on Monday
No. 92 gasoline will return to the 8 yuan era
According to the notice of the National Development and Reform Commission, from 24:00 on April 1, the price of gasoline will be increased by 200 yuan per ton and the price of diesel will be increased by 190 yuan per ton. According to the agency's calculation, this price adjustment is equivalent to an increase of 0.16 yuan per liter for No. 92 gasoline, 0.17 yuan per liter for No. 95 gasoline, and 0.16 yuan per liter for No. 0 diesel. After the price adjustment, No. 92 gasoline in most parts of the country will return to the "8 yuan era", and car owners will spend about 8 yuan more to fill up a tank of gas. Since this price adjustment coincides with the Qingming Festival, the cost of driving during the short holiday may increase.
The People's Bank of China: In March 2024, the People's Bank of China carried out standing lending facility operations for financial institutions totaling 3.42 billion yuan
The People's Bank of China's standing lending facility operations in March 2024. In order to meet the temporary liquidity needs of financial institutions, in March 2024, the People's Bank of China conducted standing lending facility operations for financial institutions totaling 3.42 billion yuan, including 1.67 billion yuan for overnight and 1.75 billion yuan for 7 days. The balance of standing lending facilities at the end of the period was 3.4 billion yuan. The standing lending facility interest rate plays the role of the upper limit of the interest rate corridor, which is conducive to maintaining the smooth operation of money market interest rates. The overnight, 7-day and 1-month standing lending facility interest rates are 2.65%, 2.80% and 3.15% respectively. (People's Bank of China)
NOAA: There is at least a 50% chance that temperatures in some parts of the Midwestern soybean/corn belt in the U.S. will be above normal in April
The National Oceanic and Atmospheric Administration (NOAA) monthly temperature forecast for the United States in April shows that there is at least a 40% chance that the temperature in April in some parts of the Midwestern soybean/corn growing belt will be above normal, while there is at least a 50% chance that some parts will be above normal.
Caixin Manufacturing PMI in March remained in the expansion range for five consecutive months
According to Caixin: The Caixin China Manufacturing Purchasing Managers' Index (PMI) for March, released on April 1, recorded 51.1, 0.2 percentage points higher than in February. It has been in the expansion range for five consecutive months, reaching a new high since March 2023, indicating that the production and operation activities of the manufacturing industry are accelerating.
Tuesday
The Beijing Branch of the People's Bank of China: The implementation of a prudent monetary policy must be flexible, moderate, precise and effective
The Beijing Branch of the People's Bank of China held a briefing on financial management work to summarize the financial work in the jurisdiction in 2023, analyze the current economic and financial situation, and put forward work requirements for implementation in 2024. The meeting required that the implementation of a prudent monetary policy should be flexible, moderate, precise and effective to support the continued recovery and high-quality development of the capital's economy. Make good use of various monetary policy tools, consolidate credit support for the real economy, focus on balanced credit supply, continue to deepen interest rate marketization reform, and promote a steady decline in the overall social financing cost. Fully support post-disaster reconstruction.
Zheng Zhajie hosted a special symposium to communicate with private enterprises on large-scale equipment upgrades and consumer product trade-ins
On the morning of April 2, Zheng Zhajie, director of the National Development and Reform Commission, presided over the first special symposium on large-scale equipment renewal and consumer goods trade-in, held discussions with the heads of six private enterprises including JD.com, Midea Group, Haier Group, Gree Electric Appliances, Yadea Technology, and GEM, listened carefully to the demands and suggestions of entrepreneurs on the trade-in of consumer goods, and had in-depth exchanges and discussions on the next step of implementing the relevant work. Zheng Zhajie said that in the next step, the National Development and Reform Commission will make good use of the inter-ministerial joint meeting system to promote the development and growth of the private economy, and work with relevant departments to give full play to the role of business entities, better play the guiding role of the government, and make a good policy combination. Strengthen scientific and technological support such as information and intelligent technology, promote the trade-in of automobiles and home appliances and the "renewal" of home decoration kitchens and bathrooms, and solidly promote the high-quality development of my country's economy. (NDRC)
China Iron and Steel Association: The construction market is expected to bottom out and rebound, and all companies should adjust their production rhythm according to market demand
