SMM News on August 15: Metals market: Overnight, domestic base metals generally rose. SHFE copper gained 0.49%; on a weekly basis, SHFE copper fell 0.31% for the week. SHFE aluminum was flat at 23,945 yuan/mt. SHFE lead slipped 0.22%, SHFE zinc rose 0.41%, and SHFE tin increased 0.36%. SHFE nickel edged up 0.07%. In addition, the most-traded alumina futures contract fell 0.19%, while the most-traded casting aluminum contract rose 0.24%. Overnight, ferrous metals showed mixed performance. Stainless steel fell 0.49%, iron ore declined 0.35%, and rebar dipped 0.03%. Hot-rolled coil rose 0.34%. For coking coal and coke: the most-traded coking coal contract rose 1.7%, and the most-traded coke contract gained 1.97%. Overnight, overseas metals: LME base metals all rose. LME copper increased 0.26%; on a weekly basis, LME copper extended gains for seven consecutive weeks, up 1.07% for the week. LME aluminum rose 0.22%. LME lead gained 0.26%. LME zinc climbed 0.45%. LME tin rose 0.36%. LME nickel increased 0.3%. Overnight, precious metals : COMEX gold rose 0.26%; COMEX gold posted a fourth consecutive weekly gain, up 0.73% for the week. COMEX silver fell 0.26%; COMEX silver recorded a second consecutive weekly gain, up 2.09% for the week. Overnight, the most-traded SHFE gold contract rose 0.6%; SHFE gold posted a fourth consecutive weekly gain, up 1.68% for the week. The most-traded SHFE silver contract rose 0.57%; SHFE silver extended gains for four consecutive weeks, up 3.45% for the week. As of 7:17 on August 15, overnight closing prices: Macro front China: [PBOC: Aggregate Social Financing Growth Totaled 22.25 trillion yuan in the First Seven Months; M2 up 7.7% YoY in July] According to preliminary statistics from the PBOC, in the first seven months of 2026, the cumulative growth in aggregate social financing totaled 22.25 trillion yuan, down 174 billion yuan from the same period last year. Among them, RMB loans issued to the real economy increased by 10.17 trillion yuan, 214 billion yuan less than the same period last year; foreign-currency loans issued to the real economy, converted into RMB, increased by 169.4 billion yuan, 241.9 billion yuan more than the same period last year; entrusted loans decreased by 81 billion yuan, 12.1 billion yuan more than the same period last year; trust loans decreased by 67.2 billion yuan, 226.4 billion yuan more than the same period last year; undiscounted bankers’ acceptances decreased by 178.6 billion yuan, 41 billion yuan less than the same period last year; net financing of enterprise bonds was 252 billion yuan, 110 billion yuan more than the same period last year; net financing of government bonds was 776 billion yuan, 115 billion yuan less than the same period last year; and domestic equity financing by non-financial enterprises was 406.1 billion yuan, 184.7 billion yuan more than the same period last year. In the first seven months, RMB loans increased by 1.038 trillion yuan. By sector, household loans decreased by 827.1 billion yuan, including a decrease of 928.1 billion yuan in short-term loans and an increase of 101 billion yuan in medium and long-term loans; loans to enterprises and public institutions increased by 1.1 trillion yuan, including an increase of 434 billion yuan in short-term loans, an increase of 532 billion yuan in medium and long-term loans, and an increase of 119 billion yuan in bill financing; loans to non-bank financial institutions decreased by 394.4 billion yuan. At end-July, the balance of broad money (M2) stood at 35.551 trillion yuan, up 7.7% YoY. The balance of narrow money (M1) stood at 11.546 trillion yuan, up 4% YoY. The balance of currency in circulation (M0) stood at 1.482 trillion yuan, up 11.6% YoY. Net cash injection in the first seven months totaled 725.5 billion yuan. [Shanghai: Promoting the Momentum Build-Up of Leading Industries Such as Integrated Circuits, Civil Aviation, Intelligent Vehicles, and High-End Equipment] Today (August 14), Shanghai Party Secretary Chen Jining spent the entire day conducting a survey in the Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone and chaired a symposium. Chen Jining noted that the Lin-gang Special Area must always place advanced manufacturing in a prominent position and unswervingly enhance its capacity level and core competitiveness. Seizing opportunities in digital-intelligent and green transformation, while ensuring project implementation, it should place greater emphasis on fostering an industrial ecosystem, cultivating industry leaders and