India's second-largest steelmaker, Tata Steel, reported first-quarter FY2026 operating results, with domestic crude steel production increasing by more than 10% YoY to 5.76 million tonnes, while steel deliveries rose nearly 9% YoY to 5.17 million tonnes, driven by higher output at its Jamshedpur and Kalinganagar plants. Meanwhile, elevated coking coal and iron ore prices pushed material costs up 12% year on year. The higher level of steel production indicates that Indian steel demand remains resilient, providing continued support for metallurgical coal consumption. Despite elevated coking coal costs, Tata Steel maintained strong production, suggesting that Indian steelmakers are unlikely to significantly reduce metallurgical coal procurement in the near term. In addition, the company has approved a 4.8 million tonnes per annum steelmaking capacity expansion at its subsidiary Neelachal Ispat Nigam, which could further support metallurgical coal demand over the longer term.

Whitehaven Coal reported FY2026 ROM production of 40.3 Mt, up 3% year on year and at the top end of its production guidance, while equity sales reached 26.0 Mt. June quarter ROM production totaled 10.7 Mt, up 13% quarter on quarter, with Queensland (QLD) operations—the company's key metallurgical coal assets—rising 41% QoQ to 5.7 Mt, largely recovering from weather-related disruptions in the previous quarter. The recovery in Queensland output is expected to lift Australian seaborne metallurgical coal exports, easing earlier supply concerns. Against a backdrop of weak global steel demand and cautious steel mill procurement, improved supply is likely to reduce competition for spot cargoes and place moderate downward pressure on international seaborne metallurgical coal prices.