On March 29, the China Iron and Steel Association organized a seminar on the rebar market to analyze and judge the recent situation of the rebar market and future trends, and to exchange and study countermeasures. Luo Tiejun, vice president of the China Iron and Steel Association, emphasized that the downward trend in demand for construction steel is a consensus among everyone. The start of demand in the construction market this year has lagged significantly. With the implementation of national policies, it is expected to bottom out and rebound. Everyone should pay close attention to changes in the market. In accordance with the principle of "three determinations and three don'ts", the production rhythm should be adjusted according to market demand, and production should not be increased significantly as soon as market demand improves slightly. Leading enterprises in various regions should play a leading role in maintaining market stability, strengthen regional self-discipline, and achieve profitable income and cash profits. Rebar and coil products have strong regional attributes. All enterprises should deeply cultivate regional markets and do a good job in regional market maintenance. (China Iron and Steel Association)
SHFE: Orderly promote the development of futures products for battery metals and related materials, explore and promote the internationalization of nickel futures
On March 29, the 6th meeting of the 4th Council of the China Nonferrous Metals Industry Association and the 7th meeting of the 4th Executive Council were held in Beijing. Zhang Ming, deputy general manager of the Shanghai Futures Exchange, said that in the next step, the Shanghai Futures Exchange will first give full play to the decisive role of the market in resource allocation and broaden the use scenarios of futures prices. Second, focus on green development and advantageous minerals and accelerate the supply of varieties. The Shanghai Futures Exchange will promote the inclusion of green power aluminum and recycled lead into the delivery system, actively develop cast aluminum alloy futures varieties, accelerate the development of advantageous mineral futures varieties such as tungsten and magnesium, and orderly promote the development of futures varieties of battery metals and related materials; enrich the international product system of existing varieties, promote the overseas layout of delivery warehouses; seize the opportunity of the reconstruction of the global nickel pricing system, and explore and promote the internationalization of nickel futures. The third is to remove obstacles to corporate participation and promote high-level opening up. Improve hedging accounting standards, optimize the assessment and audit mechanism for corporate participation in the futures market, encourage and support real enterprises to build professional talent teams; promote high-level opening up of the futures market, and accelerate the integration of relevant systems with the international market. Fourth, continue to comprehensively deepen and comprehensively enhance strategic cooperation with the China Nonferrous Metals Industry Association. (China Nonferrous Metals News)
Guangzhou Futures Exchange: Actively play the role of the futures market and support the high-quality development of the new energy metal industry
On March 29, the 6th meeting of the 4th Council of China Nonferrous Metals Industry Association and the 7th meeting of the 4th Executive Council were held in Beijing. Gao Weibing, Party Secretary and Chairman of Guangzhou Futures Exchange, said that this year, Guangzhou Futures Exchange will continue to deepen its strategic cooperation with China Nonferrous Metals Industry Association.
1. First, accelerate the enrichment and improvement of the product system, and refine and deepen the new energy metal futures sector. Guangzhou Futures Exchange will continue to deepen the new energy field, accelerate the development of futures products such as polysilicon, platinum, and palladium, steadily advance the research of carbon emission rights and power futures, and at the same time strengthen the reserve of special products to further expand the coverage of market services.
2. The second is to further promote industry cultivation and improve the quality and efficiency of serving the real economy. Guangzhou Futures Exchange will gradually establish a market service brand and a characteristic service system to support industrial customers to make good use of risk management tools such as futures options on the premise of fully understanding and effectively grasping the operating rules of the futures market.
3. The third is to implement strict supervision requirements and make every effort to maintain market order. As an emerging industry, the new energy industry has rapid development and growth, and objectively has greater uncertainty, which not only provides demand for risk management, but also puts forward higher requirements for the smooth operation of the market. Guangzhou Futures Exchange will continue to strengthen self-regulatory supervision, strengthen risk prevention and control, maintain market order, and better serve real enterprises in using futures and managing risks. (China Nonferrous Metals News)
China Futures Association: The trading volume of the national futures trading market in March was 626,197,360 lots, a year-on-year decrease of 13.56%
The latest statistics from the China Futures Association show that, based on unilateral calculations, the national futures trading market transaction volume in March was 626,197,360 lots, and the transaction value was 49,673,354 million yuan, down 13.56% and 0.46% year-on-year respectively. From January to March, the national futures market's cumulative transaction volume was 1509,989,198 lots, and the cumulative transaction value was 124,163,872 million yuan, down 9.22% and up 2.70% year-on-year respectively.
