TCUD data shows Turkish steel exports reached 7.8 million tonnes ($5.3 billion) in H1, with June alone jumping 28.4% y/y to 1.7 million tonnes ($1.2bn), driven by exports to the Middle East (+80% yoy) and South America (+406% yoy in June, +81% for H1), while UK shipments surged 246% yoy to 407,000 tonnes; EU-bound exports fell 22% to 2.6 million tonnes. Steel production rose 8.1% yoy to 19.8 million tonnes, keeping Turkey the world's 7th-largest producer ahead of Germany, while the export-to-import ratio improved from 80% to 83% as imports stayed roughly flat at 9.3 million tonnes.

SMM August 4 News: In the metals market: Overnight, base metals on the domestic market generally rose. SHFE copper gained 0.43%. SHFE aluminum added 0.61%. SHFE lead fell 1.17%, SHFE zinc dropped 0.82%, and SHFE tin rose 0.44%. SHFE nickel climbed 1.13%. Additionally, the most-traded alumina futures contract fell 0.08%, and the most-traded cast aluminum contract edged up 0.24%. Overnight, ferrous metals mostly declined. Stainless steel surged 3.09%, iron ore fell 0.71%, and rebar slipped 0.4%. Hot-rolled coil fell 0.56%. In coking coal and coke: the most-traded coking coal contract rose 0.55%, while the most-traded coke contract fell 0.46%. Overnight on the overseas metals market, LME base metals showed mixed performance. LME copper gained 0.33%. LME aluminum rose 1%. LME lead fell 0.72%. LME zinc dipped 0.16%. LME tin inched up 0.03%. LME nickel slipped 0.26%. Overnight in the precious metals segment : COMEX gold rose 0.09%, while COMEX silver gained 1.05%. Overnight, the most-traded SHFE gold contract fell 0.11%, while the most-traded SHFE silver contract added 0.34%. As of 7:17 a.m. on August 4, overnight closing prices: Macro Front Domestic side: [Li Qiang Signs State Council Decree to Promulgate Revised Regulations on the Protection of Layout-Designs of Integrated Circuits] Premier Li Qiang recently signed a State Council decree to promulgate the revised Regulations on the Protection of Layout-Designs of Integrated Circuits, effective October 15, 2026. The Regulations aim to protect exclusive rights to integrated circuit layout-designs, encourage technological innovation in integrated circuits, and promote scientific and technological development. The Regulations consist of six chapters and 54 articles, with the main revisions as follows. First, clarify the overall requirements. The protection of integrated circuit layout-designs shall implement the strategic deployment of the Party and the state on intellectual property rights, expand the scope of protection, and emphasize good faith. Second, improve the application and examination procedures. Regulate fraudulent applications, refine material requirements, improve rejection and revocation procedures, and add procedures for restoration of rights. Third, strengthen protection of exclusive rights. Clarify standards for defining the scope of rights and increase compensation for infringement. Fourth, promote the utilization of layout-designs. Strengthen public services, specify reward and remuneration measures, improve requirements for transfer, licensing, and pledge, and regulate the exercise of co-owners' rights. (Xinhua News Agency) [NDRC and National Energy Administration Issue the 15th Five-Year Plan for New-Type Power System Construction] The National Development and Reform Commission (NDRC) and the National Energy Administration issued the 15th Five-Year Plan for New-Type Power System Construction. It proposes that by 2030, the new-type power system will be initially established: a green and low-carbon power supply pattern will have basically taken shape, with non-fossil energy accounting for 50% of power generation; power supply capability will be continuously enhanced, complementarity and mutual support among power systems will be greatly improved, and security and resilience will be significantly strengthened, keeping power supply adequacy at a reasonable level to effectively meet the electricity needs of socioeconomic development and people's aspirations for a better life; a safe, reliable, green, low-carbon, strong, resilient, intelligent, and flexible new-type power grid will be initially built, giving full play to its role as a resource allocation platform and service functions, achieving high-level consumption of over 2.8 billion kW of new energy, and establishing a charging infrastructure network capable of supporting more than 110 million EVs. The institutional mechanisms for the new-type power system will be further improved, and a unified national power market system will be basically established. The plan proposes promoting wide-load high-efficiency retrofits for existing coal-fired power units, controlling the increase in coal consumption under low-load operating conditions to within 25%. It also calls for promoting full-load denitrification retrofits for coal-fired units based on local conditions. Implement a batch of cross-generation upgrade projects for 600,000-kW-level units. In areas with suitable conditions, build a number of zero-carbon and low-carbon fuel co-firing and carbon capture, utilization, and storage projects. Formulate policies for the integrated development of coal power and new energy, support the priority implementation of a batch of coal power-new energy integration projects in areas where conditions permit, carry out retrofits to enhance coal power's regulating capability, and promote the coupling and integration of coal power and new energy systems to achieve integrated regulation and delivery and reduce coal-fired power generation. [SHFE Issues Notice on Launching Spread Orders] To meet market needs and improve market operation efficiency, the Shanghai Futures Exchange will launch spread orders starting from August 24, 2026 (i.e., the night continuous trading session on August 21, 2026). Initially, spread orders will be applicable to copper, gold, rebar, and natural rubber futures. Subsequent plans to extend to other products and introduce cross-product spread combinations will be notified separately by the exchange. Spread orders are supported only for futures products, with a minimum order size of 1 lot and a maximum of 500 lots. [Shanghai International Energy Exchange Issues Notice on Launching Spread Orders] To meet market needs and improve market operation efficiency, the Shanghai International Energy Exchange will launch spread orders starting from August 24, 2026 (i.e., the night continuous trading session on August 21, 