Commodity Intelligence (March 12, 2026)
Latest information on bulk raw materials
macro
1. According to the China Association of Automobile Manufacturers, in February, China's automobile exports were 672000 units, a decrease of 1.4% month on month and a year-on-year increase of 52.4%. Among them, the export of new energy vehicles was 282000 units, a month on month decrease of 6.6% and a year-on-year increase of 1.1 times; The export of traditional fuel vehicles was 391000 units, a month on month increase of 2.8% and a year-on-year increase of 26.2%.
2. According to the China Association of Automobile Manufacturers, in February, China's automobile production and sales reached 1.672 million and 1.805 million units respectively, a month on month decrease of 31.7% and 23.1%, and a year-on-year decrease of 20.5% and 15.2%, respectively.
3. The latest inflation data for the United States has been released. The seasonally adjusted CPI for February increased by 0.3% month on month and 2.4% year-on-year, while the core CPI increased by 0.2% month on month and 2.5% year-on-year, both in line with market expectations. However, the market generally believes that the February data did not reflect the impact of the surge in oil prices caused by the situation in Iran, and more data is still needed to determine when the Federal Reserve will cut interest rates again.
energy
1. On March 11th, international crude oil futures rose sharply. The settlement price of the April WTI crude oil futures contract in the United States was $87.25 per barrel, an increase of $3.80 or 4.6%. The settlement price of Brent crude oil futures for May was $91.98 per barrel, an increase of $4.18 or 4.8%.
2. The IEA announced on Wednesday that its member countries have agreed to release 400 million barrels of strategic oil reserves, the largest such measure in its history, in an attempt to curb the surge in crude oil prices during the US Israel war against Iran.
3. US Energy Secretary Chris Wright stated in a statement that 172 million barrels of oil will be released from the Strategic Petroleum Reserve starting next week. Wright stated that according to the planned release rate, this work will take approximately 120 days to complete.
4. On the 11th, German Federal Minister of Economy and Energy, Katerina Reicher, stated that due to the military strikes by the United States and Israel on Iran causing a surge in global energy prices, Germany will release 19.51 million barrels of strategic oil reserves to alleviate the pressure of rising oil prices.
5. On March 11th, the UK announced on Wednesday that it will collaborate with other members of the International Energy Agency (IEA) to release its strategic petroleum reserves, including 13.5 million barrels of strategic petroleum reserves.
6. On March 11th, Japan's Ministry of Economy, Trade and Industry announced plans to release approximately 80 million barrels of oil from private and national oil reserves to help stabilize the global oil market and prevent supply shortages caused by the Iran War.
7. According to data released by the Japanese Ministry of Economy, Trade and Industry, as of March 9th, retail gasoline prices in Japan have risen by 3.3 yen to 161.8 yen per liter (approximately 1.02 US dollars). Data shows that gasoline inventory decreased by 4%, kerosene decreased by 10%, diesel decreased by 12%, while aviation fuel inventory increased by 4%. The operating rate of the refinery decreased from 82.7% the previous week to 77.6%.
8. The Indian government stated that the total coal inventory in the country is about 210 million tons, which can meet about 88 days of coal demand.
9. On March 11th, Shandong Tianhong Chemical Co., Ltd.'s petroleum coke was priced at 2700 yuan/ton, a decrease of 100 yuan/ton from the previous trading day. The sulfur content was around 4.3, and the 1.8 million tons/year delayed coking unit produced 1000 tons of petroleum coke per day.
chemical industry
1. Recently, the 300000 tons/year wet process phosphoric acid project of Hubei Huiyang New Materials Co., Ltd., undertaken by Zhongnan Company of China Chemical Engineering Fourth Construction Co., Ltd., was successfully delivered.
2. Hengguang Co., Ltd. has announced that the production line for 100000 tons of phosphate chemical products has completed the main construction of the project, equipment installation, and commissioning work, and entered the trial production stage.
