Li Qiang presided over a symposium with economic experts and entrepreneurs
Li Qiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, presided over a symposium with economic experts and entrepreneurs on the afternoon of April 8 to listen to their opinions and suggestions on the current economic situation and the next step of economic work. At the symposium, Zhang Yuyan, Wu Ge, Peng Wensheng, Bai Chong'en, Gu Jie, Zhang Shaoming, Li Xiande, Jiang Yingwu and others spoke successively. Everyone believes that in the face of a complex and severe external environment, my country's economy continues to recover and improve, positive factors continue to increase, and market confidence is strengthened. Everyone analyzed the contradictions and problems in economic operation from different angles, and put forward opinions and suggestions on further improving macroeconomic policies and doing a good job in economic work. (CCTV News)
Shanxi Coking Coal: Huajin Coking Coal Shaqu No. 1 Coal Mine resumes production
Shanxi Coking Coal announced that its subsidiary Huajin Coking Coal Co., Ltd. Shaqu No. 1 Coal Mine has resumed production. The Shaqu No. 1 Coal Mine was shut down for 117 days due to the accident, and it is estimated that the raw coal output will be affected by about 1.4 million tons.
Pan Gongsheng, Governor of the People's Bank of China, meets with U.S. Treasury Secretary Janet Yellen
On April 8, 2024, Pan Gongsheng, Governor of the People's Bank of China, met with visiting U.S. Treasury Secretary Janet Yellen and exchanged views on economic and financial issues of common concern, including the economic and financial situation of the two countries, monetary policy, financial stability, sustainable finance, and international financial governance. Xuan Changneng, Deputy Governor of the People's Bank of China, attended the meeting.
Oil World: Indonesia's palm oil exports fell by a third in February
According to foreign media reports, analysts at Hamburg-based OilWorld said that Indonesia exported about 1.59 million tons of palm oil in February, down about a third from January this year (2.31 million tons) and February last year (2.39 million tons). In February, Indonesia exported 153,000 tons of crude palm oil (347,000 tons in January; 137,000 tons in February 2023), and 1.35 million tons of refined palm oil (1.83 million tons in January; 2.04 million tons in February last year). In February, palm meal exports fell to 253,000 tons (423,000 tons in January; 420,000 tons in February last year). Palm kernel oil exports rose to 159,000 tons (143,000 tons in January; 102,000 tons in the same period last year).
Ministry of Finance: The fourth meeting of the two working groups of China and the United States is planned to be held in mid-April
Liao Min, Vice Minister of Finance, briefed the media on the visit of US Treasury Secretary Yellen to China and answered questions: Regarding the next arrangements. In accordance with the instructions of the leaders of both sides, the working level of both sides will continue to promote the implementation of the above consensus under the economic and financial working groups. The fourth meeting of the two working groups is scheduled to be held in mid-April during the World Bank/International Monetary Fund Spring Meetings held in Washington, the United States.
India's silver imports hit a record high in February, silver prices may be supported again
According to foreign media reports, Indian government officials said that India imported a record 2,295 tons of silver in February, up from 637 tons in January (a 260% surge from the previous month), and lower tariffs encouraged it to import 939 tons of silver from the UAE. Officials added that silver imports are expected to grow 66% this year. Increased demand in India, the world's largest silver consumer, may support silver prices, which are at a nearly three-year high. According to preliminary data from the Indian Ministry of Commerce, the country's silver imports soared to 2,932 tons in the first two months of 2024, compared with 3,625 tons for the whole of 2023. Chirag Thakkar, CEO of Amrapali Group, a major silver importer in Gujarat, said that driven by strong demand from the manufacturing and solar industries, India's silver imports may increase to 6,000 tons in 2024 from 3,625 tons last year.