According to data from the National Bureau of Statistics (NBS), China's PMI for July 2026 I. China's Manufacturing PMI In July, the Manufacturing PMI was 49.2%, down 1.1 percentage points MoM, with the level of prosperity pulling back. By enterprise size, the PMIs for large, medium, and small enterprises were 49.5%, 49.7%, and 47.4%, respectively, down 1.2, 0.8, and 0.8 percentage points MoM, all below the threshold. Examining the sub-indices that constitute the Manufacturing PMI, all five—the Production Index, New Orders Index, Raw Material Inventory Index, Employment Index, and Supplier Delivery Time Index—were below the threshold. The Production Index was 49.9%, down 1.5 percentage points MoM, indicating a slowdown in manufacturing production activity. The New Orders Index was 48.5%, down 2.7 percentage points MoM, indicating a pullback in manufacturing market demand. The Raw Material Inventory Index was 48.3%, down 0.1 percentage points MoM, indicating that the inventory of major raw materials in manufacturing continued to decrease. The Employment Index was 49.0%, up 0.5 percentage points MoM, indicating a slight rebound in the employment climate of manufacturing enterprises. The Supplier Delivery Time Index was 49.5%, down 0.4 percentage points MoM, indicating that the delivery times for raw material suppliers to manufacturers lengthened compared to the previous month. II. China's Non-Manufacturing PMI In July, the Non-Manufacturing Business Activity Index was 49.0%, down 1.2 percentage points MoM, with the non-manufacturing sector's level of prosperity falling from the previous month. By industry, the Business Activity Index for the construction sector was 47.0%, down 2.0 percentage points MoM; that for the service sector was 49.3%, down 1.1 percentage points MoM. Within the service sector, the Business Activity Indices for postal services, telecommunications, broadcasting, television and satellite transmission services, as well as culture, sports, and entertainment, were all in a relatively high prosperity range above 55.0%; while those for capital market services and real estate were below the threshold. The New Orders Index was 44.4%, down 3.6 percentage points MoM, indicating a pullback in the prosperity level of non-manufacturing market demand. By industry, the New Orders Index for the construction sector was 40.1%, down 6.2 percentage points MoM; that for the service sector was 45.2%, down 3.2 percentage points MoM. The Input Price Index was 49.7%, unchanged MoM and still below the threshold, indicating that the overall level of input prices used by non-manufacturing enterprises in their operating activities continued to fall. By industry, the Input Price Index for the construction sector was 48.7%, down 1.7 percentage points MoM; that for the service sector was 49.9%, up 0.3 percentage points MoM. The Selling Price Index was 47.9%, down 0.5 percentage points MoM, indicating that the overall decline in selling prices for non-manufacturing enterprises expanded somewhat. By industry, the Selling Price Index for the construction sector was 47.7%, down 2.1 percentage points MoM; that for the service sector was 47.9%, down 0.3 percentage points MoM. The Employment Index was 45.4%, down 0.4 percentage points MoM, indicating a pullback in the employment climate of non-manufacturing enterprises. By industry, the Employment Index for the construction sector was 40.9%, down 1.4 percentage points MoM; that for the service sector was 46.2%, down 0.2 percentage points MoM. The Business Activity Expectations Index was 55.4%, up 0.1 percentage points MoM, indicating that non-manufacturing enterprises' confidence in market development strengthened. By industry, the Business Activity Expectations Index for the construction sector was 51.8%, up 0.7 percentage points MoM; that for the service sector was 56.0%, unchanged from the previous month. III. China's Composite PMI Output Index In July, the Composite PMI Output Index was 49.3%, down 1.3 percentage points MoM, indicating that the production and business activities of Chinese enterprises slowed down from the previous month. III. China's Composite PMI Output Index In June, the Composite PMI Output Index was 50.6%, up 0.1 percentage points MoM, indicating that the overall expansion of Chinese enterprises' production and business activities slightly accelerated. China's PMI Pulls Back in July —NBS Service Sector Survey Center Chief Statistician Huo Lihui Interprets China's PMI for July 2026 On July 31, 2026, the NBS Service Sector Survey Center and the China Federation of Logistics and Purchasing released China's PMI. Chief Statistician Huo Lihui from the NBS Service Sector Survey Center provided an interpretation. In July, the Manufacturing PMI, Non-Manufacturing Business Activity Index, and Composite PMI Output Index were 49.2%, 49.0%, and 49.3%, respectively, down 1.1, 1.2, and 1.3 percentage points MoM, with the overall level of prosperity pulling back from the previous month. I. Manufacturing PMI Pulls Back, While High-Tech Manufacturing Continues to Expand In July, influenced by factors such as a high base from the earlier rapid growth in manufacturing and some manufacturing sectors entering their traditional off-season, the Manufacturing PMI fell to 49.2%. (1) The equipment manufacturing and high-tech manufacturing sectors continued to play a supportive and leading role. The PMIs for equipment manufacturing and high-tech manufacturing were 51.4% and 53.3%, respectively, significantly higher than the overall manufacturing average, maintaining relatively rapid expansion and driving the sector toward new and high-quality development. The PMIs for the consumer goods and high energy-consuming industries were 47.8% and 47.0%, respectively, down 2.4 and 0.1 percentage points MoM, with their levels of prosperity pulling back. (2) Production and demand grew rapidly in some equipment manufacturing industries. The Manufacturing Production Index and New Orders Index were 49.9% and 48.5%, respectively, down 1.5 and 2.7 percentage points MoM, indicating that both production and market demand among manufacturing enterprises pulled back. By industry, the Production and New Orders Indices for general-purpose equipment and computer, communication, and electronic equipment were both above 53.0%, indicating high market activity and rapid growth in both production and demand. Indices for industries such as non-metallic mineral products, ferrous metal smelting and rolling processing, and automobiles were below the threshold, indicating weak supply-demand momentum. (3) Price indices continued to fall. The Major Raw Material Purchase Price Index and EXW Price Index were 53.2% and 47.8%, respectively. Affected by recent fluctuations in some commodity prices and other factors, these indices have fallen for four consecutive months. Among these, both price indices for the non-ferrous metal smelting and rolling processing industry were below 45.0%. Due to significant price level fluctuations, enterprise purchase willingness weakened, and the Procurement Volume Index fell to 49.4% this month. (4) Market expectations remained stable. The Manufacturing Production and Business Activity Expectations Index was 54.1%, with enterprises generally remaining optimistic about market development. By industry, the Expectations Indices for the food, beverage, and refined tea, and railway, shipbuilding, aerospace, and other equipment sectors rose above 60.0%, as related enterprises showed increased confidence in near-term industry development. II. Non-Manufacturing Business Activity Index Declines, While the Cultural and Tourism Sector Is Relatively Active In July, the Non-Manufacturing Business Activity Index was 49.0%, down 1.2 percentage points MoM, with the level of prosperity in the non-manufacturing sector pulling back from the previous month. (1) The cultural and tourism sector's prosperity rebounded. The Service Sector Business Activity Index was 49.3%, down 1.1 percentage points MoM, with market activity in the service sector pulling back. By industry, driven by summer consumption, residents' leisure, entertainment, and travel activities increased, leading to a clear MoM rebound in the Business Activity Indices for air transportation, accommodation, culture, sports, and entertainment. The total business volume of related enterprises grew rapidly. The indices for wholesale trade and monetary and financial services declined significantly, representing the main unfavourable factors behind the pullback in service sector prosperity this month. Indices for capital market services and real estate were below the threshold. The Service Sector Business Activity Expectations Index was 56.0%, unchanged from the previous month, with enterprises' confidence in near-term market development remaining relatively stable. (2) The construction sector's level of prosperity declined. Affected by unfavourable factors such as recent high temperatures, heavy rains, flooding, and other natural disasters in some regions, the construction progress slowed down, and the Business Activity Index was 47.0%, down 2.0 percentage points MoM. The Construction Business Activity Expectations Index was 51.8%, up 0.7 percentage points MoM, indicating that enterprises' confidence in near-term industry development strengthened somewhat. III. Composite PMI Output Index Below the Threshold In July, the Composite PMI Output Index was 49.3%, down 1.3 percentage points MoM, with the production and business activities of Chinese enterprises slowing down from the previous month. The Manufacturing Production Index and Non-Manufacturing Business Activity Index, which constitute the Composite PMI Output Index, were 49.9% and 49.0%, respectively.

