SMM, July 22 – In the metals market: As of the midday close, domestic base metals mostly rose. SHFE copper gained 1.34%, SHFE aluminum added 0.72%, SHFE zinc advanced 0.78%, SHFE lead fell 0.85%, SHFE tin climbed 1.11%, and SHFE nickel jumped 1.36%. Furthermore, the most-traded cast aluminum futures contract rose 0.59%, the most-traded alumina contract settled on par with 2,723 yuan/mt. The most-traded lithium carbonate contract fell 0.5%. The most-traded silicon metal contract fell 0.42%. The most-traded polysilicon futures contract rose 0.59%. Ferrous metals showed mixed performance. Iron ore fell 1%, rebar edged lower, and HRC was flat at 3,284 yuan/mt. Stainless steel rose 0.61%. In the coking coal and coke segment, the most-traded coking coal contract gained 1.56%, and the most-traded coke contract advanced 0.66%. In overseas base metals, as of 11:45 AM, LME metals mostly rose. LME copper fell 0.3%, LME aluminum edged up, and LME lead, LME zinc, and LME tin all posted gains within 0.2%. LME nickel rose 0.52%. In precious metals, as of 11:45 AM, COMEX gold rose 1.53% and COMEX silver gained 1.64%. In domestic precious metals, SHFE gold rose 2.8%, and the most-traded SHFE silver contract surged 4.79%. Additionally, as of the midday close, the most-traded platinum futures contract rose 4.2%, and the most-traded palladium futures contract jumped 5.44%. As of the midday close, the most-traded container shipping contract on the European route fell 0.52% to 2,785 points. As of 11:45 AM on July 22, some futures midday market conditions: Spot and Fundamentals Silver: U.S.-Iran ceasefire negotiations and technical corrections drove a silver price rebound, which may maintain a fluctuating trend in the short term. Spot market demand was sluggish, with transactions near parity, and the pattern of weak supply and demand persists... Macro Front China: [GAC: Accelerate Implementation of 57 Port Facility Renovation Projects under the 15th Five-Year Plan] This morning (July 22), the State Council Information Office held a press conference to introduce the implementation of the 15th Five-Year Plan, accelerating customs modernization, and serving the building of a trade power. Ports are the gateway to opening-up. During the 15th Five-Year Plan period, the customs will accelerate the implementation of major projects and key border port projects under the national 15th Five-Year Plan, simultaneously carry out 57 port facility renovation projects under the plan, and speed up the construction of railway ports such as Turugart and Ganqimaodu. This will help further optimize the layout of port opening. (CCTV News) [Beijing Rolls Out "Ten Go-Global Measures" to Reduce Burden and Empower Digital Economy Enterprises Going Global] On July 21, the Beijing Municipal Bureau of Economy and Information Technology held a press conference on the H1 2026 economic performance of Beijing's industrial and information software industry. It was introduced at the meeting that at the end of last year, Beijing issued the "Three-Year Action Plan for the Construction of the Beijing Digital Economy Enterprise Go-Global Innovation Service Base (2026–2028)", setting out the goals and tasks for Beijing enterprises going global over the next three years. Drawing on the operational practices of the Beijing Go-Global Base and the core needs of nearly a hundred digital economy enterprises, Beijing recently issued the "Several Measures to Accelerate the Promotion of Digital Economy Enterprises Going Global" (referred to as the "Ten Go-Global Measures"), complementarily, providing ten financial and resource support measures to comprehensively reduce burdens and empower enterprises’ international development. The policy mainly focuses on the following three aspects: first, broadening overseas connection channels to overcome market expansion challenges; second, improving full-process supporting services to reduce cross-border compliance costs; third, fostering an international digital ecosystem to build a capital go-global brand. (Jin10 Data APP) [Guangzhou: plans to steadily and orderly advance the completed home sales system and promote the reform of real estate development financing methods] During the 15th Five-Year Plan period, Guangzhou plans to actively and prudently plan pilot projects for the completed home sales system, selecting suitable land parcels for pilot implementation at an appropriate time. It will strengthen financial service support, encourage commercial banks to increase development loan quotas for completed home sales projects and offer preferential interest rates. For completed home sales land parcels, support such as installment payment of land premiums and public resource allocation will be provided. For projects that continue to use the presale system, supervision of presale funds for commodity housing will be standardized to regulate fund usage. At the same time, financial coordination