[SMM Steel Market Morning News] Anhui's H1 Auto Exports Reach 1.006 Million Units

★Macro★

01 ★★ [Foreign Ministry: China and Pakistan Call on US and Iran to Cease Fire and Resume Talks Immediately]

According to the Foreign Ministry on July 17, on the evening of July 16, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, met with Pakistani Deputy Prime Minister and Foreign Minister Dar in Shanghai, where they exchanged views on the situation in Iran and coordinated their stance.
Both sides expressed concern over the deterioration of the situation, called on the parties concerned to immediately cease hostilities, work to overcome difficulties, remove disturbances, restart engagement, resume dialogue, and strive to eventually reach a comprehensive peace agreement through negotiations. The international community should also continue to provide support. Wang Yi stressed that the Phase One Memorandum of Understanding reached between the US and Iran was hard-won. It is not only the result of bilateral negotiations, but also inseparable from the common efforts of the international community, especially Pakistan's indispensable role in coordination and mediation. The core provisions of the MOU not only accord with the fundamental and long-term interests of the parties, but also meet the common expectations of the international community. They should be doubly cherished and carefully nurtured. Peace is within reach; we must not let it slip away at the last moment, still less lose it after having gained it. All parties should honor their commitments and abide by the MOU provisions. China will, as always, support Pakistan's mediation efforts and continue to play a constructive role in de-escalating the situation in its own way. Dar briefed on Pakistan's recent efforts, thanked China for its understanding and support, and stated that Pakistan will face the difficulties head on and continue to actively promote peace and dialogue.

02 ★★★ [Henan H1 GDP up 5.0% YoY]

The Henan Provincial Bureau of Statistics and the Henan Survey Office of the National Bureau of Statistics released the economic performance of the province for H1 2026. According to the unified GDP accounting results, the province's gross domestic product (GDP) in H1 was 3,352.158 billion yuan, up 5.0% YoY at constant prices. By industry, the added value of the primary sector was 227.918 billion yuan, up 4.0%; that of the secondary sector 1,300.622 billion yuan, up 5.4%; and that of the tertiary sector 1,823.618 billion yuan, up 4.9%.

03 ★★ [SAFE: RMB-denominated External Debt at 55% at Q1 End, Medium and Long-term External Debt Stable Above 40%]

At a press conference of the State Council Information Office, Xiao Sheng, Director of the Capital Account Management Department of the State Administration of Foreign Exchange (SAFE), stated that China's external debt scale has remained generally stable, its structure has continuously improved, and its security is relatively high. Over the past three years, China's external debt has been basically stable between $2.3 trillion and $2.5 trillion. At the end of Q1 2026, RMB-denominated external debt accounted for 55%, up 10 percentage points from the end of 2022; medium and long-term external debt remained stable above 40%, and the risks of maturity and currency mismatch of external debt have been significantly reduced. At the end of 2025, China's ratio of external liabilities to GDP was 11.9%, the debt ratio 56.3%, the debt service ratio 6.2%, and the ratio of short-term external debt to foreign exchange reserves 39.2%, all well below the international safety thresholds.

★Industry and Downstream★

01 ★★[SMM Iron Ore Ten-Port Inventory Data]

According to the SMM survey, on July 16, total inventories at the ten ports tracked by SMM stood at 106.27 million mt, down 1.87 million mt WoW. Coarse concentrate, concentrate, and pellets saw destocking, while lump ore showed a slight inventory buildup.

02 ★★★ CAAM: Top 10 Automakers Sold 12.649 Million Vehicles in H1, Accounting for 84.2% of Total

In January-June 2026, the top 10 automakers by sales sold a total of 12.649 million units, accounting for 84.2% of total vehicle sales. Among these ten, compared with the same period last year, Geely Holding, Chery Holding, GAC Group, and Great Wall Motor saw varying degrees of growth, while the others experienced varying declines.

03 ★★[Two Chengdu Residential Land Plots Transacted at Reserve Price of 786 Million Yuan]

On July 17, two residential land plots in Jinniu District, Chengdu, were sold with a total land transfer area of 37,959.26 m² (approx. 57 mu), total planned building area of 56,938.89 m², and total starting price of 786 million yuan. Both plots were ultimately won by Bangtai, with a combined transaction price of 786 million yuan.

04 ★★★ [Anhui's H1 Auto Exports Hit 1.006 Million Units]

"In the first half of this year, Anhui's auto exports exceeded one million units, five months earlier than last year," said Jiang Kaiyuan, deputy head of Hefei Customs, recently. It is reported that last year, Anhui became the first province in China to have annual auto exports exceed one million units; this year, it took only six months for the province to reach 1.006 million units of exports, an increase of 1.2 times YoY. Over the same period, China's auto exports reached 5.096 million units, up 65.3% YoY, exceeding 5 million units for the first time in a half-year period.

★Other Hot Topics★

⭕[Oil Price Up Tonight; Filling a Full Tank Costs 12 Yuan More]At midnight today (July 17), the domestic refined oil price adjustment window opened. According to monitoring by the Price Monitoring Center of the National Development and Reform Commission (NDRC), during this round of price adjustment (from midnight July 3 to midnight July 17), international oil prices fluctuated upwards. Starting midnight July 17, the retail price ceilings for gasoline and diesel will be raised by 300 yuan and 290 yuan per mt, respectively. On a national average basis, the price per liter of 92-octane gasoline, 95-octane gasoline, and 0# diesel will be raised by 0.24 yuan, 0.25 yuan, and 0.25 yuan, respectively. After this retail price adjustment is confirmed, filling a 50L tank of 92-octane gasoline for a private car will cost an additional 12 yuan.

⭕[Imports and Exports of Nine Mainland Cities in the Guangdong-Hong Kong-Macao Greater Bay Area Topped 1 Trillion Yuan for the First Time in June]Cailian Press, July 17 – According to customs statistics, in H1 2026, imports and exports of the nine mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area totaled 5.3 trillion yuan, up 20.9% YoY, 4 percentage points faster than the national overall growth. They accounted for 20.8% of the country's total imports and exports, contributing 24.9% to the national growth over the same period. Exports were 3.12 trillion yuan, up 11.5%, and imports 2.18 trillion yuan, up 37.5%. Monthly figures repeatedly hit record highs, and June alone exceeded 1 trillion yuan for the first time. In January this year, imports and exports of the nine cities grew 22% to 872.87 billion yuan, a monthly record high. Subsequently, from March through June, they exceeded previous highs for four consecutive months. In June, imports and exports grew 31.1% and surpassed 1 trillion yuan for the first time, reaching 1.02 trillion yuan.

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