Zelestra has signed a long-term PPA with Tesla for the full output of its 140MW AC Lumen Farm solar project in northeast Texas. The project is expected to begin construction in 2027 and become fully operational in 2029, supporting Tesla’s growing power demand in the state. Separately, Zelestra secured USD 181 million in green project financing for its 176MW DC Skull Creek Solar Plant in Texas, backed by a long-term PPA with Meta and scheduled to come online by the end of 2027.

Tesla has signed a long-term PPA with ContourGlobal for the Sterling hybrid solar and battery storage project in Arizona. The agreement covers about 1TWh of electricity annually, equal to around 90% of the project’s expected annual output of more than 1.1TWh. Project Sterling combines 509MW DC/450MW AC of solar PV with a 360MW/1.4GWh battery storage system. Construction is scheduled to begin in 2026, with commercial operation targeted for 2028.

[SMM Rare Earth Flash] According to the SMM survey, in July 2026, the industry-wide blank production of NdFeB was 32,017 mt, with an average operating rate of 74.9%, down 3% MoM and up 1.5% YoY. Production in August 2026 is expected to be 32,864 mt, up 2.65% MoM. Overall, in July, producers showed varied output performance, with top-tier producers' output remaining stable, while mid-tier and other enterprises experienced a notable pullback due to the impact of downstream operating rates. In August, driven by downstream customers' rush to boost output in September, NdFeB producers generally hold an optimistic attitude.

Ivanhoe Mines released its second-quarter 2026 results on July 30. Its Kipushi mine in the DRC produced a record 70,177 tonnes of zinc during the quarter at a cash cost of $0.90/lb. The concentrator processed a record 200,774 tonnes of ore, averaging 38.7% zinc, while recoveries averaged nearly 92%. The company maintained Kipushi’s 2026 zinc production guidance of 240,000–290,000 tonnes and expects the mine to rank among the world’s three largest zinc mines this year. At Kamoa-Kakula, quarterly copper production reached 64,328 tonnes, with inventory build and temporary constraints affecting performance; management plans to destock inventory in the second half. Further attention should be paid to Kipushi’s second-half delivery against guidance and cost trends.

[SMM Tin Morning Brief: SHFE tin 2609 night session rose 2.15% to 426,800, heightened volatility in consolidation at highs above 420,000]

Event Summary: A safety incident occurred at the 750 level of the third underground mining area of West Ujimqin Banner Yinman Mine, a wholly-owned subsidiary of Xingye Silver&Tin (000426.SZ), resulting in one fatality. On July 28, the mining area of Yinman Mine was ordered to suspend production by the West Ujimqin Banner Emergency Management Bureau; on July 30, the bureau issued another decision (Document No. (Xi) Yingji Xianjue [2026] 260),.....

Impala Platinum Holdings (Implats) has temporarily suspended mining activities at its flagship Rustenburg complex in South Africa following six worker fatalities over the past year and a rise in serious underground safety incidents. The company initiated a comprehensive safety reset from 24–28 July to strengthen operational controls and prevent further incidents. Rustenburg is one of the world’s largest platinum-group metals (PGM) mining complexes and Implats’ largest operation, employing approximately 51,500 workers. The mine accounts for nearly half of Implats’ total PGM production and is expected to produce around 1.67–1.76 million six-element PGM ounces in the 2026 financial year. The temporary shutdown is expected to impact approximately eight days of production, with the company stating that the final effect on output will be assessed after operations resume. Existing stockpiles are expected to help mitigate any short-term supply impact. The short-term impact on global platinum supply is expected to remain limited due to the brief duration of the shutdown and available inventories. However, renewed safety concerns at major South African operations may provide additional support to platinum prices, highlighting potential supply-side risks facing the world’s leading region for PGM production.