US-Iran ceasefire for seven months; central banks increase gold holdings for 17 consecutive months: Commodity Intelligence, April 8

Macroeconomic News

1. Foreign Exchange Reserves: According to statistics from the State Administration of Foreign Exchange, as of the end of March 2026, my country’s foreign exchange reserves stood at US$3,342.1 billion, a decrease of US$85.7 billion from the end of February, representing a 2.5% drop.
2. Two-Week US-Iran Ceasefire: Trump posted on social media on April 7th, “I agree to a two-week pause in bombing and attacks against Iran.”

Energy News

1. Crude Oil: On April 7th, international crude oil futures showed mixed results. US WTI crude oil futures closed higher, with the May contract settling at US$112.95 per barrel, up US$0.54 or 0.5%. Brent crude oil futures closed lower, with the June contract settling at US$109.27 per barrel, down US$0.50 or 0.5%.
2. [Crude Oil] The U.S. Energy Information Administration (EIA) estimates that oil production shutdowns related to the U.S.-Israel conflict with Iran will rise to 9.1 million barrels per day in April, then fall to 6.7 million barrels per day in May as the conflict ends and shipping in the Strait of Hormuz gradually resumes.
3. [Crude Oil] On April 7, data released by the American Petroleum Institute (API) showed that U.S. crude oil inventories surged again last week, while gasoline and distillate inventories declined. As of the week ending April 3, U.S. crude oil inventories increased by 3.72 million barrels, gasoline inventories decreased by 3.97 million barrels, and distillate inventories decreased by 599,000 barrels.
4. [Coking Coal] On April 7, the price of coking coal in the Linfen market decreased by 50 yuan/ton. The price of high-sulfur prime coking coal (A10.5, S4.2, G95) in Yaodu District was 1260 yuan/ton, and the price of high-sulfur fat coal (A12, S2.0, G95) in Fenxi District was 1170 yuan/ton. These prices took effect at midnight on the 7th.
5. Chemicals
6. Batteries: EVE Energy announced two energy storage projects on April 7th, with a planned total investment of 11 billion yuan to add 110GWh of capacity. Combined with the Huizhou Zhongkai and Jingmen projects announced a few days ago, the company’s total planned energy storage (power) battery capacity this year has reached 230GWh.
7. Lithium Carbonate: Recently, Hunan Yongshan’s 22,000-ton/year high-purity lithium salt project officially commenced construction. After full completion and operation, the total capacity will exceed 60,000 tons/year.
8. Hexamethylenediamine: China Xuyang Group’s independently developed caprolactam-to-hexamethylenediamine unit completed catalyst loading on March 30, 2026, and is expected to officially commence production in April 2026, with an annual output of approximately 30,000 tons.
9. [Dimethyl Carbonate] Hubei Yihua plans to acquire new land in Zone B of Yaojiagang Chemical Industrial Park, Yichang City, to construct production facilities with an annual output of 200,000 tons of ethanol, 300,000 tons of dimethyl carbonate, 100,000 tons of methyl ethyl carbonate/diethyl carbonate, and 30,000 tons of ethylamine, along with supporting H2/CO separation and auxiliary production facilities. The project is scheduled to commence in May 2026, with a construction period of 24 months, and is expected to be completed and put into operation in May 2028.
10. [Cyclic Olefin Polymers] Recently, China National Chemical Engineering Co., Ltd. (CNCEC) and Cycloxetine New Materials (Ningbo) Co., Ltd. held a contract signing ceremony in Ningbo for the first phase of a 27,500-ton/year cyclic olefin polymer (COP) new material project. This project is the first cyclic olefin polymer new material project in China.
11. [BDO] On April 7th, the 60,000-ton/year BDO unit of Shaanxi Black Cat Co., Ltd. is currently operating at a relatively stable load. A 10-day maintenance is tentatively scheduled for April 10th, and there are no spot market quotes.
12. The 120,000-ton/year BDO unit of Hualu Hengsheng Co., Ltd. is operating stably. The second 120,000-ton/year BDO unit will begin maintenance on April 8th, expected to last 25 days.
13. [Caprolactam] On April 5th, Hunan Petrochemical’s 600,000-ton/year caprolactam production line’s major production units were shut down as planned for their first centralized maintenance and technical upgrades since commissioning, lasting 10 days.
14. Diethylene Glycol: From April 3rd to 6th, the total shipment of diethylene glycol from the two warehouses in Zhangjiagang was 2,628 tons, with an average daily shipment of 658 tons. As of now, the inventory in the two warehouses is 34,400 tons.
15. MDI: A major manufacturer in Shanghai recently quoted a price of 21,300 yuan/ton for polymeric MDI to distribution channels, with a fixed price of 21,500 yuan/ton. Supply is limited.