U.S. Lifts Sanctions on Two Aircraft and Three Airlines Linked to Iran’s Revolutionary Guard

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1. According to the Associated Press, two regional officials told the AP on Wednesday that Iranian and Omani negotiators have reached agreement on a draft agreement, which is now awaiting final approval from Iran’s Supreme Leader.

2. According to Reuters, the U.S. Treasury released details on its website on Wednesday that the United States has lifted counterterrorism sanctions on two aircraft and three airlines associated with Iran’s Islamic Revolutionary Guard Corps.

3. Major steel mills in Tangshan plan to reduce prices by CNY 50/ton for wet-quenched coke and CNY 55/ton for dry-quenched coke, effective at midnight on August 7, 2026.

4. According to the China Iron and Steel Association, the iron ore market structure is undergoing profound adjustments, and a new market order that is fairer, more transparent, and more sustainable is gradually being established.

5. Cao Zihai, Deputy General Manager of the Guangzhou Futures Exchange, stated that the lithium battery industry is currently at a critical stage of development, and the exchange will accelerate the research and development of lithium hydroxide futures.

1. According to Axios, citing two regional sources and a U.S. official, the United States, Iran, and Oman are nearing a temporary agreement to reopen the Strait of Hormuz, with the U.S. planning to announce it on Wednesday.

2. The Houthi militia in Yemen stated that they launched a ballistic missile at the Saudi oil tanker named “Wafa” in the Red Sea north of Yanbu, claiming the missile directly hit its target. This is the eighth Saudi oil tanker the Houthis have claimed to have attacked since the blockade began on July 22.

3. On Wednesday, in an interview with CNBC, Neel Kashkari, president of the Minneapolis Fed and a 2026 FOMC voter, said the Fed should now “begin gradually raising” interest rates to reduce inflation and avoid the need for larger rate hikes in the future.

4. According to the Associated Press, two regional officials told the AP on Wednesday that Iranian and Omani negotiators have reached agreement on a draft agreement, which is now awaiting final approval from Iran’s Supreme Leader.

5. According to Reuters, the U.S. Treasury on Wednesday posted detailed information on its website stating that the United States has lifted counterterrorism sanctions on two aircraft and three airlines associated with Iran’s Islamic Revolutionary Guard Corps.

6. According to Reuters on Wednesday, citing a senior Iranian source and two regional officials, the proposed Iran-Oman agreement would grant Iran control over vessels passing through the Strait of Hormuz into the Gulf, marking one of Iran’s largest concessions to date. Senior Iranian officials revealed that Iran seeks to charge fees equivalent to 5% to 7% of the value of cargo for vessels using the strait, while Oman is discussing a lower rate of approximately 3%, and Washington hopes for no fees at all.

1. International precious metals futures generally closed higher, with spot gold breaking through $4,200 per ounce. COMEX gold futures rose 3.74% to $4,308.00 per ounce, and COMEX silver futures rose 3.34% to $62.26 per ounce.

2. The main contract for U.S. crude oil closed down 0.91% at $75.08 per barrel; the main contract for Brent crude oil rose 0.08% to $79.42 per barrel.

3. Most base metals in London rose, with LME zinc up 1.96% at $3,745.5 per ton, LME tin up 1.81% at $57,000.0 per ton, LME aluminum up 0.71% at $3,246.0 per ton, LME copper up 0.58% at $14,148.5 per ton, LME nickel down 0.31% at $17,140.0 per ton, and LME lead down 0.32% at $1,890.0 per ton.

As of the week ending August 5, according to data from Zhonggang Network, the national construction materials output was 4.4817 million tons, a decrease of 0.0306 million tons from the previous week; total inventory stood at 11.8331 million tons, an increase of 0.02278 million tons from the previous week; national hot-rolled coil output was 4.1099 million tons, an increase of 0.008 million tons from the previous week; total inventory was 5.1637 million tons, a decrease of 0.0206 million tons from the previous week.

2. According to Mysteel, a major ferrosilicon producer in Gansu has partially shut down its furnaces due to persistently high electricity costs, resulting in severe cost inversion in production. This shutdown involves 2 furnaces of 33,000 kVA and 3 furnaces of 25,000 kVA, reducing daily ferrosilicon supply by 400 tons for 72 and 75 grade products. There is currently no clear timeline for resumption of operations.

3. Major steel mills in Tangshan plan to reduce prices by RMB 50/ton for wet-quenched coke and RMB 55/ton for dry-quenched coke, effective at midnight on August 7, 2026. Some steel mills in the Xingtai region will also reduce prices by RMB 50/ton for wet-quenched coke and RMB 55/ton for dry-quenched coke, effective at midnight on August 7, 2026.

4. According to the China Iron and Steel Association, the iron ore industry chain has long exhibited structural imbalances, with upstream international mining companies thriving while downstream domestic steel producers struggle to survive. This uneven and unreasonable distribution of value along the supply chain has hindered the healthy and sustainable development of the entire industry. In recent years, calls for restructuring rules and restoring fair value have grown louder, and the iron ore market is undergoing profound changes as a more equitable, transparent, and sustainable market order gradually takes shape.

5. According to Mysteel’s research, six silicon enterprises in Sichuan have implemented shutdown plans, with a total of eight furnaces already halted.

6. According to the Dalian Commodity Exchange: Coke options will commence trading on Wednesday, September 2, 2026. The call auction will run from 8:55 to 9:00, with trading opening at 9:00. On the evening of Wednesday, September 2, coke options will also participate in night session trading. The position limit for coke options is 5,000 contracts. Coke options and coke futures are subject to separate position limits.

