QINGDAO, China, Oct. 27, 2021 /PRNewswire/ — At the 2021 “Belt and Road” Land-sea Linkage Qingdao Summit held on October 22, Xinhua-Shandong Port Bulk Commodity Index (“Shandong Port Bulk Index”) was officially released in Qingdao.
Shandong Port Bulk Index was developed and established by Shandong Port Group Co., Ltd. in collaboration with China Economic Information Service based on the advantageous varieties of Shandong Port. At present, the officially released Shandong Port Bulk Index covers crude oil price index, iron ore inventory and import and export index, coke inventory and import and export index, billet price index and hot rolled SPHC material price index. It has been established to truly reflect the fluctuation trend of bulk commodity market of the Port and provide value benchmark and effective reference for port trade activities.
Specifically, the estimated CIF price of crude oil can be used by enterprises to predict the premiums and discount of crude oil trade in two months, and the spot crude oil price index can reflect the crude oil CIF price at the current time node. The operation results of the index show that since the base period (February 3, 2020), the overall index has seen a “V” trend, with a fall followed by a rise. At the beginning, the global crude oil consumption demand was greatly reduced due to the outbreak of COVID-19. After that, with the resumption of work and production in China and the easing of release of OPEC + crude oil production capacity, the global crude oil supply and demand remained in a tight balance, and the index showed a volatile rising trend.
For the iron ore inventory index, inbound and outbound index of iron ore, coke inventory index and inbound and outbound index of coke, January 1, 2021 is taken as the base period. The compliant actual inventory data and inbound and outbound data of iron ore and coke in Shandong Port were collected respectively to reflect the overall change trend of iron ore and coke inventory in Shandong Port and the circulation activity of the Port. The index operation results show that since the base period, the iron ore inventory index has mainly shown a horizontal volatile trend. Affected by the supply of imported mines and the demand of inland traders and steel mills, the import and export index of iron ore has seen horizontal fluctuation. Due to the poor controllability of factors such as ship arrival time and mine shipment, the import and export index has seen a relatively significant fluctuation in general. Affected by the tight supply of coking coal, overcapacity cutting, stricter safety and environmental protection inspection and the change of operating rate of downstream steel mills, the coke inventory index showed a volatile downward trend in general. The coke import and export index fluctuated significantly due to the closure on holidays, environmental protection and production restriction, and changes in upstream and downstream supply and demand.
For the billet price index, August 1, 2019 is taken as the base period to collect the daily settlement price of billet generated by the actual trading of Shandong Bulk Commodity Trading Center. Since the base period, the overall index has shown a volatile trend, with a fall followed by a rise. For the price index of hot rolled SPHC material, August 3, 2020 is taken as the base period to collect the daily settlement price of hot rolled SPHC material generated by the actual trading of Shandong Bulk Commodity Trading Center. Since the base period, the index has shown a trapezoidal upward trend in general.
According to the planning, the varieties involved in the index will be gradually enriched in the future, and the index will also be extended to cover other coastal ports, so as to continue to build an index information platform of “seeing Shandong for port bulk commodities”.
SOURCE China Economic Information Service
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