[SMM Steel Market Morning Brief] National Development and Reform Commission (NDRC) Deployed Efforts to Accelerate the Deployment of New-Type Policy-Based Financial Instruments in 2026, and Increased Support for Private Investment Projects

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Macro

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[NDRC Deploys Efforts to Accelerate the Disbursement of New-Type Policy-Based Financial Instruments in 2026, Increasing Support for Private Investment Projects]

Comrade Yue Xiuhu, a member of the Party Leadership Group and Vice Chairman of the NDRC, chaired a working meeting to deploy efforts to accelerate the disbursement of new-type policy-based financial instruments in 2026 and increase support for private investment projects. Officials in charge from the development and reform commissions of some provinces, officials from China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China, as well as officials from relevant departments and bureaus of the NDRC attended the meeting. Next, the NDRC will thoroughly implement the decision-making and deployment of the CPC Central Committee and the State Council, actively coordinate with relevant parties, and further accelerate all work related to the new-type policy-based financial instruments in 2026.

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[NBS: National Fixed Asset Investment (Excluding Rural Households) Reached 26,032.8 Billion Yuan in January–July, Down 6.7% YoY]

Data released by the NBS showed that in January–July, national fixed asset investment (excluding rural households) totaled 26,032.8 billion yuan, down 6.7% YoY. Among them, investment in intellectual property products rose 9.1% YoY. By sector, primary industry investment was 532.9 billion yuan, down 0.5% YoY; secondary industry investment was 9,770.9 billion yuan, down 2.1%; and tertiary industry investment was 15,729 billion yuan, down 9.5%. Industrial investment fell 2.1% YoY. Among them, mining investment increased 3.3%, manufacturing investment declined 1.7%, and investment in the production and supply of electricity, heat, gas, and water declined 5.3%. Infrastructure investment fell 3.6% YoY. Among them, investment in information transmission increased 26.0%, water transport increased 16.2%, and air transport increased 15.7%.

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[Trump Says He Is Not Seeking to Extend the Memorandum of Understanding With Iran]

US President Trump said the US is not seeking to extend the memorandum of understanding with Iran. The US and Iran released the official text of the memorandum of understanding on June 17, in which Article 3 states that the US and Iran commit to negotiate and reach a final agreement within a maximum of 60 days. On August 17, the 60-day negotiation window set by the memorandum of understanding expired. Due to serious differences on issues such as the Strait of Hormuz, US-Iran talks fell into a stalemate and made no substantive progress.

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Industry and Downstream

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[Shenzhen New-Home Trading Volume Rose 50% in the First Half of August]

Monitoring data from the Shenzhen Beike Research Institute showed that from August 1 to 16, the number of new-home subscriptions at Beike’s Shenzhen partner stores rose 50% MoM and 17% YoY; second-hand home contract signings rose 14% MoM and 15% YoY. Both the new-home and second-hand home markets expanded in volume, confirming a marked increase in activity in Shenzhen’s property market.

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[Australia Issues Partial Final Determination in the Anti-Dumping and Countervailing Case on Freight Railway Wheels Imported From China]

According to China Trade Remedies Information, on August 14, the Australian Anti-Dumping Commission issued Notice No. 2026/117, making a partial final anti-dumping determination on freight railway wheels imported from China. It found that Baowu Group Ma’anshan Iron & Steel Rail Transit Materials Technology Co., Ltd. had no dumping during the investigation period from July 1, 2024 to June 30, 2025, and therefore terminated the anti-dumping investigation against it. Meanwhile, the Commission will continue the anti-dumping investigations against other exporters and the countervailing investigation against all exporters (including Baowu Group Ma’anshan Iron & Steel Rail Transit Materials Technology Co., Ltd.).

