[SMM Analysis: Why Can India Sustain High Bids for Overseas Copper Scrap?] India’s copper scrap imports are rising as domestic supply fails to meet growing demand from power grids, cables and manufacturing. Zero basic customs duty, flexible processing, lower treatment costs and freight advantages support higher bids. However, tight global supply and elevated payabilities may continue to squeeze margins.

[SMM Analysis: Why Can India Procure Overseas Copper Scrap at High Prices Over the Long Term?]

[7.27 Morning Briefing] The central bank announced that, to maintain ample liquidity in the banking system, on July 24, 2026, the People's Bank of China conducted 500 billion yuan of MLF operations with a 1-year tenor via fixed quantity, interest rate tender, and multiple price bidding. The most-traded SHFE nickel contract (2609) plunged during the night session, but rebounded slightly by the morning close to 132,610 yuan/mt, up 0.2%. Nickel inventories have continued destocking recently, supporting a rebound in nickel prices; meanwhile, the US-Iran conflict and the evolving situation in the Strait of Hormuz have once again raised concerns over sulfur supply disruptions, and nickel prices are holding up well in the short term.

The ongoing geopolitical conflict in the Middle East escalated as Houthi forces enforced a maritime blockade targeting Saudi Arabia, fundamentally disrupting bulk commodity shipments through the Red Sea. Although specific regional ferrous volume reductions are yet to be fully quantified, industry experts indicate the crisis has caused a sharp increase in energy prices and severe logistics constraints, inflating freight costs for seaborne iron ore and steel trade.

Chinese steel investment is gradually shifting from direct exports to localized production in Southeast Asia. New and planned projects in Malaysia, Indonesia, Vietnam, Thailand, and the Philippines are expected to strengthen regional supply, but if capacity growth continues to outpace demand, it could further intensify market competition.

In H1, the transport sector's economic performance remained generally stable, with key indicators maintaining growth. The volume of commercial freight, port cargo throughput, and cross-regional person trips continued to increase, providing strong transport service support for the steady and healthy development of the economy and society. I. Commercial Freight Volume In H1, commercial freight volume reached 28.07 billion mt, up 3.2% YoY, with Q2 up 2.4% YoY. By mode, road freight volume was 21.22 billion mt, up 3.2% YoY; waterway freight volume was 4.23 billion mt, up 3.9% YoY. II. Port Cargo Throughput In H1, cargo throughput at ports nationwide reached 9.07 billion mt, up 2.0% YoY, with Q2 up 0.1% YoY. By structure, domestic trade throughput grew 1.0% YoY, while foreign trade throughput grew 4.3% YoY. Container throughput reached 180 million TEUs, up 5.9% YoY. III. Passenger Trips Cross-regional person trips: In H1, cross-regional person trips reached 34.17 billion person-trips, up 1.2% YoY, with Q2 up 0.1% YoY. By mode, road person trips reached 31.32 billion, up 0.9% YoY; waterway passenger trips reached 130 million, up 4.3% YoY. IV. Transportation Fixed Asset Investment In H1, transportation fixed asset investment totaled 1.5 trillion yuan, of which investment in highways and waterways amounted to 1.0 trillion yuan and 109.9 billion yuan, respectively.