CPCA: June Passenger Car Sales Down 23.2% YoY to 1.602M Units

This week, finished steel rebounded slightly after consolidating at lows, while coking coal and coke showed overall satisfactory performance. At the start of the week, with no significant changes in fundamentals or news, ferrous metals continued to consolidate at lows; in the second half, market rumors emerged that BHP’s union announced a work stoppage action. Expectations of short-term supply tightness from the potential stoppage, combined with rising energy costs due to Middle East conflicts, drove a rebound in iron ore prices, which in turn lifted ferrous metals; online auctions for coking coal showed mixed results...

[SMM Weekly Magnesium Production Flash Report] From July 3 to July 9, the weekly production of the national sample magnesium plants was 23,419 tons, with a weekly operating rate of 76.83%, down 7.41% month-on-month. According to the survey, this week, multiple primary magnesium smelting enterprises have entered the shutdown and maintenance cycle, and the overall operating rate of the industry has significantly declined. A magnesium plant in Shanxi completed production and produced magnesium ingots last week, but the overall production reduction scale of the industry far exceeded the contribution of new production capacity, and the total production of primary magnesium continued to decline. The planned resumption time of enterprises undergoing centralized maintenance in Shaanxi during this round is mostly concentrated in mid-to-late July, and some manufacturers said that the resumption node will be flexibly adjusted according to the magnesium price market, and it is expected that the domestic primary magnesium output will continue to contract next week.