1. With temperatures continuing to drop in northern China recently, demand for thermal coal has surged during the winter. Shanxi, a major coal-producing province, is increasing coal production to ensure supply. According to Shanxi's statistics department, the total output of raw coal from enterprises above designated size in Shanxi reached 975.24 million tons in the first three quarters of this year, a year-on-year increase of 3.7%, accounting for approximately 27.3% of the national output during the same period.
2. The third round of coking coal price increases has begun. According to Mysteel, coking coal prices in markets in Shandong province, including Weifang, Binzhou, Dezhou, Jining, Zaozhuang, Heze, Rizhao, Tai'an, and Linyi, are planned to increase. Prices for tamped wet quenched coking coal will increase by 50 yuan/ton, tamped dry quenched coking coal by 55 yuan/ton, top-loading wet quenched coking coal by 70 yuan/ton, and top-loading dry quenched coking coal by 75 yuan/ton.
3. On October 29th, the coal outflow from Qinhuangdao Port was 559,000 tons, a decrease of 6.21% compared to the previous day, an increase of 7.09% compared to the previous week, and a decrease of 1.58% compared to the same period last month. 4. Coal shipments from Jingtang Port reached 288,000 tons, a 19.5% increase compared to the previous day, a 43.28% increase compared to the previous week, and a 65.52% increase compared to the same period last month.
5. The government of Uttar Pradesh, India, announced an 8.1% increase in the new crop sugarcane purchase price. The government stated that for the new crop year beginning this month, Uttar Pradesh will raise the price of early-maturing sugarcane from 370 rupees per 100 kg last year to 400 rupees (approximately US$4.55). Uttar Pradesh is India's second-largest sugar-producing state, and sugar mills are expected to begin crushing next month.
6. A weather and planting report released by the Department of Agricultural Economics (Deral) under the Secretariat of Agriculture (Seab) of Paraná State, Brazil, shows that soybean planting progressed rapidly and evenly across Paraná State from October 21st to 27th due to favorable soil moisture and ideal planting window conditions. 6. The Argentine Oilseed Workers' Union (SOEA) stated that they may resume their strike next week, as they are "far from" reaching a wage agreement with their employers.
7. Rabobank projects Brazil's 2025/26 soybean production at 177 million tons, a 3% increase from the previous year. Brazil's 2025/26 soybean exports are projected at 111 million tons, roughly flat compared to the previous year. The projected soybean planting area in Brazil for 2025/26 will reach 48.8 million hectares, a 2% increase from the previous year.
8. The latest data from the Fujairah oil industrial zone in the UAE shows that as of the week ending October 27, total refined petroleum product inventories at the port of Fujairah were 17.756 million barrels, a decrease of 2.258 million barrels from the previous week. Light distillate fuel oil inventories increased by 70,000 barrels to 7.949 million barrels, middle distillate fuel oil inventories decreased by 302,000 barrels to 3.313 million barrels, and heavy residual fuel oil inventories decreased by 2.026 million barrels to 6.494 million barrels.
9. According to the Petroleum Institute of Japan (PAJ), for the week ending October 25, Japanese commercial crude oil inventories decreased by 377,644 kiloliters from the previous week to 10,027,202 kiloliters. Japanese gasoline inventories decreased by 16,721 kiloliters from the previous week to 1,603,954 kiloliters. Japanese kerosene inventories decreased by 91,715 kiloliters from the previous week to 2,742,806 kiloliters. The average operating rate of Japanese refineries was 91.2%, compared to 86.2% the previous week.
10. Mining giant Glencore reported on Wednesday that its copper production fell 17% in the first nine months of this year, tightening its forward guidance for 2025 production due to declining ore grades at some mines, despite a rise in production in the third quarter.
11. Sources indicate that the China Copper Raw Material Negotiation Team has decided not to set guidance for copper concentrate handling/refining fees (TC/RC) in the fourth quarter.
