Macro

1. [PMI] Caixin China Manufacturing Purchasing Managers Index (PMI) recorded 48.3 in May, down 2.1 percentage points from April, and fell below the critical point for the first time since October 2024.

2. [Automobile] According to the China Automobile Dealers Association, the inventory warning index of Chinese auto dealers was 52.7% in May, down 5.5 percentage points year-on-year and 7.1 percentage points month-on-month. The inventory warning index is above the boom-bust line, and the prosperity of the automobile distribution industry has improved.

3. [Federal Reserve] Federal Reserve Bostic said that before supporting a rate cut, more progress needs to be seen in further declines in inflation. It is still believed that there may be a rate cut this year, depending on economic conditions.

4. [Eurozone CPI] According to data from the European Statistical Office, the initial value of the eurozone CPI in May increased by 1.9% year-on-year, the previous value was 2.2%; the month-on-month increase was 0%, the previous value was 0.60%. The preliminary value of core CPI in May increased by 2.4% year-on-year, compared with 2.7% in the previous month.

5. [Bank of Japan] Bank of Japan Governor Kazuo Ueda said that the pace of government bond purchases may be further slowed in the next fiscal year. Kazuo Ueda said that if Japan's economic prospects are realized, the Bank of Japan will further raise interest rates.

Energy

1. [Crude oil] On June 3, international crude oil futures rose. The settlement price of the July contract of US WTI crude oil futures was US$63.41 per barrel, an increase of US$0.89 or 1.4%. The settlement price of the August contract of Brent crude oil futures was US$65.63 per barrel, an increase of US$1.0 or 1.5%.

2. [Crude oil] Data released by the American Petroleum Institute (API) showed that US crude oil inventories decreased by 3.3 million barrels, gasoline inventories increased by 4.7 million barrels, and distillate inventories increased by about 760,000 barrels in the week ending May 30.

3. [Crude oil] OPEC+ agreed to increase oil production by 411,000 barrels per day in July, marking the third consecutive month of production increase, which is comparable to the increase in May and June.

4. [Coking coal] On June 3, the price of coking coal in Zaozhuang market fell. Ordinary 1/3 coking coal was 1,080 RMB/ton, down 80 RMB/ton; high-quality 1/3 coking coal was 1,110 RMB/ton, down 60 RMB/ton, both ex-factory prices in cash including tax.

Chemicals

1. [Lithium carbonate] Recently, according to IntelliNews, a local court in Bolivia ordered the suspension of two lithium mining agreements signed between the country and Chinese and Russian companies.

2. [Glyoxylic acid] Starting from June 3, Xinjiang Guolin, a subsidiary of Guolin Technology, plans to suspend production and maintenance of the "25,000 tons/year high-quality crystalline glyoxylic acid project" production line. The maintenance is expected to last about 60 days.

3. [BDO] Wuheng Chemical's second phase 140,000 tons/year BDO unit is scheduled for maintenance in mid-June, and the maintenance time is expected to be 15 days. At that time, the first phase 116,000 tons unit will operate normally.

4. [Ethylene glycol] According to market news, a 900,000 tons/year ethylene glycol unit in Lianyungang was shut down for maintenance a few days ago, and the shutdown time is expected to be 2-3 months.

5. [Styrene] As of June 3, the total inventory of styrene ports in Jiangsu was 89,100 tons, an increase of 14,500 tons from the previous cycle, an increase of 19.44%. The commodity inventory was 70,500 tons, an increase of 18,900 tons from the previous cycle, an increase of 36.63%.

6. [Diethylene glycol] On June 4, according to statistics, the concentrated unloading of diethylene glycol at the main port in East China this week is expected to be 16,600 tons, and the arrival volume is relatively concentrated, including a domestic ship.

7. [Diethylene glycol] From May 30 to June 2, the total shipment volume of the two warehouses in Zhangjiagang was 2,903 tons, with an average daily shipment of about 723 tons during the holidays. As of now, the inventory of the two warehouses is 28,300 tons.

