1. The Zhengzhou Commodity Exchange (ZCE) announced that following the recent military strikes against Iran by the US and Israel, uncertainties have increased in the commodity market, leading to significant price fluctuations in futures contracts such as caustic soda. All member units are required to further strengthen investor education, reminding investors to participate in trading compliantly, prudently, and rationally, avoiding blindly following trends and keeping risks within their acceptable range. Simultaneously, they must effectively strengthen compliance supervision and risk prevention of investor trading behavior. The ZCE will further intensify market monitoring and resolutely and strictly investigate and punish illegal trading activities in accordance with regulations.
2. Mysteel's survey of 247 steel mills showed that the blast furnace operating rate was 77.71%, a decrease of 2.51 percentage points month-on-month and 1.80 percentage points year-on-year; the blast furnace ironmaking capacity utilization rate was 85.32%, a decrease of 2.13 percentage points month-on-month and 1.22 percentage points year-on-year; the steel mill profitability rate was 38.1%, a decrease of 1.73 percentage points month-on-month and 15.15 percentage points year-on-year; and the average daily pig iron output was 2.2759 million tons, a decrease of 56,900 tons month-on-month and 29,200 tons year-on-year.
3. According to Mysteel, steel mills in Hebei province lowered their coking coal purchase prices by 50/55 yuan/ton, while major steel mills in Shandong province lowered their wet-quenched coking coal purchase prices by 50 yuan/ton and dry-quenched coking coal by 55 yuan/ton.
4. In February 2026, the average FAO Food Price Index (FFPI) was 125.3 points, an increase of 1.1 points (0.9%) from the revised level in January. The rise in the price indices for grains, meat, and vegetable oils outpaced the declines in dairy and sugar prices, marking the first increase in the index after five consecutive months of decline. Compared to historical levels, the FPI is 1.3 points (1.0%) lower than a year ago and 34.9 points (21.8%) lower than its peak in March 2022.
5. The Shanghai Futures Exchange (SHFE) announced that, effective from the trading session on March 10, 2026 (i.e., the night session on March 9), the intraday closing transaction fee for listed fuel oil futures contracts will be adjusted to 0.015% of the transaction amount. According to the Shanghai International Energy Exchange (INE) announcement, effective from the trading session on March 10, 2026 (i.e., the night session on March 9), the intraday closing transaction fee for listed crude oil futures contracts will be adjusted to 60 yuan per lot. The intraday closing transaction fee for listed low-sulfur fuel oil futures contracts will be adjusted to 0.003% of the transaction amount. According to the Shanghai Futures Exchange (SHFE) announcement, starting from March 9, 2026 (i.e., the night session of March 6), the trading limits for non-futures company members, overseas special non-brokerage participants, and clients in listed fuel oil futures contracts will be adjusted as follows: the maximum number of intraday open positions for listed fuel oil futures contracts will be 3,000 lots.
6. The SHFE announced that the revised "Shanghai Futures Exchange Lead Futures Contract" and "Shanghai Futures Exchange Lead Futures Business Rules" have been reviewed and approved by the SHFE Board of Directors and reported to the China Securities Regulatory Commission (CSRC), and are now being released. It has been decided that the revisions and premium/discount settings will be implemented from the lead futures PB2703 contract on March 17, 2026. Specifically, the discount for substitutes in the lead futures contract delivery grade will be 150 yuan/ton relative to the standard grade. After the delivery of the lead futures PB2702 contract, recycled lead ingots meeting the substitute standards in the lead futures contract delivery grade will be allowed to apply for registration of standard warehouse receipts.
7. Data released by Brazil's National Grain Exporters Association (Anec) shows that Brazil exported 2,317,394 tons of soybeans, 284,555 tons of soybean meal, and 179,985 tons of corn last week (February 22-28). This week (March 1-7), Brazil plans to export 4,715,576 tons of soybeans, 579,251 tons of soybean meal, and 226,120 tons of corn.