7. According to Mysteel, market research shows that coke producers in Shanxi and Hebei have indeed implemented production cuts, mostly ranging from 10% to 30%. Some of these cuts are long-term, while others are due to inventory buildup and pressured profits, with varying start times.

1. According to SMM, China's sulfuric acid guidance price for August has been released, with the smelting acid guidance price set at RMB 1,555 per ton. Historical guidance prices were: RMB 1,406 in May, RMB 1,456 in June, and RMB 1,574 in July.

2. According to data released by the Petroleum Association of Japan (PAJ), as of the week ending August 1, Japan’s commercial crude oil inventories stood at 10.8261 million kiloliters, a decrease of 58,481 kiloliters from the previous week’s 10.8845 million kiloliters. The utilization rate of refinery operating capacity (BPSD) was 88.6%, compared to 88.7% in the prior week. The utilization rate of refinery design capacity (BPCD) was 80.2%, up from 78.0% in the previous week.

3. According to Longzhong Information, as of August 5, 2026, the total port inventory of methanol in China amounted to 692,600 metric tons, an increase of 1,800 metric tons from the previous period. Among this, inventory in the East China region increased by 6,400 metric tons, while inventory in the South China region decreased by 4,600 metric tons.

4. Latest data from the Fujairah Oil Industrial Zone in the UAE shows that as of the week ending August 3, total refined product inventories at the Fujairah port amounted to 7.002 million barrels, an increase of 491,000 barrels from the previous week, up 7.5% week-over-week.

5. According to the Zhengzhou Commodity Exchange: To continuously enhance the quality and efficiency of futures market services to the real economy and promote the functional role of contracts, the Zhengzhou Commodity Exchange proposes to revise the following: “Rules for Alkali Futures Business” and “Rules for Propylene Futures Business” — aligning with spot trading circulation patterns and improving delivery efficiency by reducing the time limit for handling withdrawal procedures after factory warehouse delivery receipt cancellation from 10 working days to 5 working days.

6. Sources say India is considering imposing taxes on natural gas consumers to fund a $42 billion strategic fuel reserve expansion plan. The proposed fees on liquefied petroleum gas and liquefied natural gas could raise $1.5 billion annually for reserve construction.

7. EIA Report: For the week ending July 31, U.S. crude oil exports increased by 218,000 barrels per day to 3.685 million barrels per day, and commercial crude oil inventories excluding strategic reserves rose by 2.479 million barrels to 407 million barrels, an increase of 0.61%.

1. The China Passenger Car Association released data showing that from July 1-31, retail sales of passenger vehicles nationwide totaled 1.506 million units, a 18% year-over-year decline and a 6% month-over-month decrease. Year-to-date retail sales reached 10.207 million units, down 20% compared to the same period last year.

2. Cao Zihai, Deputy General Manager of the Guangzhou Futures Exchange, stated that the lithium battery industry is currently at a critical stage of development. The exchange will accelerate the research and development of lithium hydroxide futures, explore diversified models of opening up, earnestly fulfill its frontline regulatory responsibilities, implement the “four-early” risk management principle, and further advance the “Supporting Green Innovation” industry service initiatives. Through multiple measures, it aims to help lithium battery companies operate stably and provide stronger financial support for high-quality industrial development.

3. According to the Silicon Industry Association, China’s polysilicon production in July reached 105,100 metric tons, while wafer production for the same period amounted to 55.26 GW. The month saw an inventory increase of 9,600 metric tons (including imports and exports). As of the end of July, the total polysilicon industry inventory stood at approximately 522,000 metric tons.

1. The lithium carbonate market is experiencing intense competition, with strong fundamentals but weak expectations; supply recovery of lithium ore and expectations of weaker long-term demand are exerting downward pressure.

Foshan Financial Holdings Futures stated that the market is experiencing intense competition between strong fundamentals and weak expectations, with lithium supply recovery and declining long-term demand expectations exerting downward pressure; medium-term concerns persist. However, ongoing inventory reduction in the industry, production cuts and maintenance at some lithium salt manufacturers, and sustained high production levels in new energy sectors provide support. The increase in August production and the "rush installation" effect may offer temporary support, as overall industry inventories continue to decline. Attention should be paid to inventory building during August’s peak consumption season, as well as the resumption of lithium mine operations and the arrival of lithium ore from Zimbabwe and Australia. Overall, the supply-demand balance remains largely unchanged; capital is primarily trading on expectations of future oversupply, with insufficient confidence in long-term demand, leading to continued intense market speculation. Prices are expected to remain highly volatile.

2. The dual-coking oversold recovery trend continues, and the spot price of coke begins its third round of reductions.

Sanli Futures noted that after a significant pullback in the earlier phase, technical oversold rebound logic has begun to exert influence, though the strength of the rebound remains to be monitored. In parts of Hebei’s Xingtai, Tangshan, Shijiazhuang, and Tianjin regions, some steel mills have reduced prices for wet-quenched coke by RMB 50 per ton and dry-quenched coke by RMB 55 per ton, effective at midnight on August 7, 2026. This marks the beginning of the third round of coke price cuts, with negative feedback dynamics along the supply chain continuing to unfold. Overall, steel mill production cuts persist, pig iron output has declined, and the weak fundamental outlook for both coke and coking coal due to reduced production at coke plants remains unchanged. However, coal mine output provides a floor support for futures prices, leading to a short-term oversold rebound.

1. August 6, 20:30, USDA Agricultural Export Sales Report for the week ending July 30 in the United States;

2. At 20:30 on August 6, the U.S. initial jobless claims for the week ending August 1.