8. [Methanol] The listed price of methanol in June of Shanghai Huayi Factory was reduced by 150 RMB/ton to 2,330 RMB/ton compared with May. Its 1 million tons/year plant produces about 1,100 tons per day.

9. [Melamine] On June 4, the ex-factory price of Sichuan Meifeng Melamine was 5,500 RMB/ton, down 150 RMB/ton from the previous quotation day. The plant has a production capacity of 50,000 tons and the plant is shut down.

Rubber and plastic

1. [PET resin] On May 29, 2025, the Mexican Ministry of Economy issued an announcement, making a final anti-dumping ruling on polyethylene terephthalate/PET resin originating in China, and decided to impose an anti-dumping duty of 0 to 0.26 US dollars/kg on the producers/exporters involved.

2. [ABS] Daqing Petrochemical's ABS unit has a total production capacity of 100,000 tons/year. The current load has gradually recovered to 60%.

3. [Styrene-butadiene rubber] Qilu Petrochemical's 230,000 tons/year styrene-butadiene rubber is scheduled to produce about 22,400 tons in June.

Fushun Petrochemical's 200,000 tons/year styrene-butadiene rubber unit is scheduled to produce 13,000 tons in June.

Lanzhou Petrochemical's 150,000 tons/year styrene-butadiene rubber unit is scheduled to produce about 10,000 tons in June, a significant increase from May.

Yangzi Petrochemical's 100,000 tons/year styrene-butadiene rubber unit is scheduled to produce about 8,500 tons of dry rubber in June.

Jilin Petrochemical's 140,000 tons/year styrene butadiene rubber unit plans to produce around 8,400 tons of styrene butadiene rubber in June, an increase of nearly 650 tons from the plan in May.

Textile

1. [Acrylonitrile] It is reported that Zhejiang Petrochemical's 520,000 tons/year acrylonitrile unit has been reduced to about 70%.

2. [Acrylonitrile] On June 4, Sinopec's East China acrylonitrile listing price was reduced by 100 RMB/ton to 8,350 RMB/ton, and its Zhenhai Refining and Chemical and Anqing Petrochemical companies uniformly implemented this price.

3. [PTA] Yisheng Petrochemical announced that the settlement price of PTA in May was 4,859 RMB/ton, and the prepayment price of PTA in June was 5,100 RMB/ton.

4. [Polyester yarn] On June 3, yarn companies lowered their quotations, and actual orders remained in negotiation mode. The negotiation center of T32S price fell by 50 RMB/ton to around 10,600 RMB/ton; the transaction of vortex-spun polyester yarn T30S remained stable at around 10,600 RMB/ton.

5. [Lint cotton] The latest monthly report released by the International Cotton Advisory Committee (ICAC) shows that ICAC's forecast for global cotton in 2025/26 remains stable, with cotton production and consumption estimated at approximately 26 million tons and 25.7 million tons respectively, while the trade volume estimate has been raised to 9.7 million tons.

Steel

1. [Stainless steel] It is reported that Guangdong Runxin Industrial Investment Co., Ltd. is building a 600,000-ton 400 series cold-rolled stainless steel project in Fu'an Baywu Peninsula. After completion, it will improve the cold rolling link of Ningde's 100 billion-level stainless steel industrial cluster.

2. [Galvanized sheet] On June 3, 154 galvanized enterprises nationwide traded a total of 14,761 tons, an increase of 1,254 tons from the previous trading day, an increase of 9.28%. The region with the largest increase was East China, which increased by 878 tons from the previous trading day, an increase of 20.50%.

3. [Iron ore] On June 3, the national main port iron ore traded 828,000 tons, a month-on-month increase of 12.3%; 237 mainstream traders traded 94,500 tons of construction steel, a month-on-month increase of 0.4%.

4. [Steel] On June 3, the average cost of 76 independent electric arc furnace construction steel mills was 3,265 RMB/ton, a decrease of 12 RMB/ton from last Friday, with an average profit loss of 127 RMB/ton, and a profit loss of 24 RMB/ton for Gudian.