will be strengthened to advance the reform of real estate development financing methods, driving a shift in real estate development enterprise financing from reliance on the creditworthiness of the entity to meeting the reasonable financing needs of real estate projects. For each project, one bank or a banking syndicate will be designated as the lead bank. Funds from project development, construction, and sales will be deposited with the lead bank, which will ensure that the project company’s reasonable financing needs are met, forming a virtuous cycle mechanism where the lead bank and the project company share interests and risks. Closed management requirements for real estate project funds will be implemented. Before project delivery, it is strictly prohibited for investors to illegally withdraw or divert the project company’s sales and financing funds, and capital withdrawal or early dividend distribution is strictly prohibited. The Guangzhou Housing and Urban-Rural Development Bureau is publicly soliciting opinions on the "Guangzhou Housing Development 15th Five-Year Plan (Draft for Comments)." It will optimize the supply scale and pace of commercial residential land to promote market supply-demand balance. High-quality urban design and "good housing" construction requirements will be incorporated into land transfer conditions to enhance residential building quality. Real estate development enterprises are encouraged to shift from "scale-oriented" to "quality-oriented" approaches, continuously optimize standards, and build more livable high-quality housing. Support for housing will be steadily advanced for newly introduced talent, newly employed university graduates, newly married or first-time childbearing families, families with multiple children, and families supporting elderly members, so as to reduce the burden of purchasing a first home. Increase policy support for "selling old and buying new" homes, and implement relevant tax incentives. Standardize real estate brokerage services, and guide all types of real estate agencies to operate in accordance with the law, compete fairly, and clearly mark prices. Strengthen oversight of existing-home transactions, and establish and improve regulatory systems for transaction funds for existing homes. (Jin10 Data APP) [PBOC reverse repo operation resulted in a net withdrawal of 350.5 billion yuan today] The PBOC conducted 76 billion yuan in 7-day reverse repo operations today, and with 426.5 billion yuan in 7-day reverse repos maturing, a net withdrawal of 350.5 billion yuan was realized on the day. US Dollar: As of 11:45, the US dollar index fell 0.07 to 101.14. Markets await next week's Fed meeting for clues on the interest rate outlook and are closely monitoring developments in the Middle East conflict. According to the CME FedWatch Tool, the probability of the Fed keeping rates unchanged in July is 74.9%, with a 25.1% chance of a cumulative 25-basis-point hike. For September, the probability of holding rates steady is 28.9%, while the odds of a cumulative 25-bp hike are 55.7% and a 50-bp hike are 15.4%. (Jin10 Data APP) Furthermore, according to Politico, House Republicans on Tuesday passed a procedural vote 241–211, clearing the way for a short-term government funding bill and the "budget reconciliation 3.0" package. The stopgap funding measure aims to keep the federal government operating through December, while the budget framework provides the basis for a $95 billion partisan policy package. House Republican leadership hopes to pass the temporary funding bill later Tuesday. The House is then expected to vote on the budget resolution on Wednesday. Republicans intend to use this budget framework to begin drafting and passing a third conservative policy bill this Congress without any Democratic support. Other Currencies: Driven by a weak yen and surging oil prices, Japan's import value was up 25.4% YoY in June to a record 11.3 trillion yen (approx. $69.25 billion). This gain exceeded the market's previous expectation of a 21% rise and marked the fastest pace since November 2022, resulting in a trade deficit of 406.9 billion yen (approx. $2.49 billion) in June, far above the forecast of 120 billion yen. Although crude oil imports fell 13.7% YoY in volume terms, their value soared 59.3%, with the yen-denominated unit price also hitting a record high, underscoring that current inflationary pressures are largely driven by exchange-rate factors rather than demand growth. This means that compared to possible short-term changes in oil demand, the yen's appreciation plays a more significant role in easing import cost pressure. On the export side, the resilience brought by AI-related data center demand provides the Bank of Japan with actual economic growth support that can offset inflation risks. This combination of factors suggests that the Bank of Japan is more likely to adopt a cautious, gradual rate hike