The preliminary reading of the S&P Global Services PMI for January in the United States was 52.5, below the expected 52.8 and the previous reading of 52.5.

S&P: Following the completion of the restructuring of GDP-backed bonds, Ukraine's foreign currency rating has been upgraded from "SD" to "CCC+"; the outlook is stable.

1. According to the China Iron and Steel Association (CISA), in mid-January, the social inventory of five major steel products in 21 cities was 7.09 million tons, a decrease of 20,000 tons (0.3%) compared to the previous week, a slight decline; a decrease of 120,000 tons (1.7%) compared to the beginning of the year; and an increase of 350,000 tons (5.2%) compared to the same period last year. 2. According to Mysteel, as of the week ending January 22, both rebar production and mill inventory reversed their declines and increased, while social inventory increased for the third consecutive week, and apparent demand reversed its increase. Specifically, rebar production was 1.9955 million tons, an increase of 92,500 tons (4.86%) compared to the previous week; apparent demand was 1.8552 million tons, a decrease of 48,200 tons (2.53%) compared to the previous week. 3. Dongbo Coal Mine of Yijinhuoluo Banner Dongbo Coal Mine Co., Ltd. has passed the inspection and acceptance for resumption of work and production and meets the conditions for resuming production. In accordance with Article 49 of the "Regulations on Coal Mine Safety Production" (State Council Decree No. 774), this is hereby announced. 4. The U.S. Department of Agriculture (USDA) released data showing that private exporters reported sales of 192,350 tons of soybeans to unknown destinations for delivery in the 2025/2026 marketing year. The U.S. soybean marketing year begins on September 1st. 5. The Brazilian Soybean Crusher Association (ABIOVE) stated that Brazil's soybean production is projected to reach 177.124 million tons in 2025/26, compared to 171.481 million tons in the previous year. Brazilian soybean exports are projected to reach 111.5 million tons in 2026, compared to 108.2 million tons in 2025. 6. According to Longzhong Information, as of January 22, 2026, the total inventory of float glass sample enterprises nationwide was 53.216 million weight boxes, an increase of 203,000 weight boxes month-on-month (0.38%) and a year-on-year increase of 22.74%. The inventory days were 23.1 days, an increase of 0.1 days from the previous period. The theoretical profit (two tons) for soda ash produced via the combined alkali process in China is -40 yuan/ton, an increase of 9.09% month-on-month. 7. According to foreign media reports, the Dubai Petroleum Authority announced that it will set the official discount (OSP) for Dubai crude oil futures contracts for April shipment relative to Oman crude oil futures contracts at 30 cents per barrel. This discount will be linked to the average daily settlement price of the near-month April Oman crude oil contract at the end of February, thereby determining the OSP for Dubai crude oil for April shipment. 8. Goldman Sachs raised its year-end gold price forecast to $5,400 per ounce, citing continued strong demand from private investors and central banks.