high-growth enterprises, developing industrial platforms and enhancing service capabilities, strengthening the resilience and stickiness of industrial development, and promoting the momentum build-up of leading industries such as integrated circuits, civil aviation, intelligent vehicles, and high-end equipment. Leveraging the advantage of abundant manufacturing scenarios, it should advance the digital-intelligent transformation of industry by increasing the application of industrial robots, vertical models, and intelligent agents in key links such as production and manufacturing and equipment operation and maintenance, thereby driving systematic transformation across the full process, including industrial design, pilot-scale validation, inspection and detection, and marketing and operations. It should optimize the business environment and improve services for enterprises, and accelerate the cultivation of world-class enterprises. It should deepen reforms of management systems in development zones and refine and improve reform plans around key links such as functional positioning, spatial integration, professional services, and assessment and evaluation. (Shanghai Release) US dollar: Overnight, the US dollar index fell 0.32% to 99.64. Weekly: the US dollar index rose on a weekly basis, up 0.04% for the week. US retail sales for July released on Friday fell 0.6% MoM, the biggest drop in more than a year. Combined with this week’s mild inflation data, market pricing for a US Fed rate hike in September further collapsed. The US dollar index declined. With mild CPI on Wednesday, PPI at zero growth MoM on Thursday, and a downside surprise in retail sales on Friday, the three-hit combination drove the probability of a September rate hike down from 75% at end-July to around 25%. CME FedWatch showed that 67% of traders bet on no change in September. The focus of market pricing has shifted from “how many more rate hikes” to “whether this rate-hike cycle has already ended.” (Wallstreetcn) The US Department of Commerce announced on Friday that July retail sales fell 0.6% MoM, the biggest decline in more than a year, versus market expectations of a slight increase. Core control group sales excluding autos, building materials, and gas stations fell 0.4%, the weakest performance since January 2025. The preliminary University of Michigan consumer sentiment index for August released the same day came in at just 51, well below the expected 54.5. (Wallstreetcn) As households grew concerned about worsening business conditions and rising inflation, US consumer sentiment fell for the first time in three months. According to survey data released by the University of Michigan on Friday, the preliminary August consumer sentiment index dropped to 51, below the final July reading of 55.2. The median economist forecast was 55. Consumers expect prices to rise 4.3% over the next year, edging up MoM and well above the level before the Iran conflict broke out in February. They also expect prices to rise at an annual rate of 3.3% over the next five to 10 years. After improving for two consecutive months, consumers’ confidence in both the short-term and long-term economic outlook deteriorated. Since the start of the year, consumers’ expectations for the labour market have changed relatively little. The survey showed consumers are increasingly worried about inflation, while concerns about unemployment have eased. The survey covered responses collected from July 28 to August 10. During this period, the US national average gasoline price hovered above $4 per gallon. Another report released on Friday showed US retail sales in July posted the biggest drop in more than a year, as consumers cut back on purchases of autos and from online stores. (Jinshi Data APP) US Fed’s Goolsbee said he supported the decision to keep interest rates unchanged in July. He noted that the latest two productivity readings were not ideal, and if productivity continues to weaken, the US Fed may need to reassess market expectations for artificial intelligence (AI). Goolsbee said the latest CPI data were encouraging, but more data are needed before making a judgment; persistent weakness in consumption is concerning, though the current retail sales weakness is only a one-month performance. Meanwhile, US GDP and the labour market were basically stable overall. (From the Wallstreetcn APP) According to CME “FedWatch”: the probability that the US Fed will keep rates unchanged through September is 67.5%, and the probability of a cumulative 25-bp