path rather than a sudden sharp tightening. Currently, the market expects the Bank of Japan to keep interest rates unchanged next week, while still maintaining a hawkish policy bias. (Jin10 Data APP) The Reserve Bank of Australia stated that a latest survey result shows inflation remains the top economic concern for Australians, while a "fundamental gap" still exists in the public's understanding of how monetary policy works. The survey is part of the RBA's efforts to enhance transparency and respond to the 2023 independent review recommendations. Since early last year, the bank has conducted three rounds of surveys, collecting opinions from approximately 9,000 Australians, and uses the results to improve communication with the public. The survey results showed: "Public trust in the RBA is comparable to other Australian and international institutions and has remained stable since early 2025," although trust levels vary across different groups. "Those with higher trust levels tend to have lower inflation expectations, underscoring the importance of trust itself and also its key role in the transmission of monetary policy." (Jin10 Data APP) Data: Today will see the release of the UK June CPI MoM, UK June Retail Price Index MoM, and other data. Crude oil: As of 11:45, both oil benchmarks rose, with WTI crude up 1.03% and Brent crude up 1.15%. Trump downplayed the possibility of immediate negotiations with Iran, and heightened US-Iran tensions pushed oil prices higher. The rise in oil prices directly exacerbated inflation concerns. (Wall Street Insights) Data: Last week, US crude oil inventories increased. API crude oil inventories for the week ending July 17: +2.603 million barrels, vs. expected -500,000 barrels and prior -564,000 barrels. API gasoline inventories for the week ending July 17: -1.379 million barrels, vs. expected -1.81 million barrels and prior -1.664 million barrels. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

[SMM Silicon-based PV Morning Meeting Minutes] Polysilicon: N-type recharging polysilicon quotes are 30.6-33 yuan/kg, and order signing remains limited at present. However, as meetings are held, some enterprises have strong expectations for H2 policies, some believe a series of related measures will follow, and market sentiment has improved somewhat. Wafers: Market wafer prices are 18X (0.82-0.86 yuan/piece), 210RN (0.93-0.97 yuan/piece), and 210N (1.13-1.17 yuan/piece). As wafer energy consumption standards are further tightened and expectations of upstream price increases grow, wafer enterprises have turned cautious, waiting for meeting outcomes before deciding on pricing strategies. Currently, wafer prices are already near cash cost, so the likelihood of another sharp decline is relatively small.

[SMM Cast Aluminum Alloy Morning Comment: Overnight Aluminum Alloy Futures Narrowly Rebounded, Tug-of-War Between Sellers and Buyers Continues in Off-Season] On Tuesday, the ADC12 market remained in the doldrums, with the quotation center edging slightly lower. Fundamentally, the pullback in aluminum prices weakened cost support; meanwhile, the off-season effect continued to intensify, downstream buyers maintained just-in-time procurement, and overall transactions were sluggish.

SMM, July 21 – Metal market: As of the midday close, base metals on the domestic market rose broadly. SHFE tin rose 0.77%. SHFE copper rose 0.99%, while SHFE aluminum fell 0.34%. SHFE zinc rose 0.27%. SHFE lead edged down, and SHFE nickel edged up. Additionally, the most-traded casting aluminum futures contract fell 0.3%, the most-traded alumina contract rose 0.78%, the most-traded lithium carbonate contract fell 4.45%, the most-traded silicon metal contract fell 0.36%, and the most-traded polysilicon futures contract rose 0.22%. Ferrous metals mostly fell. Iron ore fell 1.39%, while rebar and hot-rolled coil fell 0.84% and 0.73% respectively. Stainless steel rose 0.48%. Coking coal and coke: the most-traded coking coal contract fell 2.58%, and the most-traded coke contract fell 2.76%. Overseas base metals, as of 11:44, LME metals all rose. LME copper rose 0.14%, LME aluminum rose 0.51%, and LME lead rose 0.45%. LME zinc and LME tin rose 0.6% and 0.35% respectively. LME nickel rose 0.59%. Precious metals, as of 11:44, COMEX gold rose 0.83%, and COMEX silver rose 1.61%. Domestic precious metals: SHFE gold rose 1.03%; the most-traded SHFE silver contract rose 3.27%. Additionally, as of the midday close, the most-traded platinum futures contract rose 1.03%, and the most-traded palladium futures contract rose 1.53%. As of the midday close, the most-traded European route shipping contract fell 0.73% to 2,792 points. As of 11:44 on July 21, midday futures market conditions: Spot and fundamentals Silver: US-Iran ceasefire negotiations showed a turning point; silver saw a technical rebound but lacked substantial positive catalysts, with limited rebound strength. The