[SMM Steel Market Morning News] H1 China's Four Major Home Appliance Exports Down 4.6% YoY

★Macro★

01 ★★ [MIIT: Value-Added of Industrial Enterprises Above Designated Size Up 5.4% YoY in H1]

The State Council Information Office held a press conference to present the industrial and information technology development in H1 2026. Wang Weiming, Chief Engineer of the Ministry of Industry and Information Technology (MIIT), noted that the sector continued to advance and improve in H1, with the value-added of industrial enterprises above designated size up 5.4% YoY. The industrial sector contributed over 35% to economic growth, and the profitability of industrial enterprises improved significantly, with total profits of industrial enterprises above designated size up 18.8% YoY in the first five months.

02★★★ [Beijing's GDP Up 5.4% YoY in H1]

A press conference on Beijing's economic performance in H1 2026 was held, where the Beijing Municipal Bureau of Statistics and the NBS Survey Office in Beijing presented the city's H1 economic results. According to unified regional GDP accounting results, the city's GDP reached 2,641.19 billion yuan in H1, up 5.4% YoY at constant prices. By industry, the primary sector's added value was 4.6 billion yuan, up 3.9%; the secondary sector's added value was 329.34 billion yuan, up 0.9%; and the tertiary sector's added value was 2,307.25 billion yuan, up 6.1%.

03 ★★ [Hunan's GDP Up 2.7% YoY in H1]

The Hunan Provincial Bureau of Statistics released the province's economic performance for H1 2026. According to unified regional GDP accounting results, the province's GDP was 2,703.36 billion yuan in H1, up 2.7% YoY. Among this, the primary sector added value was 174.69 billion yuan, up 4.1%; the secondary sector added value was 949.94 billion yuan, up 1.1%; and the tertiary sector added value was 1,578.73 billion yuan, up 3.5%.

★Industry & Downstream★

01 ★★ [Heavy Rainfall Impacts Production, Domestic Iron Ore Concentrates Output Continues to Decline]

According to SMM's latest statistics, the overall capacity utilization rate at domestic mines was 57.9% this week, down 2.7 percentage points WoW. Iron ore concentrate production fell to 895,000 mt, a decrease of 41,000 mt WoW. Meanwhile, concentrate inventory at mines edged down by 10,000 mt to around 315,000 mt.

02 ★★★ [China Automobile Dealers Association: H1 Used Car Trading Volume Reached 9.7132 Million Units, Up 1.50% YoY]

According to the China Automobile Dealers Association, China's used car market traded 1.6184 million units in June 2026, up 1.05% MoM and down 2.36% YoY, with a transaction value of 107.158 billion yuan. In the first six months of 2026, cumulative used car trading volume was 9.7132 million units, up 1.50% YoY, an increase of 143,100 units from the same period last year. The total transaction value was 638.530 billion yuan.

03 ★★★[China's Export Figures for Four Major Home Appliances Released for H1]

The latest data from the General Administration of Customs shows that China exported 5.11 million air conditioners in June 2026, up 11.5% YoY; cumulative exports in January-June were 39.16 million units, down 4.6% YoY.
In June, refrigerator exports were 8.17 million units, up 18.9% YoY; H1 cumulative exports were 46.41 million units, up 14.6% YoY.
In June, washing machine exports were 3.19 million units, up 12.2% YoY; H1 cumulative exports were 18.54 million units, up 10.1% YoY. In June, LCD TV exports were 7.61 million units, down 2.6% YoY; H1 cumulative exports were 49.95 million units, up 2.9% YoY.

04 ★★ [Volume and Price Recovery Signals Stabilization in Beijing and Shenzhen Housing Markets]

"Our store sold 86 pre-owned homes in H1, up 43% YoY. High-quality 'good houses' are highly favoured by clients," Li Songqiang, district manager of the Beijing Lianjia Australian Concord store, told a China Securities Journal reporter. Entering July, the recovery trend in Beijing and Shenzhen housing markets continued to consolidate. During on-site visits to multiple real estate agency stores, reporters found that the trading volume and average transaction prices in both new and pre-owned home markets in the two cities improved simultaneously. Client inquiries and on-site property viewing interest remained high, and the market repair momentum became increasingly clear. Experts believe the current market still exhibits strong resilience and self-adjustment capability, with subsequent recovery characterized mainly by structural improvement driven by quality supply.

