The MHP market was tight overall this week, with nickel and cobalt payables staying high. On the supply side, after the strait reopened, production at some producers recovered somewhat but remained below previous levels, and quotes stayed high under cost pressure. On the demand side, mid-year downstream nickel and cobalt salt prices showed weakness, and producers faced significant pressure from losses. Salt producers had relatively low acceptance of high-priced MHP, putting pressure on MHP payables. Given weak downstream product prices, MHP payables may pull back in the short term. The high-grade nickel matte market also saw supply-demand weakness on both sides. High-grade nickel matte currently has a clear cost advantage over MHP, but on the supply side, major producers have already signed long-term contracts, leaving limited available spot supply. On the demand side, actual consumption capacity is insufficient due to restrictions in matching downstream production lines. Overall purchasing sentiment was weak, trading activity was low, and payables remained stable. The geopolitical premium in the international sulfur market is gradually being cleared, but supply-side disruptions have intensified. The US-Iran agreement stipulates that the Strait of Hormuz will be unblocked within 30 days, and the resumption of navigation will be a gradual process. Kazakhstan indefinitely suspended sulfur exports from June 27 (only allowed to sell to Russia). Russia extended its export ban to the end of 2026, and Turkey's ban lasts until end-September, compounding short-term supply disruptions. Medium and long-term sulfur prices are expected to be under pressure, but the recovery of supply has a time lag, and prices will swing wildly at highs. Regarding nickel prices, market expectations for interest rate hikes continued to mount at the start of this week, and nickel prices continued to decline. On Thursday, non-farm payrolls data came in below expectations, prompting some recovery. Against a backdrop of lower MHP payables and stable high-grade nickel matte payables, the absolute prices of MHP and high-grade nickel matte edged down along with nickel prices. In addition, MHP cobalt prices and refined cobalt prices also declined. Overall, the intermediate product market will be under pressure in the short term.

China's Sulphuric Acid Market Regional Divergence Intensifies, Index Continues to Strengthen [SMM Sulphuric Acid Weekly Review]

European Aluminum has urged the EU to tighten sanctions on Russian aluminum by closing loopholes that allow Russian metal to enter Europe after being processed in third countries such as Türkiye and China. The association proposed mandatory reporting of smelting and casting origins, stricter customs inspections and an indirect ban on products made from Russian primary aluminum. It warned that continued geopolitical tensions and supply disruptions could further increase Europe's dependence on Russian aluminums if alternative low-carbon supplies remain limited.

[SMM Analysis] Anti-Dumping Investigation Arrived China's Grain-Oriented Silicon Steel Exports Encountered Major Changes

The Irish government is considering seeking EU financial support to keep Aughinish Alumina operating if further sanctions on Russia threaten the refinery's future due to its Russian ownership. Authorities are also assessing the possibility of temporary state control of the County Limerick refinery, one of Europe's largest alumina producers with 459 employees. Any disruption could affect aluminum supply chains serving the automotive and aerospace industries. Officials are also evaluating potential risks to bauxite supply if the current Russian owners halt shipments from Guinea. The move reflects growing efforts to balance Europe's industrial supply security with broader geopolitical sanctions against Russia.