spot market experienced weak supply and demand, deals were near parity, and wait-and-see sentiment was strong... Macro front China: [Ministry of Transport: 15th Five-Year Plan period to focus on promoting low-carbon substitution in transport power and advancing green transformation of transport infrastructure] Cai Tuanjie, Director-General of the Safety Supervision Department and concurrently head of the Transport Services Department of the Ministry of Transport, stated at a State Council Information Office press conference that during the 15th Five-Year Plan period, the country will vigorously promote low-carbon substitution of transport power, advance the green transformation of transport infrastructure, accelerate the optimization and adjustment of the transport structure, continue to deepen pollution prevention and control efforts, improve the carbon emission statistics, accounting, and monitoring system for transportation, and with greater efforts drive the green and low-carbon transformation in the transport sector, laying a solid foundation for building a strong transport country and a beautiful China. (Jin10 Data APP) [China to Allocate 22 Billion Yuan to Support Retirement and Renewal of Old Operating Trucks] On July 21, Cai Tuanjie, Chief Safety Officer and Director-General of the Department of Transport Services at the Ministry of Transport, said at a State Council Information Office press conference that China will continue to implement the campaign for the retirement and renewal of old operating trucks in 2026, allocating 22 billion yuan from ultra-long special government bonds to support this effort, with a focus on replacing them with new energy heavy-duty trucks, and to step up efforts to boost consumption in the new energy heavy-duty truck market through the program of large-scale equipment upgrades and consumer goods trade-ins. (Xinhua News Agency) [China to Build Over 3,000 Charging and Battery Swapping Stations for Electric Heavy-Duty Trucks] On July 21, Cai Tuanjie, Chief Safety Officer and Director-General of the Department of Transport Services at the Ministry of Transport, said at a State Council Information Office press conference that, with a focus on busy freight sections of national expressways and regular national and provincial highways, city clusters and metropolitan areas such as the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and the Chengdu-Chongqing region, as well as key nodes like freight hubs, ports, mining areas, factory zones and industrial parks, China plans to build over 3,000 charging and battery swapping stations for electric heavy-duty trucks, advancing the networking of energy replenishment facilities by connecting points to form lines and networks. (Xinhua News Agency) [PBOC Achieves Net Injection of 16.5 Billion Yuan via Reverse Repo Operations Today] The PBOC conducted 253 billion yuan in 7-day reverse repo operations today. With 236.5 billion yuan of reverse repos maturing today, this resulted in a net injection of 16.5 billion yuan for the day. On the dollar side: As of 11:44, the US dollar index was flat at 100.97. "Fed Whisperer" Nick Timiraos: Based on estimates that convert PPI and CPI data into PCE terms, U.S. core PCE for June is expected to rise mildly by 0.18% (up 3.3% YoY), which would mark the lowest monthly increase since November last year. The overall PCE for June is expected to decline 0.07%, bringing the 12-month YoY increase down to 3.7%. According to the CME "FedWatch": The probability of the Fed keeping rates unchanged in July is 84.5%, while the probability of a cumulative 25-basis-point rate hike is 15.5%. The probability of unchanged rates by the September meeting is 36%, that of a cumulative 25bp hike is 55.1%, and that of a cumulative 50bp hike is 8.9%. On other currencies: A forex strategist at Commerzbank said that, given escalating tensions in the Middle East and rising energy prices, the euro should benefit if the European Central Bank strongly signals its willingness to raise rates further. The ECB is expected to keep rates unchanged this week but to hike again in September. If the U.S.-Iran conflict escalates further, how clearly the ECB signals its readiness to continue raising rates beyond September will be a decisive factor in limiting downside room for EUR/USD. Mitsubishi UFJ strategists noted that a consecutive rate hike by the European Central Bank this week was highly unlikely, with even hawkish officials such as Bundesbank President Joachim Nagel indicating a preference for holding rates steady. The continued rebound in energy prices supports expectations for a further 25bp hike in September. Eurozone interest rate markets have almost fully priced in two more ECB rate hikes by year-end, pushing short-term rates back near their highs for the year. Softer US inflation data has weakened the impact of rising energy prices on expectations for US Fed interest