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The latest information on bulk raw materials
macro
1. [Profits of industrial enterprises] According to data released by the National Bureau of Statistics, in the first quarter, the total profits of industrial enterprises above designated size reached 1,505.53 billion yuan, a year-on-year increase of 4.3%, which is the third consecutive quarter of growth in the profits of industrial enterprises above designated size.
2. [Benchmark Interest Rate] The Bank of Japan announced the latest interest rate decision and decided to maintain the benchmark interest rate at 0-0.1%, in line with market expectations.
3. [Tariffs] An Indian official said that India will sign a trade deal with Oman after the general election in June. Oman will eliminate tariffs on agricultural products, leather, textiles, gems and jewellery from India under the agreement. India, for its part, will reduce limited import duties on some petrochemicals, aluminium and copper from Oman.
4. [China's foreign exchange] According to statistics from the State Administration of Foreign Exchange, in March 2024, China's foreign exchange market totaled 24.64 trillion yuan (equivalent to 3.47 trillion U.S. dollars).
5. [Automobile] The Ministry of Commerce, the Ministry of Finance and other 7 departments jointly issued the "Implementation Rules for Automobile Trade-in Subsidy". The detailed rules propose that the subsidy funds for car trade-in shall be shared by the central and local governments in a ratio of 6:4, and the specific sharing ratio shall be determined by region.
energy
1. [Crude Oil] On April 26, international crude oil futures closed higher. The main U.S. WTI crude oil futures contract settled at $83.85 a barrel, up $0.28 or 0.3%. The main Brent crude oil futures contract settled at $88.21 a barrel, up $0.44 or 0.5%.
2. [Crude Oil] According to foreign news on April 26, energy service company Baker Hughes Co. In its closely watched report, the number of active oil rigs at U.S. energy companies fell by five, the highest weekly decline since November 2023.
3. [Crude Oil] According to the Russian Ministry of Economy, Russia's oil production is expected to reach 523 million tons in 2024, and the export volume is expected to be 240 million tons. Russia's economy ministry also forecasts natural gas production at 666.7 billion cubic meters and pipeline exports at 108 billion cubic meters.
4. [Crude Oil] CEO of Gazprom: The flooding in the Ulenburg area has no impact on the company's operations. The global oil market is balanced, and oil prices are expected to be $80 to $100 per barrel this year. There is no need to lift restrictions on Russian gasoline exports, and the supply of fuel in the Russian domestic market is sufficient.
5. [Crude Oil] According to foreign power news on April 26, government data released on Friday showed that India's crude oil imports in March fell 1.1% from the same period last year to 20.69 million tons.
6. [Crude Oil] Petroleos Mexicanos' (PEMEX) crude oil exports in March were 687,000 barrels per day, down 26.9% from the previous month. Gasoline imports in March were 307,000 b/d, down 24.3% from the previous month. Gasoline production in March was 350,400 b/d, up 12.9% from the previous month.
7. [Crude Oil] According to foreign news on April 26, two market participants said on Friday that Mexican National Oil Company (Pemex) is canceling plans to cut crude oil exports by at least 330,000 barrels per day in May, as the company's domestic refinery oil demand is lower than expected.
8. [Refined Oil] The latest data released by the Fujairah Petroleum Industrial Zone (FOIZ) in the United Arab Emirates showed that as of April 22, the total inventory of refined oil products at Fujairah Port was 21.64 million barrels, down 393,000 barrels from the previous week.
9. [Natural Gas] On April 24, with the successful ignition of the processing boiler of Hainan Zhite Membrane Frame Technology Co., Ltd., the compressed natural gas (CNG) pressure reducing station of Lingao Jinpai Port Development Zone was successfully put into operation, which will provide a strong guarantee for the natural gas supply of Lingao Jinpai Port Development Zone.
