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The latest information on bulk raw materials
macro
1. [M2] According to central bank data, at the end of April, the balance of broad money (M2) was 301.19 trillion yuan, a year-on-year increase of 7.2%. The balance of narrow money (M1) was 66.01 trillion yuan, down 1.4% year-on-year. The balance of money in circulation (M0) was 11.73 trillion yuan, a year-on-year increase of 10.8%.
2. [Increase in social financing] According to the statistics of the central bank, in April, the scale of social financing decreased by 198.7 billion yuan, and RMB loans increased by 730 billion yuan. In the first four months of this year, the cumulative increase in the scale of social financing in China was 12.73 trillion yuan, 3.04 trillion yuan less than the same period last year. In the first four months, Chinese RMB loans increased by 10.19 trillion yuan.
3. [Automobile] China Association of Automobile Manufacturers: In April 2024, Continental's automobile production and sales reached 2.406 million units and 2.359 million units, respectively, a decrease of 10.5% m/m and a 12.5% m/m decrease and a y/y increase of 12.8% and 9.3%, respectively. From January to April, vehicle production and sales reached 9.012 million units and 9.079 million units, up 7.9% and 10.2% y/y, respectively, with production growth increasing by 1.5 percentage points and sales growth decreasing by 0.3 percentage points from January to March.
4. [Automobile] China Association of Automobile Manufacturers: In April 2024, Continental exported 504,000 units, up 0.4% m/m and 34% y/y. Exports of conventional fuel vehicles totaled 390,000 units, reflecting a 3.3% m/m increase and a 41.6% y/y increase. NEV exports totaled 114,000 units, reflecting an 8.6% m/m decrease and a 13.3% y/y increase.
5. [Excavator] According to the statistics of major excavator manufacturers by China Construction Machinery Industry Association, 18,822 excavators of various types will be sold in April 2024, a year-on-year increase of 0.27%, of which 10,782 will be domestic, a year-on-year increase of 13.3%; 8,040 units were exported, down 13.2% year-on-year. From January to April, a total of 68,786 excavators were sold, a year-on-year decrease of 9.78%; Among them, 37,228 units were domestic, a year-on-year decrease of 2.9%; 31,558 units were exported, a year-on-year decrease of 16.7%.
energy
1. [Crude Oil] Iraq's Oil Minister: Iraq seeks to increase its oil reserves to 160 billion barrels. The plan is to divert 40% of oil production to petrochemical projects in the next 10 years.
2. [Natural Gas] Saudi Aramco, the Saudi national oil company, recently announced that it has selected China Petroleum Engineering and Construction Corporation as a partner to jointly promote a natural gas infrastructure expansion project worth up to US$12 billion.
3. [Coal] Statistics Canada data shows that Canada's coal output in February 2024 was 3.382 million tons, down 10.3% year-on-year and up 1.9% month-on-month. Canada's coal production rebounded month-on-month in February 2024 and continued to decline year-on-year.
4. [Methanol] On May 8, China Energy Construction China Power Engineering Co., Ltd. held a signing ceremony for the integration project of biomass green methanol and green aviation fuel. The first phase of the project plans to produce 200,000 tons of green methanol and 100,000 tons of green aviation fuel annually, and the second phase plans to produce 800,000 tons of green methanol and green aviation fuel per year.
5. [Hydrogen Energy] Recently, PetroChina's Qinghai Oilfield Haixi Wind and Gas Hydrogen Project was officially included in the list of new energy projects in 2024. The project not only covers 1 million kilowatts of photovoltaic and wind power facilities, but also supports the green electricity hydrogen production (hydrogen energy) project. The project is equipped with green electricity to green hydrogen, with a hydrogen production capacity of 100,000 Nm³/h by water electrolysis, and will be completed and put into operation simultaneously with the new energy body in 2024, making it PetroChina's first 10,000-ton green hydrogen project.
chemical industry
1. [Ethylene] Recently, the procurement contract for the third unit of the Tarim Phase II ethylene project of PetroChina Dushanzi Petrochemical Co., Ltd. was signed. The total investment of the second phase of the Tarim ethylene project is 29 billion yuan, and the construction content involves the construction of 1.2 million tons/year of ethylene, two sets of 450,000 tons/year of full-density polyethylene, 300,000 tons/year of low-density polyethylene, 450,000 tons/year of polypropylene, and other 11 sets of major production units, supporting the construction of green and low-carbon demonstration projects. It is planned to be basically completed by the end of 2025 and fully completed and put into operation in June 2026.
2. [Ethylene] On May 10, it was reported that Guangdong promoted CSPC to accelerate the construction of the third phase, promote the first phase of ExxonMobil to be put into operation at the end of this year, and the BASF integration project to be completed next year.
3. [Ethylene amine] A few days ago, two sets of 30,000 tons/year - ethanolamine amination by hydroammonia to prepare ethylene amine industrial equipment of Hengli Petrochemical have been put into trial operation and are in good condition.