rate tightening, shifting the price spread in favor of the euro. (Jin10 Data APP) Data-wise: On the day, data including Switzerland's June trade balance, the UK's May ILO unemployment rate for the three months to May, UK June public sector net borrowing, UK June unemployment rate, UK June claimant count change, Germany's July ZEW economic sentiment index, the Eurozone's July ZEW economic sentiment index, and the US weekly ADP employment change for the week ending July 4 are due for release. Crude Oil: As of 11:44, both oil benchmarks traded lower, with WTI down 0.34% and Brent down 0.68%. Market hopes for US-Iran conflict negotiations weighed on oil prices. Despite a pullback on Tuesday, Middle East tensions remained a potential market disruption. Threats from Houthi forces to blockade Red Sea export routes kept the market focused on whether Saudi Arabian exports would be impacted. BlackRock strategists believe there is currently no evidence that an escalation in the Middle East would cause a severe enough shock to economic growth to alter the market's risk appetite stance. (Wall Street CN) Spot Market Roundup: ► ► ► ► ► ► ► ► ► ► ►

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Scrap Imports Post Third Straight Monthly Decline in June 2026, Continually Reshaping Aluminum Alloy Trade Patterns] Currently, the secondary aluminum alloy market remains in the off-season, with downstream order releases limited. End-user procurement stays need-based, overall trading activity is relatively subdued, and the demand side provides insufficient support for price increases. Meanwhile, aluminum prices remain...

SMM, July 20: Metals market: As of the midday close, base metals on the domestic market showed mixed performance. SHFE tin rose 1.65%. SHFE copper edged up 0.29%, while SHFE aluminum fell 0.32%. SHFE lead edged up, while SHFE zinc fell 0.63%. SHFE nickel fell 0.13%. In addition, the most-traded cast aluminum futures contract fell 0.3%, while the most-traded alumina contract rose 1.23%. The most-traded lithium carbonate contract fell 1.69%. The most-traded silicon metal contract fell 0.72%. The most-traded polysilicon futures contract fell 1.26%. Ferrous metals mostly fell. Iron ore fell 0.33%, while rebar and hot-rolled coil (HRC) fell 0.45% and 0.54%, respectively. Stainless steel fell 0.27%. Coke and coking coal: the most-traded coking coal contract rose 0.2%, while the most-traded coke contract fell 0.99%. Overseas base metals market, as of 11:45, LME metals mostly rose. LME copper rose 0.2%, LME aluminum fell 0.16%, and LME lead fell 0.21%. LME zinc and LME tin both rose 0.31%. LME nickel rose 0.21%. Precious metals, as of 11:45, COMEX gold rose 0.2%, and COMEX silver rose 1.85%. Domestic precious metals market: SHFE gold rose 0.7%; the most-traded SHFE silver contract rose 2.47%. Additionally, as of the midday close, the most-traded platinum futures contract fell 0.33%, and the most-traded palladium futures contract fell 0.84%. As of the midday close, the most-traded containerized freight (European route) contract rose 6.4% to 2,809 points. As of 11:45 on July 20, midday market overview for some futures: Spot Prices and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper was quoted at 170 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 80 yuan/mt, up 30 yuan/mt from the previous trading day; and SX-EW copper was quoted at a premium of 20 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,180 yuan/mt, up 350 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,075 yuan/mt, up 340 yuan/mt from the previous trading day. Spot market: Guangdong inventories saw a significant decline after the weekend, mainly driven by a sharp increase in warehouse withdrawals... Macro Front Domestic front: [MIIT: Continuously Implement the New Round of Work Plans for Stable Growth in Sectors Such as Machinery and Automobiles, While Expanding High-Quality Supply and Effective Demand Across the Board] The State Council Information Office held a press conference to present the industrial and information technology development situation in H1 2026. Wang Weiming, chief engineer of the Ministry of Industry and Information Technology, stated that in H1, the export delivery value of the equipment industry rose 18.2% YoY, contributing nearly 50% to the growth of industrial exports. Next, MIIT will make every effort to promote the transformation and upgrading of the equipment industry. [MIIT: From January to May, new shipbuilding orders accounted for 81.2% of the global total, firmly ranking first in global market share] At a press conference held by the State Council Information Office, Wang Weiming, Chief Engineer of the Ministry of Industry and Information Technology, said that in the ship and offshore engineering equipment sector, from January to May, China’s new shipbuilding orders accounted for 81.2% of the global total, firmly ranking first in global market