[United States] US HRC ex-works prices rose to around USD 1,316/tonne, up about USD 16/tonne on the week, as domestic mills continued to work through extended order backlogs and offered limited spot availability. Service centers increasingly turned to imports to secure supply, lifting imported HRC prices to around USD 1,102/tonne. Market participants expect domestic availability to remain constrained into Q4, supporting continued import interest.

SMM, August 13: Metals market: As of the midday close, domestic base metals were mostly lower. SHFE copper fell 0.5%, SHFE aluminum fell 0.9%, SHFE lead rose 0.63%, SHFE zinc fell 0.27%, SHFE tin fell 0.86%, and SHFE nickel fell 0.16%. In addition, the most-traded cast aluminum futures contract fell 1.33%, the most-traded alumina contract fell 1.62%, the most-traded lithium carbonate contract was flat at 148,840 yuan/mt, the most-traded silicon metal contract fell 0.64%, and the most-traded polysilicon futures contract rose 0.75%. Ferrous metals all fell. Iron ore fell 0.14%, rebar fell 0.5%, hot-rolled coil fell 0.37%, and stainless steel fell 0.93%. Coking coal and coke: the most-traded coking coal contract fell 1.27%, and the most-traded coke contract fell 0.73%. Overseas base metals: as of 11:45, LME metals were nearly all lower. LME copper fell 0.2%, LME aluminum fell 0.89%, LME zinc fell 0.4%, LME tin fell 0.18%, LME nickel fell 0.59%, and LME lead rose 0.21%. Precious metals: as of 11:45, COMEX gold rose 0.02%, and COMEX silver fell 0.08%. Domestic precious metals: SHFE gold rose 0.34%, and the most-traded SHFE silver contract rose 0.28%. Additionally, as of the midday close, the most-traded platinum futures contract fell 0.52%, and the most-traded palladium futures contract fell 0.57%. As of the midday close, the most-traded European container shipping futures contract rose 1.75% to 1,630 points. As of 11:45 on August 13, midday quotes for selected futures: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a discount of 20 yuan/mt, down 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a discount of 120 yuan/mt, down 40 yuan/mt from the previous trading day; and SX-EW copper was quoted at a discount of 200 yuan/mt, down 60 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 108,250 yuan/mt, down 160 yuan/mt from the previous trading day, and the average price of SX-EW copper was 108,100 yuan/mt, down 200 yuan/mt from the previous trading day. Spot market: Guangdong inventories fell for two consecutive days, with arrivals declining and warehouse withdrawals increasing slightly... Macro front China: [China Is Formulating a New Round of Action Plans for Continuous Air Quality Improvement] The State Council Information Office held a themed press conference today (13th) in the series "Opening and Starting the '15th Five-Year Plan'." At the press conference, it was noted that China has made gratifying progress in air pollution control, but there is still no room for complacency or letting up; patience and resolve must be maintained. Currently, a new round of action plans for the continuous improvement of air quality is being expedited, and the battle to keep skies blue will focus on being "higher, more precise, and more scientific." (CCTV News) [Cumulative Trading Volume of the National Carbon Emissions Trading Market Tops 900 Million mt] Huang Runqiu, Minister of Ecology and Environment, said at the "Launching the 15th Five-Year Plan" press conference series held by the State Council Information Office on August 13 that by the end of July, cumulative trading volume in the national carbon emissions trading market had exceeded 930 million mt, effectively promoting the green and low-carbon transition while driving low-cost carbon reduction across industries. (Xinhua News Agency) [Shanghai: Promote Issuance of "Computing Power Vouchers," "Model Vouchers," and "Corpus Vouchers" to Reduce 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." The plan states that Shanghai will provide computing power subsidies in accordance with laws and regulations, support private enterprises in renting intelligent computing resources for the R&D, training, and application of large models, and encourage universities, research institutions, and state-owned enterprises to use data storage and computing power resources built by various market entities, including private enterprises. It will publish and dynamically update the public data opening list, support private enterprises in the in-depth development and scenario-based use of specific public data, and promote the issuance of "computing power vouchers," "model vouchers," and "corpus vouchers" to reduce the cost of using digital factors such as public data, computing power, models, and corpora. It will cultivate benchmark and platform enterprises for urban digital transformation, and guide private enterprises to participate in the construction and scenario operation of digital transformation projects in areas such as transportation, logistics, and public services. It also encourages private enterprises to build demonstration projects of new-type infrastructure such as blockchain applications and large-scale robot applications. (Jin10 Data APP) [PBOC Reverse Repo Operations Post Net Withdrawal of CNY1 Billion on the Day] The PBOC did not conduct reverse repo operations today, as CNY1 billion in 7-day reverse repos matured, resulting in a net withdrawal of CNY1 billion on the day. On the Dollar