To stabilize growth, improve quality, promote upgrades, and ensure safety in the machinery industry, seven departments including the Ministry of Industry and Information Technology and the Ministry of Finance recently jointly issued the Work Plan for Stable Growth of the Machinery Industry (2023-2024), which proposed that the machinery industry will maintain a stable and positive trend, the resilience and safety level of key industrial chains and supply chains will improve, and the quality and efficiency of industrial development will increase.

On September 1, Notice Of Seven Departments On The Issuance Of The Work Plan For Stable Growth Of The Automobile Industry (2023-2024) was jointly issued by the Ministry of Industry and Information Technology and other departments.

On September 8, the official website of the Ministry of Industry and Information Technology officially released the Three-year Action Plan for the Innovation and Development of Metaverse Industry (2023-2025).

PBF at Shandong port dealt 929-935 yuan/mt; decreased 0-6 yuan/mt over yesterday. PBF at Tangshan port dealt 955 yuan/mt; increased 5 yuan/mt over yesterday.

According to data from the General Administration of Customs sorted out by the China Association of Automobile Manufacturers (CAAM), in August 2023, the total import and export volume of automobile products increased by 0.2% MoM and 7.9% YoY.

US 10-year and 30-year Treasury yields rose to multi-year highs as the supply of US Treasury bonds increased and markets expected the Federal Reserve to keep interest rates high.

According to the China Iron and Steel Association, in mid-September, the social inventory of the five major types of steel in 21 cities was 9.31 million mt, a month-on-month decrease of 260,000 mt, or 2.7%, and the inventory decline slightly expanded.

The probability that the Fed will keep interest rates unchanged in the range of 5.25%-5.50% in November is 74.5%, and that of raising interest rates by 25 basis points to the 5.50%-5.75% range is 25.5%.