on Monday
Amspec: Malaysia's palm oil exports from November 1 to 10 were 419,094 tons
According to Malaysia's independent inspection agency AmSpec, Malaysia's palm oil exports from November 1 to 10 were 419,094 tons, down 14.6% from 490,582 tons exported in the same period last month.
MPOB: Malaysia's palm oil exports in October were 1,732,448 tons, up 11.07% month-on-month
According to the Malaysian Palm Oil Board (MPOB), Malaysia's palm oil imports in October were 16,347 tons, a month-on-month increase of 198.19%; Malaysia's palm oil exports in October were 1,732,448 tons, a month-on-month increase of 11.07%; Malaysia's palm oil production in October was 1,797,348 tons, a month-on-month decrease of 1.35%; Malaysia's palm oil inventory in October was 1,884,597 tons, a month-on-month decrease of 6.32%.
China Association of Automobile Manufacturers: China's new energy vehicle sales in January-October increased by 33.9% year-on-year
According to the China Association of Automobile Manufacturers, China's auto sales in October increased by 7.0% year-on-year, while they fell by 1.7% in September. China's auto sales in the first 10 months increased by 2.7% year-on-year, compared with an increase of 9.1% in the same period last year. China's new energy vehicle sales in October increased by 49.6% year-on-year. China's new energy vehicle sales in the first 10 months increased by 33.9% year-on-year.
Central Bank: The interest rate for newly issued personal housing loans is around 3.15%, which is at a historical low
Central Bank: According to preliminary statistics, the stock of social financing scale at the end of October 2024 was 403.45 trillion yuan, a year-on-year increase of 7.8%; the weighted average interest rate of newly issued corporate loans in October was around 3.5%; the interest rate of newly issued personal housing loans was around 3.15%, both at historical lows. In addition, the scale of personal housing loans stabilized in October, which was significantly better than the average monthly decrease of 69 billion yuan in the first nine months, and also better than the same period in the previous two years.
SPPOMA: Malaysia's palm oil production fell 3.49% from November 1 to 10
Data from the Southern Peninsula Palm Oil Pressers Association (SPPOMA) showed that from November 1 to 10, 2024, Malaysia's palm oil yield decreased by 4.55%, oil extraction rate increased by 0.2%, and output decreased by 3.49%.
Tuesday
China's log and sawn timber imports in October were 4.666 million cubic meters, down 8.00% month-on-month
In October 2024, China's log and sawn timber imports were 4.666 million cubic meters, down 8.00% month-on-month and 9.89% year-on-year. From January to October, my country's cumulative log and sawn timber imports were 52.96 million cubic meters, down 3.32% year-on-year. (Wood Union data)
Sciyon Smart won the bid for Shandong Chuangyuan's 1.5 million tons per year alumina DCS project
On November 12, the official microblog of Sci-Yon Wisdom announced that Sci-Yon Wisdom's fully self-controlled NT6000 intelligent control system has recently won the bid for the 1.5 million tons of alumina project of Shandong Chuangyuan New Materials Technology Co., Ltd. This is the second time that the two parties have joined hands after Sci-Yon Wisdom successfully implemented the first phase of Chuangyuan New Materials' 500,000 tons/year alumina DCS and the second phase of 1.2 million tons/year alumina DCS project. Sci-Yon Wisdom will use automation control technology to help Shandong Chuangyuan's alumina production lean management and energy saving and efficiency improvement. (Securities Times)
Starting from 2025, the number of statutory holidays will be increased by 2 days
Approved by the CPC Central Committee and the State Council, according to the revised (National Holidays and Memorial Days Regulations) in November 2024, starting from January 1, 2025, the number of holidays for all citizens will be increased by 2 days, including 1 day each for the Spring Festival and Labor Day. (CCTV News)
Malaysia's natural rubber production in September fell 13.9% month-on-month
According to foreign media reports, the monthly rubber supply and demand report released by the Malaysian Statistics Department showed that in September 2024, Malaysia's natural rubber production fell by 13.9% month-on-month to 30,929 tons, and the output in August 2024 was 35,908 tons. Year-on-year data showed that Malaysia's natural rubber production in September decreased by 5.6% from 32,757 tons in September 2023.
