[SMM Steel Market Morning Briefing] Global iron ore shipments down 14% MoM, China's steel exports up 8% MoM

★Macro★

01 ★★ [NDRC Allocates Additional 100 Million Yuan in Central Budget Investment to Support Post-Typhoon Emergency Recovery in Guangxi]

Recently, affected by the 10th typhoon this year, Typhoon Maysak, many parts of Guangxi experienced severe rainstorms and flooding. To implement General Secretary Xi Jinping's important instructions on flood prevention and disaster relief, and in accordance with the National Natural Disaster Relief Emergency Plan and the disaster losses in Guangxi, the National Development and Reform Commission (NDRC) allocated an additional 100 million yuan on top of the 100 million yuan in central budget investment urgently arranged on July 6, to support Guangxi in further post-disaster emergency recovery and to facilitate the restoration of normal production and living order as soon as possible.

02 ★★ [NDRC Urgently Allocates 100 Million Yuan in Central Budget Investment to Support Post-Typhoon Emergency Recovery in Zhejiang]

On the night of July 11 and the early morning of July 12, the 9th typhoon this year, Typhoon Bavi, made landfall successively in Yuhuan City, Taizhou, and Yueqing City, Wenzhou in Zhejiang Province, bringing severe windstorms and heavy rainfall to many areas and causing serious impacts on local production and daily life. On July 12, the National Disaster Prevention, Reduction and Relief Commission activated the Level-4 national emergency response for disaster relief. The NDRC urgently allocated 100 million yuan in central budget investment to support Zhejiang Province in post-typhoon emergency recovery, focusing on the restoration of damaged roads, water conservancy and other infrastructure as well as public service facilities such as schools and hospitals, and to facilitate the swift restoration of normal production and living order.

★Industries and Downstream★

01 ★★★ [SMM Steel Shipping: China's Steel Exports Up 8% WoW Last Week]

During this period, port departures of steel products from China's main ports totaled 3.3272 million mt, up 8% WoW.

02 ★★★ [SMM Iron Ore Shipping: Global Iron Ore Shipments Reach 30.381 Million Mt, Down 14% WoW; Port Arrivals Down 13% WoW]

As of last week, global iron ore shipments totaled 30.381 million mt, down 14% WoW. Cumulative shipments for the year reached 902.6104 million mt, up 2% YoY. Among these, shipments from both Australia and Brazil posted notable declines. Over the same period, China's iron ore port arrivals came in at 25.015 million mt, down 13% WoW. Cumulative port arrivals for the year totaled 521.3448 million mt, up 4% YoY.

03 ★★★ [Institution: H1 Managed Scale of Top 100 State-Owned Rental Housing Enterprises Up 13.45% from End-2025]

According to URI City Rent, in H1 2026, the top 100 state-owned rental housing enterprises managed a total of 2.011 million units, a net increase of 239,000 units from the end of 2025, up 13.45%. The Matthew effect in the industry is prominent. The top 10 enterprises co-manage 1.165 million units, accounting for 57.9% of the top 100 total, with further concentration at the top.

04 ★★ [Cui Dongshu of the China Passenger Car Association Branch: June NEV producer inventories contracted slightly, with no occurrence of industry inventory pressure.]

Cui Dongshu, Secretary General of the China Passenger Car Association Branch, stated in an article that China's macro economy maintained strong growth. Boosted by the national consumption promotion policies, the auto market sustained robust growth. In 2026, the overall national auto market trend was relatively stable, with the truck market benefiting from high subsidies for production materials and the bus market seeing a clear recovery. In 2026, the commercial vehicle market exhibited structural growth characteristics driven by equipment renewal subsidies; the newly implemented high subsidies for commercial vehicles accelerated electrification in logistics transportation, lifting commercial vehicle prosperity. Due to the exceptionally strong consumption policy support last year, policies were significantly tightened in 2026, and entry-level consumption support policies dropped sharply, leading to persistent negative growth in passenger vehicle retail sales from January to June this year, with fuel-powered passenger cars in particular experiencing a cliff-like decline. However, boosted by export growth, the sales growth rate of producers in June remained relatively stable. In June, the new energy vehicle trend was not strong, the auto export market continued to strengthen, producer inventories contracted slightly, and there was no occurrence of industry inventory pressure.

05 ★★ [Centralized Signing, Commencement, and Commissioning of Projects with Total Investment Exceeding 10 Billion Yuan in Heyuan, Guangdong]

The H1 industry construction “major campaign” major project centralized signing, commencement, and commissioning ceremony was held on the 10th in Lantang Industrial New City, Zijin County, Heyuan City, Guangdong Province. A total of 31 projects were signed, commenced, or commissioned at the event, with total investment reaching 11.253 billion yuan, covering new materials, equipment manufacturing, handicraft manufacturing, food and beverage, and other fields.

★Other Hot Topics★

⭕[Iran: Strait of Hormuz Currently Unpassable]Iran’s Persian Gulf Strait Authority announced on social media on the 12th that the Strait of Hormuz is currently unpassable. Once the situation calms down, it will resume reviewing transit applications and issue necessary permits as planned.

⭕[China Has Completed and Put Into Operation 47 Ultra-High Voltage Transmission Lines]In response to the rapid growth in electricity demand, China’s power supply installed capacity, transmission corridors, and grid dispatch guarantee capabilities have been comprehensively upgraded, solidly underpinning the power supply for peak summer demand. Currently, China has completed and put into operation 47 ultra-high voltage transmission lines. All 168 key projects for the State Grid Corporation of China’s summer peak season were commissioned on schedule, effectively enhancing inter-provincial and inter-regional transmission capacity and improving inter-provincial electricity mutual assistance and emergency support levels.

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