SunSirs: Energy Industries Bulk Commodity Intelligence (September 26, 2025)

Macro

1. [Trade and Investment Barrier Investigation] The Ministry of Commerce has decided to initiate a trade and investment barrier investigation into Mexico's restrictive measures against China, effective September 25, 2025. The measures under investigation are the Mexican government's proposed increase in import tariffs on products from China and other non-free trade partners. Other trade and investment restrictive measures taken by Mexico in recent years involving China are also covered by this investigation.

2. [US Tariffs] Trump announced that, effective October 1, the United States will impose a new round of high tariffs on a variety of imported products. These measures include a 50% tariff on kitchen cabinets, bathroom vanities, and related building materials, a 30% tariff on imported furniture, and a 100% tariff on patented and branded pharmaceuticals.

3. [US Initial Jobless Claims] The number of initial jobless claims in the United States fell by 14,000 to 218,000 last week, the lowest level since mid-July and well below market expectations of 235,000.

4. [Swiss Interest Rate] The Swiss National Bank maintained its interest rate at 0%, the first time since the start of its rate-cutting cycle in March 2024, in line with market expectations.

5. [Automobiles] According to the latest data released by the European Automobile Manufacturers' Association (ACEA), EU passenger car sales increased by 5.3% to 677,786 units in August 2025. However, cumulative sales in the first eight months decreased by 0.1% year-on-year.

Energy

1. [Crude Oil] On September 25, international crude oil futures closed nearly flat. The November contract of U.S. WTI crude oil futures settled at $64.98 per barrel, down $0.01. The December contract of Brent crude oil futures settled at $68.58 per barrel, up $0.12.

2. [Crude Oil] Japan's crude oil imports fell 2.5% in August, while liquefied natural gas imports fell 6.5%.

3. [Crude Oil] According to China National Petroleum Corporation, the Daqing Gulong National Demonstration Zone for Continental Shale Oil has added 158 million tons of proven shale oil reserves, providing key support for breakthroughs in my country's continental shale oil development.

4. [Coal] According to the monthly statistics on major industrial product output released by the Polish Central Statistical Office, Poland's coal production in August 2025 was 5.8968 million tons, a month-on-month decrease of 13.8% and a year-on-year decrease of 16%. From January to August 2025, Poland's cumulative coal production reached 52.3352 million tons, a year-on-year decrease of 6%.

5. [Petroleum Coke] On September 25, Wantong Petrochemical's petroleum coke price was 2,050 RMB/ton, up 30 RMB/ton from the previous trading day. The sulfur content was 3.5%, the vanadium content was 500%, and the delayed coking unit had an annual capacity of 1.2 million tons and a daily output of 850 tons.

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