at 29.4611 million tonnes, an increase of 330,900 tonnes from the previous period. The average cost of molten iron (excluding tax) for steel mills was 2,472 RMB/ton, up 33 RMB/ton from the previous period.

2. [Stainless Steel] Shanghai Futures Exchange: On September 10, stainless steel inventory in the Guangdong region stood at 7,353 tonnes, remaining flat compared to the previous day; total inventory in the Jiangsu region was 64,483 tonnes, down 184 tonnes from the previous day; the combined total was 71,836 tonnes, a decrease of 184 tonnes from the previous trading day.

3. [Galvanized Steel Sheet] On September 9, 2026, Australia initiated a second anti-dumping sunset review concerning galvanized steel sheet from India, Malaysia, and Vietnam, as well as a countervailing duty sunset review concerning imports from India. The period of investigation spans from July 2025 to June 2026. The final determination report is expected to be submitted by February 11, 2027.

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