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Macro News:
Confirmed Taurus: Assistant Minister of Commerce Tang Wenhong announced at a press conference held by the State Council Information Office on October 23 that the list of industries encouraged for foreign investment will be revised and expanded. Improve the system and mechanism for promoting and ensuring outward investment, improve the management and service system, and promote international cooperation in the industrial and supply chains. Taking the two negative lists of foreign investment access and cross-border service trade as important measures, we will continue to increase the opening up of key areas.
Caixin News Agency: According to the official website of the US federal government, the US Department of Commerce has launched a Change Review (CCR) since October 21, considering the partial revocation of anti-dumping and countervailing duties (AD/CVD) on Chinese crystalline silicon photovoltaic cells, and inviting relevant parties to express their opinions. The products involved are certain small, low wattage, off grid crystalline silicon photovoltaic (CSPV) cells.
Product information:
Black series futures
steel:
According to Mysteel research, most steel mills in Tangshan have received a notice that from 8:00 am on October 23, all enterprises will implement production restrictions in accordance with the second level emergency response for heavy pollution weather! According to Mysteel's research data, on October 23rd, the expected operating rate of 35 sample steel mills in Tangshan area was reduced to 8%, with a daily production impact of about 50000 tons.（Mysteel）
On October 23rd, the ex factory price of Xianggang Building Materials was reduced by 20 yuan. After the adjustment, the ex factory guide price for HRB400E material 18mm threaded steel was 3480 yuan/ton; 2. The factory guide price for HRB400E material 8-10mm spiral bolts is 3670 yuan/ton; 3. The factory guide price for HPB300 material 8-10mm high wire is 3680 yuan/ton. (Xiben Shinkansen)
Hot coil: Shanghai's hot coil inventory this week was 417100 tons, a decrease of 6.06% compared to last week's -26900 tons; The year-on-year decrease in the Gregorian calendar is 33.89%, and the year-on-year decrease in the lunar calendar is 45.41%. (Shanghai Nonferrous Metals Network)
Agricultural product futures
Eggs: According to the latest survey data from Mysteel's egg team on markets in 10 regions and 31 production areas across the country, on October 23, 2024, the national production inventory was 1.10 days, an increase of 0.02 days from yesterday, and the circulation inventory was 1.48 days, an increase of 0.09 days from yesterday. （Mysteel）
Palm oil: As of 10am on October 23rd, the mainstream price of 24 degree palm oil in Zhangjiagang market port refers to P2501+180 yuan/ton or 9310 yuan/ton, which is 110 yuan/ton or 1.20% higher than the closing price of the previous working day. The palm oil market is both bullish and bullish, with palm oil inventories in August dropping to the lowest level in nearly five years. In the first 20 days of this month, palm oil production declined, exports increased, and international crude oil futures prices rose, collectively boosting palm oil prices. (Zhuochuang Information)
Nonferrous/precious metal futures
Lithium carbonate: Shanghai Steel Union released data showing that on October 23, the price of battery grade lithium carbonate remained the same as the previous day, with an average price of 71500 yuan/ton.
On the afternoon of October 23rd, the bidding activity for battery grade lithium carbonate by Yabao Company came to an end. This is a bidding for 150 tons of lithium carbonate, with a winning price of 72700 yuan/ton, for domestic self pickup. (Shanghai Nonferrous Metals Network)
Industrial Silicon: On October 23rd, East China Oxygen Free 553 # was priced at 11400-11600 yuan/ton; Oxygen 553 # is priced at 11700-11900 yuan/ton; 521 # is priced between 12000-12200 yuan/ton; 441 # is priced between 11900-12100 yuan/ton; 421 # is priced between 12000 and 12300 yuan/ton; 421 # organic silicon is used for 12700-13000 yuan/ton; 3303 # is priced between 12600-12800 yuan/ton. The silicon prices in Kunming, Huangpu Port, Tianjin Port, Xinjiang, Sichuan, Fujian, and Shanghai have temporarily stabilized, while the prices of recycled silicon and 97 silicon remain stable today. （SMM）
Nenghua Futures
Urea: On October 23rd, the urea market remained stable and consolidated, with some regions adjusting by around 10-20 yuan/ton. (Nongshida Intelligence)
Crude Oil: Goldman Sachs stated in a report on Tuesday (October 22) that due to moderate crude oil surplus and idle production capacity in major oil producing countries, it is expected that Brent crude oil will average $76 per barrel in 2025, easing market concerns about possible supply disruptions to Iran. (Xinhua Finance)
Methanol: As of October 23, 2024, the total inventory of methanol in Chinese ports was 1.1087 million tons, an increase of 0.63 million tons from the previous period. Among them, the narrow accumulation of inventory in the East China region resulted in an increase of 10300 tons in stock; Micro warehouses in southern China have reduced their inventory by 4000 tons. (Longzhong Information)
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