hike is 32.5%. The probability that the US Fed will keep rates unchanged through October is 53.3%, the probability of a cumulative 25-bp hike is 39.8%, and the probability of a cumulative 50-bp hike is 6.8%. (Jin10 Data APP) On the macro front: Next week will see the release of data including China’s July total retail sales (YoY), China’s July industrial value-added above designated size (YoY), Canada’s July CPI (MoM), the US August New York Fed Manufacturing Index, the US August NAHB Housing Market Index, the UK three-month ILO unemployment rate for June, the UK July unemployment rate, the UK July claimant count, Germany’s August ZEW Economic Sentiment Index, the eurozone’s August ZEW Economic Sentiment Index, the weekly change in US ADP employment for the week ending August 1, US July housing starts (annualized), US July building permits, US July import price index (MoM), US July industrial production (MoM), US July pending home sales index (MoM), the UK July CPI (MoM), the UK July retail price index (MoM), the eurozone’s June current account (seasonally adjusted), the eurozone’s final July CPI (YoY), the eurozone’s final July CPI (MoM), the share of RMB payments via Swift in global payments for China in July, China’s one-year loan prime rate through August 20, Australia’s July unemployment rate (seasonally adjusted), Germany’s July PPI (MoM), Switzerland’s July trade balance, the UK August CBI industrial trends orders balance, US initial jobless claims for the week ending August 15, the US August Philadelphia Fed Manufacturing Index, the US July Conference Board Leading Index (MoM), the UK August GfK Consumer Confidence Index, Japan’s July core CPI (YoY), the UK July public sector net borrowing, the UK July retail sales (MoM, seasonally adjusted), France’s preliminary August manufacturing PMI, Germany’s preliminary August manufacturing PMI, the eurozone’s preliminary August manufacturing PMI, the UK preliminary August manufacturing PMI, the UK preliminary August services PMI, Canada’s June retail sales (MoM), the US S&P Global preliminary August manufacturing PMI, the preliminary global services PMI, and the eurozone’s preliminary August consumer confidence index, among others. In addition, next week’s key events include: the National Bureau of Statistics (NBS) releasing the monthly report on residential selling prices in 70 large and medium-sized cities; the State Council Information Office holding a press conference on national economic performance; ECB President Lagarde attending the “Global Economic Outlook” session at the World Economic Forum International Business Council (IBC) meeting; the US Fed releasing the minutes of its monetary policy meeting; and Hang Seng Indexes Company announcing the review results for the Hang Seng Index Series for 2026 Q2. On crude oil: Overnight, both oil futures rose, with WTI up 1.42% and Brent up 2.01%. On a weekly basis, WTI futures rose 5.4% for the week; Brent posted a positive weekly close, up 6.31% for the week. International oil prices rose, driven by an almost complete standstill in traffic through the Strait of Hormuz. Two vessels were attacked in the Strait of Hormuz that day, bringing passage to a near standstill. The US said it could maintain a maritime blockade of Iran indefinitely, and Trump added that he would impose severe economic strikes on Iran. Capital Economics estimated that crude oil flows through the Strait of Hormuz were currently only about 4 million to 5 million barrels per day, far below pre-conflict levels. Prompt Brent maintained a spot premiums structure, indicating continued tightness in physical supply. Capacity at three of the world’s four major refining hubs was damaged, and the surge in refined product prices was being directly passed through to end consumers. (Wallstreetcn) Traders said that as the Strait of Hormuz remained largely closed, Asian refiners were seeking alternative supplies for deliveries later this year, and at least four Asian refiners purchased US crude oil this week. Both the US and Iran claimed control of the Strait of Hormuz, and vessel traffic through the strait fell below this month’s average level in the latter half of the week. With no sign in the near term that shipping through the strait would resume smoothly, tightening fuel supplies will lift refining margins, prompting refiners to lock in crude oil inventory needed for the coming months from markets outside the Gulf region. South Korea’s GS Caltex bought 2 million barrels of Mars crude from Shell, plan to deliver in