3. On March 10th, Fulin Precision Industry announced on an interactive platform that its subsidiary Jiangxi Shenghua has an existing production capacity of 300000 tons of high-voltage solid density lithium iron phosphate cathode materials, and is promoting the construction of 350000 tons of high-voltage solid density lithium iron phosphate cathode materials and an annual production capacity of 500000 tons of high-end energy storage lithium iron phosphate. At present, the company has achieved full production and sales capacity.
4. Recently, the Sichuan Provincial Development and Reform Commission approved in principle the energy-saving report for the annual production of 100000 tons of special iron phosphate and 100000 tons of special lithium iron phosphate project by Sichuan Jinyuansheng New Energy Materials Co., Ltd. The project is located in Meishan Ganzi Meishan Industrial Park and will be constructed in two phases with a total of 11 flexible production lines. After completion, it will form a flexible production capacity of 100000 tons of related products per year.
5. On the morning of March 10th, the groundbreaking ceremony for the 2GW new energy project (Phase I Shu'an and Qi'an 400MW photovoltaic power generation projects) of CGN Shucheng County was held. It is understood that the total investment of the project is about 8 billion yuan.
6. Recently, the "Carbon based New Materials Project" of Anlun New Materials Technology Co., Ltd. in Indonesia officially started construction in Qingshan Park, a comprehensive industrial park in Indonesia. It is reported that the project is invested by Shanxi Sunshine Coking Group and is its first overseas project, as well as the first overseas landing project in China's carbon black industry. It will create a new overseas supporting factory for the domestic tire industry.
7. Recently, Jingrui Electric Materials signed a contract with Pengshan District, Meishan City for a key material comprehensive base project supporting the integrated circuit manufacturing industry chain in the western region, with a total investment of 600 million yuan. The project plans to construct an annual production capacity of 200000 tons of ultra-high purity electronic grade sulfuric acid, 30000 tons of ultra pure electronic grade hydrogen peroxide, and a waste acid regeneration and recycling system.
8. Recently, Shenma Industrial Co., Ltd. issued a notice on the postponement of some fundraising investment projects, announcing that the nylon chemical industry supporting hydrogen ammonia project and the 50000 tons/year adiponitrile project will be postponed to June 30, 2026 and December 31, 2026, respectively.
9. Recently, Hubei Yihua Chemical Co., Ltd. announced that its annual production of 40000 tons of pentaerythritol upgrade and renovation project has been officially put into operation. The project is implemented by Hubei Yihua Fine Chemical Co., Ltd., a wholly-owned subsidiary of the company, and has achieved full load production.
10. Recently, Hebei Jiaying Ruilian New Materials Co., Ltd. announced the completion of the second phase of its 100000 ton annual water-based coating project located in Cangzhou Lingang Economic and Technological Development Zone, Bohai New Area, Cangzhou. The planned production capacity of the project includes an annual output of 35000 tons of latex paint for interior and exterior walls, 30000 tons of putty powder, which complements the production capacity of 35000 tons of imitation stone paint in the first phase of the project.
11. Recently, Beixin Jiabao Li Coatings, a subsidiary of Beixin Building Materials, plans to invest in the construction of a 3-workshop water-based wood paint expansion project. It is reported that the project will use existing factories and buildings for the production of water-based wood paint, with an expected increase in production capacity of 1500 tons per year.
12. On March 12th, Shandong Lihua Yi's n-butanol quotation reference was 7700 yuan/ton, with a price reduction of 800 yuan/ton compared to the previous working day.
13. On March 11th, a TDI manufacturer in Hebei Province announced another increase in the payment price from 2000 yuan/ton to 22000 yuan/ton.
14. Sinopec Great Wall Energy's 100000 ton annual BDO unit was shut down for catalyst replacement on March 2nd and restarted on March 9th. Currently, both units are operating stably. PTMEG is mainly for personal use and contracts, and spot prices are not currently quoted.