share. [MIIT: To issue guidelines for building a systematic computing power standards framework, and promote standards such as market-based pricing for computing power] The State Council Information Office held a press conference to brief on industrial and information technology development in 2026 H1. Xie Cun, spokesperson for the Ministry of Industry and Information Technology and Director-General of the Information and Communications Development Department, said that next, MIIT will continue to follow a systematic work approach focused on points, chains, networks, surfaces, and systems, optimize the deployment of computing power infrastructure resources, build interconnected and interoperable computing power periods, and improve the efficiency of computing power resource utilization. In terms of strengthening efforts at the “point” level, it will optimize the supply-side deployment of computing power resources, coordinate factors such as industrial development and energy supply, promote the development of intelligent computing clusters and coordinated development between computing power and electricity, create a tiered computing power layout, and strengthen overall monitoring of computing power. In addition, it will issue guidelines for building a systematic computing power standards framework, and promote standards such as evaluation of computing power service capabilities and market-based pricing for computing power. [Unchanged for the 14th consecutive month! July LPR quotes released: 3.5% for 5-year and above, 3% for 1-year] China’s July Loan Prime Rate (LPR) was released on July 20, with both the 1-year and 5-year and above LPR left unchanged. An announcement authorized by the PBOC and released by the National Interbank Funding Center showed that the LPR on July 20, 2026 was: 3.0% for the 1-year LPR and 3.5% for the 5-year and above LPR. The above LPRs are valid until the next LPR release. The 7-day reverse repo rate, the main policy rate, has remained unchanged for 14 consecutive months since it was cut in May 2025; therefore, the pricing basis for this month’s LPR quotes did not change. The last LPR adjustment was in May 2025, when both the 1-year and 5-year and above LPR were lowered by 10 basis points. [PBOC net injected 174.5 billion yuan into the open market today] The PBOC conducted 398.5 billion yuan of 7-day reverse repo operations today at an operating rate of 1.4%, unchanged from the previous level. Reverse repos worth 224 billion yuan matured today. US dollar: As of 11:45, the US dollar index fell 0.04% to 100.71. Oil prices have risen by over 20% this month, reigniting inflation concerns. Fed Chairman Warsh has made it clear that curbing inflation is the top priority. The market is now focused on the upcoming July PMI data this week to judge whether the resilience of the US economy is sufficient to support the Fed's interest rate hikes in September or October. (Wall Street View) According to CME “FedWatch”: the probability of the Fed keeping rates unchanged in July is 85.6%, with a 14.4% probability of a cumulative 25bp hike. The probability of no change in September is 38.5%, with a 53.5% probability of a cumulative 25bp hike and a 7.9% probability of a cumulative 50bp hike. (Jinshi Data APP) Data: Today will see the release of Canada June CPI MoM, US June CB Leading Index MoM, China June year-to-date installed power generation capacity, China June year-to-date installed power generation capacity yearly rate, and more. Crude Oil: As of 11:45 am, oil prices on both exchanges extended gains from the previous trading day, with WTI up 2.24% and Brent up 2.41%. The US-Iran conflict escalated further over the weekend, pushing oil prices higher. According to CCTV News reports, on July 19 local time, US Energy Secretary Wright stated that military operations against Iran will continue until President Trump achieves his military objectives. According to CCTV News, Iranian sources said on the 19th that navigational traffic through the Strait of Hormuz has dropped to zero, and the strait will remain closed as long as the US continues its provocative actions. Furthermore, Morgan Stanley pointed out that Europe faces a diesel supply crunch as a series of significant supply challenges coincide, with refining margins in the region hitting record highs while inventories continue to decline. “The current situation is indeed very tight,” analysts including Martin Ratz said in a July 19 report. “Our supply-demand model shows that European diesel inventories will fall to multi-year lows by year-end.” The analysts stated, “The true bottleneck in the oil system at the moment lies in refining, not crude oil,” noting that some African oil cargoes remain unsold and forward prices in certain parts of the market are trending bearish. “At the center of all this is the diesel market, particularly in Europe.” (Jinshi Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►