★Other Hot Topics★

⭕[Turkey's Steel Exports Increase 23% in June] Turkey's steel exports totalled 2.1 million mt in June, up 23.3% MoM, driven by strong demand in key export destinations and increased shipments, according to a July 7 statement from the Turkish Steel Exporters' Association (CIB). Rebar remained the main export product for Turkish producers, with June exports rising 62.2% MoM to 445,500 mt. Except for hot-rolled coil and welded steel pipe, exports of almost all Turkish steel products increased MoM in June. Hot-rolled coil exports fell 5.1% MoM to 324,500 mt, while welded steel pipe exports declined 1.8% MoM to 169,000 mt.

⭕[Jilin Xinda 365 m² Sintering Machine Project Completed and Starts Production] In peak summer, good news arrives frequently. At 19:57 on July 18, 2026, Jilin Xinda Iron & Steel Co., Ltd.'s 365 m² sintering machine started production on schedule as planned. On-site signal bells rang, the blending line belts started up sequentially, and materials were fed uniformly according to set ratios. The first pallet car slowly emerged from the bright ignition furnace; ignition results were good, with the material surface appearing bluish-blue, and the layer flat and uniform. The system ran smoothly throughout, and start-up material successfully produced finished product, marking the successful one-time start-up of the 365 m² sintering machine, elevating the company's comprehensive advancement of ultra-low emissions and accelerated green transformation to a new level.

⭕[China Coal Transportation and Distribution Association: Key Monitored Coal Enterprises' Ten-Day Production and Sales Both Decline in Early July] The China Coal Transportation and Distribution Association released its coal market dispatch ten-day report. In early July, affected by stricter safety regulations, mine maintenance, and rainfall in production areas, overall coal supply contracted somewhat. Production and sales at key monitored coal enterprises both declined for the ten-day period. Looking at demand by sector: In the power sector, increased rainfall drove high hydropower output, coupled with increased new energy generation, leading to a pullback in thermal coal consumption at power plants. In the steel industry, off-season characteristics were evident, steel market demand was weak, and pig iron output and coal consumption at key monitored coking-steel enterprises were below levels seen in the same period last year. In early July, enterprise inventory in main production areas rebounded slightly; downstream user destocking enthusiasm improved somewhat, and coal inventory at major northern ports pulled back MoM. Downstream inventory grew, with coal stockpiles at key monitored steel and coke enterprises rebounding. Hot weather prompted power plants to continue stockpiling, with coal inventories exceeding 220 million mt. In early July, coal market prices in and outside China fluctuated and adjusted; the import price of key monitored Australian high-grade thermal coal was lower than the price of domestic coal of the same grade, ending the price inversion.

*This report is an original work and/or compilation of SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), which legally holds copyright, protected by the Copyright Law of the People's Republic of China and other applicable international treaties. Without written permission, no part of this content may be reproduced, modified, sold, transferred, displayed, translated, compiled, disseminated, or otherwise disclosed to any third party or licensed for third-party use. Otherwise, upon discovery, SMM will pursue legal liability for infringement, including but not limited to claims for contractual breach liability, restitution of unjust enrichment, and compensation for direct and indirect economic losses. The content contained in this report, including but not limited to any or all information such as news, articles, data, charts, graphics, sounds, videos, logos, advertisements, trademarks, trade names, domain names, layout designs, is protected by the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, the Anti-Unfair Competition Law of the People's Republic of China, and applicable international treaties concerning copyright, trademark rights, domain name rights, commercial data information property rights, and other rights, and is owned or held by SMM and its relevant rights holders. Without written permission, no organization or individual may reproduce, modify, use, sell, transfer, display, translate, compile, disseminate, or otherwise disclose the above content to any third party or license it for third-party use. Otherwise, upon discovery, SMM will take legal action to pursue infringement liability, including but not limited to claims for contractual breach liability, restitution of unjust enrichment, and compensation for direct and indirect economic losses. The views in this report are derived from market-collected information and comprehensive assessment by SMM's research team. The information provided in this report is for reference only, and users bear their own risks. This report does not constitute direct investment research decision advice. Clients should make decisions prudently and not use this as a substitute for their own independent judgment. Any decisions made by clients are unrelated to SMM. Furthermore, SMM is not responsible for any related losses or liabilities resulting from unauthorized and illegal use of the views in this report. SMM reserves the right to modify and ultimately interpret the terms of this statement.