Chile's National Copper Corp. copper smelter may have its environmental license revoked or be shut down
Chile's environmental regulator said it had filed "serious" charges against the Potrerillos copper smelter operated by state miner Codelco. The charges could result in a fine of about 4 billion pesos ($4 million) and the possible revocation of its environmental license or closure. (SMM)
Nigeria's ALSCON aluminum smelter is about to resume production
China National Chemical Engineering Group Corporation (CNCEC) and BFI Group have signed an agreement to help the Aluminium Smelter Company of Nigeria (ALSCON) resume production by providing key natural gas processing and power generation support, solve its energy supply problems, and lay the foundation for the resumption of production and future expansion of the smelter. ALSCON has been shut down since 2012. Before the shutdown, the plant had a nameplate capacity of 96,000 tons. As the core investor in the privatization of the project, BFI Group aims to restore and increase the plant's capacity and increase it to 193,000 tons. (SMM)
OPEC lowers its forecast for global crude oil demand growth this year and next
OPEC Monthly Report: Global crude oil demand is expected to grow by 1.82 million barrels per day in 2024, compared with the previous forecast of 1.93 million barrels per day; global crude oil demand is expected to grow by 1.54 million barrels per day in 2025, compared with the previous forecast of 1.64 million barrels per day.
Wednesday
Mirador Copper Mine's dual beneficiation system will suspend production for 15 days, with an estimated impact of 5,000 tons of metal
On November 8, 2024, the Ministry of Energy and Mines of the Ecuadorian government issued an official document to Mirador Copper Mine. In order to ensure the stability and continuity of public power services, the Ecuadorian government requires industrial users such as mining and steel, including Mirador Copper Mine, to reduce the power consumption of the source country's transmission lines to a minimum within 15 days from the date of the official document. The Mirador Copper Mine's dual beneficiation system will suspend production for 15 days. SMM expects Mirador's copper production to be 125,000 tons in 2024, and the suspension of production is expected to affect 5,000 tons of metal. (SMM)
A large alumina plant in Shandong will shut down its old production line with an annual output of 1 million tons in the near future.
A large alumina plant in Shandong Province will shut down its old production line with an annual output of 1 million tons in the near future due to government requirements that new and old production lines are not allowed to run in parallel. The new production line with an annual output of 1 million tons is currently being debugged and is gradually producing products. (SMM)
Indonesia's new electrolytic aluminum production capacity delayed commissioning
Due to high costs and other reasons, the second phase of an electrolytic aluminum plant in Indonesia has been delayed. The second phase of the company has a production capacity of 250,000 tons and will be powered on and put into production at the end of October 2024. The current total capacity is about 30,000 tons. The remaining capacity has been postponed and the subsequent production time is to be determined. (SMM)
China Passenger Car Association: From November 1 to 10, the passenger car market retail sales reached 567,000 units, a year-on-year increase of 29%
Data from the China Passenger Car Association showed that from November 1 to 10, the passenger car market sold 567,000 vehicles, up 29% year-on-year from the same period in November last year and down 3% from the same period last month. The cumulative retail sales so far this year reached 18.402 million vehicles, up 4% year-on-year.
Hesteel bidding status in November
In November, Hesteel's 75B ferrosilicon bidding quantity was 1,500 tons, and the bidding quantity in the previous round was 2,036 tons, a decrease of 536 tons from the previous round; the silicon manganese mining volume was 12,300 tons.
India's palm oil imports in October increased by 60% month-on-month
The Solvent Extractors' Association of India (SEA) said on Wednesday that India's palm oil imports in October rose 60% from September to 845,682 tonnes, while soybean oil imports fell 11% to 341,818 tonnes and sunflower oil imports rose 56.5% to 239,116 tonnes.
China Iron and Steel Association: In early November, the inventory of rebar in 21 cities was 2.52 million tons, up 4.1% from the previous month
In early November, the social inventory of five major types of steel in 21 cities was 6.93 million tons, a decrease of 70,000 tons from the previous month, a decrease of 1.0%, and the inventory decline narrowed; the inventory of rebar was 2.52 million tons, an increase of 100,000 tons from the previous month, an increase of 4.1%, and the inventory turned from decline to increase.
BMD to launch new waste vegetable oil futures contract as early as December
According to foreign media reports, BMD director Mohd Saleem Kader Bakas said at an industry conference on Wednesday that BMD will launch a new waste vegetable oil futures contract as early as December, which has entered the final stage and is awaiting approval from regulators.