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[NBS: In July, the YoY Decline in Commercial Residential Selling Prices in First-, Second-, and Third-Tier Cities Continued to Narrow Overall]

NBS data showed that in July, the selling prices of newly built commercial residential properties in first-tier cities fell 1.1% YoY, with the decline narrowing by 0.2 percentage points from the previous month. Among them, Beijing, Guangzhou, and Shenzhen fell 2.3%, 2.2%, and 2.9%, respectively, while Shanghai rose 3.0%. In second-tier cities, the selling prices of newly built commercial residential properties fell 2.8% YoY, with the decline narrowing by 0.3 percentage points. In third-tier cities, the selling prices of newly built commercial residential properties fell 4.2% YoY, with the decline unchanged from the previous month. In July, the selling prices of second-hand residential properties in first-tier cities fell 3.7% YoY, with the decline narrowing by 1.2 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell 4.5%, 2.0%, 4.7%, and 3.6%, respectively. In second- and third-tier cities, the selling prices of second-hand residential properties fell 5.1% and 5.8% YoY, with the declines narrowing by 0.3 and 0.2 percentage points, respectively.

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[NBS: In July, Commercial Residential Selling Prices in First-Tier Cities Rose Overall MoM, While Those in Second- and Third-Tier Cities Fell MoM]

NBS data showed that in July, the selling prices of newly built commercial residential properties in first-tier cities shifted from rising 0.1% MoM in the previous month to flat. Among them, Shanghai, Guangzhou, and Shenzhen rose 0.2%, 0.1%, and 0.2%, respectively, while Beijing fell 0.3%. In second-tier cities, the selling prices of newly built commercial residential properties shifted from flat in the previous month to down 0.1% MoM. In third-tier cities, the selling prices of newly built commercial residential properties fell 0.3% MoM, with the decline unchanged from the previous month. Among 70 large and medium-sized cities, 23 saw newly built commercial residential selling prices rise or remain flat MoM, up 2 from the previous month. In July, the selling prices of second-hand residential properties in first-tier cities rose 0.2% MoM, with the increase pulling back by 0.1 percentage points from the previous month. Among them, Shanghai, Guangzhou, and Shenzhen rose 0.3%, 0.4%, and 0.2%, respectively, while Beijing was flat. In second- and third-tier cities, the selling prices of second-hand residential properties fell 0.3% and 0.4% MoM, with the declines both unchanged from the previous month. Among 70 large and medium-sized cities, 8 saw second-hand residential selling prices rise or remain flat MoM, down 2 from the previous month.

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Other Hot Topics

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⭕[Austria Hit by the Most Severe Drought on Record]Austria’s Federal Office of Geology, Geophysics, Climatology and Meteorology said on the 17th local time that the past 12 months were Austria’s driest 12-month period since official meteorological records began in 1850. Below-average precipitation combined with persistent high temperatures further intensified the drought. Data showed that from February 23 to August 9 this year, average precipitation in eastern Austria was only 0.2109, far below the average for the same period of 0.405, the lowest for the same period at least since 1961.

⭕[One Residential-Related Land Parcel in Tianjin Sold at the Reserve Price of 740 Million Yuan]Tianjin offered for sale on August 17 one parcel in Hedong District, designated for urban residential and education use. The land transfer area was 45,537.30 ㎡, with a planned gross floor area of 62,888.00 ㎡, including a standalone 2,160 ㎡ site for a 6-class kindergarten. Ultimately, Tianjin Huachi Real Estate Co., Ltd. won the parcel at the reserve price of 740 million yuan. The transacted comprehensive floor price was 11,767 yuan/㎡; after deducting the kindergarten floor area, the actual residential floor price was 12,185 yuan/㎡.

⭕[One Residential-Related Land Parcel in Dongguan Sold for 3.266 Billion Yuan]A parcel south of the Central Park in the Dongguan International Business District was offered for sale on August 17, designated for urban residential land and commercial/service land. The land transfer area was 67,802.96 ㎡, with a planned gross floor area of 142,386.00 ㎡ and a plot ratio of 2.1. The starting price was 3.134 billion yuan, with a starting floor price of 22,009 yuan/㎡. Ultimately, Poly Developments won the parcel with a total price of 3.266 billion yuan. The transacted floor price was 22,936 yuan/㎡, with a premium rate of 4.21%.