Daily Macro Economy News on July 26

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Domestic News

1. Sea coal freight rate is weakly down as downstream purchasing willingness is not strong

2. The coal production in Ningxia Province reached 48.4 million tons, daily output is maintained at more than 250,000 tons, reaching an all-time high

3. The cumulative output of photovoltaic rolled glass in the first half of the year was 11.565 million tons, showing an increase of 68.7% year-on-year

4. The MIIT Equipment Industry Division I and the Municipal Supervision Bureau of Quality Development Bureau jointly organized to strengthen the new energy vehicle safety management work video conference

International News

1. India's June crude oil imports fell 1.3% year-on-year to 19.2 million tons, diesel exports fell 20.7% year-on-year to 1.9 million tons, gasoline exports rose 5.4% year-on-year to 1.2 million tons

2. Russian Defense Ministry: Defense Minister Sergey Shoygu will visit DPRK from 25th to 27th of this month

3. ECB rate hike leads to a record low in demand for corporate loans

4. Saudi oil exports fall to the lowest since 2021

More detials:

Domestic News

1. Sea coal freight rate is weakly down as downstream purchasing willingness is not strong

China Coastal Coal Freight Index (CBCFI) was down 1.5% to 513.75 points. The high temperature across the country has eased, coal prices fell slightly, and downstream purchasing willingness is not strong. With the strengthening of Typhoon Doksuri, some vessels chose to avoid the wind and stop sailing, and the coastal coal tariffs were weak and downward.

2. The coal production in Ningxia Province reached 48.4 million tons, daily output is maintained at more than 250,000 tons, reaching an all-time high

In the first half of this year, the coal production in Ningxia Province reached 48.4 million tons, daily output was maintained at more than 250,000 tons, reaching a historical high. There are a total of 27 unified power plants, which contain more than 20 days of average available days in coal inventory, maintaining at a high level. The balance of supply and demand of natural gas, and oil supply is sufficient.

3. The cumulative output of photovoltaic rolled glass in the first half of the year was 11.565 million tons, showing an increase of 68.7% year-on-year

China Architectural and Industrial Glass Association released data showing that from the production perspective, from January to June, the accumulated output of PV rolled glass reached 11.565 million tons, showing an increase of 68.7%, of which 2.034 million tons were produced in May, an increase of 48.2% year-on-year. In terms of price, January-June, 2 mm, and 3.2 mm photovoltaic rolling glass average price of 18.5 yuan/square meter, 25.6 yuan/square meter, a year-on-year decline of 11.7% and 5.4% respectively.

4. The MIIT Equipment Industry Division I and the Municipal Supervision Bureau of Quality Development Bureau jointly organized to strengthen the new energy vehicle safety management work video conference

Recently, the Ministry of Industry and Information Technology Equipment Industry Division, the Quality Development Department of the State Administration for Market Regulation jointly organized to strengthen the new energy vehicle safety management work conference through an online meeting, make analysis and research of new energy vehicle safety situation, and effectively strengthen the new energy vehicle safety management. The meeting pointed out that China's new energy automobile industry has entered a new stage of scale and rapid development, new energy automobile safety connotation and extension are constantly changing and expanding. Safety is the lifeblood of industrial development, industry enterprises must attach great importance to, and always pay close attention to it. In the next step, the two departments will strengthen the work of coordination, accelerate the revision and improvement of the relevant mandatory national standards, guide the industry to accelerate the thermal management of high-performance battery systems, multi-level safety protection, and other technology research and development, strengthen the vehicle operation safety monitoring system, organize and carry out the investigation of potential safety hazards and defects, seriously investigate and deal with irregularities, to create a good atmosphere for industrial development, and to promote the industry as a whole to steadily improve the level of safety.

International News

1. India's June crude oil imports fell 1.3% year-on-year to 19.2 million tons, diesel exports fell 20.7% year-on-year to 1.9 million tons, gasoline exports rose 5.4% year-on-year to 1.2 million tons

India's June crude oil imports fell 1.3% year-on-year to 19.2 million tons; diesel exports fell 20.7% year-on-year to 1.9 million tons; gasoline exports rose 5.4% year-on-year to 1.2 million tons.

2. Russian Defense Ministry: Defense Minister Sergey Shoygu will visit DPRK from 25th to 27th of this month

On July 25^th, British local time, the Russian Defense Ministry issued a piece of news saying that a delegation led by Russian Defense Minister Sergey Shoygu will visit the DPRK from July 25^th to 27^th to take part in the celebration of the 70^th anniversary of the victory in the war of liberation of the DPRK. The announcement emphasized that the visit will contribute to the strengthening of Russian-DPRK military relations and will become an important stage in the development of cooperation between the two countries. (Resource: CCTV News)

3. ECB rate hike leads to a record low in demand for corporate loans

The ECB's interest rate hikes have led to a record low in demand for corporate loans, according to the ECB's latest bank lending survey released on Tuesday. The survey showed that demand for bank loans across the eurozone fell again in the second quarter as the ECB's austerity policies appeared to exert a stronger grip on the economy. Banks said credit standards tightened further across all loan categories, while demand for loans from both businesses and households fell sharply. The survey also showed that banks are increasingly concerned about non-performing loans and will tighten lending conditions further in the coming months. The net percentage of banks reporting tightening was lower than the 14% in the previous quarter, compared with 27% in the first quarter, but in line with their expectations at the time. According to the ECB's survey, the cumulative net tightening since the beginning of 2022 has been "considerable".

4. Saudi oil exports fall to the lowest since 2021

According to the Saudi Arabian Bureau of Statistics, the value of oil exports fell to 72 billion riyals (about $19.2 billion) in May from 115.5 billion riyals last year, a decline of 37.7% to the lowest level since 2021, and the share of oil exports in total exports fell to 74.1% from 80.8% in May 2022, according to the Saudi Arabian Bureau of Statistics.

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