Domestic oil prices tonight

According to the National Development and Reform Commission's Price Monitoring Center, during this round of refined oil price adjustment period (June 27-July 10), international oil prices rose due to factors such as consumption growth and inventory reduction. The reporter learned from the National Development and Reform Commission that the specific details of this oil price adjustment are as follows: domestic gasoline and diesel prices increased by 110 yuan and 105 yuan per ton respectively. On average, the prices of No. 92 gasoline, No. 95 gasoline and No. 0 diesel increased by 0.09 yuan per liter. (CCTV Finance)

IEA lowers its 2025 oil demand growth forecast and raises supply expectations

The International Energy Agency (IEA) has lowered its forecast for oil demand growth next year and raised its forecast for oil supply, a situation that could lead to an oversupplied market, reinforcing its forecast of a severe oversupply of oil over the next decade. The IEA said it had lowered its forecast for oil demand growth next year to 980,000 barrels per day from 1 million barrels per day previously, saying total demand is now expected to average 104 million barrels per day. This year, oil demand growth is expected to be 970,000 barrels per day, slightly higher than the previous forecast of 960,000 barrels per day, driven by developing countries. In addition, total oil supply is now expected to average 103 million barrels per day this year and 104.8 million barrels per day in 2025, higher than the previous forecasts of 102.9 million barrels per day and 104.7 million barrels per day. The agency said non-OPEC+ countries will still lead global supply, and production is now expected to increase by 1.5 million barrels per day in 2024 and 1.8 million barrels per day in 2025.

SEA: India's palm oil imports in June increased by about 3% month-on-month

According to foreign media reports, data released by the Solvent Extractors Association of India (SEA) on Thursday showed that the country's palm oil imports in June this year increased by about 3% month-on-month to 786,134 tons, the highest level since December last year. Soybean oil imports in June fell by about 15% month-on-month to 275,700 tons. India's sunflower oil imports in June increased by 13.4% month-on-month to 465,647 tons. India's total vegetable oil imports in June were 1.55 million tons, up 1.4% month-on-month.

Singapore fuel oil inventories fell by 1.789 million barrels to a six-week low of 17.807 million barrels.

Singapore Enterprise Development Board (ESG): As of July 10, Singapore's fuel oil inventories fell by 1.789 million barrels to a six-week low of 17.807 million barrels. Singapore's light distillate inventories fell by 2.202 million barrels to a 21-week low of 13.307 million barrels. Singapore's middle distillate inventories rose by 67,000 barrels to a two-week high of 8.454 million barrels.

Statistics on thread production and inventory as of July 11

According to Mysteel, as of the week of July 11, rebar production and factory inventory declined for the second consecutive week, social inventory turned from increasing to decreasing, and apparent demand turned from decreasing to increasing.

① The output of threaded steel was 2.2722 million tons, a decrease of 95,300 tons from last week, a decrease of 4.03%;

② The thread factory inventory was 1.9401 million tons, a decrease of 67,700 tons from last week, a decrease of 3.37%;

③ The social inventory of rebar was 5.8453 million tons, a decrease of 12,800 tons from last week, a decrease of 0.22%;

④ The demand for threaded steel was 2.3527 million tons, an increase of 4,900 tons from last week, an increase of 0.21%.

Zhengzhou Commodity Exchange issued an announcement on soliciting opinions on bottle flake futures contracts and business details

In accordance with the "Futures and Derivatives Law of the People's Republic of China", "Futures Trading Management Regulations", "Futures Exchange Management Measures" and other relevant laws, regulations and rules, the Zhengzhou Commodity Exchange Bottle Chip Futures Contract (Draft for Comments) and the "Zhengzhou Commodity Exchange Bottle-Grade Polyester Chip Futures Business Rules (Draft for Comments)" are now announced.

PT CNI nickel smelter expected to start operations this year

The first nickel refining facility (RKEF smelter) owned by PT Ceria Nugraha Indotama (Ceria) funded by the Indonesian National Bank in Koraka Regency, southeast Sulawesi, may start operations this year. The smelter project is a smelter using rotary kiln electric furnace (RKEF) technology. Initially, one production line (1 x 72 MVA) will be built to process saprolitic nickel ore. In the future, four production lines (4 MVA) will be built in phases with a production capacity of 252,700 tons/year. (SMM)

Glass sample enterprise inventory increased for five consecutive times and continued to hit a three-month high

Demand in the off-season continued to be weak, and the inventory of glass enterprises continued to grow. As of July 11, the total inventory of sample float glass enterprises nationwide was 63.583 million TEUs, a three-month high, an increase of 1.102 million TEUs or 1.76% month-on-month, and an increase of 21.47% year-on-year. The inventory days were 27.1 days, an increase of 0.4 days from the previous period. This week, the production and sales situation in the North China market turned from strong to weak. With the cooling of market sentiment, the industry purchased cautiously. In addition, the impact of low-priced supply in the market caused the factory's shipments to slow down and inventory to increase. (Longzhong Information)

China's methanol production this week was 1,650,325 tons, down 18,380 tons from last week.

