[SMM Steel Morning News] WTI crude oil futures price gains extended to 3%, rising to the highest level this month.

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Macro

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[WTI Crude Oil Futures Expand Gains to 3%, Hit Monthly High]

WTI crude oil futures rose 2.99%, settling at $84.583/barrel; Brent crude oil futures rose 2.60%, settling at $90.003/barrel.

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Industry and Downstream

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[Zhengzhou Adjusts Housing Provident Fund Contribution Base]

The Zhengzhou Housing Provident Fund Management Center issued a notice on adjusting the 2026 housing provident fund contribution base. The notice stated that the contribution base would be adjusted effective July 1, 2026. Both the employee and employer must contribute no less than 5% and no more than 12% of the employee’s average monthly salary from the previous year. Employers may independently set the rate within the 5%–12% range based on their actual situation.

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[Weihai Optimizes and Adjusts Housing Provident Fund Policies]

The Weihai Housing Provident Fund Management Center in Shandong Province optimized and adjusted its housing provident fund policies. The maximum loan amount for single contributors was raised from 600,000 to 800,000 yuan, and for dual contributors, from 1 million to 1.2 million yuan. With additional preferential policies, the ceiling for single contributors shall not exceed 1.6 million yuan, and for dual contributors, 2 million yuan. For eligible families with multiple children, high-level talent, those purchasing high-grade housing, or ready-built new commercial housing projects, the housing count requirement can be correspondingly reduced. After applying this reduction, contributors with no local housing or only one house and no outstanding housing provident fund loans may apply for a loan and be eligible for the first-home policy.

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[CPCA Branch: New Forces’ Retail Share 26.8% in July, Up 5.4 pp YoY]

The CPCA branch released data showing that the retail share of new forces was 26.8% in July, up 5.4 pp YoY. BEV sales accounted for 77.6% of new forces’ total, a significant increase from 63.7% in the same period last year. The share of the 100,000–150,000 yuan price bracket among new forces’ BEV sales grew sharply. Independent NEV brands spun off from traditional Chinese automakers, as second‑generation ventures, performed strongly, with a share of 17.7%, up 5.4 pp YoY.

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[CAAM: China’s H1 NEV Exports to Belt and Road Countries Reached 1.135 Million Units, Up 59.4% YoY]

According to customs data compiled by CAAM, from January to June 2026, the cumulative export value of automotive goods to Belt and Road countries reached $83.67 billion, up 30.8% YoY, accounting for 57.5% of total auto goods exports. Of which: exports of complete vehicles reached 3.381 million units, up 48.1% YoY; exports of NEVs reached 1.135 million units, up 59.4% YoY.

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[SMM HRC Arrivals] This period's arrivals rebounded from a low

SMM Steel, August 11 – According to SMM statistics, it is estimated that this week's total resource shipments in mainstream markets were 260,400 mt, up 43.63% WoW from last week's shipment level.

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[SMM Zhangjiagang HRC Inventory] Zhangjiagang Inventory Edges Up This Week

This week, Zhangjiagang HRC inventory reached 305,000 mt, up 8,000 mt WoW, an increase of 2.69%; the calendar YoY increase was 25.51%.

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[SMM Beijing Building Materials Inventory] Weak Demand Persists, Inventory Continues to Build Up

As of August 11, Beijing building materials inventory was 670,800 mt, with an inventory buildup of 1,600 mt from last week. During most of this cycle, demand was weak, with only a slight increase last Thursday when over-sold futures rebounded and demand picked up slightly. Inventory continued to accumulate, though the pace of buildup narrowed.

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Other Hot Topics

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⭕[CPCA Sub-council: August Passenger Vehicle Market Shows Overall Weak Recovery and Strong Structural Divergence] The CPCA Sub-council stated that in August 2026, the overall passenger vehicle market showed a trend of "overall weak recovery and strong structural divergence." With 21 production and sales working days and the high-temperature off-season, the end-use market recovery pace was moderate, and a mix of macro and industry factors shaped the market landscape. Affected by the disruption to shipping through the Strait of Hormuz, international oil prices drifted higher in July, and domestic refined oil prices were raised twice cumulatively by nearly 985 yuan/mt, significantly lifting the costs of using and maintaining internal combustion engine vehicles, and continuously suppressing users' willingness to buy such vehicles. Traditional fuel vehicle demand continued to weaken, which also became a key external catalyst for NEVs' counter-trend strength, continuously broadening the domestic and overseas market growth space for NEV models.

⭕[Indonesia Makes Affirmative Final Anti-dumping Ruling on HRC from China's Wuhan Iron and Steel Co., Ltd.] According to China Trade Remedies Information, on August 10, the Indonesia Anti-Dumping Committee issued a notice, making an affirmative final anti-dumping determination on hot-rolled plate/coil of iron or non-alloy steel produced by China's Wuhan Iron and Steel Group Co., Ltd. It recommended imposing anti-dumping duties on Wuhan Iron and Steel Group Co., Ltd. and its exporters at either an ad valorem rate of 4.87% or a specific duty of $28.06/mt for a period of five years.

⭕[Typhoon "White Dolphin" Decommissioned] Typhoon "White Dolphin" weakened into a tropical depression in Hubei Province this morning. Its wind force has further weakened, making its circulation center hard to identify. At 17:00, the Central Meteorological Observatory decommissioned it. The Central Meteorological Observatory reminds that discontinuation does not mean the impact has ended. In the coming days, remnant circulation will bring heavy rainfall to the Huanghuai and North China regions. Please stay safe.

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