Muyuan shares: 5.471 million pigs sold in March
Muyuan shares announced that in March, the company sold 5.471 million pigs with sales revenue of 9.075 billion yuan. Among them, a total of 855,000 pigs were sold to its wholly-owned subsidiary Muyuan Meat Food Co., Ltd. and its subsidiaries. In March 2024, the company's commercial pig prices increased compared with January-February 2024, with the average sales price of commercial pigs at 14.24 yuan/kg, up 2.89% from January-February 2024. From January to March 2024, the company sold a total of 16.011 million pigs, including 15.307 million commercial pigs, 597,000 piglets, and 107,000 breeding pigs. As of the end of March 2024, the company had 3.142 million sows in stock.
The commercial inventory of palm oil in key areas across the country was 560,950 tons, an increase of 31,300 tons from last week
According to Mysteel's survey, as of April 5, 2024 (week 14), the commercial inventory of palm oil in key areas across the country was 560,950 tons, an increase of 31,300 tons from the previous week, an increase of 5.91%; compared with 921,200 tons last year, a decrease of -360,300 tons, a decrease of -39.11%. The commercial inventory of soybean oil in key areas across the country was 874,000 tons, an increase of 1,000 tons from the previous week, an increase of 0.01%.
Fewer rubber products arrive at the port, and the natural rubber inventory in the bonded area continues to be liquidated
In this cycle, Qingdao's bonded warehouses and general trade inventories continued to be destocked. Due to the low production and harvesting period overseas, the port arrival volume remained low. The Qingming Festival holiday coincided with the cycle, and arbitrage positions were closed and shipped before the holiday. Tire factories needed to stock up at low prices. As of April 7, 2024, the total inventory of natural rubber bonded and general trade in Qingdao was 643,500 tons, a decrease of 16,400 tons from the previous period, a decrease of 2.48%. The bonded area inventory was 88,800 tons, a decrease of 1.13%; the general trade inventory was 554,700 tons, a decrease of 2.69%. (Longzhong Information)
Guangzhou raises the maximum amount of provident fund loans for one person to 700,000 yuan
The Guangzhou Housing Provident Fund Management Center issued a notice to adjust the maximum loan amount for depositors to apply for personal housing provident fund loans for purchasing self-occupied housing within the administrative area of the city. This notice will be implemented from April 9, 2024 and will be valid for 5 years. If the original policy is inconsistent with this notice, it shall be implemented in accordance with this notice. Among them, for those who use housing provident fund loans to purchase self-occupied housing, the maximum loan amount for one person to apply for a loan is adjusted to 700,000 yuan, and the maximum loan amount for two or more people to purchase the same self-occupied housing and apply for a loan together is adjusted to 1.2 million yuan.
Iraq completes first phase of repair of oil export pipeline to Türkiye
Iraq's Deputy Oil Minister: Iraq has completed the first phase of repairing its oil export pipeline to Turkey. The Iraq-Turkey Oil Pipeline (ITP) will begin operations at the end of April and is ready to export 350,000 barrels of crude oil per day from northern oil fields.
Lan Fuan meets with U.S. Treasury Secretary Janet Yellen
On the evening of April 7, 2024, Finance Minister Lan Fuan held talks with U.S. Treasury Secretary Yellen in Beijing and exchanged views on the macroeconomic situation of China and the United States, bilateral economic relations, and cooperation in responding to global challenges. Deputy Finance Minister Liao Min accompanied him. (Ministry of Finance)
By the end of March, the total sales of sugar in China reached 4.7345 million tons, an increase of 359,800 tons year-on-year.
As of the end of March, sugarcane sugar factories have gradually closed their sugar production in the 2023/24 sugar production season. In this sugar production season, the country produced a total of 9.5731 million tons of sugar, an increase of 855,100 tons year-on-year, an increase of 9.81%. The country sold a total of 4.7345 million tons of sugar, an increase of 359,800 tons year-on-year, an increase of 8.23%; the cumulative sugar sales rate was 49.46%, a year-on-year slowdown of 0.72 percentage points. The sugar industry inventory was 4.8386 million tons, an increase of 495,300 tons year-on-year. In this sugar production season, the average cumulative sales price of finished white sugar of sugar industry enterprises nationwide was 6,621 yuan/ton, a year-on-year increase of 869 yuan/ton. In March 2024, the average sales price of finished white sugar was 6,543 yuan/ton, a year-on-year increase of 573 yuan/ton and a month-on-month decrease of 19 yuan/ton. (China Sugar Association)
Yellen reiterates no decoupling from China
After a five-day visit to China, U.S. Treasury Secretary Janet Yellen held a press conference in Beijing on the afternoon of April 8, in which she reiterated that she does not seek to decouple from China. The economies of China and the United States are closely linked, and decoupling would bring disastrous consequences. (CGTN reporter group)
Shanghai Gold Exchange: Starting from the closing settlement on April 9, the margin ratio of silver deferred contracts will be adjusted from 10% to 12%.