Thursday
my country's sugar imports in October are expected to be significantly lower than the same period last year
Data released by the Ministry of Commerce showed that in October, 109,200 tons of raw sugar outside the tariff quota actually arrived at the port, and 171,000 tons were predicted to arrive in November. It is expected that my country's sugar imports will continue to remain at 400,000-500,000 tons in October, significantly lower than 920,000 tons in the same period last year. The import volume in the fourth quarter is expected to decrease significantly year-on-year. (Mutian Technology)
my country's annual output of new energy vehicles exceeds 10 million for the first time
According to the China Association of Automobile Manufacturers, this morning, my country's annual production of new energy vehicles exceeded 10 million for the first time, and it is also the first country in the world to reach an annual production of 10 million new energy vehicles. (CCTV News)
European Parliament approves one-year delay in EUDR implementation
The European Parliament voted on Thursday to postpone the implementation of the EU Zero Deforestation Regulation (EUDR) by 12 months and passed a series of amendments to weaken the law. The European Commission announced last month that it plans to postpone the implementation of the regulation by one year until December 2025.
IEA: Raises forecast for global oil demand growth in 2024 and 2025
IEA Monthly Report: The forecast for global oil demand growth in 2024 was adjusted to 920,000 barrels per day (previously expected to be 860,000 barrels per day). The forecast for global oil demand growth in 2025 was adjusted to 990,000 barrels per day (previously expected to be 1 million barrels per day).
Port Hedland's iron ore exports to China fell to 39.2886 million tonnes in October
Data from the Pilbara Ports Authority (PPA) of Australia showed that iron ore exports from Port Hedland fell to 45.5781 million tons in October, compared with 48.802 million tons in September. Port Hedland exported 39.2886 million tons of iron ore to China in October, compared with 44.4514 million tons in September.
Dalian Commodity Exchange: The standard for delivery fee of log futures is 0.2 yuan/cubic meter
The delivery fee is 0.2 yuan/cubic meter. According to the (Notice on Reduction and Exemption of Delivery Fees and Other Related Fees) (DCE [2024] No. 9), it will not be charged for the time being; the standard warehouse receipt transfer payment fee is 0.2 yuan/cubic meter. According to the (Notice on Reduction and Exemption of Delivery Fees and Other Related Fees) (DCE [2024] No. 9), it will not be charged for the time being; the storage fee is 0.6 yuan/cubic meter per day.
DCE: Notice on the Base Price of Log Futures Contracts
In accordance with the (Dalian Commodity Exchange Trading Rules) and other relevant regulations, the benchmark prices of log futures contracts are hereby notified as follows: LG2507 contract 810 yuan/cubic meter; LG2509 contract 810 yuan/cubic meter; LG2511 contract 810 yuan/cubic meter.
Friday
National Bureau of Statistics: CPI prices will maintain a slight upward trend in the next stage
Fu Linghui, spokesperson of the National Bureau of Statistics, said at a press conference of the State Council Information Office on November 15 that consumer prices remained generally stable in October, with prices in some areas rising slightly due to improved demand. In the next stage, CPI prices will maintain a slight upward trend.
Hesteel Group's first round of inquiry for November silicon manganese is 6100 yuan/ton
According to Mysteel, Hesteel Group's first round of inquiries for silicon manganese in November was 6,100 yuan/ton, and the price of silicon manganese in October was 6,200 yuan/ton. (The price in November 2023 is 6,730 yuan/ton).
National Bureau of Statistics: China's output of ten nonferrous metals increased by 4.7% year-on-year from January to October
Data from the National Bureau of Statistics showed that in October 2024, the added value of non-ferrous metal smelting and rolling processing industry increased by 7.7% year-on-year, and the cumulative added value from January to October increased by 10.0% year-on-year; in October, the output of ten non-ferrous metals was 6.69 million tons, a year-on-year increase of 0.6%; the cumulative output from January to October was 65.41 million tons, a cumulative year-on-year increase of 4.7%.
National Bureau of Statistics: From January to October, the newly started housing area of real estate developers decreased by 22.6% year-on-year
National Bureau of Statistics: From January to October, the housing construction area of real estate developers was 7206.60 million square meters, a year-on-year decrease of 12.4%. Among them, the residential construction area was 5044.93 million square meters, a decrease of 12.9%. The newly started housing area was 612.27 million square meters, a decrease of 22.6%.
National Bureau of Statistics: China's crude steel output in October was 81.88 million tons, an increase of 2.9% year-on-year
In October 2024, China's crude steel output was 81.88 million tons, up 2.9% year-on-year; pig iron output was 70.26 million tons, up 1.4% year-on-year; steel output was 119.41 million tons, up 3.5% year-on-year; industrial crude oil output was 17.77 million tons, up 2.5% year-on-year, 1.4 percentage points faster than in September; daily average output was 573,000 tons; industrial raw coal output was 410 million tons, up 4.6% year-on-year, 0.2 percentage points faster than in September; daily average output was 13.284 million tons; China's caustic soda (100%) output was 3.68 million tons, up 3.3% year-on-year. From January to October, caustic soda output was 35.98 million tons, up 5.8% year-on-year.