15. Potassium chloride: In the first week of March 2026, the port's inventory of potassium chloride was approximately 2.89 million tons, an increase of 0.1 million tons compared to the fourth week of February and an increase of 61000 tons compared to the same period last year.
16. On March 10th, the total shipment of diethylene glycol from the two storage areas in Zhangjiagang was 1522 tons, an increase of 138 tons from the previous day. As of now, Fubao's inventory is 19400 tons, and Changjiang International releases its inventory every Monday.
17. According to incomplete statistics, on March 10, 2026, the polysilicon production rate in Xinjiang, Inner Mongolia, Qinghai, Jiangsu, and Shaanxi regions was about 49%, 28%, 44%, 33%, and 53%, respectively.
rubber and plastic
1. On March 11th, China Petroleum Northeast Sales Company raised the price of Shunding rubber by 500 yuan/ton: currently, Daqing and Jinzhou Shunding are priced at 15400 yuan/ton, and the Northeast warehouse has raised prices.
2. According to data from the General Administration of Customs, China imported a total of 1.404 million tons of natural and synthetic rubber (including latex) from January to February 2026, a year-on-year decrease of 1.4%, compared to 1.424 million tons in the same period last year.
3. The latest data shows that in the first two months of 2026, Ivory Coast's rubber exports totaled 321000 tons, a decrease of 0.9% from the same period in 2025, which was 324000 tons.
textile
1. On March 11th, a 330000 spindle ring spun pure polyester yarn with tax included short delivery price increased by 1400 yuan/ton in Fujian. T32S reported 12200 yuan/ton, T21S reported 12100 yuan/ton, and T40S reported 13400 yuan/ton.
2. On March 11th, the price of Rongsheng (including Shengyuan) petrochemical polyester filament fell by 1000-1500, with DTY: 75/36 low elasticity reported at 10850120D/192F. Micro net reported at 10100150/48 low elasticity 9800150/96 low elasticity 10000300/96 low elasticity 9350300/96 light net 9450300/96 heavy net 9900.
3. 【 Cotton Peel 】 March USDA Global Cotton Monthly Report: Global production forecast raised by over 1.1 million bales, mainly due to increased production in Brazil (planting expansion) and China (yield increase), offsetting the reduction in production in Argentina (area reduction); Global consumption slightly decreased by 140000 bags, with weakened textile demand in multiple countries but increased consumption in China; The trade volume increased by 200000 bags, thanks to the rise in imports from India; As a result, the ending inventory was raised by nearly 1.3 million packages to 76.4 million packages, and the inventory to consumption ratio increased to 64%, showing an overall pattern of loose supply.
steel
1. Fugu Jinwantong Ferrosilicon Enterprise plans to overhaul 1 * 40500 ore blast furnace, which will affect a daily output of 100 tons and take approximately one month for maintenance.
2. Ansteel released a tender announcement for low aluminum ferrosilicon on March 10th, with a purchase quantity of 200 tons and specifications ranging from 10-70. The negotiation is scheduled for 8:15 on March 16th, 2026, and the delivery deadline is April 20th, 2026.
3. [Ferrosilicon] According to the statistics of Taiwan, China Customs, Taiwan, China imported 6998 tons of ferrosilicon in February 2026, a 22.44% month on month decrease and 10.55% year-on-year decrease. From January to February 2026, the total volume of ferrosilicon imports from Taiwan, China was 16021 tons, an increase of 17.08% year on year. In February, 76 tons of ferrosilicon (≤ 55%) were imported from Taiwan, China, Chinese Mainland, and 20 tons from Japan. Taiwan, China's ferrosilicon (>55%) top three importers mainly come from Russia with 5006 tons, Chinese Mainland with 1244 tons and Brazil with 396 tons.
colored
1. March 11th News: Due to the failure to reach an agreement on a salary dispute, workers at Glencore's Australian copper refinery have threatened to go on strike starting from Friday. The wages paid to workers by Glencore are nearly 15% lower than those of workers in other nearby factories. This refinery located in Townsville, Queensland produces up to 300000 tons of finished copper annually, making it one of the largest refineries in Australia.