November. Traders said the cargo was priced at a premium of about $13-14 per barrel to the October Dubai benchmark price. Japan’s third-largest refiner, Cosmo Energy Holdings, bought Mars crude from Trafigura; Japan’s largest refiner, ENEOS, purchased 2 million barrels of WTI crude from Trafigura, plan to deliver in November, at a premium of more than $10 per barrel to October WTI prices. (Jinshi Data APP) US Energy Information Administration (EIA): US oil production is expected to average 13.83 million barrels per day in August, versus 13.82 million barrels per day in July; September is expected to average 13.77 million barrels per day. (Jinshi Data APP) Notably, due to position rolling and contract rollover, NYMEX New York crude oil September futures will complete the last floor trading at 2:30 on August 21 and the last electronic trading at 5:00 a.m. Please pay attention to the exchange’s expiry and rollover notices to manage risk. In addition, the expiry time for US crude oil contracts on some trading platforms is usually one day earlier than the official NYMEX schedule; please pay close attention. Recommended Reading:

This week, HRC prices strengthened compared with the previous week, and overall transactions improved from the previous week. Supply side, the impact from rolling-line maintenance declined WoW this week, and overall HRC production increased. Demand side, apparent demand rose WoW this week. Inventory side, total HRC inventory fell 74,000 mt WoW this week, and mill inventory rose 2,400 mt WoW. Social inventory side, SMM-tracked HRC social inventory at 86 warehouses nationwide (large sample) stood at 4.4432 million mt this week, down 76,300 mt WoW (-1.69% WoW) and up 34.48% YoY on a Gregorian calendar basis. By region, except for small inventory buildups in Central China and Northeast China, all other markets were destocking. Cost side, coking coal and coke prices showed strong performance this week, boosting HRC cost support. Looking ahead, expectations for the first round of coke price hikes remain, and combined with lingering disturbances from iron ore long-term contract negotiation news, cost support has strengthened somewhat. From a fundamentals perspective, the impact from HRC maintenance will gradually decrease going forward, and HRC production is expected to continue rebounding; on the demand side, however, downstream demand has yet to recover, and demand remains mainly rigid at a weak level. Next week, HRC inventory is expected to remain in the late-off-season inventory buildup phase, and fundamental pressure remains. HRC prices are expected to follow cost-side fluctuations next week, and the most-traded contract is expected to trade in the 3,230-3,300 range.

[SMM Coking Coal and Coke Daily Review] Coking coal market: The price of Linfen low-sulphur coking coal was quoted at 2,010 yuan/mt. For coking coal, progress in production resumptions at coal mines was constrained by safety supervision, the release of coking coal supply was limited, and overall coal mine shipments improved. Inventories continued their downward trend, the online auction market heated up further, the auction failure rate fell to recent lows, and some coal types still have upside room in the short term. Coke market: The nationwide average price of dry-quenched quasi-first-grade metallurgical coke was 1,925 yuan/mt. On the news front, the Shanxi Coking Association unanimously resolved that, from 00:00 on August 20, mainstream wet-quenched coke in Shanxi would be raised by 50 yuan/mt, and dry-quenched coke by 55 yuan/mt. Supply side, most coke producers fell into losses and their production enthusiasm was dampened. These producers proactively adopted production restriction measures, causing overall coke supply to decline. Demand side, expectations of blast furnace production resumptions at some downstream steel mills strengthened, and there were expectations of a recovery in hot metal production, providing support for coke prices. However, steel end-user transactions were mediocre, and steel mills' own margins were poor. Some steel mills remained cautious and were resistant to high-priced coke. Overall, under the combined effect of stronger cost support, supply contraction, and demand recovery, coke prices stopped falling, and the coke market may consolidate on a strong note next week.[SMM Steel]

