December 26th Macroeconomic Index: China's Steel Production and Inventory Trends, Banks Reduce Deposit Rates

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Domestic News

1. According to the CISA, in mid-December 2023, key statistics show that iron and steel enterprises will produce a total of 19.2892 million tons of crude steel, 18.1456 million tons of pig iron, and 19.6134 million tons of steel

2. A number of joint-stock banks followed up to reduce deposit interest rates by 25 basis points in 3-year regular adjustments

3. China plans to revise the Frontier Health and Quarantine Law

4. CISA: The inventory of deformed bar in mid-December was 2.93 million tons, an increase of 1.0% from the previous month

International News

1. The Houthis once again warned the United States not to meddle in Red Sea affairs

2. Minister of Agriculture of Russia: The net weight of the national harvest in 2023 will not be less than 142 million tons

3. Britain sent warships, and the Council foreign minister responded angrily

4. Gazprom: Continue to transport natural gas to Europe through Ukraine, with a volume of 40.5 million cubic meters on Monday

Domestic News

1. According to the CISA, in mid-December 2023, key statistics show that iron and steel enterprises will produce a total of 19.2892 million tons of crude steel, 18.1456 million tons of pig iron, and 19.6134 million tons of steel

According to the China Iron and Steel Association, in mid-December 2023, key statistics show that iron and steel enterprises produced a total of 19.2892 million tons of crude steel, 18.1456 million tons of pig iron, and 19.6134 million tons of steel. Among them, the daily output of crude steel was 1.9289 million tons, down 0.14% from the previous month. According to this, the country's daily crude steel output was expected to achieve 2.493 million tons, down 0.08% from the previous month.

2. A number of joint-stock banks followed up to reduce deposit interest rates by 25 basis points in 3-year regular adjustments

Following the six major state-owned banks and China Merchants Bank last week, a number of joint-stock banks such as China CITIC Bank, Ping An Bank, China Everbright Bank, China Zheshang Bank, China Guangfa Bank, and China Minsheng Bank have adjusted their listed interest rates, among which the one-year time deposit rate has been reduced by 10 basis points, the two-year time deposit rate has been reduced by 20 basis points, the three-year time deposit rate has been generally reduced by 25 basis points (China Everbright Bank has been reduced by 30 basis points), and the five-year time deposit rate has been reduced by 25 basis points.

3. China plans to revise the Frontier Health and Quarantine Law

In order to further improve the relevant systems and mechanisms of frontier health and quarantine, and better protect people's health and national public safety, the revised draft of the frontier health and quarantine law was submitted to the Standing Committee of the National People's Congress for deliberation for the first time on the 25th. The revised draft of the Frontier Health and Quarantine Law, which was submitted to the Standing Committee for deliberation, consists of 8 chapters and 57 articles, which mainly stipulate five aspects: First, adhere to the party's leadership over the border health and quarantine work; second, further improve the normalization system of border health and quarantine, consolidate the responsibilities of all parties, and strengthen coordination and connection; third, improve the emergency response measures at ports for major infectious disease outbreaks, and the emergency response measures that need to be taken at ports in the event of an outbreak or spread of infectious diseases outside or within China are clearly stipulated; fourth, the border health and quarantine safeguard measures have been strengthened; fifth, the provisions on legal responsibility have been improved, the illegal circumstances that should be punished have been refined, and the means of punishment have been enriched and the punishment has been intensified.

4. CISA: The inventory of deformed bar in mid-December was 2.93 million tons, an increase of 1.0% from the previous month

In mid-December, the social inventory of five major varieties of steel in 21 cities was 7.19 million tons, a decrease of 180,000 tons or 2.4% month-on-month, and the inventory continued to decline slightly; a decrease of 330,000 tons or 4.4% from the beginning of the year; and a decrease of 170,000 tons or 2.3% over the same period last year. In mid-December, the inventory of deformed bar was 2.93 million tons, an increase of 30,000 tons or 1.0% from the previous month, and the inventory turned from a decline to an increase, a decrease of 150,000 tons or 4.9% from the beginning of the year, and a decrease of 70,000 tons or 2.3% over the same period last year.

International News

1. The Houthis once again warned the United States not to meddle in Red Sea affairs

On the 24th local time, Yemen's Houthis once again issued a warning to the United States, urging its military forces to leave the Red Sea and not to meddle in the region affairs. On the same day, Houthi military spokesman Yahya denounced that the United States and its allies were "militarizing" the Red Sea and "posing a threat to international maritime navigation."

2. Minister of Agriculture of Russia: The net weight of the national harvest in 2023 will not be less than 142 million tons

Russia's total grain production in 2023 will initially not be less than 142 million tons, and exports in the 2023-2024 agricultural year (July 1, 2023 to June 30, 2024) will not be less than 65 million tons, said Russian Agriculture Minister Dmitry Patrushev.

3. Britain sent warships, and the Council foreign minister responded angrily

Britain will deploy a naval warship near Guyana to show support for the former British colony, the Financial Times website reported on December 25. Currently, Guyana is facing a territorial dispute with neighboring Venezuela. The report also said that Venezuelan President Nicolas Maduro previously said that the mineral-rich Essequibo region belongs to Venezuela, which has belonged to Guyana for more than a century. In response to the actions of the British government, Venezuelan Foreign Minister Iván Hill angrily responded on the social platform X: "This empire, which was previously invaded and enslaved other countries, illegally occupied (Essequibo) territory in the past and acted in a skillful and cunning way without regard for Venezuela's interests, insisting on interfering in territorial disputes making by themselves."

4. Gazprom: Continue to transport natural gas to Europe through Ukraine, with a volume of 40.5 million cubic meters on Monday

Gazprom: Continue to transport gas to Europe through Ukraine, with 40.5 million cubic meters gas transported on Monday.

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