Latest intelligence on bulk raw materials

Macro

1. [US tariffs] The US Department of Commerce said it will impose tariffs on "steel derivatives" from June 23. The tax rate will be set at 50%.

2. [US-UK tariffs] The United States and the United Kingdom are about to sign a key part of a tariff trade agreement that will reduce tariffs on British car exports to the United States from 27.5% to 10%, while reducing tariffs on steel and aluminum to zero. The United Kingdom will give the United States a zero-tariff quota of 13,000 tons of beef and 1.4 billion liters of ethanol. The US Secretary of Commerce said the agreement will take effect in the "next few days."

3. [US PPI] The US PPI in May increased by 2.6% year-on-year, expected to be 2.6%; it increased by 0.1% month-on-month, expected to be 0.20%.

4. [US initial jobless claims] The number of first-time unemployment claims in the United States in the week ended June 7 was 248,000, higher than the expected 242,000 and higher than the previous value of 247,000.

Energy

1. [Crude oil] On June 12, international crude oil futures closed lower. The settlement price of the July contract of WTI crude oil futures in the United States was $68.04 per barrel, down $0.11 or 0.2%. The settlement price of the August contract of Brent crude oil futures was $69.06 per barrel, down $0.41 or 0.6%.

2. [Crude oil] US Energy Secretary Wright said that US oil production is unlikely to decline in 2026.

3. [Crude oil] Data released by the U.S. Energy Information Administration (EIA) showed that as of the week of June 6, the total U.S. crude oil inventory, including strategic reserves, was 834.474 million barrels, down 3.41 million barrels from the previous week; the U.S. commercial crude oil inventory was 432.415 million barrels, down 3.644 million barrels from the previous week; the total U.S. gasoline inventory was 229.804 million barrels, up 1.504 million barrels from the previous week; the distillate oil inventory was 108.884 million barrels, up 1.246 million barrels from the previous week.

4. [Liquefied natural gas] At 5:08 on June 10, the 750,000 tons/year LNG project of Jurong (Gansu) New Energy produced liquid for the first time, marking its completion and commissioning. The project is located in Gulang Tumen Park, with a total investment of 1.507 billion RMB, 600 million RMB in the first phase, covering an area of ​​184 acres, including core equipment and supporting facilities. It will start construction in April 2024 and be completed in the same year.

5. [Petroleum coke] On June 12, the southern area of ​​Zibo Xintai Petrochemical Co., Ltd. quoted 3,150 RMB/ton for petroleum coke, 2.6 sulfur, 9.0 volatility; the northern area quoted 1,750 RMB/ton, 50 RMB/ton higher than the previous trading day, 4.5 sulfur, 9.5 volatility, 0.2 ash, and the company's shipments were normal.

Chemicals

1. [Liquid ammonia] Recently, the relocation, transformation and upgrading of the 500,000-ton synthetic ammonia and downstream projects of Jiehua Company, which is controlled and constructed by Yunmei Group, officially started in Xiaolongtan Chemical Park, KaiRMB City. The total investment of the project is 7 billion RMB.

2. [Phosphoric acid] Recently, the first phase of the 300,000-ton/year wet phosphoric acid and water-soluble fertilizer project of refined phosphoric acid and iron phosphate precursor of Yingkou Jianfa Shenghai Nonferrous Chemical Co., Ltd., which is general contracted by China National Chemical Donghua Company, officially started in Hefei.

3. [Hydrogen peroxide] It is understood that the 20,000-ton special-grade hydrogen peroxide project jointly built by Evonik and Leshan Fuhua has officially started construction recently. In addition to the 20,000-ton special-grade hydrogen peroxide project launched this time, another important project of the two parties' cooperation - the 200,000-ton industrial-grade hydrogen peroxide project licensed by Evonik is expected to be put into production at the end of the year.

4. [Baking soda] As of June 12, 2025, the overall operating rate of baking soda during the week was 72.40%, an increase of 6.55% month-on-month.

5. [Soda ash] On June 12, the overall capacity utilization rate of soda ash this week was 84.90%, an increase of 4.13% month-on-month; the output of soda ash was 740,100 tons, an increase of 5.12%.

