Morning reading: Tangshan Steel Plant resumes production in batches, Trump signs US-Japan trade agreement

　　◎ From September 4, independent steel mills in Tangshan gradually resumed normal production. As of the morning of September 4, surveys showed that 29 steel profile production enterprises in Tangshan had an operating rate of 49%, an increase of 14% compared to before resumption.

　　◎ Most steel mills in Tangshan conducted blast furnace maintenance between August 31 and September 3, with production cuts ranging from 30% to 40%. Most steel mills resumed production on September 4, while a few delayed resumption.

　　◎ On September 4 local time, the White House issued a statement that U.S. President Trump signed an executive order to officially implement the U.S.-Japan trade agreement. Under this agreement, the U.S. will impose a 15% baseline tariff on almost all Japanese imports entering the U.S., with separate industry-specific treatments for automobiles, auto parts, aerospace products, and others.

　　◎ U.S. ADP employment in August increased by nearly 54,000, well below the market expectation of 65,000, with a revised figure of 104,000 for July.

　　◎ Central Bank: On September 5, a 1 trillion yuan outright reverse repurchase operation will be conducted, with a term of 3 months.

　　◎ The "2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry" has been issued, expecting the average growth rate of value added in above-scale computer, communication, and other electronic equipment manufacturing industries to be around 7%.

　　◎ As of the end of the first half of this year, the personal mortgage loan balance of the six major state-owned banks was about 25 trillion yuan, shrinking by 107.8 billion yuan compared to the beginning of the year, maintaining a downward trend for three consecutive years. Industry insiders say the early repayment wave in the first half of this year should ease compared to last year.

　　◎ On September 4, the national main port iron ore transaction volume was 905,000 tons, a week-on-week increase of 4.7%; 237 mainstream traders' construction steel transaction volume was 101,000 tons, a week-on-week increase of 22.9%.

　　◎ This week, the supply of five major steel products was 8.6065 million tons, down 2.7% week-on-week; total inventory was 15.007 million tons, up 2.2% week-on-week; weekly apparent consumption was 8.2783 million tons, down 3.5% week-on-week, with construction material consumption down 1.8% and sheet consumption down 4.4%.

　　◎ At the end of August, the average profit of rebar samples from some national sample blast furnace production enterprises was 18 yuan/ton, down 178 yuan/ton from the previous month; the average profit of hot rolled coil samples was 128 yuan/ton, down 151 yuan/ton from the previous month. Details>>

　　◎ This week, 61 national industrial wire rod production enterprises had a weekly output of 1.5195 million tons, down 1.09% week-on-week; operating rate was 78.82%, down 1.65% week-on-week; capacity utilization rate was 66.11%, down 1.41% week-on-week.

　　◎ This week, Tangshan's main warehouses and ports had a same-caliber steel billet inventory of 1.4215 million tons, an increase of 91,400 tons week-on-week.

　　◎ On September 4, the new-caliber total inventory of imported sinter powder from 114 steel mills was 27.7362 million tons, an increase of 309,400 tons compared to the previous period.

　　◎ This week, the sample verified capacity utilization rate of 523 coking coal mines was 75.8%, down 8.3% week-on-week. The daily average raw coal output was 1.701 million tons, down 186,000 tons week-on-week, and raw coal inventory was 4.748 million tons, up 22,000 tons week-on-week.

　　◎ As of September 3, 18 steel enterprises have completed acceptance and publicized their steel extreme energy efficiency project benchmark demonstration enterprises on the China Iron and Steel Association website. Details>>

　　◎ Shougang Jingtang Company recently officially signed a contract with Ximark Group to build a continuous galvanizing production line (CGL) in Caofeidian, Hebei. The unit will have an annual output of 450,000 tons of high-end galvanized automotive sheet.

　　◎ The list of enterprises proposed for the 2025 Fujian Province steel industry differential electricity price fund subsidy project has been announced. Fujian Luoyuan Mingguang Steel Co., Ltd. and Fujian Sanbao Steel Co., Ltd. are among the two enterprises meeting the application requirements.

　　◎ On September 1, the Indonesian Anti-Dumping Committee announced that, upon the application of Indonesian company PT Krakatau Posco, it has initiated an anti-dumping investigation on hot-rolled coils of iron or non-alloy steel originating from China Wuhan Iron and Steel Group Co., Ltd.

　　◎ According to CRIC Real Estate Research, due to the traditional marketing peak season in September, real estate developers' enthusiasm for launching projects steadily increased, with monthly supply in 28 cities rising 10% month-on-month. First-tier cities saw a significant rebound, with Beijing and Guangzhou experiencing a phased volume increase.