Side: As of 11:45, the US dollar index was up 0.01% at 100. US core inflation in July was mild, which likely eased pressure on the US Fed to raise interest rates. Data released by the US Bureau of Labor Statistics on Wednesday showed that, excluding volatile food and energy categories, core CPI rose 0.2% MoM in July. The YoY increase was 2.5%, matching the slowest pace since March 2021. Overall, July CPI rose 0.1% MoM and 3.4% YoY. This report indicated that the energy price shock from the Iran war continued to fade in July. As the US Fed discusses whether to raise rates at its September meeting, these figures may give the US Fed more room to weigh inflation pressures against the recent slowdown in hiring. Before the September meeting, policymakers will also see more reports on employment and inflation, while investors will closely watch a speech that Fed Chairman Warsh is expected to deliver at the annual Jackson Hole symposium later this month. US stock index futures rose, while US Treasury yields were basically flat. Investors lowered their bets on a September rate hike. According to CME "FedWatch": the probability that the US Fed will keep rates unchanged by September is 59.9%, and the probability of a cumulative 25bp rate hike is 40.1%. By October, the probability that the US Fed will keep rates unchanged is 45.3%, the probability of a cumulative 25bp rate hike is 44.9%, and the probability of a cumulative 50bp rate hike is 9.8%. (Jin10 Data App) A CITIC Securities research report said that US July CPI was fully in line with expectations, core inflation remained mild, and second-round inflation effects were modest, which helped further ease market concerns about inflation risks. We continue to believe that US inflation is not sticky, and we expect headline CPI YoY growth to generally continue its mild slowdown trend in Q3 and hit bottom in September, then rebound slightly in Q4 this year and decline rapidly in March next year. We still expect the US Fed to keep rates unchanged for the whole year, and there is further room for downward revision in rate hike expectations priced into derivatives markets. A CICC research report said that US July CPI rose 0.1% MoM on a seasonally adjusted basis and 3.4% YoY, while core CPI rose 0.2% MoM and 2.5% YoY, all in line with market expectations. Energy prices continued to pull back, but international oil prices have risen again since August, increasing uncertainty about future energy prices. On the core inflation front, goods were strong while services were weak; in particular, prices of information technology products such as computers and software continued to rise, reflecting that the supply-demand mismatch caused by AI capital spending expansion is gradually transmitting to the consumer side. We believe US inflation may have entered a new phase, with its drivers gradually shifting from supply shocks such as tariffs and oil prices to demand expansion from AI investment, and the duration of inflation may be correspondingly prolonged. For the US Fed, this data eased near-term pressure to raise rates, but compared with supply-driven inflation, demand-pull inflation requires more attention from policymakers. Other currencies: RBA Assistant Governor Kent said that Australian monetary policy is currently restrictive, the three consecutive rate hikes early this year are now weighing on the economy, and the stronger Australian dollar has further reinforced this effect. He said: "Evidence suggests that monetary policy in Australia is somewhat restrictive, and the tightening earlier this year is working. Borrowing costs have risen, mortgage repayments have increased, conditions in the established housing market have weakened, and the Australian dollar has also appreciated year-to-date." He said aggregate demand growth appears to be slowing, adding that this is what policymakers want to see and is necessary to bring inflation back to target. (Jin10 Data APP) Data Front: Today will bring the US 10-year Treasury auction high yield and bid-to-cover ratio for Aug 12, US initial jobless claims for the week ending Aug 8, US July PPI y/y and m/m, UK Q2 GDP y/y preliminary, UK June three-month GDP m/m, UK June manufacturing production m/m, UK June seasonally adjusted goods trade balance, UK June industrial production m/m, and Eurozone June industrial production m/m, among others. In addition, JD.com will hold its Q2 earnings call; 2026 FOMC voter and Cleveland Fed President Hammack will speak, and 2027 FOMC voter and Richmond Fed President Barkin will speak on the economic outlook. Crude Oil: As of 11:45, both benchmark oil prices fell, with WTI down 0.96% and Brent down 0.82%. Oil prices edged down as traders waited for signs of progress on the reopening of the Strait of Hormuz. On the Middle East front, there has been almost no sign of progress on the reopening of the Strait of Hormuz. US President Trump said the United States has "complete control" over the waterway. The International Energy Agency (IEA) said that as the US-Iran war continues, the global oil market faces a supply shortfall of 1.8 million barrels per day this quarter, more than double its earlier forecast; the 2026 oil supply gap could reach its largest level in five years. According to the American Automobile Association, gasoline and diesel prices in the US have never been this high at this time of year. (Jin10 Data APP) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ►