6. [Soda ash] On June 12, the total inventory of domestic soda ash manufacturers was 1.6863 million tons, an increase of 8,000 tons from Monday, an increase of 0.48%; among them, the inventory of light soda ash was 811,300 tons and the inventory of heavy soda ash was 875,000 tons.

7. [Soda ash] On June 12, the shipment volume of Chinese soda ash enterprises this week was 685,600 tons, a decrease of 2.25% from the previous month, and the overall shipment rate of soda ash was 92.04%.

8. [Caustic soda] As of June 12, 2025, the factory inventory of sample enterprises with a fixed liquid alkali capacity of 200,000 tons or more nationwide was 405,300 tons (wet tons), an increase of 6.07% from the previous month and an increase of 6.11% from the previous year.

9. [Methanol] As of June 11, 2025, the total inventory of methanol in China's ports was 652,200 tons, an increase of 71,000 tons from the previous period. Among them, the East China region accumulated inventory, with an increase of 45,700 tons; the South China region accumulated inventory, with an increase of 25,300 tons.

10. [Propylene oxide] As of June 11, the daily output of domestic propylene oxide reached 14,600 tons, with a capacity utilization rate of 62.71%, a narrow decline of 1.54 percentage points from May 31.

11. [Potassium chloride] The port potassium chloride inventory in the first week of June 2025 was about 1.903 million tons, a decrease of 79,000 tons from the fourth week of the previous month, and a decrease of 481,000 tons from the same period last year (excluding bonded).

12. [Potassium fertilizer] The China Chamber of Commerce of Minerals, Metals and Chemicals Importers and Exporters announced that on June 12, 2025, the Chinese potassium fertilizer import negotiation team reached an agreement with major international potassium fertilizer suppliers to determine the 2025 annual potassium fertilizer import contract price of US$346/ton (CFR), which continued to maintain the global potassium fertilizer "price depression".

13. [Activated carbon] On June 12, Henan Kaijie fruit shell activated carbon with iodine value of 300 was quoted at 4,600 RMB/ton, and coal tar columnar activated carbon was quoted at 13,000 RMB/ton, with a price increase of 50 RMB/ton. The current monthly output of activated carbon is 300 tons.

14. [Phenol] Zhejiang Petrochemical's phenol price increased by 50 RMB to 6,750 RMB/ton for self-pickup at Jiangyin warehouse, which will be implemented from June 12. The first phase 650,000 tons/year phenol ketone unit and the second phase 650,000 tons/year phenol ketone unit are operating normally, with moderate inventory.

15. [Lithium carbonate] The latest research published by Cell Press mentioned that by 2030, China can produce 804,000 tons to 1.1 million tons of lithium carbonate equivalent, Europe's production may reach 325,000 metric tons, and the United States' production may be between 229,000 and 610,000 metric tons.

16. [Power Battery] China Automotive Power Battery Industry Innovation Alliance: From January to May, my country's power battery installed capacity was 241.4GWh, a year-on-year increase of 50.4%. Among them, the installed capacity of ternary batteries was 44.8GWh, accounting for 18.6% of the total installed capacity, a year-on-year decrease of 12.4%; the installed capacity of lithium iron phosphate batteries was 196.5GWh, accounting for 81.4% of the total installed capacity, a year-on-year increase of 79.8%.

Rubber and Plastic

1. [PP] Datang Duolun PP has two production units with a total capacity of 460,000 tons/year. The current load of the first line (230,000 tons/year) is normal, and the second line (230,000 tons/year) has been temporarily stopped for short repairs on June 9, and it is expected to resume in the near future.

Shaoxing SanRMB PP has two production units with a total capacity of 500,000 tons/year. The old production line was temporarily stopped for maintenance on June 8 and is expected to restart on June 12. The new unit (300,000 tons/year) was shut down on August 22 last year, and the restart plan has not yet been announced.

