News summary

Newsletter text

[Hegang Group raised the price of silicon and manganese in May to 8000 yuan/ton, attracting market attention] Hegang Group announced that the price of silicon and manganese in May was 8000 yuan/ton, which is higher than the first round of inquiries.towerdefenseblockchaingameA slight increase of 7900 yuan/ton. Compared with 6000 yuan/ton in April, the increase is significant. The pricing in May 2023 is 7150 yuan/ton, indicating that the market price fluctuates greatly. The China Iron and Steel Association recently issued a statement clearly opposing the US's politicization and instrumentalization of steel trade. The WTO has ruled that the 301 tariff violates its rules, drawing market attention. Data provided by Mysteel shows that in the week ending May 16, social inventories of rebar continued to decrease for ten weeks, and factories and warehouses decreased for nine weeks. Production and apparent demand turned from decline to increase, indicating that market demand is improving. Malaysian Palm Oil Board MPOB released information that the export tax on crude palm oil will remain at 8% in June 2024, but the reference price will be lowered to 3,956towerdefenseblockchaingame.06 ringgit/ton, compared with 4,273 in Maytowerdefenseblockchaingame.93 ringgit/ton decreased. Data from the Southern Peninsula Palm Oil Crushers Association (SPPOMA) shows that from May 1 to 15, 2024, Malaysia's palm oil yield increased by 58.61%, the oil yield decreased slightly, and the output increased by 56.35%, performing well. The latest USDA drought report shows that about 9% of U.S. soybean-growing areas are affected by drought, down from 11% in the previous week and 19% in the same period last year, indicating that the impact of climatic conditions on soybean production has diminished. According to data from the U.S. Commodity Futures Trading Commission (CFTC), as of May 10, U.S. cotton ON-call uncounted sell orders increased by 2338 lots month-on-month, and uncounted buy orders increased by 1196 lots month-on-month, reflecting the market's attention to U.S. cotton. The Enterprise Development Authority of Singapore (ESG) released information that in the week ending May 15, Singapore's fuel inventories fell to 19.115 million barrels, the lowest point in two weeks, a decrease of 1.638 million barrels. Mysteel data shows that as of May 16, 2024, the total inventory of domestic soda ash manufacturers was 885,300 tons, a decrease of 6,200 tons or 0.70% from Monday. Light inventory and heavy inventory were 371,500 tons and 513,800 tons respectively. The Ministry of Energy of Azerbaijan announced that Azerbaijan's oil production in April 2024 was 476,000 barrels per day, slightly lower than the 481,000 barrels per day in March, and production declined somewhat. The General Office of the People's Government of Jiangxi Province issued the "About PromotingtowerdefenseblockchaingameSeveral Measures for the High-Quality Development of Lithium Battery New Energy Industry Chain in Our Province "proposes to strengthen international lithium mineral resource prediction and risk warning, and deploy overseas mineral resources to disperse the concentration of imported resources and promote the development of lithium battery new energy industry chain.