SMM August 14 News: Metals market: As of the midday close, most domestic base metals moved lower. SHFE copper fell 0.2%, SHFE aluminum fell 1.2%. SHFE lead fell 0.81%. SHFE zinc fell 0.51%. SHFE tin rose 0.17%. SHFE nickel fell 1.12%. In addition, the most-traded cast aluminum futures contract fell 1.43%, and the most-traded alumina contract edged lower. The most-traded lithium carbonate contract rose 2.23%. The most-traded silicon metal contract rose 1.63%. The most-traded polysilicon futures contract rose 1.27%. Ferrous metals mostly rose. Iron ore rose 0.42%, rebar rose 0.43%, and hot-rolled coil rose 0.71%. Stainless steel fell 1.97%. Coking coal and coke: the most-traded coking coal contract rose 1.25%, while the most-traded coke contract fell 0.29%. On the overseas base metals front, as of 11:39, LME base metals fell across the board. LME copper fell 0.32%, LME aluminum fell 0.23%, and LME lead fell 0.37%. LME zinc fell 0.45%. LME tin fell 0.24%. LME nickel fell 0.3%. In precious metals, as of 11:39, COMEX gold fell 0.9% and COMEX silver fell 1.16%. Domestic precious metals: SHFE gold fell 1.94%, and the most-traded SHFE silver contract fell 2.36%. In addition, as of the midday close, the most-traded platinum futures contract fell 2.21%, and the most-traded palladium futures contract fell 3.33%. As of the midday close, the most-traded European container shipping futures contract fell 1.3% to 1,593.5 points. As of 11:39 on August 14, midday quotes for selected futures: Spot and Fundamentals Platinum: On the spot side, mainstream platinum quotations are at a discount of 3-2 yuan/g against the PT2610 contract, accompanied by the clearing of some deeply discounted cargoes and the narrowing of import price spreads... Macro Front China: [PBOC reverse repo operations achieved a net injection of 348 billion yuan on the day and 250.5 billion yuan this week] The PBOC conducted 349 billion yuan of overnight reverse repos and 1 trillion yuan of outright reverse repos today. As 1 billion yuan of 7-day reverse repos and 1 trillion yuan of outright reverse repos matured today, the PBOC made a net injection of 348 billion yuan on the day. This week, the PBOC conducted 18 billion yuan of 7-day reverse repos, 349 billion yuan of overnight reverse repos and 1 trillion yuan of outright reverse repos. As 116.5 billion yuan of 7-day reverse repos and 1 trillion yuan of outright reverse repos matured this week, the PBOC made a net injection of 250.5 billion yuan for the week. (Jin10 Data App) US dollar: As of 11:39, the US dollar index fell 0.07% to 99.89. US July PPI data showed inflation was cooling, and along with falling oil prices, markets further added to bets that the US Fed will not hike rates next month. (Wallstreetcn) US July PPI data came in below expectations, helped by further declines in energy and food costs. The PPI report followed consumer price data—which showed inflation was slowing—further confirming signs that the energy shock from the early days of the war was continuing to fade. However, renewed Middle East tensions raised concerns about stubborn inflation. US Fed officials will also receive additional consumer and producer price data and another labour market report before their next policy decision in mid-September. For now, policymakers need to weigh persistent inflation pressures against the recent slowdown in hiring. Several PPI components are also closely watched by the US Fed because they feed into its preferred inflation measure—the personal consumption expenditures price index. These components released mixed signals. Portfolio management fees posted their largest increase in more than a year, hospital outpatient care costs also rose sharply, while physician services and hospital inpatient care prices were mild. (Jin10 Data App) According to CME FedWatch: at the US Fed's September meeting, the probabilities are no change (65.2%) and a cumulative 25bp hike (34.8%). At the US Fed's October meeting, they are no change (50.1%), a cumulative 25bp hike (41.8%), and a cumulative 50bp hike (8.1%). (Jin10 Data App) Other currencies: Speculative investors are increasingly betting that the Reserve Bank of Australia will raise rates again in November, as inflation remains above the central bank’s target. Swap market pricing currently implies around a 45% probability that the RBA will raise rates by 25bp by November, up from 38% before Tuesday’s RBA rate decision. The November 2026 interbank cash rate futures traded on the Australian Securities Exchange derivatives market saw trading activity jump on the day to the highest level in more than three months, signalling increased speculative interest. These bets suggest that the market increasingly doubts