[SMM Steel Market Morning Brief] M2 up 8.6% YoY, M1 up 5.5% YoY

★Macro★

01 ★★★ [Annual Steel Scrap Recycling Volume to Reach 300 Million mt by 2030]

On July 31, the 15th Five-Year Plan for Industrial Green and Low-Carbon Development was issued, calling for steady and orderly progress in resolving structural contradictions in key industries such as steel and nonferrous metals, as well as the elimination of outdated and inefficient capacity in accordance with laws and regulations. It emphasizes promoting electric furnace short-process steelmaking and low-carbon metallurgical technologies, alongside strengthening the utilization of renewable resources, with the target that annual steel scrap recycling volume reaches 300 million mt and the comprehensive utilization rate of red mud hits 25% by 2030.

02 ★★ [Stronger and More Tangible Measures to Effectively Expand China's Domestic Demand]

Recently, the National Development and Reform Commission (NDRC) is working with relevant departments to formulate an implementation plan for the strategy of expanding domestic demand (2026-2030). Going forward, the NDRC will collaborate with relevant departments to effectively expand China's domestic demand with stronger and more tangible measures.

03 ★★ [July's Manufacturing PMI at 49.2%, Indicating a Pullback in Economic Activity]

National Bureau of Statistics (NBS): In July, the manufacturing Purchasing Managers' Index (PMI) was 49.2%, down 1.1 percentage points from the previous month, indicating a pullback in economic activity.

★Industry & Downstream★

01 ★★★ [Increased Transaction Prices and Growing Activity in the Housing Market]

In July, the performance of second-hand housing prices across different tiers in Shenzhen diverged, with improved housing in the 5 million yuan to 10 million yuan range

02 ★★★ [India May Impose Duties on Coke from China]

Recently, India's final anti-dumping determination concerning low-ash metallurgical coke originating in or imported from China, Australia, Colombia, Indonesia, Japan, and Russia recommended imposing a five-year anti-dumping duty on the products from these countries.

★Other Hot Topics★

⭕Recently, Sinosteel Engineering & Technology won a bid and formally signed a contract with the global steel giant AcerlorMittal, to build a new 320-mt twin-station ladle refining furnace and its associated material handling and dedusting systems for its Dunkirk steel mill in France.

⭕Recently, the technological transformation and production resumption project at the sintering plant of Yingkou Xinjing Steel in Liaoning Province successfully completed all construction tasks, passed the hot load commissioning, and officially went into operation.

⭕The nation's first 100-metric-ton-class, pure electric, bi-directional autonomous mining dump truck, the AT150, was successfully put into operation at SPIC Inner Mongolia Company's South Open-pit Coal Mine on July 30.

⭕ Fujian Province has issued the "15th Five-Year" New-type Metallurgical Industry Cluster High-quality Development Action Plan, specifying that by 2030 the cluster scale will strive to reach 880 billion yuan, with steel at 480 billion yuan and non-ferrous metals at 400 billion yuan.

⭕ Recently, the Phase II Area 3 (1780mm hot strip rolling line) project of Guangdong Jinshenglan Metallurgical Technology Co., Ltd.'s annual 8 million mt high-quality special steel project officially broke ground.