2026). Initially, spread orders will be applicable to crude oil futures. Subsequent plans to extend to other products and introduce cross-product spread combinations will be notified separately by INE. Spread orders are supported only for futures products, with a minimum order size of 1 lot and a maximum of 500 lots. (Shanghai International Energy Exchange) [CISA: In the Next Stage, Strictly Implement the Steel Export License Management System] In H1 2026, steel exports saw an overall decline in volume and stable prices, while steel billet exports surged significantly. Overseas, 12 original anti-dumping investigations were initiated against Chinese steel, and trade friction pressure remained unabated. In H2, external constraints tightened: the EU's new steel safeguard measures reduced quotas and introduced the "melted and poured" origin rule, and coupled with global geopolitical disruptions, the export environment became more complex. In the next stage, strictly implement the steel export license management system, adhere to the orientation of "promoting high-end products, stabilizing peripheral markets, and strict supervision," strengthen industry self-discipline, optimize the export structure, deepen cultivation of peripheral and emerging markets, actively respond to trade frictions, proactively adapt to international rules, and drive the transformation of exports toward high-end and green development to achieve steady and orderly progress. (CISA) US Dollar: Overnight, the US dollar index rose 0.19% to 99.97. In July, the US manufacturing sector grew at its fastest pace in more than four years, driven by sustained strong demand, surging production, and increased hiring. The ISM Manufacturing PMI came in at 55.6 in July, the highest since May 2022. A reading above 50 indicates expansion, and the sector has now been above that level for seven consecutive months. The Production Index climbed to 58.5, the highest since the end of 2021, while the employment gauge signaled that manufacturers added workers for the first time since September 2023. New order growth — a signal of demand — also rebounded. Manufacturing has been robust this year, with factories benefiting from solid consumer demand, firm business investment, and government spending on national defense. All but one manufacturing industry reported growth in July, including printing, apparel, and electrical equipment. The only industry reporting contraction was chemical products. According to CME FedWatch, the probability that the Fed will keep rates unchanged in September is 32.8%, while the probability of a cumulative 25bp rate hike is 67.2%. For the October meeting, the probability of holding rates steady is 23.3%, while the probability of a cumulative 25bp hike is 57.3% and a cumulative 50bp hike is 19.3%. Fed's Williams said he remains optimistic that inflation pressures will gradually ease, but if that does not happen, the Fed will not hesitate to raise rates to ensure price pressures return to target. In an interview with Reuters last Friday, Williams said that if energy prices and trade tariffs have peaked and the economy remains on a solid footing, "I think some of the main factors that had been pushing up inflation over the last year and a half or so will fade, and some of the disinflationary forces that we had observed earlier should reassert themselves." He added, "I'm watching very carefully the next few months' readings on core inflation to see if they are consistent with inflation moving toward 2% and continuing to trend lower, to give us confidence that we can achieve our 2% inflation goal durably by 2028." He also said, "My own forecast is that inflation will come down in the second half of this year and come down further next year." Williams reiterated that the current policy stance is "well positioned" to bring inflation back to target. But he noted, "If we are not on a path to bring inflation down to 2% ... then taking action to get us back to that 2% path would be entirely appropriate." (Jin10 Data APP) Other Currencies: Data from the Bank of Japan's accounts suggest that Japan likely spent about $34 billion on Friday to intervene in the foreign exchange market to support the yen, building on the coordinated action with the US on Thursday. Based on a comparison of BOJ account data released Monday with money broker forecasts, the estimated intervention was about 5.33 trillion yen (approximately $34 billion). Finance Minister Satsuki Katayama confirmed earlier Monday that Japan had stepped into the market on Friday. The continued yen-buying by Japanese authorities underscores their determination to counter bearish bets against the yen. The US Treasury joined the effort last week to shore up the yen, marking the closest coordination on exchange rate policy in 15 years. Analysis of the BOJ accounts does not reflect the scale of US intervention in the market, but US involvement may have reduced the amount of funds Japan needed to achieve the same exchange rate effect. (Jin10 Data APP) Macro: Today, data such as the US Trade Balance for June, US JOLTS Job Openings for June, and US Factory Orders MoM for June will be released. Attention should be paid to: SpaceX's Q2 2026 earnings release; the FMS 2026 Flash Memory Summit to be held August 4-6, with storage giants such as Samsung and SK hynix in attendance. Crude Oil: Overnight, both crude oil futures plunged, with WTI tumbling 5.44% and Brent falling 4.81%. Last Sunday, Trump said publicly that the US and Iran would start talks on Monday, adding that "after the Hormuz agreement comes the nuclear deal." Iran earlier Monday denied the claim of talks with the US. During afternoon US stock trading, Trump again said negotiations with Iran were still ongoing. He said the US is currently in dialogue with Iran at its request, a process supported by Saudi Arabia, the UAE, Qatar, and other countries, and stressed that this will be Iran's "last chance to sign a good deal." Signals are currently mixed, and the market has turned to a wait-and-see mode. Substantive risks in the Strait of Hormuz have yet to dissipate. The UK Maritime Trade Operations reported an explosion near a tanker off the coast of Oman on Sunday. This waterway, which in peacetime carries about one-fifth of global crude oil and LNG shipments, already saw an LNG carrier attacked late last week. On the futures curve, Brent is in a pronounced backwardation structure, reflecting still-tight physical market supply. (Wall Street Insights)

