SMM ADC12 Price Holds Steady at 23,900 Yuan/mt, Spot Market Shows Resilience

Local time, U.S. President Trump ordered a halt to the airstrikes on Iran, bringing an end to the daily strikes that had lasted for two weeks. According to two people familiar with the matter, Trump's move was intended to create more room for diplomatic negotiations, and he believed that, without the need to resume large-scale military operations, the current airstrikes had essentially reached the limit of their effectiveness. Notably, hours before Trump issued the ceasefire order, an Omani delegation had arrived in Tehran, the capital of Iran, to hold consultations on the reopening of the Strait of Hormuz.

The flash US S&P Global manufacturing PMI unexpectedly fell to 53.8 in July, the lowest since March, while market expectations were for a rise to 54.3. In contrast, the flash services PMI came in at 53.6, an eight-month high, lifting the flash composite PMI to 53.6, also an eight-month high, with both readings significantly exceeding market expectations.

US President Trump, while discussing the "exit strategy" for the war with Iran at the White House, noted that the US faces two options: first, maintain current military operations or even escalate strikes to gradually dismantle Iran’s military capabilities; second, reach an agreement through negotiations. Trump mentioned that although Iran is interested in a deal, it is currently "not ready yet." He stated that the US can either keep the existing pace of operations or choose to intensify strikes more rapidly. Additionally, the US is still negotiating with Iran.