1. A senior government minister stated that Indonesia will exempt nickel pig iron and some refined palm oil products from the planned centralized control over commodity exports. Exports of coal, palm oil, and ferroalloys must be conducted through state-owned enterprises, with the transition period expected to begin on June 1st.
2. Data from the Shanghai Shipping Exchange shows that as of May 22nd, the Shanghai Export Container Freight Index (composite index) was 2218.15 points, up 77.49 points from the previous period. The China Export Container Freight Index was 1317.36 points, up 2.9% from the previous period.
3. To maintain ample liquidity in the banking system, on May 25th, 2026, the People's Bank of China will conduct a 600 billion yuan Medium-term Lending Facility (MLF) operation with a one-year term, using a fixed-quantity, interest rate-based bidding process with multiple price levels. 4. According to the World Steel Association, global crude steel production fell 1.9% year-on-year to 153.4 million tons in April 2026, while China's steel production was 83.6 million tons, a year-on-year decrease of 2.8%.
5. According to the China Iron and Steel Association, in mid-May, social inventories of five major steel products in 21 cities totaled 9.54 million tons, a decrease of 460,000 tons month-on-month, a decline of 4.6%, with the decline in inventory widening; an increase of 2.33 million tons from the beginning of the year, an increase of 32.3%; and an increase of 1.21 million tons year-on-year, an increase of 14.5%.
6. Argentine President Javier Milei stated at an event at the Buenos Aires Grain Exchange that Argentina, as a major global wheat supplier, will reduce its wheat export tax from the current 7.5% to 5.5% starting in June. Milei also stated that if national tax revenue allows, the soybean export tax may be reduced by 0.25 to 0.5 percentage points in January next year. Argentina is the world's largest exporter of soybean products.
7. According to the National Development and Reform Commission: Affected by external factors, the international fertilizer market fluctuated significantly during the peak season for fertilizer use this spring. Going forward, we will continue to monitor the agricultural production situation and grain price trends, and coordinate efforts to ensure fertilizer supply and price stability, providing greater convenience for farmers and agricultural operators.
8. On May 21, a delegation led by Leng Bing, Deputy General Manager of the Guangzhou Futures Exchange, visited the Lithium Industry Branch of the China Nonferrous Metals Industry Association. Both sides expressed their commitment to strengthening cooperation and jointly promoting the listing of futures contracts for lithium hydroxide and other lithium battery industry chain products.
9. According to Aladdin, Chinalco passed a resolution with the Guinean government to sign a new agreement. Under the new agreement, the mining company will gradually supply ore for alumina projects and appropriately increase the scale of bauxite exports. As the construction of alumina plants by leading companies accelerates, existing mining agreements may be revised, and the Guinean government is expected to moderately relax export restrictions on the premise that companies commit to increased investment.