2. [PE] On June 12, Shandong Wanhua Chemical, LLDPE 7042 in East China was quoted at 7550 RMB/ton, up 50 RMB/ton, and LLDPE 7042 in South China was quoted at 7600 RMB/ton, up 50 RMB/ton. HDPE 23050 in East China was quoted at 7850 RMB/ton, and the quotation was temporarily stable. LDPE 2420H in South China (quotation including pallet) was quoted at 9315 RMB/ton, up 100 RMB/ton.

3. [EPS] On June 12, Wuxi Xingda EPS quotation was raised: ordinary material was quoted at 9750 RMB/ton, including tax, and flame retardant material was quoted at 9950 RMB/ton, including tax, up 50 RMB/ton from the previous day. Xingda New Materials produces 380,000 tons of EPS annually.

4. [Natural rubber] On June 12, the natural rubber market in Qingdao was weak. The price of Shanghai rubber fluctuated slightly downward. The current spot price of 23-year Guangken, Baodao, and Haibao full latex in Qingdao is 13,450~13,650 RMB/ton.

Textile

1. [Acrylonitrile] On June 13, it was reported that the new 400,000 tons/year acrylonitrile unit of Zhenhai Refining and Chemical was put into trial production.

2. [Acrylonitrile] It is reported that the 260,000 tons/year acrylonitrile unit of Liaoning Jinfa Technology is still under maintenance and is scheduled to resume at the end of June or early July.

3. [Acrylonitrile] According to statistics, as of June 12, the average capacity utilization rate of the domestic acrylonitrile industry reached 75.59%, an increase of 0.32% over the same period last week, and the weekly output was about 76,100 tons.

4. [Polyester yarn] According to statistics, as of June 12, the average operating rate of domestic pure polyester yarn enterprises was 76.35%, an increase of 1.93% month-on-month; the inventory of the pure polyester yarn industry was 22.37 days, a decrease of 0.7 days from last week.

5. [cotton yarn] According to statistics, as of June 12, the average operating rate of domestic pure cotton yarn enterprises was 68.60%, a decrease of 0.35% from the previous month; the finished product inventory of pure cotton yarn enterprises was 30.30 days, a decrease of 0.37% from the previous month.

6. [Lint cotton] The latest USDA drought report shows that as of the week of June 10, about 6% of the cotton-growing areas in the United States were affected by drought, compared with 6% in the previous week and 7% in the same period last year.

7. [Lint cotton] The U.S. Department of Agriculture report shows that from May 30 to June 5, 2025, the net export contract volume of upland cotton in the United States in 2024/25 was 13,700 tons, a decrease of 45% from the previous week and a decrease of 51% from the average of the previous four weeks. The shipping volume was 53,600 tons, a decrease of 25% from the previous week and a decrease of 19% from the average of the previous four weeks.

Steel

1. [Steel] This week, the supply of the five major steel varieties was 8.5885 million tons, a decrease of 215,300 tons from the previous week, a decrease of 2.4%; the total inventory was 13.5456 million tons, a decrease of 92,500 tons from the previous week, a decrease of 0.7%; the weekly consumption was 8.681 million tons, of which the consumption of building materials decreased by 3.5% from the previous week, and the consumption of plates decreased by 0.5% from the previous week.

2. [Steel billet] This week, the inventory of steel billets of the same caliber in Tangshan's main warehouses and ports was 676,600 tons, a decrease of 81,400 tons from the previous week.

3. [Galvanized sheet] On June 12, statistics showed that 154 national galvanized enterprises had a total transaction volume of 15,654 tons, a decrease of 963 tons from the previous trading day, a decrease of 5.80%. The region with the largest decrease was East China, which decreased by 343 tons from the previous trading day, a decrease of 6.15%.

4. [Ferrosilicon] The tender quantity of Hesteel 75B ferrosilicon in June is 2,200 tons, and the tender quantity in the previous round is 2,135 tons, an increase of 65 tons from the previous round. Among them, Wuyang New Kuanhou is 500 (-) tons, Handan Iron and Steel is 800 (-) tons, Tangshan New District is 100 (-135) tons, Chenggang is 200 (+100) tons, Shigang Special Steel is 200 (+100) tons, and Zhangxuan High-tech is 400 (-) tons. The bidding deadline is: 2025-6-12 10:00.