10. [Natural Gas] Haikou Customs introduced on the 25th that with the recent refueling of 1,650 tons of bonded liquefied natural gas (LNG) from the "Offshore Oil 301" ship to the "Gaoershan" ship docked in the Huangpu Customs District through the "ship-to-ship" method, it marks the landing of the first bonded LNG cross-customs direct supply business this year, and the total bonded LNG refueling in the cross-customs area of Hainan Free Trade Port has exceeded 8,000 tons.
11. [Methanol] On April 18, Goldwind started construction of the 500,000-ton green methanol project of Xing'an League's wind power coupling system.
12. [Liquefied gas] On April 26, the latest price of liquefied gas of Shandong Jincheng Petrochemical was lowered, down 30 yuan/ton to 5150 yuan/ton, with a daily output of about 200 tons and low inventory.
chemical industry
1. [Battery] The commissioning ceremony of Albemarle Sichuan with an annual output of 50,000 tons of lithium hydroxide lithium battery materials project was held on the 26th, and with the official commissioning of the project and the increase of production capacity, it is expected to achieve an annual output value of 5 billion yuan.
2. [Battery] On April 24, Fuyao Energy Technology's 6GW TOPCon photovoltaic cell industrial park project was signed and landed in Shihezi Economic and Technological Development Zone, Xinjiang. The project plans to invest 2.1 billion yuan, with a land area of 300 acres, and is expected to be completed in the fourth quarter of 2025. After the completion of the project, 6GW of TOPCon cell production capacity will be formed.
3. [Polysilicon] Recently, Inner Mongolia Xinhua Semiconductor Technology Co., Ltd. 10,000 tons of annual high-purity electronic grade polysilicon industrial cluster project was successfully completed, the project is located in Inner Mongolia Hohhot City, Saihan District, Jinhe Town Central Industrial Park, the project covers an area of 216,450 square meters, a total construction area of 153,000 square meters, a total investment of about 2.8 billion yuan.
4. [Electrolyte additives] On April 26, China Soft Technology decided to terminate the project of lithium battery electrolyte additives with an annual output of 12,000 tons and the project of lithium battery electrolyte additives with an annual output of 6,000 tons of fluoroethylene carbonate (FEC).
5. [Graphite electrode] The Ministry of Finance of Japan issued an announcement that it decided to initiate an anti-dumping investigation on graphite electrodes originating in Chinese mainland in response to an application submitted by Japanese domestic manufacturers SEC Carbon Co., Ltd., Tokai Carbon Co., Ltd. and Nippon Carbon Co., Ltd. on February 26, 2024.
6. [Fluorobenzene] Recently, Baiyun Obo issued an announcement on the construction of high-performance fine fluorine chemical and new materials project of Kelebo (Inner Mongolia) Technology Co., Ltd., with a total investment of 1.2 billion yuan, and the main products are 3000 tons/year of fluorobenzene, 1857.5 tons/year of p-toluene, 1000 tons/year of p-fluorobenzoyl chloride, 1000 tons/year of o-fluorobenzoyl chloride, 1000 tons/year of trifluorobenzidine, 10000 tons/year of lithium bisfluorosulfonylimide and 2000 tons/ Polyimide monomer.
7. [Hydrogen fluoride] Recently, the EIA of the construction project of the green high-end fine fluorine chemical new material base of Urumqi fluoride Duoduo new material was approved. With a total investment of 6.02 billion yuan, the project will be constructed in two phases, of which the first phase will be 100,000 tons/year anhydrous hydrogen fluoride, 70,000 tons/year electronic grade hydrofluoric acid and 180,000 tons/year anhydrous aluminum fluoride production units, and the second phase will be 55,440 tons/year R142b, 30,000 tons/year PVDF and 30,000 tons/year lithium hexafluorophosphate production units.
8. [TDI] Recently, Wanhua Chemical announced the expansion and transformation of the production process of the existing TDI phase I device area, and the production capacity was expanded from 250,000 tons/year to 360,000 tons/year, if the two expansion projects are completed, Wanhua Chemical's TDI production capacity will increase by another 470,000 tons, and its total TDI production capacity will reach 1.42 million tons/year.