Southern Steel (SSCV) held a contractor and distributor seminar in Rach Gia, reaffirming its strategy to strengthen customer ties and expand its presence in Vietnam’s Southwest region. The company highlighted Rach Gia, Phu Quoc and An Giang as key growth markets, while reinforcing its focus on stable supply, enhanced sales support and a stronger distribution ecosystem to capture rising construction demand.

Turkey's steel product exports continued to recover in the first half of the year, supported by stronger shipments to the European Union. However, a surge in imports—particularly from Russia and the Far East—along with weaker crude steel production has intensified pressure on domestic producers, prompting the Turkish Steel Producers' Association (TÇÜD) to call for tighter oversight of the country's inward processing regime.

[Flat Products] Today HRC and other flat-product export prices edged down 1-3 USD/tonne day on day, with HRC transaction prices at 479-483 USD/tonne.Futures fell sharply, market enquiry sentiment weakened, and traders reported few actual deals. [Billet] Today billet export FOB prices fell 1-3 USD/tonne, with Jiangyin port offers at 445–450 USD/tonne. According to feedback, the off-season for domestictraditional construction steel demand is pronounced and billet exports have become the main focus; competition in the export trade is fierce and export offers keepweakening, while amid the falling market overseas buyers mostly stay on the sidelines and deals are mediocre. [Rebar] Today rebar export offers at Tianjin port slipped 1-2 USD/tonne, with overall transaction prices at 474-480 USD/tonne. According to exporters, futuresextended their decline today and market confidence was weak; overseas buyers largely stayed on the sidelines with only a few enquiries, and trading was subdued.Some mills concluded deals at concessions, but mostly for small-lot orders.

