Macroeconomics

1. [Shipbuilding] China announced countermeasures against the restrictive measures imposed by the US under Section 301 on China's shipbuilding and other industries, deciding to collect special port fees on US-related vessels starting October 14.

2. [Automobile] According to data from the China Passenger Car Association, the national passenger car market sold 2.239 million units in September, a year-on-year increase of 6% and a month-on-month increase of 11%. Of this total, new energy passenger car sales reached 1.307 million units, a year-on-year increase of 16% and a month-on-month increase of 17%, with a new energy retail penetration rate of 58.5%.

3. [Federal Reserve] Federal Reserve Governor Waller warned that US job growth may have turned negative in recent months, and the weak labor market has become a major concern for the Fed in formulating policy. He expressed openness to a 25 basis point interest rate cut in the next few meetings.

Energy

1. [Crude Oil] Sources familiar with the matter revealed that Mexican state-owned oil company Pemex has shut down multiple units at its Deer Park refinery in Texas to begin overhaul. The refinery has a daily production capacity of 312,500 barrels. The refinery's DU-2 crude oil fraction unit, with a daily capacity of 270,000 barrels, is the larger of its two units and is undergoing a planned overhaul expected to last 60 days.

2. [Crude Oil] On October 12, Iraq's State Oil Marketing Organization (SOMO) announced that Iraq would set its November official selling price (OSP) for Basra Intermediate crude oil for Asian customers at a premium of $0.85 per barrel over the average Oman/Dubai price. Iraq also set its OSP for Basra Intermediate crude oil for European customers at a discount of $2.80 per barrel over dated Brent crude oil.

3. [Refined Oil] The domestic refined oil price adjustment window opened at midnight on October 13, and retail prices for refined oil products are expected to decrease.

4. [Coking Coal] The China Coking Industry Association announced on October 11 that the group standard "Guidelines for Energy Efficiency Benchmarking for Coking Enterprises" (T/CCIAA25-2025) has been completed in accordance with the procedures specified in the "China Coking Industry Association Group Standard Formulation and Revision Working Rules (Trial)." After review by the China Coking Industry Association's Expert Committee and confirmed to meet the requirements, it is now published.

5. [Coal] According to the latest data from Mongolian customs authorities, Mongolia exported 9.6863 million tons of coal in September 2025, a month-on-month increase of 13.72% and a year-on-year increase of 66.68%. From January to September 2025, Mongolia's cumulative coal exports reached 62.6168 million tons, a year-on-year increase of 2.27%.

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