4. [Ammonium sulfate] On May 9, the groundbreaking ceremony of the 500,000 tons/year extruded granulated ammonium sulfate and special fertilizer project of Hubei Weiggins Ecological Fertilizer Co., Ltd. was held in Yaojiagang. It is understood that the project is planned to cover an area of 100 acres, with a planned investment of 400 million yuan, and is about to enter the stage of comprehensive construction and construction, and is expected to be completed and put into operation before the end of April 2025.
5. [Fluorite Mine] Recently, the Natural Resources Bureau of Alxa League issued an announcement that the Fengtai Concentrator Plant (2000t/d fluorite) of Ejinaqi Lipeng Mining Co., Ltd. and the construction project of tailings pond and supporting facilities were publicized for the second EIA, with an annual processing capacity of 600,000 tons of fluorite ore.
6. [Lithium battery] Recently, Chongqing Lingxin New Energy announced that its solid-state polymer battery production line has achieved mass production, with a production capacity of 0.5GWh per year (1GWh is equivalent to 1 million kWh of electricity). The first phase of the project, the 0.5GWh large-capacity solid-state polymer lithium-ion power battery production line, was signed, started and put into operation in the same year.
7. [Battery] According to data released by the China Automotive Power Battery Industry Innovation Alliance, in April, the installed capacity of power batteries in mainland China was 35.4GWh, a year-on-year increase of 40.9% and a month-on-month increase of 1.4%. Among them, the installed capacity of ternary batteries was 9.9GWh, accounting for 28.0% of the total installed volume, a year-on-year increase of 24.1% and a month-on-month decrease of 12.2%; The installed volume of lithium iron phosphate batteries was 25.5GWh, accounting for 71.9% of the total installed volume, an increase of 48.7% year-on-year and 7.8% month-on-month.
8. [Battery] According to data released by the China Automotive Power Battery Industry Innovation Alliance, from January to April, the cumulative installed capacity of power batteries in mainland China was 120.6GWh, a year-on-year increase of 32.6%. Among them, the cumulative installed capacity of ternary batteries was 40.8GWh, accounting for 33.8% of the total installed volume, with a cumulative year-on-year increase of 41.2%; The cumulative installed volume of lithium iron phosphate batteries was 79.8GWh, accounting for 66.1% of the total installed volume, with a cumulative year-on-year increase of 28.6%.
9. [Caustic soda] It is reported that as of the week of May 9, the average utilization rate of the capacity of China's caustic soda sample enterprises of 200,000 tons and above was 89.8%, an increase of 0.7% from the previous week. The warehouse inventory of liquid soda sample enterprises of 200,000 tons and above in the country was 436,700 tons (wet tons), an increase of 0.39% month-on-month and 10.18% year-on-year.
10. [Phthalic anhydride] On May 13, Changzhou Xinyang phthalic anhydride plant operated stably, with a production capacity of 100,000 tons, and the price rose by 50 yuan/ton to 7,700 yuan/ton, and the sales were normal.
11. [Bisphenol A] On May 13, Zhejiang Petrochemical's 480,000 tons/year bisphenol A plant operated normally, and the products were mainly supplied to the downstream 520,000 tons/year PC device, and a small amount of products were exported. There is no bidding for BPA today.
12. [Butadiene] It is reported that affected by the temporary shutdown of the upstream unit, the 180,000 tons/year butadiene plant of Fujian United Petrochemical was shut down on May 5 and is expected to be restarted around May 13.
13. [Butadiene] On May 11, the 64,000 tons/year butadiene extraction unit of Shenhua Ningmei was running stably, and a small amount of goods was exported, and the price was reduced by 50 yuan/ton to 10,930 yuan/ton.
14. [Diethylene glycol] On May 10, the total shipment volume of the two reservoir areas of Zhangjiagang was 1,470 tons, an increase of 220 tons from the previous day. As of now, the inventory is 29,800 tons.
Rubber and plastic
1. [POE] Recently, the construction of Liaoning Dingjide Petrochemical high-end new material project has been completed, and it is expected that by the end of August this year, all production equipment will be completed. After the project is put into operation, the main products are POE and polyolefin elastomers, and the annual output value is expected to be 11.8 billion yuan.
2. [PA66] Recently, Shandong Longhua 1.08 million tons/year PA66 project (phase I) was re-EIA announced. The project is divided into two phases to build 160,000 tons/year nylon 66, the first phase to build 40,000 tons/year intermittent PA66 production unit, the second phase to build 80,000 tons/year continuous PA66 production unit, 40,000 tons/year intermittent PA66 production unit, and supporting the construction of waste gas, wastewater treatment facilities, solid waste storage facilities, accident pools and other environmental protection facilities.