Anti-dumping Investigation Details On June 22, 2026, India’s Ministry of Commerce and Industry issued a notice announcing the initiation of an anti-dumping investigation concerning imports of Cold Rolled Grain Oriented Electrical Steel (CRGO) and Amorphous Metal (AM) originating in or imported from China, Japan, South Korea, and Russia, in response to an application filed by domestic producer JSW JFE Electrical Steel Nashik Private Limited. This case primarily covers products under HS codes 72251100, 72261100, and 72269930, as well as certain products under HS codes 72251920, 72251990, 72261920, 72269910, 72261990, 72269910, 72269920, and 72269990. The dumping investigation period runs from April 1, 2025 to March 31, 2026 (12 months), and the injury investigation period covers April 1, 2022 to March 31, 2023, April 1, 2023 to March 31, 2024, April 1, 2024 to March 31, 2025, and April 1, 2025 to March 31, 2026. China’s Grain-Oriented Silicon Steel Exports Source: General Administration of Customs Comparing January-May exports of grain-oriented silicon steel, monthly exports in the first five months of 2025 fluctuated more sharply, with a notable pullback in February and a peak for the period in April. In the first five months of 2026, monthly exports rose steadily month by month, showing a smoother trend; overall exports for January-May 2026 were similar to those of January-May 2025, and demand outside China remained relatively stable. Source: General Administration of Customs Among the top 10 destinations for grain-oriented silicon steel exports in the first five months of 2025 and 2026, India ranked as the largest market for the second consecutive year, with outstanding growth—exports to India were about 54,400 mt in the first five months of 2025, rising to 67,600 mt in the same period of 2026, a notable increase. Turkey moved significantly up the ranking, and Mexico dropped; Slovenia and Saudi Arabia entered the top 10, while Thailand and Spain fell out of the list. Exports to traditional markets—Italy, Mexico, South Korea, Brazil, the UAE, and Vietnam—generally pulled back YoY, with only India and Turkey recording a YoY increase; India became the sole core overseas demand driver experiencing substantial volume expansion. China’s large-scale exports of grain-oriented silicon steel to India, combined with the inability of local Indian producers to compete effectively, prompted India to initiate the anti-dumping case. Estimated Timeline for Implementation of India’s Anti-Dumping Duties India’s anti-dumping investigation follows a defined timetable: a preliminary determination and provisional duties are expected within 5 to 6 months of initiation; for complex cases involving multiple countries, such as this one on grain-oriented silicon steel, the final determination can take up to 18 months. After the final recommendation is submitted to the Ministry of Finance, a further 3-month review is required, so the entire process leading to the formal imposition of duties is expected to take approximately one and a half to two years. The fixed tariffs determined by the final ruling are valid for 5 years. Before expiry, local enterprises may initiate a sunset review, with the review period also lasting 12-18 months, during which the original tariffs remain in effect. Relevant grain-oriented silicon steel export enterprises may negotiate price undertakings within a 3- to 8-month window after case initiation to avoid provisional and definitive duties. Possible impact of India's anti-dumping on China From case initiation to preliminary determination: Once the case is filed, Indian importers will proactively adopt a wait-and-see approach, suspend new long-term contracts, and turn to supply sources from Japan and South Korea, leading to a contraction in orders from China to India. In addition, relevant Chinese enterprises will incur high litigation costs and increase various document compliance expenditures; small and medium-sized mills without the capability to respond to lawsuits will directly exit the Indian market, while top-tier players will bear substantial additional costs in defending the case. When the preliminary ruling is announced after 5-6 months, a provisional anti-dumping duty (for up to 6 months) will be directly imposed, significantly raising export costs, reducing shipments to India, and causing diverted goods to flow back and impact spot prices of grain-oriented silicon steel in China, hurting steel producers' profits. This will increase the willingness to conduct maintenance and control production, put sector sentiment under pressure, and weaken the valuations of listed grain-oriented silicon steel enterprises. Downstream power equipment, such as domestic transformers and reactors exported to India, will also face obstacles. Bidding costs for complete equipment will rise, and orders from India for power grids, PV inverters, etc., will be lost. Involution in the domestic market will intensify, as low-end transformer manufacturers cut prices to compete for orders, and profits will contract concurrently. 1-2 year long-term cycle: After the 18-month final determination and Ministry of Finance approval, a high fixed tariff for 5 years will be imposed, constituting a medium- and long-term structural shock. China will be forced to adjust its grain-oriented capacity structure, explore alternative overseas markets, promote building factories abroad, comprehensively reduce its dependence on the single Indian market, focus on developing incremental grid markets in the Middle East, Southeast Asia, and Latin America, and diversify its export structure. Top-tier steel producers will go global, setting up silicon steel slitting bases and joint-venture steel mills in Southeast Asia, while transformer enterprises will simultaneously build factories overseas to circumvent finished-product tariff barriers. Overseas aspects: Indian market In the short term, Indian importers will shift to supply sources from Japan, South Korea, and Russia, leading to higher procurement costs. With insufficient domestic capacity for low-grade silicon steel, transformer manufacturers will face raw material shortages. Downstream power manufacturing associations will protest against rising costs, infrastructure project bids will rise, and the pace of grid expansion will slow down. High tariffs will raise costs across India's entire industry chain, undermining the competitiveness of its new energy and grid infrastructure compared with Southeast Asia. In the long term, policies will continue to support domestic grain-oriented silicon steel projects such as JSW-JFE. Within 5 years, domestic capacity will expand significantly, and low-end silicon steel will achieve self-sufficiency. Global Trade Market Enterprises from Japan and South Korea and Russia are seizing China’s original share in India, creating a supply substitution, while China shifts to the Middle East, Southeast Asia, and Latin America to form differentiated competition tracks. The processing of transformers and silicon steel is relocating to Vietnam, Indonesia, and Malaysia, forming a Southeast Asian power equipment manufacturing cluster. Third-country deep processing and origin-based tariff circumvention will become a long-term conventional trade model. Data Source Statement: The other data in this report, beyond publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, NBS data, customs import and export data, and various data published by major associations and institutions), market communication, and reliance on SMM’s internal database models, have been comprehensively analyzed and reasonably inferred by the research team. They are for reference only and do not constitute decision-making advice. Shanghai Metals Market reserves the final right to interpret the terms of this statement and the right to adjust and modify its content based on actual circumstances.