that the RBA's tightening cycle is over. Although policymakers kept rates unchanged this week, with inflation still above the RBA's 2%-3% target range, traders will continue to monitor upcoming price and labour market data for clues on whether another rate hike is needed this year. (Jin10 Data App) On the data front: Releases due today include China's July total electricity consumption YoY (TBD), China's July total electricity consumption (TBD), US July retail sales MoM, US August preliminary 1-year inflation expectations, US June business inventories MoM, US August preliminary University of Michigan consumer sentiment index, France July CPI MoM final, Eurozone Q2 GDP YoY revised, Eurozone Q2 seasonally adjusted employment QoQ final, Eurozone June seasonally adjusted trade balance, and Canada June wholesale sales MoM, among other data. In addition, China will open a new round of refined oil product price adjustment window (TBD), and the National Energy Administration will release total electricity consumption data around the 15th of each month (TBD). Crude oil: As of 11:39, both crude oil benchmarks edged up, with WTI up 0.09% and Brent up 0.06%. IEA and OPEC successively lowered demand expectations, while Iran-related tensions, though intense, did not escalate further, limiting oil price gains. The refined product market was under more severe pressure, as the US diesel crack spread approached $100 per barrel, near the peak levels seen in the early stages of the US-Iran conflict in March this year. US Energy Secretary Chris Wright said on Tuesday that crude oil flows through the Strait of Hormuz averaged about 9 million barrels per day over the past week, higher than most industry estimates, leaving considerable uncertainty over the size of the actual supply gap. Francisco Blanch, head of global research at Bank of America, said in a Bloomberg Television interview, “Unless the geopolitical situation improves, it is hard for me to see oil prices pulling back quickly. If inventories are depleted, price fluctuations will inevitably amplify sharply, and demand will be forced to contract.” (Wallstreetcn) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ► ►

1. Procurement Conditions The procurement entity for this procurement project, Quasi-First-Grade Coke Dry Quenching and Other Projects (AGLYLGHHD260813310797), is Lingyuan Iron & Steel Co., Ltd. The funds for the procurement project are self-raised. The project has met the procurement conditions, and an open single-round negotiation is now conducted. 2. Project Overview and Procurement Scope 2.1 Project Name: Quasi-First-Grade Coke Dry Quenching and Other Projects 2.2 If this procurement fails, it will be converted to another procurement method: direct procurement 2.3 For details of this project's procurement content, scope and scale, see the attachment Bill of Materials Attachment.pdf. 3. Bidder Qualification Requirements 3.1 Consortium bidding is not allowed for this procurement. 3.2 This procurement requires bidders to meet the following qualification requirements: (1) Distribution-type business license (2) Production-type business license 3.3 This procurement requires bidders to meet the following registered capital requirements: Production-type registered capital: RMB 10.0 million or above Distribution-type registered capital: RMB 10.0 million or above 3.4 This procurement requires bidders to meet the following performance requirements: Provide sales and purchase contracts signed with steel mills after January 1, 2025, together with invoices. 3.5 This procurement requires bidders to meet the following capability requirements, financial requirements and other requirements: Financial requirements: The registered capital shall be no less than RMB 10 million. Capability requirements: See the attachment (if needed) Other requirements: A product quality inspection report shall be provided, and the indicators corresponding to the technical quality requirements in the report shall be qualified. 3.6 For projects for which bidding is mandatory by law, bidders that are dishonest judgment debtors shall be ineligible to bid. 4. Obtaining Procurement Documents 4.1 All interested bidders are requested to log in to the Ansteel Smart Tendering and Bidding Platform at http://bid.ansteel.cn from 17:00 on August 13, 2026 to 08:00 on August 18, 2026 (Beijing time, the same hereinafter) to download the electronic procurement documents. Click to view tender details:

