International situation:
On the 18th local time, the Federal Reserve announced a 50 basis point reduction in its benchmark interest rate target range to 4.75% -5%, marking the first rate cut since March 2020. During these four years, the Federal Reserve raised interest rates a total of 11 times, with the benchmark rate continuously increasing from 0% -0.25% to 5.25% -5.5%.

Macro policies:
On September 19th, Jin Xiandong, spokesperson for the National Development and Reform Commission, stated at a press conference that efforts will be made to increase macroeconomic regulation. Macro policies should be moderately strengthened and more precise, and countercyclical adjustments should be strengthened. Accelerate the comprehensive implementation of established policy measures, coordinate and strengthen the "hard investment" of project construction and the "soft construction" of policies, plans, mechanisms, etc., promote the rapid start of government investment projects such as "dual" and form physical work.

China's welded pipe exports briefly slow down:
The main export modes of welded pipes in China include general trade, export of materials for foreign contracted projects, processing trade of imported materials, warehousing and transit goods in bonded zones, and small-scale trade at the border. General trade mode refers to the trade form of unilateral export by enterprises with import and export operation rights within China, which accounts for more than 96% of the total export volume of welded pipes in China and is the main form of welded pipe export in China. From January to July 2023, the total export volume of welded pipes in China was 2.45 million tons. From January to July 2024, the total export volume of welded pipes in China was 3.01 million tons, an increase of 22%. In 2023, the total export volume of welded pipes in China was 6.89 million tons, and it is expected that the total export volume of welded pipes in China will reach about 8.44 million tons in 2024. With the 50 basis point interest rate cut by the Federal Reserve, the US dollar flows to emerging markets including China. In the short term, the relative appreciation of the renminbi is not conducive to the export of Chinese steel. Domestic export enterprises may slow down their export progress in the short term and turn to domestic sales, but it is also necessary to evaluate the domestic market supply and demand relationship, economic environment, etc.