ICAC April Monthly Report: Production and consumption are expected to be strong next year, and cotton prices may rise slightly
According to the April report of the International Cotton Advisory Committee (ICAC), the planting area, production, consumption and trade volume of major countries in 2024/25 will all increase year-on-year. Among them, the cotton planting area is expected to be 32.85 million hectares, an increase of 3% over 2023/24. Production is expected to be 25.22 million tons, an increase of 2.5% over 2023/24. Consumption is expected to be 25.37 million tons, an increase of 2.9% over 2023/24. Trade volume (imports and exports) is expected to be 9.94 million tons, an increase of nearly 4% over 2023/24. The global cotton yield is expected to be 768 kg/hectare, a slight decrease of 0.12% year-on-year. International cotton prices are expected to rise slightly, based on the fact that cotton consumption slightly exceeds production. If bad weather leads to a reduction in cotton production in 2024/25, cotton prices are expected to rise sharply. At the same time, cotton consumption will continue to increase and consumer confidence will continue to improve. If this forecast is true, cotton prices will rise, especially if the current cotton production forecast remains unchanged. Weather is still the biggest uncertainty factor. If the weather is ideal this year, cotton will have a good harvest, and cotton consumption demand will increase, and the market will see a situation of strong supply and demand.
The Ministry of Commerce Spokesperson answered reporters' questions on the release of the 2024 Foreign Trade Barriers Assessment Report by the Office of the United States Trade Representative
China believes that whether a country's trade policy constitutes a barrier should be judged by whether it violates WTO rules. The US report did not provide any evidence to prove that China's relevant policies and practices violate WTO rules, but arbitrarily accused China of having so-called "non-market" policies and practices and barriers in agricultural products and data policies. China firmly opposes this. (Ministry of Commerce)
Wednesday
The National Development and Reform Commission, the Ministry of Industry and Information Technology and other departments have conducted research and deployment on the regulation of crude steel production in 2024
In order to implement the decisions and arrangements of the CPC Central Committee and the State Council, and to continuously consolidate and enhance the results of supply-side structural reform, in 2024, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Emergency Management, and the National Bureau of Statistics will continue to carry out the national crude steel production control work together with relevant parties, focusing on energy conservation and carbon reduction, distinguishing the situation, maintaining and reducing, guiding by categories, supporting the superior and eliminating the inferior, promoting the adjustment and optimization of the steel industry structure, and promoting high-quality development of the steel industry. In order to cooperate with the work of regulating production capacity and output, relevant departments will jointly carry out a national survey of basic information on equipment of steel smelting enterprises.
OPEC+ JMMC does not recommend changes to oil policy
The OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting ended. The OPEC+ Joint Ministerial Monitoring Committee (JMMC) did not recommend changes in oil policy, delegates said. The JMMC will hold its next meeting on June 1. OPEC+ once again called for better compliance with the production cut agreement.
Shanxi: Make every effort to ensure stable supply of power coal, and stabilize the province's coal production at around 1.3 billion tons in 2024
The General Office of the People's Government of Shanxi Province issued the 2024 Shanxi Coal Stable Production and Supply Work Plan, which mentioned that we should comprehensively coordinate high-quality development and high-level safety, focus on the safe, efficient and green and intelligent development of the coal industry, further optimize the production capacity structure, increase the proportion of advanced production capacity, promote the continuous allocation of coal resources, improve the coal resource guarantee capacity, speed up the processing of new production capacity procedures, release advanced production capacity in accordance with the law, strengthen coal production monitoring and scheduling, and do our best to ensure the stable supply of power coal. Under the premise of ensuring safe production, the province's coal production will be stabilized at about 1.3 billion tons in 2024. Strictly implement various safety production measures, reasonably formulate monthly and annual production plans, optimize production layout, reasonably arrange mining and excavation connection, scientifically organize equipment maintenance, coordinate production, transportation and marketing in a stable and orderly manner, and ensure that the output is stable at a reasonable level. For coal mines whose actual raw coal output does not reach 70% of the registered production capacity due to suspension and restriction of production, take practical and effective measures to achieve full production and efficiency as soon as possible. Maintain normal production in coal mines during holidays and major events, and strictly prohibit regional suspension of production due to accidents in individual coal mines.