5. [Manganese silicon] As of the week of May 30, the manganese ore inventory at Tianjin Port was 3.129 million tons, a decrease of 117,000 tons from the previous month; the manganese ore inventory at Lianyungang Port was 5,000 tons; the manganese ore inventory at Qinzhou Port was 936,000 tons, a decrease of 18,000 tons from the previous month. At present, the total manganese ore inventory at the port is 4.07 million tons, a decrease of 135,000 tons from the previous period.

Nonferrous

1. [Alumina] It is reported that China's metallurgical-grade alumina production in May 2025 increased by 2.66% month-on-month and 4.06% year-on-year. As of the end of May, China's metallurgical-grade alumina production capacity was about 110.82 million tons, and the actual operating capacity fell by 0.46% month-on-month, with an operating rate of 77.3%.

2. [Aluminum] Aluminum Corporation of China: The spot prices of aluminum ingots (AL99.70) in various regions on June 3 are as follows: The East China market quoted 20,120 RMB/ton, the South China market quoted 19,970 RMB/ton, the Southwest market quoted 20,020 RMB/ton, and the Central Plains market quoted 20,070 RMB/ton; compared with the previous trading day, they fell by 150 RMB/ton, 170 RMB/ton, 160 RMB/ton, and 160 RMB/ton respectively.

3. [Copper] Peruvian mining officials said on Tuesday that the country's copper production this year is expected to increase slightly to 2.8 million tons, and mining investment is expected to reach at least US$4.8 billion.

4. [Tin] JSC Yanolovo, a subsidiary of RIC Group, plans to increase tin production at its Tirekhtyakh Creek mine by 25% to 1,000 tons this year from 800 tons in 2024.

Building materials

1. [Glass] On June 3, Xinyi Glass (Yingkou) Co., Ltd., with a designed capacity of 1,000 tons for the second line, plans to resume production and ignite on the 3rd.

Xinyi Energy-saving Glass (Wuhu) Co., Ltd. has a designed capacity of 500 tons/day for the first line of electronics, which will be released on May 31, 2025.

Agricultural and sideline products

1. [Sugar] On June 3, the price of sugar-making enterprises in the Kunming spot market was quoted at 5,900-5,910 RMB/ton, down 10 RMB/ton from before the Dragon Boat Festival. Yunnan Province produced a total of 2.419 million tons of sugar in the 2024/2025 sugar-making period, an increase of 387,000 tons year-on-year, and an increase of 19% year-on-year from the previous crushing season.

2. [Soybean] National Grain and Oil Information Center: Ship schedule monitoring shows that it is expected that 12 million tons of imported soybeans will arrive at the port in June, 9.5 million tons in July, and 8.5 million tons in August. The subsequent domestic soybean supply will be sufficient. As the current soybean meal inventory is still at a historical low, it is expected that major oil mills across the country will maintain a high operating rate in June, and the monthly soybean crushing volume will be around 9 million tons.

3. [Soybean] The U.S. Department of Agriculture's export inspection report shows that the U.S. soybean export inspection volume increased by 34% from a week ago, but decreased by 26% from the same period last year. As of the week of May 29, 2025, the U.S. soybean export inspection volume was 268,343 tons, which was a revised 200,022 tons last week and 361,217 tons in the same period last year.

4. [Corn] The U.S. Department of Agriculture's weekly export inspection report shows that the U.S. corn export inspection volume last week increased by 11% from a week ago and also increased by about 11% from the same period last year. As of the week of May 29, 2025, the U.S. corn export inspection volume was 1,576,006 tons, 1,419,437 tons last week, and 1,416,488 tons in the same period last year.

5. [Palm oil] According to data from shipping research agency ITS, Malaysia's palm oil exports from May 1 to 31 were 1,320,914 tons, an increase of 17.9% from 1,120,747 tons exported in the same period last month.

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