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Macro
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01
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【China Foreign Exchange Market Guidance Committee Meeting Held in Beijing】
Recently, the China Foreign Exchange Market Guidance Committee meeting was held in Beijing. Deputy Governor of the People's Bank of China Changneng Xuan and Deputy Administrator of the State Administration of Foreign Exchange Bin Li attended the meeting and delivered speeches. The meeting discussed the recent foreign exchange market situation and arranged work related to strengthening foreign exchange self-regulation management. The meeting emphasized that the Foreign Exchange Market Guidance Committee would enhance guidance on the self-regulation mechanism of the foreign exchange market, further strengthen industry self-regulation management, and guide foreign exchange market participants to strictly implement self-regulation standards. Measures will be promptly taken against behaviors that disrupt market order or maliciously mislead the public, violating self-regulation standards. Members of the foreign exchange market self-regulation mechanism should prioritize serving the real economy, strive to provide a stable exchange rate environment for enterprises and residents, adhere to exchange rate risk neutrality, and improve the long-term mechanism for managing exchange rate risks for enterprises. They must consciously comply with self-regulation standards, avoid disrupting market order, refrain from amplifying pro-cyclical behaviors, and jointly maintain orderly and standardized operation of the foreign exchange market.
02
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【General Administration of Customs: China's Steel Exports Comply with Market Principles and WTO Rules】
At a press conference today, spokesperson Daliang Lü of the General Administration of Customs stated that China is a responsible major country and a responsible member of the World Trade Organization. It has always conducted mutually beneficial trade with other countries in strict accordance with WTO rules. China's steel industry continues to innovate and upgrade, primarily to meet domestic steel demand while also providing innovative and high-quality products to many countries. At the press conference in Q3 last year, I also mentioned that our ultra-thin steel represents advanced industry standards. China's steel exports comply with market principles and WTO rules. Protectionist measures taken by some countries against Chinese steel undermine international trade rules, increase downstream production costs, destabilize global supply chains, and fail to address their own issues and concerns. The customs authorities will fulfill their responsibilities to safeguard the legitimate rights and interests of Chinese enterprises.
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Industry and Downstream
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01
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【General Administration of Customs: China's Steel Exports Reached 110.716 Million mt in 2024】
Data from the General Administration of Customs on January 13 showed that in December 2024, China exported 9.727 million mt of steel, an increase of 449,000 mt MoM, up 4.8% MoM. From January to December, cumulative steel exports reached 110.716 million mt, up 22.7% YoY. In December, China imported 621,000 mt of steel, an increase of 148,000 mt MoM, up 31.3% MoM. From January to December, cumulative steel imports totaled 6.815 million mt, down 10.9% YoY.
02
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【China Index Academy: Residents' Home Purchase Intentions Steadily Increased】
The China Index Academy recently released the "December 2024 Residents' Home Purchase Intention Survey Report," showing that residents' home purchase intentions steadily increased. By the end of December, about 18% of residents had stronger home purchase intentions compared to the previous month, up 0.8 percentage points MoM and up 3.1 percentage points from the low level in July. In December, residents in key cities actively visited properties for on-site inspections and consultations, with the proportion of visits reaching approximately 48%, up 4.7 percentage points MoM, reaching a relatively high level over the past year. The market continued to see a tug-of-war between buyers and sellers, with residents' home purchase intentions showing a fluctuating improvement trend, potentially entering a bottoming-out and stabilization phase in the short term.
03
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【General Administration of Customs: December's Import and Export Scale Surpassed 4 Trillion Yuan for the First Time, Growth Rate Increased to 6.8%】
The State Council Information Office held a press conference this morning (January 13). A relevant official from the General Administration of Customs introduced that on September 26 last year, the Central Political Bureau decisively deployed a package of incremental policies, and a new round of measures to promote stable growth in foreign trade was quickly introduced, effectively driving Q4 foreign trade to reach a record high of 11.51 trillion yuan, with the growth rate increasing by 0.4 percentage points compared to Q3. In particular, in December, the import and export scale surpassed 4 trillion yuan for the first time, with the growth rate increasing to 6.8%, marking a successful conclusion to the year's foreign trade.
Other Hot Topics
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⭕On January 13, Malaysia imposed provisional anti-dumping duties on certain iron or non-alloy steel products from China, India, and other countries. The duties range from 2.52% to 36.8% and apply to rolled products with a width of at least 600 mm.
⭕On January 10, Morocco decided to terminate safeguard measures on imported cold-rolled sheets and coated or plated sheets starting December 31, 2024, as the measures have been in place for ten years.
⭕On January 11, at the request of Peruvian producers, the Anti-Dumping, Subsidies, and Elimination of Non-Tariff Trade Barriers Committee of Peru's National Institute for the Defense of Competition and Protection of Intellectual Property initiated an anti-dumping investigation into stainless steel sinks originating from China.
⭕CAAM: In 2024, China's automobile production and sales reached 31.282 million units and 31.436 million units, respectively, up 3.7% and 4.5% YoY, setting new records and maintaining a scale of over 30 million units.
⭕Automotive Power Battery Alliance: In 2024, China's cumulative production of power and other batteries reached 1,096.8 GWh, up 41% YoY.
⭕In December, among various white goods categories, the online retail sales growth rates YoY were as follows: refrigerators (15.3%), freezers (6.5%), washing machines (12.8%), standalone dryers (120.6%), and air conditioners (35.0%).
⭕Yukun Steel Group announced its winter stockpiling policy. The winter stockpiling period runs from January 15 to March 10, with payment collection from January 15 to January 26. Interest will be calculated on the balance, with a monthly interest rate of 7‰.
⭕Shanxi Meijin Steel released its winter stockpiling sales policy. Rebar base price: Φ18-22: 3,360 yuan/mt; coiled rebar base price: Φ8-10: 3,360 yuan/mt; wire rod base price: Φ8-10: 3,360 yuan/mt. This winter stockpiling policy is valid until April 30, with no price increase in case of a rise and price reduction in case of a drop.