SMM August 14 news: On the metals market front: Overnight, base metals in both overseas and domestic markets broadly fell, with only LME copper, LME tin, and SHFE tin rising together. LME copper rose 0.18%, LME tin rose 0.52%, LME aluminum led losses with a 2.28% decline, SHFE nickel fell 0.88%, SHFE lead fell 0.81%, and the remaining metals saw modest fluctuations in their declines. The main alumina contract rose 0.26%, while the main cast aluminum contract fell 0.9%. Overnight, ferrous metals broadly rose, with stainless steel the only decliner, down 0.83%. Rebar, hot-rolled coil, and iron ore all gained around 0.4%. For coking coal and coke, coking coal rose 1.7%, and coke rose 0.55%. On the precious metals front, overnight COMEX gold fell 1.35%, and COMEX silver fell 1.7%. On the domestic front, SHFE gold fell 1.24%, and SHFE silver fell 1.48%. As of 6:38 on August 14, overnight closing prices: Macro Front On the domestic front: [China's New Round of Continuous Air Quality Improvement Action Plan Is Being Formulated] The State Council Information Office held a press conference today (13th) as part of the themed series "Getting Off to a Good Start in the 15th Five-Year Plan". At the briefing, it was noted that China's air pollution control achievements are encouraging, but there is still no room to relax or take a break, and patience and resolve must be maintained. At present, a new round of continuous air quality improvement action plans is being formulated at an accelerated pace, and the battle to defend blue skies will focus on being "higher, more accurate, and more scientific." (CCTV News) [National Carbon Emissions Trading Market Cumulative Trading Volume Exceeds 900 Million mt] Huang Runqiu, Minister of Ecology and Environment, said at the press conference on the themed series "Getting Off to a Good Start in the 15th Five-Year Plan" held by the State Council Information Office on August 13 that as of the end of July, cumulative trading volume in the national carbon emissions trading market had exceeded 930 million mt, which has effectively promoted green and low-carbon transformation while driving low-cost carbon reduction across industries. (Xinhua News Agency) [Shanghai: Promote the Issuance of "Computing Power Vouchers," "Model Vouchers," and "Corpus Vouchers" to Lower the Cost of Using Digital Factors such as Public Data, Computing Power, Models, and Corpora] Shanghai issued the "Shanghai Action Plan for Implementing the Several Measures on Further Promoting Private Investment Development." It mentions carrying out computing power subsidies in accordance with laws and regulations, supporting private enterprises in renting intelligent computing resources for R&D training and application of large models, and encouraging universities, research institutions, and state-owned enterprises to use data storage and computing power resources built by various types of business entities, including private enterprises. It will publish and dynamically update a public data openness list, support private enterprises in conducting deep development and scenario-based utilization of specific public data, promote the issuance of "computing power vouchers," "model vouchers," and "corpus vouchers," and reduce the cost of using digital factors such as public data, computing power, models, and corpora. It will cultivate benchmark enterprises and platform enterprises for urban digital transformation, guide private enterprises to participate in digital transformation project construction and scenario operations in areas such as transportation, logistics, and public services. It will encourage private enterprises to build new-type infrastructure demonstration projects such as blockchain applications and large-scale robotics applications. (Jinshi Data APP) On the US dollar front: As of the overnight close, the US dollar index fell 0.01% to 99.96. The US July PPI data came in below expectations, helped by further declines in energy and food costs. The PPI report followed consumer price data, which showed inflation is slowing, further confirming signs that the energy shock from the early stage of the war is continuing to fade. However, the recent re-escalation of Middle East tensions has raised concerns about stubborn inflation. Fed officials will receive additional consumer and producer price data as well as another labour market report before their next policy decision in mid-September. At present, policymakers need to balance persistent inflation pressures against a recent slowdown in hiring. Several PPI components are also particularly watched by the Fed because