9. [DMF] Recently, Tianfu Chemical DMF products were officially put on sale, with a total investment of 464 million yuan, the construction of Tianfu Chemical DMF project started on December 15, 2022, the machinery was completed on November 30, 2023, the qualified products were successfully produced on March 28, 2024, and the indicators of DMF products reached the requirements of excellent products on April 15.
10. [Propane] Saudi Aramco's CP in May 2024 was introduced, propane was US$580/ton, down US$35/ton from the previous month, and butane was US$585/ton, down US$35/ton from the previous month. Equivalent landed US dollar cost: propane $615/ton, butane $625/ton.
11. [Propylene] On April 26, the latest price of propylene of Shandong Jincheng Petrochemical was lowered, falling by 90 yuan/ton to 6880 yuan/ton, and the starting load of the device was not high.
12. [Toluene] On April 26, the ex-factory price of toluene of Sinopec North China Branch was reduced by 100 yuan/ton, the ex-factory price of toluene of Qilu Petrochemical was reported at 7,500 yuan/ton, and the ex-factory price of ethylene toluene in Shijiazhuang Refinery and Tianjin was reported at 7,500 yuan/ton.
13. [Diethylene glycol] On April 25, the total shipment volume of the two reservoir areas of Zhangjiagang was 1,679 tons, an increase of 208 tons from the previous day's delivery. Up to now, the inventory of the two warehouses is 37,000 tons.
14. [Formic acid] Customs data shows that the export volume of formic acid from the mainland in March 2024 will be 26070611 kg, an increase of 63.56% month-on-month.
15. [Stearic acid] Customs data show that the export volume of stearic acid in the mainland in March 2024 was 2804.407 tons, an increase of 1574.283 tons from the previous month, an increase of 56.13% month-on-month, and a year-on-year increase of 31.06%.
16. [Monoammonium phosphate] Customs data show that from January to March 2024, the cumulative export of monoammonium phosphate from the mainland was 100,000 tons, a decrease of 434,000 tons or 81.3% from the same period last year, and the average export price was 596.1 US dollars/ton, a decrease of 104.5 US dollars/ton, or 14.9%, from the same period last year.
17. [Diammonium phosphate] Customs data show that from January to March 2024, the cumulative export of diammonium phosphate from the mainland was 142,000 tons, a decrease of 491,000 tons, or 77.6%, from the same period last year, and the average export price was 587.3 US dollars/ton, a decrease of 89.9 US dollars/ton, or 13.3%, from the same period last year.
18. [Melamine] Customs data shows that in the first quarter of 2024, the import volume of melamine in the mainland was 56,140 kilograms, a year-on-year decrease of 5.9%.
19. [Perchloroethylene] Customs data shows that China's import volume of perchloroethylene (perchloroethylene) in March 2024 was 79.203 tons, a year-on-year increase of about 501%, and from January to March 2024, China's import volume of perchloroethylene was 10,681.422 tons, a year-on-year increase of about 48%. In March 2024, China's perchloroethylene export volume was 1651.77 tons, a year-on-year decrease of about 6.35%, and the total perchloroethylene export volume from January to March was 4165.77 tons, a year-on-year decrease of about 7.28%.
20. [Epichlorohydrin] Customs data shows that the export volume of epichlorohydrin from the mainland in March 2024 will be 3782125 kg, a decrease of 51.20% from the previous month.
21. [1,2-Dichloroethane] Customs data shows that China's export volume of 1,2-dichloroethane (ISO) in March 2024 was 252 tons, a year-on-year decrease of about 99% and a month-on-month increase of about 620%. From January to March, China's exports of 1,2-dichloroethane (ISO) totaled 5,816.349 tons, a year-on-year decrease of 94.7%. 1 kg was imported in March.
Rubber and plastic
1. [Tires] The Ministry of Commerce and Industry of India issued an announcement to make the first final ruling on the final review of the first countervailing sunset review of truck and bus tires originating in or imported from China, and recommended that the countervailing duty on the products involved in the case in China continue to be levied for a period of 5 years, with a tax rate of 17.57% CIF.
