1.
According to the China Iron and Steel Association, in mid-September, key steel enterprises produced a total of 20.73 million tons of crude steel, an average daily output of 2.073 million tons, a 0.6% decrease from the previous month. Based on this, it is estimated that the national daily crude steel output for this ten-day period was 2.56 million tons, a 0.6% decrease from the previous month; the daily pig iron output was 2.29 million tons, a 0.7% increase from the previous month; and the daily steel product output was 4.17 million tons, a 2.7% increase from the previous month.
2.
Affected by Typhoon Hakkar, Guangxi Beibu Gulf Port activated a Level IV flood and typhoon emergency response at 09:00 on September 23rd. The port was closed from 12:00 on September 24th, and manganese ore pickup was suspended. The risk is expected to be lifted on September 26th. The specific lifting time will be monitored further. As of September 19th, the manganese ore inventory at Qinzhou Port was 641,000 tons. The port closure was short, and the impact on manganese ore discharge and inventory was limited. 3.
According to the Dalian Commodity Exchange, after research, it has been decided that, effective from the settlement date on Monday, September 29, 2025, the price limits for iron ore futures contracts will be adjusted to 11%, and the trading margin will be adjusted to 13%; the price limits for coke futures contracts will be adjusted to 11%, and the trading margin will remain unchanged; and the price limits for coking coal futures contracts will be adjusted to 11%, and the trading margin will be adjusted to 15%.
4. According to foreign media reports, CIMB Securities noted that the EU's decision to postpone anti-deforestation regulations for one year provides a temporary respite for palm oil exporters. The extension of this legislation, known as the EU Zero Deforestation Directive (EUDR), will reduce compliance risks and cost pressures for exporters while also mitigating the immediate risk of weak palm oil demand.
5. The Indonesian Palm Oil Association stated that Indonesia's palm oil exports (including refined palm oil) in July were 3.54 million tons; palm oil production in July reached 5.11 million tons; and inventories were 2.57 million tons, a slight increase from the previous month. 6.
According to the official WeChat account of the Guangdong Provincial Development and Reform Commission and the Guangdong Provincial Price Monitoring Center, the average pig-to-grain price ratio in the province was 5.64:1 on September 23rd, remaining between 5:1 and 6:1 for three consecutive weeks. This has entered the Level 2 warning zone for excessive price declines, as set out in the "Contingency Plan for Improving the Government Pork Reserve Regulation Mechanism in Guangdong Province to Ensure Supply and Stabilize Pork Prices in the Pork Market," jointly issued by the Guangdong Provincial Development and Reform Commission and five other departments. Guangdong Province will begin stockpiling frozen pork in due course.
7.
The Brazilian National Association of Grain Exporters (ANEC) announced a downward revision of its September soybean export forecast from 7.53 million tons to 7.15 million tons. Brazil's corn exports are projected at 7.61 million tons in September, higher than last week's forecast of 7.12 million tons.
8.
The Ministry of Industry and Information Technology and several other departments issued a notice regarding the "Work Plan for Stabilizing Growth in the Building Materials Industry (2025-2026)." The notice stipulates strict control over cement and glass production capacity. New cement clinker and flat glass production capacity is strictly prohibited, and new and renovated projects must develop capacity replacement plans. 9.
The latest data from the Fujairah Oil Industrial Zone in the United Arab Emirates shows that as of the week of September 22, total refined oil inventories at the Port of Fujairah in the UAE were 14.922 million barrels, an increase of 1.833 million barrels from the previous week. Light distillate inventories increased by 628,000 barrels to 6.676 million barrels, middle distillate inventories decreased by 33,000 barrels to 1.618 million barrels, and heavy residual fuel oil inventories increased by 1.238 million barrels to 6.628 million barrels.
10.
According to the Shanghai Futures Exchange, effective from the closing settlement on Monday, September 29, 2025, the price limits for copper, aluminum, zinc, and lead futures contracts will be adjusted to 9%, the margin ratio for hedging positions will be adjusted to 10%, and the margin ratio for general positions will be adjusted to 11%. The price limits for gold and silver futures contracts will be adjusted to 15%, the margin ratio for hedging positions will be adjusted to 16%, and the margin ratio for general positions will be adjusted to 17%. 11.
The latest monthly report released by the International Copper Study Group (ICSG) shows that the global copper market will have a supply surplus of 101,000 tons from January to July 2025, compared to a supply surplus of 401,000 tons in the same period last year. Global refined copper production will be 16.565 million tons, compared to 15.945 million tons in the same period last year. Global refined copper consumption will be 16.464 million tons, compared to 15.543 million tons in the same period last year.
