Greater China Materials | Asia Pacific Demand Tracker – July 31

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M

Update

July 31, 2026 06:33 PM GMT

Morgan Stanley Asia Limited+

Greater China Materials | Asia Pacific

Rachel L Zhang

Equity Analyst

Demand Tracker – July 31

Chris Jiang

Equity Analyst

Industrial goods production/sales: Per CISA, the average daily output of crude

steel by key steel enterprises in mid-July was 2.015mnt, down 0.4% vs. early July and

down 5.9% YoY. According to China IOL, China's planned August AC production fell

16.7% YoY.

Hannah Yang, CFA

Equity Analyst

Cynthia Tang

Research Associate

SMM reported that multiple lithium carbonate plants have scheduled maintenance

in August and September, bringing the total impact to c9-9.5kt in August and c2.5kt

in September. Yichun Bidding Network released CATL's Jianxiawo lithium mine starts

EIA public consultation process on July 27, marking a critical step in the approval

process for the mine's resumption of production.

Building materials activity: Cement prices in east China were mostly stable, with no

significant demand recovery as sustained high temperatures continued to shorten

construction hours. Cement prices in south China trended down, pressured by

increased low-price cement supplies from Guangxi and weak downstream

Greater China Materials

Asia Pacific

Industry View

Exhibit 2 : LGSB issuance: YTD 2026 vs.

same period in 2025 (by province)

construction activity amid persistent rainy weather.

400

Exhibit 1:

Unit: Rmb bn

350

Summary of key demand data

WoW

Attractive

300

YoY

Monthly YoY YTD YoY

250

Tibet

Qinghai

Inner…

Tianjin

Ningxia

Shaanxi

Jilin

Jiangxi

Guizhou

Gansu

Hainan

Yunnan

Heilongjiang

2025

Chongqing

Shanxi

7.6%

6.6%

Liaoning

18%

2%

Xinjiang

1,514

9.8

2026

Guangxi

Weekly Property Sales

Primary sales space (th m2)

Secondary unit sales (k)

Planned production of battery materials

Jul-26

Battery (GWh)

268.7

7%

Cathode (kt)

0.0

-100%

Lithium (LCE kt)

143.7

1%

Henan

34%

Beijing

-1%

Hunan

69.6

Shanghai

Glass inventory (mn wt cases)

New contracts of major construction SOEs (Rmb tn)

Jun-26

0.8

-12%

YTD

3.1

-12%

Hebei

-1%

-7%

0

Fujian

1%

-3%

50

-82%

-90%

Anhui

Weekly steel apparent consumption (mnt)

Long products

2.8

Flat products

5.4

100

…