2. [Film] Recently, Changyang Technology announced that the company will invest in the construction of a polyimide film project through its wholly-owned subsidiary, Zhejiang Changyang. The total investment of the project is 302 million yuan, the design capacity is 1 million square meters/year, and the construction period is about 24 months. After completion, the products will be mainly used in screen covers and other fields.
3. [Butadiene rubber] Heze Kexin Chemical Co., Ltd.'s 80,000 tons/year nickel-based high-shun butadiene rubber plant is planned to be shut down for maintenance in the near future, and it was previously in low-load operation.
4. [Nitrile rubber] Lanzhou Petrochemical Nitrile Butadiene Rubber 15,000 tons/year and 35,000 tons/year units are scheduled to be shut down on May 7, 2024, and the 50,000 tons/year plant is planned to be shut down in June.
5. [Polyethylene] Customs data shows that the import volume of polyethylene in March 2024 was 1.2091 million tons, an increase of 16.23% month-on-month and 9.2% year-on-year. From January to March 2024, the cumulative import volume of polyethylene was 3.4201 million tons, up 5.06% year-on-year. In March 2024, the export volume of polyethylene was 101,600 tons, an increase of 70.90% month-on-month and a year-on-year decrease of 6.86%. From January to March 2024, the export volume of polyethylene was 219,800 tons, a year-on-year decrease of 0.79%.
6. [Nitrile rubber] Customs data shows that in March 2024, the total import volume of nitrile butadiene rubber (except latex) in mainland China was 6694.308 tons, an increase of 23.94% month-on-month. In March 2024, the total export volume of nitrile butadiene rubber in mainland China was 1983.551 tons, a decrease of 40.34% month-on-month.
7. [Butyl rubber] Customs data shows that the import volume of butyl rubber in mainland China in March 2024 is 20,055.367 tons, an increase of 8,333.678 tons over the previous month, an increase of 41.55% month-on-month and a year-on-year increase of 45.54%. In March 2024, the export volume of butyl rubber in mainland China was 8575.024 tons, an increase of 1926.137 tons from the previous month, an increase of 22.46% month-on-month and a year-on-year increase of 14.93%.
textile
1. [Pure polyester yarn] Recently, domestic pure polyester yarn shipments have slowed down, and enterprise inventories have risen slightly, as of April 26, the average inventory of pure polyester yarn was 11.36 days, an increase of 0.59 days, the average operating rate decreased slightly to 87.12%, a decrease of 0.38 percentage points, and the stock of pure polyester yarn raw materials was 11.80 days, a decrease of 0.05 days.
2. [Polyester staple fiber] It is reported that the 145,000-ton polyester staple fiber production capacity of Sichuan Huiweishi was overhauled on March 25 and has resumed partial load production.
3. [PTA] Jiatong Energy's total PTA production capacity is 5 million tons/year, of which 2.5 million tons were temporarily reduced to 5% on April 12 and resumed on April 13, and another set of 2.5 million tons was stopped for about 12 days on April 10 and is currently operating normally.
4. [PTA] Hengli Petrochemical announced that the PTA advance payment price in May was 6,100 yuan/ton.
5. [Lint] The U.S. Department of Agriculture report shows that from April 12 to 18, 2024, the U.S. 2023/24 upland cotton net export contract volume was 40,200 tons, an increase of 21% from the previous week and an increase of 73% from the average of the previous four weeks. In 2024/25, the contracted volume of upland cotton net exports is 14,900 tonnes. U.S. upland cotton export shipments in 2023/24 were 59,400 mt, down 2% from the previous week.
6. [Lint] According to foreign media reports, the central and southern regions are the top two cotton producing areas in India, and the cotton planting area in the next season may remain stable due to the expected normal monsoon rains. In the northern region, cotton acreage may decrease by 20 to 30 percent due to increased insect infestations.