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Qingdao, China, Oct. 27, 2021 (ANTARA/Xinhua-AsiaNet) - At the 2021 Land-sea Linkage Qingdao Summit held on October 22nd, Xinhua-SPG Port Commodity Index ("XH-SPG PCI") was officially released in Qingdao.



XH-SPG PCI 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 XH-SPG PCI covers crude oil price index, iron ore inventory and entry and exit index, coke inventory and entry and exit index, steel billet price index and hot-rolled coil 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 discounts 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 3rd, 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, entry and exit index of iron ore, coke inventory index and entry and exit index of coke, January 1st, 2021 is taken as the base period. The compliant actual inventory data and entry and exit volume 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 entry and exit index of iron ore has seen horizontal fluctuation. Due to the weak controllability of factors such as ship arrival time and mine shipment, the entry and exit 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 entry and exit 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 steel billet price index, August 1st, 2019 is taken as the base period to collect the daily settlement price of steel 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 coil, August 3rd, 2020 is taken as the base period to collect the daily settlement price of hot-rolled coil 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 plan, 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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Editor: PR Wire
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