Today, iron ore futures trended weakly. The most-traded DCE contract I2609 closed at 698 yuan/mt, down 2.85% from the previous trading session. Spot prices at Qingdao Port fell 9-12 yuan/mt from the previous trading day. Traders' quoting enthusiasm was low, steel mills purchased mainly on a just-in-need basis, and overall spot transactions were sluggish. Currently, iron ore fundamentals remain unchanged, with the supply side maintaining a relatively loose pattern in the foreseeable future. Last week, SMM global iron ore shipments totaled 32.26 million mt, up 16% WoW. In addition, China's iron ore arrivals reached 30.29 million mt, edging down WoW, while cumulative arrivals rose 6% YoY. In terms of news, some traders have recently been involved in disputes due to questioned invoices and trade documents. Market expectations are that banks and trading companies will tighten credit and raise margin requirements to reduce risk exposure. Some participants were forced to sell spot cargoes or hedge on futures, magnifying the decline in the short term. As a result, iron ore prices may exhibit a weak trend in the near term. [SMM Steel]

Today, futures consolidated on a subdued note, closing at 2,976, down 1.23% from the previous trading session. Spot side, in the morning, most market quotes fell, with prices declining 10-30 yuan/mt. In the afternoon, futures continued to consolidate on a weak note, with some markets following with a drop of 10-20 yuan/mt. Overall, transactions were mediocre to weak. Fundamentals, supply side, currently, most steel mills had comprehensive per-ton steel margins below the break-even line, and mills gradually arranged maintenance on blast furnaces and associated construction steel rolling lines or reduced production loads; EAF steel mills further reduced operating hours. Demand side, futures fell below the 3,000-point level, market confidence was notably weak, with many adopting a wait-and-see attitude, and trading sentiment was mediocre. Meanwhile, due to sustained high temperatures in many areas, the pace of outdoor housing construction was hindered, and end-user rigid procurement demand was weak. Overall, in the short term, the supply-demand dual weakness pattern remained unchanged, and construction material prices might continue to consolidate at lows.

Nam Kim Steel (HOSE: NKG) reported a net profit of more than VND100 billion in Q2/2026, rebounding from a loss a year earlier as stronger gross margins driven by higher hot-rolled coil (HRC) prices lifted earnings. First-half net profit doubled to VND126 billion, fulfilling around 47% of its full-year profit target. The company also continued investing in long-term projects, while total assets and outstanding loans increased to support future expansion.

This week, the 64% grade alkaline iron ore concentrates in Shandong, on a dry basis, pre-tax, and acceptance terms, ex-mine, were quoted at 802, down 8; steel mills similarly lowered prices; most miners were operating normally; after the short-term inspection impact ended, some miners ramped up production; long-term contract shipments dominated; miners' inventory accumulation was not obvious; smaller plants and traders had moderate shipments; in Linyi, some miners remained suspended, and tight local resources supported prices; however, imported iron ore prices fell more significantly, which was expected to have some impact on local prices; overall, it was estimated that in the short term, local iron ore concentrates prices may show a consolidating trend. [SMM Steel]

[SMM Coking Coal and Coke Daily Brief] Coking Coal Market: Linfen low-sulphur coking coal is quoted at 2,020 yuan/mt. On the coking coal side, the pace of production resumptions at mines is slow, with structural shortages of some skeleton coal types. However, demand is weak, some high-priced coal types remain under pressure, and traders and washing plants are increasingly willing to sell at discounts. In the short term, the coking coal market may continue to be in the doldrums. Coke Market: The nationwide average price of quasi-first-grade metallurgical coke (dry quenching) is 1,980 yuan/mt. Supply side, after two rounds of price declines, most coke producers are operating at a loss, leading to tighter coke supply. However, downstream steel mills are controlling coke arrivals, causing coke inventories at producers to accumulate continuously. Demand side, hot metal output at steel mills is unlikely to increase significantly, and finished steel prices continue to fall, making steel mills cautious in their coke procurement. Overall, market sentiment is negative, and there is still room for a pullback in coke prices. In the short term, the coke market may remain in the doldrums. [SMM Steel]