2. Shanghai Futures Exchange: On March 11th, the total copper inventory in Shanghai was 172274 tons, an increase of 2650 tons from the previous day; The total copper inventory in Guangdong region is 51306 tons, a decrease of 1050 tons from the previous day; Copper inventory in Jiangsu region reached 92725 tons, a decrease of 1535 tons from the previous day; The copper inventory in Zhejiang region reached 4111 tons, an increase of 696 tons from the previous day; The total amount is 320416 tons, an increase of 761 tons from the previous day.
3. According to data released by the World Gold Council, global physical gold ETFs saw a net inflow of approximately $5.3 billion in February, marking the ninth consecutive month of net inflows. The total holdings of gold ETFs have risen to a historic high, increasing by 26 tons to 4171 tons, and the total asset management scale has reached a record high of $701 billion.
building materials
1. Starting from March 21st, the Chongqing base of Nine Dragons Paper Industry has raised the prices of recycled kraft paper and corrugated paper by 50 yuan/ton.
Starting from March 21st, the Quanzhou base of Nine Dragons Paper Industry has raised the prices of recycled kraft paper and corrugated paper by 50 yuan/ton.
Starting from March 16th, the prices of corrugated paper in the Tianjin and Hebei bases of Nine Dragons Paper will be increased by 50 yuan/ton; Starting from March 21st, the prices of recycled raw cards and Dilong cattle cards will be increased by 50 yuan/ton.
Starting from March 21st, the Hubei base of Nine Dragons Paper Industry has raised the prices of high-quality V cattle cards, dragon cattle cards, and recycled cattle cards by 50 yuan/ton.
Starting from March 21st, Jiulong Paper's Beihai Base has raised the price of high-quality V-cattle trucks from Dilong by 50 yuan/ton.
2. On March 11, 2026, Tianjin Jiulong Paper Industry lowered the purchase price of waste paper by 20 yuan/ton, and the adjusted factory price was 1460 yuan/ton.
Henan Xinxiang Henry Paper Industry has lowered the purchase price of waste paper by 30 yuan/ton, and the adjusted general ticket price upon arrival at the factory is 1560 yuan/ton.
agricultural and sideline
1. According to customs data, the import volume of edible vegetable oil in China in February 2026 was 605000 tons, and the cumulative import volume from January to February was 1.335 million tons, an increase of 48.8% year-on-year.
2. The supply and demand report released by the US Department of Agriculture shows that due to the upward adjustment of crushing estimates, the estimated soybean meal production for 2025/26 in the United States has been slightly raised to 61.077 million short tons this month. However, this adjustment is offset by the increase in domestic usage, so the estimated soybean meal ending inventory remains unchanged at 450000 short tons. The estimated export of soybean meal remains unchanged at 19.4 million short tons.
3. The supply and demand report from the US Department of Agriculture shows that soybean oil production slightly decreased to 29.92 billion pounds in March. The expected soybean oil consumption in the biofuel industry has been lowered by 800 million pounds to 14 billion pounds, and the final inventory of soybean oil has been slightly increased to 1.782 billion pounds. The forecast for US soybean oil prices for 2025/26 has been raised by 2 cents to 55 cents per pound.
4. According to data released by SECEX, the pace of Brazilian soybean exports in the first week of March 2026 was lower than the same period last year. From March 1st to 6th, Brazil's soybean exports amounted to 3.309 million tons, and for the entire month of March 2025, it was 14.658 million tons.
5. According to the Brazilian National Commodity Supply Company (CONAB), as of March 7th, the progress data of Brazil's first quarter corn harvest in 2025/26 was 29.5%, 24.9% last week, 34.5% in the same period last year, and the five-year average was 27.3%.