3. [Hose] data shows that there will be new changes in the national hose trade in the first quarter of 2024. Total imports fell 17.9% to 5,600 tons, or 10.3% to US$108 million, but the average price rose 9.2% to US$19,224 per tonne.
4. [Nitrile rubber] On May 11, the listing price of nitrile butadiene rubber of Lanzhou Petrochemical was adjusted: Lanhua nitrile N41E in Northwest, North China and East China was reported at 14,150 yuan/ton, down 150 yuan/ton; 3305 reported 14450 yuan/ton, 3308 reported 14650 yuan/ton, up 50 yuan/ton.
textile
1. [Textile and Apparel] Customs data shows that in April 2024, the export value of mainland textiles and apparel will be 23.934 billion US dollars, a year-on-year decrease of 3.12%. Among them, the export value of textiles (including textile yarns, fabrics and products) was 12.190 billion US dollars, a year-on-year decrease of 2.36%; The export value of clothing (including clothing and clothing accessories) was 11.744 billion US dollars, a year-on-year decrease of 3.90%.
2. [Lint] According to the survey data of the national cotton market monitoring system, as of May 10, 2024, the national new cotton picking has ended; The national sales rate was 71.9%, down 11.8% year-on-year.
3. [Lint] According to the statistics of the USDA Weekly Export Report, as of May 2, 2024, the cumulative contracted exports of U.S. cotton in 2023/24 were 2.7099 million tons (including Pima cotton), reaching 101.2% of the total U.S. cotton exports forecast by the USDA this year. China has signed a total of 39.39% of the cumulative contracted exports of U.S. cotton in 2023/24.
4. [Lint] According to the global cotton supply and demand forecast released by the United States Department of Agriculture in May, the 2024/25 U.S. cotton production increased sharply year-on-year, and the U.S. cotton planting area in 2024/25 was 10.67 million acres, and the harvest area is expected to reach 9.1 million acres, an increase of 2.7 million acres year-on-year.
5. [Lint] According to the 24/25 global cotton supply and demand forecast released by the United States Department of Agriculture, the total global cotton output is expected to increase by 1.193 million tons year-on-year to 25.919 million tons, and the consumption is expected to increase by 761,000 tons year-on-year to 25.442 million tons, both of which are at the second highest point in the past six years.
6. [Polyester staple fiber] It is reported that a set of 100,000 tons/year polyester staple fiber plant in Jixing, Sichuan Province was shut down for maintenance in the first half of this month, and the restart date is to be determined.
steel
1. [Steel] The price of Benxi Iron and Steel in June will be adjusted as follows on the basis of May: hot rolling, cold rolling, electrogalvanizing, pickling and other flat plates; Rebar and wire rod were raised by 100 yuan/ton.
The price of Anshan Iron and Steel in June was adjusted on the basis of May as follows: hot-rolled, pickled, galvanized, non-oriented silicon steel, medium and heavy plate, cold-rolled, etc., flat. Another: Saddle God high-strength line 590MPa, 780MPa, 980MPa and 1180MPa level flat; Rebar and wire rod were raised by 100 yuan/ton.
The ex-factory price of Baowu Steel Mill in June rose and fell on the basis of May, and the base price of hot rolling was raised by 50; The pickling base price was raised by 50; The base price of non-oriented silicon steel remains unchanged; The base price of general cold remains unchanged; In June, the base price of hot-rolled Q235B including tax was 5521 yuan/ton; The base price of cold-rolled DC01 including tax is 8372 yuan/ton; hot-dip galvanized DC51D+Z tax base price 8934 yuan / ton; Silicon steel 6039 yuan/ton.
colored
1. [Alumina] Recently, the construction of Luoyang Xin'an New Energy Alumina Purification Project has been accelerated. The total planned investment of the project is about 5.8 billion yuan, and the design capacity of the project is 8,500 tons of lithium carbonate, 400,000 tons of aluminum-based new materials and 300,000 tons of new energy materials.
2. [Copper] According to data from the London Metal Exchange, in April, the Russian copper inventory in LME-registered warehouses was 47,350 tons, down from 60,750 tons in March. Russia's share of nickel fell to 33% from 36%, with inventories falling to 24,810t in April from 24,858t in March.
building material
1. [Glass] Recently, the first and third photothermal glass production line in Fujian Province and the third in the world was officially put into operation in Fujian Ruibo Glass Co., Ltd., Kemen Park, Lianjiang Economic Development Zone, with a daily output of 600 tons of photothermal glass and an annual output of 200,000 tons, injecting strong impetus into the local development of new quality productivity and accelerating the process of new industrialization.
2. [Glass] Longtai Industrial Line 700T/D original golden tea, put into operation on May 7 to change the production of Ford Blue.
3. [Pulp] On May 10, Canfor Pulp Products announced that it would cut fiber indefinitely due to the decline in the supply of economic fiber in northern British Columbia