National Bureau of Statistics: Total retail sales of consumer goods in October increased by 4.8% year-on-year
Data from the National Bureau of Statistics showed that in October, the total retail sales of consumer goods was 453.96 billion yuan, a year-on-year increase of 4.8%, with the growth rate accelerating by 1.6 percentage points from the previous month; the added value of large-scale industries increased by 5.3% year-on-year in real terms; from January to October, the national real estate development investment was 863.09 billion yuan, a year-on-year decrease of 10.3%; of which residential investment was 656.44 billion yuan, a decrease of 10.4%.
Ministry of Finance: Announcement on Adjusting Export Tax Rebate Policy
The Ministry of Finance and the State Administration of Taxation announced the following matters regarding the adjustment of the export tax rebate policy for aluminum and other products: 1. Cancel the export tax rebate for aluminum, copper, and chemically modified animal, plant or microbial oils and fats. 2. Reduce the export tax rebate rate for some refined oils, photovoltaics, batteries, and some non-metallic mineral products from 13% to 9%. 3. This announcement will take effect on December 1, 2024. The export tax rebate rate applicable to the products listed in this announcement is defined by the export date indicated on the export goods declaration form.
Shaoyang coking coal price cut by 80 yuan/ton
On November 15, the price of coking coal in Shaoyang market was reduced by 80 yuan/ton, and the main coking coal A7.0, S0.7, V24, G80-83, Y17-19, MT7 car plate price was 1780 yuan/ton including tax. (Mysteel)
Some steel mills in Shandong market lowered their coke purchase prices
On the 15th, some steel mills in the Shandong market lowered the purchase price of coke by 55 yuan/ton. Quasi-first-grade dry-quenched metallurgical coke: ash content ≤13, sulfur content ≤0.7, CSR ≥60, total water ≤0.5, and the adjusted price was 1,868 yuan/ton; the spot price includes tax, and the above prices are the steel mill benchmark prices, which will be implemented from 0:00 on November 18, 2024. Some steel mills in Xingtai area lowered the price of wet-quenched coke by 50 yuan/ton and the price of dry-quenched coke by 55 yuan/ton, which will be implemented at 0:00 on November 18, 2024; the mainstream steel mills in the Tangshan market plan to reduce the price of wet-quenched coke by 50 yuan/ton and the price of dry-quenched coke by 55 yuan/ton, which will be implemented from 0:00 on November 18, 2024. (Mysteel)
AmSpec: Malaysia's palm oil exports fell 6% from November 1 to 15
According to Malaysia's independent inspection agency AmSpec, Malaysia's palm oil exports from November 1 to 15 were 707,932 tons, down 6% from 753,102 tons exported in the same period last month.
ITS: Malaysia's palm oil exports fell 11.21% from November 1 to 15
According to data from shipping research agency ITS, Malaysia's palm oil exports from November 1 to 15 were 713,182 tons, a decrease of 11.21% from 803,252 tons exported in the same period last month.
Saturday
NOPA: October soybean crushing exceeded expectations
U.S. soybean oil stocks in October 2024 were 1.069 billion pounds, the market expected 1.09 billion pounds, and the data in September was 1.066 billion pounds; soybean crushing volume in October 2024 was 199.959 million bushels, the market expected 196.843 million bushels, the data in September was 177.32 million bushels, and the data in October 2023 was 189.774 million bushels.
Fed's Goolsbee: Will continue to refer to the September dot plot and slow down when approaching the neutral interest rate
Fed Goolsby said that we will consider interest rate cuts with reference to the Fed's September dot plot. Personally, I prefer not to move directly towards the neutral interest rate, and should slow down when approaching the neutral interest rate. The neutral rate is significantly lower than where the Fed's policy rate currently is. Everything is always on the table in the Fed's policy deliberations. He also said that inflation data must continue to improve, and if you start to see a reversal in the course of inflation, you have to figure out whether this is just a blip. Not much has changed on that front in the past few weeks. However, recent inflation has been slightly above target, and if this continues, (in the long run) inflation will be too high.