All cities at prefecture level and above have established real estate financing coordination mechanisms
According to the Ministry of Housing and Urban-Rural Development, 31 provinces and the Xinjiang Production and Construction Corps have established provincial real estate financing coordination mechanisms, and all cities at prefecture level and above (excluding municipalities) have established urban real estate financing coordination mechanisms, and have proposed "white lists" of real estate projects that can be supported by financing in batches and pushed them to commercial banks. At present, this work has made positive progress. As of March 31, among the "white list" projects pushed by various places, 1,979 projects have obtained a total of 469.03 billion yuan in bank credit, and 1,247 projects have obtained loans of 155.41 billion yuan.
China's central bank: We must strengthen the implementation of the monetary policy that has been issued and enrich the monetary policy toolbox
The Monetary Policy Committee of the People's Bank of China held its first quarter regular meeting in 2024. The meeting pointed out that it is necessary to strengthen the implementation of the monetary policy that has been issued. Maintain reasonable liquidity, guide reasonable growth and balanced credit, and keep the scale of social financing and money supply in line with the expected targets of economic growth and price levels. Resolutely guard against the risk of overshooting of the exchange rate, prevent the formation of unilateral consistent expectations and self-reinforcement, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Improve the market-oriented interest rate formation and transmission mechanism, enrich the monetary policy toolbox, give play to the guiding role of the central bank's policy interest rate, release the effectiveness of the loan market quotation rate reform and the market-oriented adjustment mechanism of deposit interest rates, and promote the steady decline of corporate financing and resident credit costs. In the process of economic recovery, we should also pay attention to the changes in long-term yields. Implement differentiated housing credit policies accurately according to the city's policies, better support rigid and improved housing needs, meet the reasonable financing needs of real estate enterprises of different ownerships equally, and promote the stable and healthy development of the real estate market. Increase financial support for the "market + guarantee" housing supply system and focus on building a new model of real estate development.
Two departments of the People's Bank of China: The maximum loan ratio for self-use traditional power vehicles and self-use new energy vehicles shall be determined independently by financial institutions
The People's Bank of China and the State Administration of Financial Supervision and Administration jointly issued the "Notice on Adjusting Relevant Policies on Auto Loans", which clearly stated that financial institutions shall independently determine the maximum loan ratio for self-use traditional power vehicles and self-use new energy vehicles based on the borrower's credit status, repayment ability, etc., under the premise of compliance with laws and regulations and controllable risks. The maximum loan ratio for self-use traditional power vehicles and self-use new energy vehicles shall be determined independently by financial institutions; the maximum loan ratio for commercial traditional power vehicles is 70%, the maximum loan ratio for commercial new energy vehicles is 75%; the maximum loan ratio for used vehicles is 70%. Financial institutions are encouraged to strengthen the innovation of financial products and services in combination with subdivided scenarios such as new cars, used cars, and car trade-ins, appropriately reduce or exempt the penalty for early settlement of loans during car trade-ins, and better support reasonable car consumption needs.
Department of Foreign Trade of the Ministry of Commerce: The actual soybean arrival in March was 2.3017 million tons, and the forecast arrival in April was 6.8298 million tons
This report is based on the data reported by importers from March 16 to 31, and the next report period is April 1 to 15. The actual import shipments for this period were 357,400 tons, a year-on-year decrease of 94.75%; the forecast import shipments for this month were 2,263,600 tons, a year-on-year decrease of 82.07%; the forecast import shipments for next month were 95,600 tons, a year-on-year decrease of 99.14%. The actual arrivals for this period were 1,308,200 tons, a year-on-year decrease of 34.24%; the forecast arrivals for next period were 5,058,700 tons, a year-on-year increase of 13.05%; the actual arrivals for this month were 2,301,700 tons, a year-on-year decrease of 40.73%; the forecast arrivals for next month were 6,829,800 tons, a year-on-year decrease of 38.09%.
The Iron Ore Green and Low-Carbon Standard Working Group was established to carry out standard development work to promote the green and low-carbon development of the steel industry
The Metallurgical Mining Science and Technology Innovation and Standard Guidance Work Conference, jointly sponsored by the Metallurgical Industry Information Standards Research Institute, Beijing University of Science and Technology, and Baowu Resources, was held on the 2nd. At the meeting, the Green Low-Carbon Standard Working Group of the National Iron Ore and Direct Reduced Iron Standardization Technical Committee was established, planning to carry out the development of green and low-carbon standards in the iron ore field and promote the green and low-carbon development of my country's steel industry. It is reported that the Iron Ore Green Low-Carbon Standard Working Group plans to carry out relevant standard development work in four aspects: basic standards, low-carbon and zero-carbon, ecological environment, and smart green in three years.