they feed into its preferred inflation measure—the personal consumption expenditures price index. The signals released by these components were mixed. Portfolio management fees recorded their largest increase in more than a year, hospital outpatient care costs also rose sharply, while prices for physician services and hospital inpatient care were mild. (Jinshi Data APP) Market pricing showed an increase in bets that the Fed would keep interest rates unchanged in September. The probability that the Fed would keep interest rates in the 3.50%-3.75% range in September was around 65%, up from around 60% before the PPI report. (Jinshi Data APP) Fed official Hammack said in the latest remarks: "The Fed must raise interest rates now because current policy is not restrictive, and inflation has risen amid recent shocks. Excessively rapid growth could put additional pressure on prices. Rate hikes may bring pain, but we cannot allow economic and investment growth to become so rapid that the economy overheats. Current inflation is broad-based, not limited to certain sectors. The Fed must be held accountable for inflation data, which is very important." (Jinshi Data APP) According to CME "FedWatch": The probability that the Fed will keep interest rates unchanged in September is 65.2%, and the probability of a cumulative 25 bps rate hike is 34.8%. The probability that the Fed will keep rates unchanged in October is 50.1%, the probability of a cumulative 25 bps rate hike is 41.8%, and the probability of a cumulative 50 bps rate hike is 8.1%. (Jinshi Data APP) On the macro front: Data due for release today include China's July total electricity consumption YoY (TBD), China's July total electricity consumption (TBD), the US July retail sales MoM, the US August preliminary one-year inflation expectations, the US June business inventories MoM, the US August preliminary University of Michigan consumer sentiment index, France's final July CPI MoM, the Eurozone Q2 GDP YoY revision, the Eurozone Q2 seasonally adjusted employment QoQ final, the Eurozone June seasonally adjusted trade balance, and Canada's June wholesale sales MoM. In addition, a new round of price adjustment windows for domestic refined oil products will open (TBD), and the National Energy Administration will release total electricity consumption data around the 15th of each month (TBD). On the crude oil front: As of the overnight close, oil prices in both markets fell together, with WTI crude down 2.47% and Brent crude down 2.23%, both notching a second consecutive decline. According to the Islamic Republic of Iran Broadcasting, a spokesman for Iran's Joint Military Command said: "Without approval, no ship can safely pass through the Strait of Hormuz. Any ship transiting the Strait of Hormuz must obtain Iran's permission, and Iran is in full control of the Strait of Hormuz. Iranian forces are monitoring US movements in the region. Trump's claims about controlling the Strait are lies and merely a display of his military's helplessness. From past to present, the US military has long had a full taste of the strength and steadfastness of the Iranian nation. The US keeps seeking to do evil and create instability in the region, and its groundless threats, in the face of the unprecedented comprehensive readiness of heroic Islamic fighters in the armed forces, will only appear even more helpless and powerless. Iran's armed forces will not hesitate in the slightest in defending the nation's rights, national sovereignty, the ideals of the Islamic Revolution, and our dear country, and will respond to any type and any level of threat with heavier and fiercer responses than before." (Jinshi Data APP) Iraq's Oil Marketing Company said that a major Abu Dhabi energy company is among the companies that purchase its crude and ship cargoes out through the Strait of Hormuz. Earlier reports said the trading arm of Abu Dhabi National Oil Company moved cargoes through the Strait of Hormuz to offer Iraqi crude supplies to Asian buyers, a practice that typically involves tankers switching off their transponders to avoid detection, ensuring Middle Eastern oil continues to flow to global markets. Ali Nizar, director general of Iraq's Oil Marketing Company, said Iraq's oil exports through the Strait of Hormuz jumped to about 2 million barrels per day this month. While that is up from levels in the months after the start of the Iran war, it remains below the country's total exports of about 3.4 million barrels per day before the conflict. (Jinshi Data APP)