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Macroeconomics
1. [Energy Land Tax] The Ministry of Finance and the State Taxation Administration have adjusted the urban land consumption tax policy to companies in certain energy and resource sectors. to land currently eligible to tax reductions or exemptions under documents such as the *Provisions of the State Tax Bureau on the Levy and Exemption of Land consumption Tax in the Electric Power sector* (Guo Shui Di Zi [1989] No. 013), the urban land consumption tax will be levied at half the payable amount from September 1, 2026, to August 31, 2027. Starting September 1, 2027, the tax will be levied in full, and documents such as Guo Shui Di Zi [1989] No. 013 will be simultaneously repealed.
2. [US Consumer Confidence Index] Data released by The Conference Board on the 28th (regional time) shows that the US Consumer Confidence Index stood at 90.8 in July, down 1.4 points from June and below general market expectations.
Plastics and Rubber
1. [SBR] On July 28, PetroChina Northeast Sales Company quoted Jihua 1502 at 13,300 RMB/tonne (ex-warehouse, Northeast) and Fushun 1502 at 13,300 RMB/tonne (ex-warehouse, Northeast), marking a reduction of 300 RMB/tonne.
2. [BR] On July 28, the market to butadiene rubber (BR) in the Shandong region trended downward due to weak conditions, with spot traders lowering their offers. Currently, mainstream quotes to Daqing, Dushanzi, and Qilu BR range from 13,300 to 13,600 RMB/tonne.
3. [Tires] As of July 24, finished product inventory levels at domestic tire manufacturers stood at 40.3 days to all-steel tires and 45.6 days to semi-steel tires.
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