Caixin China Services PMI rose to 52.7 in March, expanding for 15 consecutive months
The Caixin China General Services Business Activity Index (Service PMI) for March, released on April 3, recorded 52.7, up 0.2 percentage points from February, indicating that the service industry is recovering faster. Since the beginning of 2023, the Caixin China Services PMI has been in the expansion range for 15 consecutive months, and economic activities in the service industry have continued to expand.
U.S. ADP payrolls increase by 184,000, showing strong demand for workers
U.S. companies added the most hiring since July last month, with the overall gain pointing to strong demand for workers. Private payrolls increased by 184,000 in March from an upwardly revised 155,000 in the prior month. The median estimate in a survey of economists was for an increase of 150,000.
Thursday
U.S. trade deficit widens for third straight month in February
The U.S. trade deficit widened for the third straight month in February as imports exceeded exports. Data released by the U.S. Commerce Department on Thursday showed that the trade deficit in goods and services widened 1.9% from the previous month to $68.9 billion, the largest deficit in nearly a year, with a median estimate of $67.6 billion. Imports increased to nearly $332 billion and exports increased to $263 billion.
In the first two months of this year, the national shipbuilding completion volume was 8.26 million deadweight tons, a year-on-year increase of 95.4%.
It was learned from the China Shipbuilding Industry Association that in the first two months of this year, the national shipbuilding completion volume was 8.26 million deadweight tons, a year-on-year increase of 95.4%, of which exported ships accounted for 92.5% of the total; the new ship orders were 15.20 million deadweight tons, a year-on-year increase of 64.4%, of which exported ships accounted for 90.7% of the total.
Malaysia's end-March palm oil stocks seen at 8-month low
Malaysia's palm oil stocks at the end of March are expected to fall to an eight-month low despite higher production and rising exports, according to a Reuters poll. Palm oil stocks are expected to fall for the fifth straight month to 1.79 million tonnes, down 6.65% from the previous month, according to a Reuters poll of 10 traders, growers and analysts. Exports, meanwhile, are expected to surge 21.22% to 1.23 million tonnes, driven by demand for the Ramadan fasting month that began in mid-March. March production is expected to rise 9.76% from the previous month to 1.38 million tonnes, the first increase since November last year. The Malaysian Palm Oil Board (MPOB) will release its monthly palm oil data on April 15.
USDA Drought Report: U.S. soybean drought area increased slightly compared with last week
USDA's latest drought report shows that as of the week of April 2, about 22% of the U.S. soybean planting area was affected by drought, compared with 21% in the previous week and 20% in the same period last year. About 24% of the U.S. corn planting area was affected by drought, compared with 23% in the previous week and 29% in the same period last year. About 8% of the U.S. cotton planting area was affected by drought, compared with 6% in the previous week and 46% in the same period last year.
Friday
China-U.S. Trade Working Group holds first vice-ministerial meeting
At the invitation of the US side, Wang Shouwen, International Trade Negotiation Representative and Vice Minister of Commerce, visited the US from April 2 to 5, and co-chaired the first vice ministerial meeting of the China-US Trade Working Group with U.S. Deputy Secretary of Commerce Lago. The two sides agreed that the two ministries of commerce are willing to maintain close communication with enterprises of both sides and discuss issues of concern to enterprises; jointly support trade and investment promotion activities held by both sides, including the China International Import Expo, the Investment Fair, the China-California Economic and Trade Cooperation Forum, and cooperation activities in the fields of clean energy technology and women's health; strengthen discussions on specific standards issues of concern to the industry; explore strengthening trade facilitation cooperation; give play to the role of the export control information exchange mechanism and strengthen communication and exchanges in the field of export control. At the invitation of the Chinese side, Vice Minister Lago will lead a delegation to visit China in the second half of 2024 and co-chair the second vice ministerial meeting of the China-US Trade Working Group with the Chinese side.
MPOA: Malaysia's palm oil production is expected to increase by 9.71% from March 1 to 31
According to data released by the Malaysian Palm Oil Association (MPOA), Malaysia's palm oil production from March 1 to 31 is estimated to increase by 9.71%, with an increase of 13.88% in the Malay Peninsula, an increase of 3.64% in East Malaysia, an increase of 7.17% in Sabah, and a decrease of 4.23% in Sarawak.
