China's Secondary Aluminum Alloy Ingot Inventory Down 99 mt WoW, Driven by Foshan and Ningbo Destocking

New York Fed President Williams stated that even with another escalation in the Middle East, he does not expect energy prices to see a sustained increase over the remainder of the year. He emphasized that US inflation remains "well above target," and the US Fed will continue to base monetary policy on economic data, remaining firmly committed to bringing inflation down to 2%.

According to data released by CAAM, China's total automobile sales in June reached 2.81 million units, but were down 3.2% YoY. However, the NEV market performed impressively, with sales reaching 1.643 million units, up 23.6% YoY. Export side, June automobile exports reached 1.037 million units, up 75.1% YoY; notably, NEV exports were particularly outstanding, reaching 523,000 units, up 1.6 times YoY.

The US Fed submitted its July Monetary Policy Report to Congress, in which it once again emphasized policymakers’ commitment to achieving price stability. The report noted that since early this year, the Iran war had driven energy prices to climb, worsening inflation. The US Fed made clear that it stands ready to use all available policy tools to pursue its goals of full employment and price stability, a stance that is especially important when the federal funds rate is constrained by the effective lower bound.