5. [Manganese silicon] Hesteel Group's silicon manganese production in June was 11,700 tons, and the production in May was 11,600 tons, an increase of 100 tons month-on-month. (The production in June 2024 is 14,350 tons).

6. [Manganese silicon] Australian United Mining announced its July 2025 quotation to China, with Australian manganese ore quoted at US$4.55/ton, down US$0.15/ton from the previous month.

7. [Steel] According to customs data, in May 2025, my country imported 481,000 tons of steel, a decrease of 41,000 tons from the previous month, a decrease of 7.9%. From January to May, the cumulative import of steel was 2.553 million tons, a decrease of 490,000 tons from the same period last year, a decrease of 16.1%. In May 2025, my country exported 10.578 million tons of steel, an increase of 116,000 tons from the previous month, an increase of 1.1%. From January to May, the cumulative export of steel was 48.469 million tons, an increase of 3.958 million tons from the same period last year, an increase of 8.9%.

Nonferrous metals

1. [Rare earth] The Ministry of Commerce stated that China has fully considered the reasonable needs and concerns of various countries in the private sector, and has approved a certain number of compliance applications for export licenses for rare earth-related items in accordance with the law, and will continue to strengthen the approval of compliance applications.

2. [Lead] A primary lead smelting enterprise in East China originally planned to carry out routine maintenance in June, which would take about one month. However, the current equipment operation is still good, and the company will postpone the maintenance plan to August.

A large recycled lead smelter in North China has temporarily stopped production due to shortage of raw materials. The company plans to increase the purchase quotation in the near future to replenish the raw material inventory, hoping to resume production as soon as possible. The preliminary estimate is that the suspension time is about 15 days.

3. [Alumina] As of June 12, the total capacity of metallurgical-grade alumina in the country was 110.82 million tons/year, and the total operating capacity was 89.01 million tons/year. The weekly operating rate of alumina in the country rose by 1.57 percentage points from last week to 80.32%.

4. [Zinc] As of June 12, the total inventory of zinc ingots in the seven SM M locations was 77,100 tons, a decrease of 2,200 tons from June 5 and 4,600 tons from June 9, and domestic inventory decreased.

Building materials

1. [Glass] As of June 12, the operating rate of the float glass industry was 75.42%, down 0.25 percentage points from June 5, and it has declined for the second consecutive week; the industry's capacity utilization rate fell by 0.66% month-on-month to 77.48%; daily output fell by 0.7% to 155,700 tons, and weekly output was 1.0912 million tons, down 0.61% month-on-month and 8.69% year-on-year, approaching a three-and-a-half-month low.

2. [Glass] As of June 12, the total inventory of sample float glass enterprises nationwide was 69.685 million tons, a slight decrease of 69,000 tons or 0.10% from the previous month, and an increase of 19.86% from the same period last year. The inventory days were 30.8 days, a decrease of 0.5 days from the previous period.

Agricultural and sideline products

1. [Soybean] Data released by SECEX showed that Brazil's soybean exports slowed down in early June. From June 1 to 6, Brazil's soybean exports were 3.036 million tons, and 13.96 million tons for the whole month of June last year.

2. [Soybean] ANEC said that Brazil's soybean exports in June 2025 will be 14.08 million tons, higher than the 12.55 million tons estimated a week ago.

3. [Corn] ANEC predicts that Brazil's corn exports in June 2025 will increase to 923,400 tons, higher than the 835,660 tons estimated a week ago, but still 6% lower than the 982,812 tons exported in June last year.

4. [Palm Oil] According to ITS data, Malaysia's palm oil exports from June 1 to 10 were 371,600 tons, up 26.4% from 293,991 tons in the same period last month.

5. [Palm Oil] According to SPPOMMA data, from June 1 to 5, 2025, the output of palm oil in South Malaysia increased by 10.1% month-on-month, of which the yield of fresh fruit bunches increased by 10.15% month-on-month, and the oil yield (OER) decreased by 0.01%.

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