Profits from self-breeding and self-raising pigs and purchasing piglets
According to Wind data, as of the week of April 5, the profit of self-breeding and self-raising pig farming was a loss of 42.17 yuan/head, and on March 29 it was a loss of 61.69 yuan/head; the profit of purchasing piglets for farming was a profit of 120.91 yuan/head, and on March 29 it was a profit of 112.58 yuan/head.
FAO: The average FAO Food Price Index in March 2024 was 118.3 points
The FAO Food Price Index averaged 118.3 points in March 2024, up 1.3 points (1.1%) from the revised index in February, as gains in the vegetable oil, dairy and meat price indices more than offset declines in sugar and cereal prices. Although the index's rebound this month reversed seven consecutive months of decline, it is still 9.9 points (7.7%) lower than the same period last year.
Saturday
Commodity volatility increases, companies increase futures hedging efforts
As commodity prices fluctuate more and more, many companies have increased the use of futures tools and achieved good results. Recently, an investor asked Yintai Gold why the company's tin ingot cap in 2023 was a loss of 36 million and a gross profit of -4.4%? The company replied that in order to avoid risks, the company has carried out hedging business. The loss is listed as the loss of tin ingot trading spot, while the futures position is profitable. After offsetting the profit and loss, the actual profit is 5.3418 million yuan. From this, we can see the effect of futures tools in helping companies to operate steadily. Industry insiders pointed out that with the development of the futures market, more and more non-ferrous metal production companies are using the futures market to lock in prices and hedge risks, while also using the futures delivery function to assist spot sales. By registering as a futures delivery brand, in the traditional spot sales off-season, the copper plates and aluminum ingots produced can be registered as futures warehouse receipts, and the appropriate price can be selected in the futures market for selling and delivery, expanding sales channels and recovering funds. At the same time, registered warehouse receipts can also be pledged for financing, making up for the company's cash occupation. (Securities China)
Ukraine's Defense Ministry says it blew up a Russian oil pipeline
On April 6, local time, the Ukrainian Ministry of Defense Intelligence Directorate announced on its official social media platform that an oil pipeline in Rostov Oblast, Russia, was blown up in the early morning of April 6 and the facility was used for military purposes. The Russian side has not responded to this yet.
He Lifeng holds talks with U.S. Treasury Secretary Janet Yellen
According to Jinshi Data on April 6, the heads of China-US economic and trade relations, Vice Premier He Lifeng and US Treasury Secretary Yellen held multiple rounds of talks in Guangzhou from April 5 to 6. The two sides focused on implementing the important consensus reached by the Chinese and US leaders, and conducted in-depth, candid, pragmatic and constructive exchanges on the macroeconomic situation of the two countries and the world, Sino-US economic relations and global challenges. They agreed to discuss issues such as balanced growth of the Sino-US and global economies, financial stability, sustainable finance, and anti-money laundering cooperation under the Sino-US Economic and Financial Working Group. China expressed serious concerns about the US economic and trade restrictions on China and made a full response to the issue of production capacity. The two sides agreed to continue to maintain communication. (CCTV News)
Sunday
The central bank: The re-lending quota for scientific and technological innovation and technological transformation is 500 billion yuan, with an interest rate of 1.75%, which can be extended twice
The People's Bank of China has established re-loans for scientific and technological innovation and technological transformation to encourage and guide financial institutions to increase financial support for technology-based SMEs and technological transformation and equipment renewal projects in key areas. The re-loan quota for scientific and technological innovation and technological transformation is 500 billion yuan, with an interest rate of 1.75% and a term of 1 year. It can be extended twice, with each extension period of 1 year. The recipients include 21 financial institutions such as the China Development Bank, policy banks, state-owned commercial banks, China Postal Savings Bank, and joint-stock commercial banks. The establishment of re-loans for scientific and technological innovation and technological transformation will help guide financial institutions to provide credit support to technology-based SMEs in the start-up and growth stages, as well as digital, intelligent, high-end, and green technological transformation and equipment renewal projects in key areas on the premise of independent decision-making and self-risk bearing. (Official website of the People's Bank of China)
USDA monthly report preview: U.S. soybean ending stocks are expected to be 319 million bushels in 2023/24
Bloomberg released its forecast for the U.S. crop ending stocks in the USDA April supply and demand report. Analysts on average expected that
① The U.S. soybean ending stocks for 2023/24 are 319 million bushels, with an estimated range of 300 million to 345 million bushels. The USDA March monthly report estimated 315 million bushels.