In 2017, China used a hard “June 30” deadline to purge roughly 140 million tonnes of “ground-strip steel” (ditiaogang) capacity. But the furnaces did not disappear. Customs data tells the rest: after the ban, Southeast Asia's share of China's electric-furnace equipment exports climbed as high as 40.6%, and Indonesia's imports rose roughly 19-fold over eight years to become the world's No. 1 destination. The collapse of the State Audit Office tower in Bangkok sounded the first alarm.

This initiative aims to reduce US dependence on imported refractory-grade bauxite and is expected to meet the U.S. military’s entire demand for brown-fused alumina (BFA) and refractory-grade bauxite.

Copper prices advanced towards a record closing high as tightening physical supply continued to support the market alongside resilient long-term demand. The London Metal Exchange (LME) three-month copper contract strengthened as sustained inflows of metal into the United States and increased buying activity from China reduced the availability of copper in other regions. Large volumes of refined copper have been shipped into the U.S. this year as traders positioned ahead of a potential decision on refined copper import tariffs. At the same time, stronger purchasing activity from China has intensified competition for available material, further tightening the physical market. These developments have contributed to copper gaining approximately 14% since the beginning of 2026, building on three consecutive years of annual gains. Beyond near-term supply tightness, the market continues to be supported by long-term demand from power infrastructure, renewable energy, electric vehicles and artificial intelligence-related data centres. However, declining ore grades at existing operations and the increasing cost and complexity of developing new mines continue to constrain future supply growth. The latest price gains highlight a market increasingly influenced by physical supply constraints rather than demand alone. With inventories remaining tight and new mine supply struggling to keep pace with long-term consumption growth, sustained price strength could continue to support investment in mine expansions, brownfield redevelopment and domestic copper processing capacity.

This week, FOB quotations in the ex-China rare earth market generally declined, with varieties such as terbium oxide and terbium metal seeing noticeable drops. However, affected by policies and weak demand, actual transaction volumes were thin, and heavy rare earth prices stayed high. Meanwhile, supply chain restructuring moves were frequent: resources at Namibia's Kameelburg increased by another 35%, Japanese capital officially entered the Lofdal project; Malaysia considered conditionally liberalizing raw ore exports; US-based Energy Fuels advanced the final investment decision for the Donald project in Australia, and Lockheed Martin signed a long-term scandium supply agreement. A survey in Japan showed that 80% of manufacturing executives considered rare earth procurement a major risk, highlighting anxiety in the industry chain.