Vale Launches the "New Carajás" Plan

The National Bureau of Statistics reported that in September, the manufacturing PMI was 50.1%, up 0.3 percentage points from the previous month, moving into expansion territory. By enterprise size, the PMI for large enterprises was 50.6%, unchanged from the previous month and above the threshold; the PMIs for medium-sized and small enterprises were 49.7% and 48.9%, respectively, up 0.3 and 1.0 percentage points from the previous month, both below the threshold. Among the five sub-indices that make up the manufacturing PMI, the production index, new orders index, and supplier delivery time index were all above the threshold, while the raw material inventory index and employment index were below the threshold. In September, the composite PMI output index was 50.7%, up 1.2 percentage points from the previous month, rising above the threshold, indicating that overall production and business activities of enterprises in China expanded from the previous month. The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, were 51.7% and 50.2%, respectively.

Recently, the National Development and Reform Commission (NDRC), together with the Ministry of Finance, allocated the fourth batch of 62.5 billion yuan in ultra-long-term special government bonds for this year to local governments to support consumer goods trade-ins. With this, the full-year allocation of 250 billion yuan for consumer goods trade-ins has been completed. Going forward, relevant departments will continue to guide local governments in properly managing the pace of work, optimizing fund utilization plans, handling subsidy review and disbursement in a standardized and efficient manner, and cracking down on illegal activities such as fraudulent subsidy claims and misappropriation, so as to effectively leverage the impact of the consumer goods trade-in policy.

[SMM Xi'an Building Materials Weekly Inventory] As of September 30, total building materials inventory in Xi'an this week was 226,000 mt, down 25,500 mt WoW, a decline of 10.14%, and down 74,500 mt YoY, a decline of 24.79%.