Macroeconomics

1. [Bulk Solid Waste] The State Council issued the "Comprehensive Solid Waste Management Action Plan," proposing that by 2030, the annual comprehensive utilization of bulk solid waste will reach 4.5 billion tons, and the annual recycling volume of major renewable resources will reach 510 million tons. Outdated production capacity will be eliminated in accordance with laws and regulations. In principle, no new beneficiation projects without self-owned mines and supporting tailings utilization and disposal facilities will be approved. The plan focuses on comprehensive management across the entire chain in major waste-generating areas such as industry, urban areas, and agriculture and forestry.

2. [Federal Reserve] Philadelphia Fed President Anna Paulson believes that a modest further interest rate cut may be possible later in 2026, but this depends on a favorable economic outlook. Paulson estimates that current policy remains "slightly restrictive," which helps maintain downward pressure on inflation.

Energy

1. [Crude Oil] The Organization of the Petroleum Exporting Countries (OPEC) issued a statement on January 4th, stating that eight major oil-producing countries among OPEC and non-OPEC producers have decided to maintain the production plan established in early November 2025, and continue to suspend production increases in February and March 2026.

2. [Fuel Oil] Data from the Singapore Enterprise Development Board (ESG) shows that in the week ending December 31, 2025, Singapore's fuel oil inventories increased by 1.036 million barrels, reaching a 17-week high of 26.752 million barrels.

3. [Coke] The Indian Ministry of Finance's Department of Revenue announced that it accepts the preliminary affirmative anti-dumping ruling recommendation made by the Indian Ministry of Commerce and Industry on low-ash metallurgical coke originating from or imported from China, Australia, Colombia, Indonesia, Japan, and Russia, and decided to impose a temporary anti-dumping duty for a period of six months on the products from the aforementioned countries.

4. [Coking Coal] On January 4th, the price of coking coal in the Shaoyang market fell by 40 RMB/ton. The ex-works price (including tax and acceptance) for prime coking coal A7.0, S0.7, V24, G80-83, Y17-19, MT7 was 1,570 RMB/ton.

5. [Petroleum Coke] On January 4th, Huaxiang Petrochemical quoted petroleum coke at 2,730 RMB/ton, an increase of 20 RMB/ton compared to the previous trading day.  ​​The sulfur content is 2.7%, and the delayed coking unit has a capacity of 400,000 tons/year, with a daily output of 450 tons.

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