The Shanghai Gold Exchange announced that starting from the closing settlement on April 9, 2024 (Tuesday), the margin ratio of the Ag (T+D) contract will be adjusted from 10% to 12%, and the price fluctuation limit will be adjusted from 9% to 11% from the next trading day.
Shanghai export container settlement freight rate index (European route) fell 0.1% compared with the previous period
According to data from the Shanghai Shipping Exchange, as of April 8, 2024, the Shanghai Export Container Settlement Freight Index (European route) was 2172.14 points, down 0.1% from the previous period.
Styrene continued to destock seasonally, with Hong Kong inventory down 11.65% week-on-week
As of April 8, the total sample inventory of styrene ports in Jiangsu was 147,100 tons, a decrease of 19,400 tons from the previous cycle, a decrease of -11.65%. The commodity inventory was 127,100 tons, a decrease of 17,400 tons from the previous cycle, a decrease of -12.04%. From the news perspective, although the pickup volume has decreased, the arrival volume is less, and the arrival volume is still lower than the pickup volume, and the port inventory continues to decline. As of April 8, the total sample inventory of styrene ports in Jiangsu was 21.07% higher than the same period last year; the current port inventory is 267.75% higher than the low point since 2022, and 42.87% lower than the high point since 2022. However, looking at the inventory data in the past 6 years, the current inventory is in the lower median range of the same period. (Longzhong Information)
Hamas source: No progress made in ceasefire talks in Gaza Strip
On the 8th local time, Al Jazeera quoted a source from the Palestinian Islamic Resistance Movement (Hamas) as saying that Hamas negotiators had left Cairo and that the negotiations on the 7th had made no progress. The Israeli delegation did not respond to any of Hamas's demands. Earlier, Egypt's official television station quoted an anonymous senior official from the Egyptian security department as saying that the delegations from all parties who came to participate in the ceasefire negotiations had made progress in the negotiations on multiple points of disagreement. (CCTV News)
The total iron ore shipments from Australia and Brazil were 26.942 million tons, a decrease of 1.169 million tons from the previous month.
From April 1 to April 7, Mysteel's total iron ore shipments from Australia and Brazil were 26.942 million tons, a decrease of 1.169 million tons from the previous month. Australia's shipments were 18.543 million tons, a decrease of 2.177 million tons from the previous month, of which Australia's shipments to China were 15.196 million tons, a decrease of 2.734 million tons from the previous month. Brazil's shipments were 8.399 million tons, an increase of 1.008 million tons from the previous month. The total global iron ore shipments for this period were 32.458 million tons, a decrease of 1.425 million tons from the previous month.
Some steel mills in Tangshan plan to reduce the price of wet quenched coke by 100 yuan/ton
On April 8, some steel mills in Tangshan planned to reduce the price of wet quenched coke by 100 yuan/ton and dry quenched coke by 110 yuan/ton, which will be implemented from 0:00 on April 9, 2024. (Mysteel)
The total amount of iron ore arriving at 45 ports in China was 24.369 million tons, a decrease of 36,000 tons from the previous month
According to Mysteel, from April 1 to April 7, the total amount of iron ore arriving at 47 ports in China was 25.819 million tons, an increase of 206,000 tons from the previous month; the total amount of iron ore arriving at 45 ports in China was 24.369 million tons, a decrease of 36,000 tons from the previous month; the total amount of iron ore arriving at the six northern ports was 10.917 million tons, a decrease of 885,000 tons from the previous month.
Hesteel Group's ferrosilicon bidding quantity in April is