②The U.S. corn ending stocks for 2023/24 are expected to be 2.109 billion bushels, with an estimated range of 2.020-2.191 billion bushels. The USDA March monthly report estimated it at 2.172 billion bushels.
③The U.S. wheat ending stocks for 2023/24 are expected to be 691 million bushels, with an estimated range of 670-723 million bushels. The USDA March monthly report estimated 673 million bushels.
USDA monthly report preview: Brazil's soybean production is expected to be 151.68 million tons in 2023/24
Reuters released its forecast for South American crop production in USDA's April supply and demand report. Analysts on average expected that
① Brazil's soybean production in 2023/24 is 151.68 million tons, with an estimated range of 148-155 million tons. The USDA March monthly report estimated it at 155 million tons.
②Brazil's corn production in 2023/24 is 121.75 million tons, with an estimated range of 118-124.2 million tons. The USDA March monthly report estimated it at 124 million tons.
③ Argentina's soybean production in 2023/24 is 50.48 million tons, with an estimated range of 50-52 million tons. The USDA March monthly report estimated it at 50 million tons.
④ Argentina's corn production in 2023/24 is 55.6 million tons, with an estimated range of 54-57.75 million tons. The USDA March monthly report estimates it to be 56 million tons.
Many paper companies raised paper prices, up to 500 yuan/ton!
Recently, many paper companies have issued price increase letters stating that due to market fluctuations and rising raw material prices, costs have increased, and they have raised the price of base paper. The price adjustment range covers corrugated paper, household base paper, and natural color transfer printing paper, with the highest increase being 500 yuan/ton.
1. Baoding Dingtai Paper Co., Ltd.: Our company has decided to increase the price of corrugated paper products by 30 yuan/ton based on the current sales price from 8:00 am on April 7, 2024.
2. Taisheng (Jiangxi) Living Products Co., Ltd.: Starting from April 10, 2024, our company will increase the price of our entire product line by RMB 100/ton based on the existing price policy.
3. Gold Hongye Paper Group Co., Ltd.: Starting from April 10, 2024, the price of base paper will be increased by RMB 100/ton on the current basis.
4. Taisheng (Suzhou) Daily Necessities Co., Ltd.: Starting from April 10, 2024, our company will increase the price of our entire product line by 100 yuan/ton based on the existing price policy.
5. Shandong Sun Household Paper Co., Ltd.: Due to the recent increase in raw material costs, which has led to an increase in production and operation costs, it has been decided to increase the shipping price of household paper base paper by 100 yuan/ton from April 10, 2024.
6. Luohe Yinge Household Paper Products Co., Ltd.: Affected by the continuous rise in raw material prices, the price of household paper base paper will be increased by 100 yuan/ton on the basis of the current price from April 10, 2024.
7. Asia Pacific Sembo (Shandong) Pulp and Paper Co., Ltd.: From April 1, 2024, our company will increase the price of all series of household paper base paper products of Asia Pacific Sembo (Shandong) Pulp and Paper Co., Ltd. by RMB 100/ton based on the existing price policy. (Paper Future Network)
China's central bank increases gold reserves for 17th consecutive month
China's Central Bank: China's gold reserves were 72.74 million ounces at the end of March, compared with 72.58 million ounces at the end of February, marking the 17th consecutive month of increase in gold reserves.
State Administration of Foreign Exchange: my country's economic recovery continues to consolidate and strengthen, providing support for the basic stability of foreign exchange reserves
According to the statistics of the State Administration of Foreign Exchange, as of the end of March 2024, my country's foreign exchange reserves amounted to US$3,245.7 billion, an increase of US$19.8 billion or 0.62% from the end of February. In March 2024, affected by the monetary policies and expectations of major economies, macroeconomic data and other factors, the US dollar index rose and global financial asset prices rose overall. Due to the combined effects of factors such as exchange rate conversion and asset price changes, the scale of foreign exchange reserves increased that month. The trend of my country's economic recovery continues to consolidate and strengthen, and the long-term positive fundamentals will not change, which will provide support for the basic stability of the scale of foreign exchange reserves. (State Administration of Foreign Exchange)
The article is forwarded from: Jinshi Data