As the conflict between Lebanon and Israel continues, Iran supports any decision of Lebanon on ceasefire
On November 15, Ali Larijani, a senior adviser to Iran's supreme leader, who was visiting Lebanon, said at a press conference in response to questions about the ceasefire between Lebanon and Israel that Iran does not seek to undermine the regional situation, but seeks to resolve the problem. Iran will maintain its firm support for Lebanon under any circumstances. Larijani said Iran supports any decision made by the Lebanese government and Hezbollah, and accused the Israeli government of undermining the ceasefire agreement.
Shanghai Shipping Exchange: China's export container transport market saw adjustments this week, with freight rates on most routes falling
On November 16, according to the latest report of Shanghai Shipping Exchange, this week, China's export container transport market has adjusted, transportation demand lacks further growth momentum, most routes have lower freight rates, and the comprehensive index has fallen. According to the data released by the National Statistics Bureau, the added value of industrial enterprises above designated size in October increased by 5.3% year-on-year, continuing to maintain steady growth; the total retail sales of consumer goods increased by 4.8% year-on-year, 1.6 percentage points faster than the previous month. The data showed that the national economy is running steadily and making progress, which has played a long-term supporting role in China's export container transport market. On November 15, the Shanghai Export Container Comprehensive Freight Index released by Shanghai Shipping Exchange was 2251.90 points, down 3.4% from the previous period.
Wang Yi Meets with Canadian Foreign Minister Joly
On November 15, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Canadian Foreign Minister Joly in Lima. Wang Yi said that Canada's imposition of high tariffs on Chinese electric vehicles violates the spirit of free trade and is not conducive to the healthy development of economic and trade cooperation between the two countries. Canada should earnestly abide by WTO rules and cancel discriminatory restrictive measures on Chinese products. Wang Yi stressed that the Taiwan issue concerns China's sovereignty and territorial integrity. The one-China principle is a universal consensus of the international community and an important part of the post-World War II international order, and it cannot be challenged. It is hoped that Canada will fully recognize the high sensitivity of the Taiwan issue and earnestly abide by the one-China principle. (Xinhua News Agency)
Sunday
Trump picks oil executive as energy secretary
On Saturday local time, US President-elect Trump announced that he nominated Chris Wright as the next Secretary of Energy and said that a National Energy Commission would be established to promote energy production in the United States. It is reported that Wright is the CEO of oilfield service company Liberty Energy and has no previous experience working in Washington. Trump wrote in a statement that day: "Wright has been a leading technical expert and entrepreneur in the energy field. He has worked in nuclear energy, solar energy, geothermal energy, oil and gas. Most importantly, he is one of the pioneers who helped the United States launch the shale oil revolution, promoted the United States' energy independence, and changed the global energy market and geopolitical landscape."
Xi Jinping meets with US President Biden
On the afternoon of November 16, local time, President Xi Jinping met with US President Biden in Lima. Xi Jinping pointed out that the United States had just held a general election. China's goal of being committed to the stable, healthy and sustainable development of Sino-US relations has not changed. The principle of handling Sino-US relations in accordance with mutual respect, peaceful coexistence and win-win cooperation has not changed. The position of firmly safeguarding its sovereignty, security and development interests has not changed. The desire to continue the traditional friendship between the Chinese and American people has not changed. China is willing to continue to maintain dialogue, expand cooperation, manage differences with the US government, and strive to achieve a smooth transition in Sino-US relations for the benefit of the people of both countries. (CCTV News)
Director of the Energy Research Institute of the National Development and Reform Commission: The cumulative investment demand in the next 30 years will exceed 100 trillion yuan
Lv Wenbin, director of the Energy Research Institute of the National Development and Reform Commission, said that the development of new quality productivity is a distinctive feature of China's energy transformation. New low-carbon, zero-carbon, and negative carbon technologies, new equipment, and new industries related to energy production and consumption have a broad market space and are pregnant with huge investment opportunities. Taking the demand for energy equipment as an example, China's capital demand for wind power, photovoltaic and other equipment will increase from about 2 trillion yuan/year in 2023 to about 6 trillion yuan/year in 2060. (21 Finance)
Israel's National Security Agency: No violence against Israeli Prime Minister allowed
On the 17th local time, Ronan Barr, director of the Israeli National Security Service (Shin Bet), issued a statement saying that the firing of flares at the private residence of Israeli Prime Minister Netanyahu was a "very serious incident that goes far beyond the scope of legitimate protest." Barr said that the Shin Bet cooperated with the Israeli police and quickly found and arrested the suspect. He said that violence against the Israeli prime minister would not be allowed. This move was a "dangerous escalation" and the Shin Bet had an obligation to protect the head of the Israeli government.
Article forwarded from: Jinshi Data