This week (20240705-0711), China's methanol production was 1,650,325 tons, a decrease of 18,380 tons from last week, and the plant capacity utilization rate was 78.58%, a decrease of 1.39% from the previous month. This week, the domestic methanol overhaul and production cuts involved more production capacity output than the recovery-related production capacity output, resulting in a decrease in production and capacity utilization this week. Next week, China's methanol production and capacity utilization weekly data are expected to be: production of about 1.6125 million tons, and capacity utilization of about 76.77%, a decrease from this period. Next week, the planned maintenance and production cuts involve more capacity than the planned recovery-related capacity, which may lead to a decrease in capacity utilization and a reduction in production. (Longzhong Information)

Urea operating rate decreased month-on-month, and enterprises accumulated inventory

As of July 11, the weekly operating rate of domestic urea enterprises was 81.99%, a decrease of 0.63% from the previous month; the enterprise inventory was 249,000 tons, an increase of 18,000 tons from the previous month. Due to frequent failures in enterprises in summer, the urea operating rate fell slightly from the previous month. In terms of enterprise inventory, the inventory of domestic urea enterprises increased slightly in this cycle, but the inventory level remained low. The demand for topdressing and fertilizer preparation in the north and south continued, and the industrial demand was steadily advancing. Although the urea price fell slightly during the period, the local low-end transactions improved, and urea enterprises temporarily maintained a balance between production and sales. (Longzhong Information)

BHP Billiton will suspend nickel mining operations in Western Australia from October to cope with plummeting prices and oversupply

According to foreign media reports, Australian mining giant BHP Billiton said on Thursday that it will temporarily suspend its Nickel West business and West Musgrave project from October due to the plunge in metal prices and oversupply in the global market. The world's largest listed miner intends to reassess the decision to temporarily suspend nickel mining operations in Western Australia by February 2027. Geraldine Slattery, president of BHP Billiton Australia, said: "We have failed to overcome the huge economic challenges brought about by the global nickel oversupply." BHP Billiton will invest about US$300 million per year after the transition period to support the possible restart of its nickel business.

Goldman Sachs: Lithium price recovery may still be far away

Goldman Sachs analysts say it is unlikely that lithium prices have hit bottom. Rather than leading to production cuts, the lithium price crash has seen more projects emerge, they say. Direct extraction of lithium will become a commercial reality outside of China later this year, the analysts say. They highlight that every lithium auction since mid-April has been lower than the last, and this price weakness is expected to continue through 2025. "We believe further lithium raw material supply rationing is still needed to reduce the 2024 surplus and a larger surplus in 2025," they said.

Glass prices move downward, and float glass companies' production profits continue to decline

The spot price of glass has been falling continuously, while the spot prices of raw materials such as soda ash and fuel have been relatively strong. The production profits of glass enterprises have been declining. From July 5 to July 11, according to the production cost calculation model of Longzhong Information, the average weekly profit of float glass using natural gas as fuel was negative 111.83 yuan/ton, a decrease of 39.29 yuan/ton from the previous month; the average weekly profit of float glass using coal gas as fuel was 102.43 yuan/ton, a decrease of 35.26 yuan/ton from the previous month; the average weekly profit of float glass using petroleum coke as fuel was 221.03 yuan/ton, a decrease of 34.28 yuan/ton from the previous month. (Longzhong Information)

Indonesian Ministry of Trade: Indonesia's refined tin exports in June were 4,458.62 tons, down 44.20% year-on-year

According to data released by the Indonesian Ministry of Trade, Indonesia's refined tin exports in June were 4,458.62 tons, down 44.20% year-on-year and up 35% month-on-month. At the beginning of the year, affected by the slow approval of Indonesia's tin ingot export quota, Indonesia's tin ingot exports were almost zero in January and February. With the resumption of export quota approval in March, the scale of tin ingot exports gradually increased. The increase in June was obvious compared with April and May, but there was still a large gap from the same period last year.

Inventories in the three places have rebounded across the board, and aluminum inventories in Japan's three major ports continue to increase

Trading company Marubeni Corp said that as of the end of June 2024, aluminum inventories at Japan's three major ports continued to rebound to 317,860 tons, up about 3% from the previous month. Specifically, inventories in Yokohama, Nagoya and Osaka have all recovered.

Williams: As of the week of July 10, the number of sugar ships waiting to be shipped at Brazilian ports continued to drop to 89

According to foreign media reports, data released by Brazilian shipping agency Williams showed that as of the week of July 10, the number of ships waiting to ship sugar at Brazilian ports was 89, compared with 96 the week before. The amount of sugar waiting to be shipped at the port was 3.9224 million tons, compared with 4.2263 million tons the week before. Of the total amount of sugar waiting to be exported that week, the amount of high-grade raw sugar (VHP) was 3.8369 million tons. According to data released by Williams, the amount of sugar waiting to be exported at Santos Port was 3.0037 million tons, and the amount of sugar waiting to be exported at Paranagua Port was 746,400 tons.

Article forwarded from: Jinshi Data