1. According to data from Zhaogang.com, as of the week ending May 20th, China's national construction material output was 4.9009 million tons, an increase of 233,100 tons from the previous week; total inventory was 11.3869 million tons, a decrease of 125,800 tons from the previous week; and apparent demand was 5.0267 million tons, a decrease of 136,800 tons from the previous week.
2. According to AmSpec, an independent inspection agency in Malaysia, Malaysia's palm oil exports from May 1st to 20th were 690,220 tons, a decrease of 20.51% compared to the 868,281 tons exported in the same period last month.
3. The Brazilian Association of Vegetable Oil Industries (Abiove) predicts that Brazil's soybean harvest in 2026 will reach a record 180.13 million tons, a 5% increase over the previous year, compared to a forecast of 177.85 million tons last month.
4. Citigroup predicts Brent crude oil prices will reach $120 per barrel in the short term and warns that the oil market is underestimating the risk of prolonged supply disruptions. If the Strait of Hormuz only slowly reopens to navigation in the third quarter, oil prices could even surge to $150.
5. The International Aluminium Institute (IAI) stated that Gulf region output in April was 330,000 tons, a 35% decrease compared to the same period in 2025, due to the impact of the war in Iran on smelters in the region. With supply chain disruptions and a deteriorating outlook, IAI Secretary General Jonathan Grant stated that the April data may not be the bottom, but rather a further deterioration.
6. Following the completion of its mining tax system reform last year, Indonesia, the world's largest refined tin exporter, plans to further increase its progressive mining royalties, raising the highest tier to 20%. Simultaneously, Indonesia plans to double the highest royalty rate for tin: from 10% for tin prices exceeding $40,000 to 20% for tin prices exceeding $50,000.
7. The latest report from the World Bureau of Metal Statistics (WBMS) shows that in March 2026, global primary aluminum production was 5.6333 million tons, while consumption was 5.9774 million tons, resulting in a supply deficit of 344,100 tons. In March 2026, global refined copper production was 2.2792 million tons, while consumption was 2.1357 million tons, resulting in a supply surplus of 143,500 tons.
8. The CEO of Freeport-McMoRan Indonesia stated that the recovery process at the Grasberg gold and copper mine has taken longer than expected, and it is projected that operating capacity will be close to full capacity by the end of 2027.