[Turkey] In the import market, a Russian mill's offer for August-delivery billet held stable at 480 USD/tonne FOB, while Turkish buyers' target prices were at or below 470 USD/tonne FOB, with freight rates from Russia to Turkish ports dropping to around 25 USD/tonne. Meanwhile, driven by lower freight costs, Chinese 4SP billet offers to Turkey fell by 2 USD/tonne to 518 USD/tonne CFR. The Turkish domestic market also remained stable due to sluggish trading, with domestic billet prices holding at 525 USD/tonne EXW this week, and domestic rebar prices also remaining steady in the first two days of the week.

SMM News on July 1: Metals market: As of midday close, domestic base metals mostly fell. SHFE copper fell 0.44%, SHFE aluminum fell 0.86%. SHFE lead fell 1.46%. SHFE zinc rose 1.01%. SHFE tin rose 0.93%. SHFE nickel fell 0.61%. Additionally, the most-traded casting aluminum futures fell 0.64%, the most-traded alumina futures rose 0.11%. The most-traded lithium carbonate futures rose 5.65%. The most-traded silicon metal futures rose 0.6%. The most-traded polysilicon futures rose 3.08%. Ferrous metals all fell. Iron ore fell 1.81%, HRC fell 0.52%. Rebar fell 0.79%, stainless steel fell 0.14%. Coking coal and coke: the most-traded coking coal contract fell 2%, the most-traded coke contract fell 2.33%. Overseas base metals market, as of 11:36, LME metals all fell. LME copper fell 0.91%, LME aluminum fell 1.18%, LME lead fell 0.69%. LME zinc fell 0.69%, LME tin fell 1.53%. LME nickel fell 0.37%. Precious metals, as of 11:36, COMEX gold fell 1.09%, COMEX silver fell 2.74%. Domestic precious metals: SHFE gold fell 0.37%; the most-traded SHFE silver futures rose 0.5%. Additionally, as of midday close, the most-traded platinum futures fell 1.91%, and the most-traded palladium futures fell 1.03%. As of midday close, the most-traded European container shipping futures fell 9.81% to 2,560 points. As of 11:36 on July 1, midday futures quotes for some contracts: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper reported at a premium of 50 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper reported at parity, up 90 yuan/mt from the previous trading day; SX-EW copper reported at a discount of 60 yuan/mt, up 90 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,220 yuan/mt, up 140 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,135 yuan/mt, up 160 yuan/mt... Macro front China: [The PBOC net withdrew 1,162.5 billion yuan from the open market today.] The PBOC conducted 100 billion yuan in 7-day reverse repo operations today at an unchanged interest rate of 1.4%. Today, 662.5 billion yuan in 7-day and 600 billion yuan in overnight reverse repos matured. [Shenzhen's June housing transactions hit a near 6-year high.] According to data released by Shenzhen Centaline Research Center today, Shenzhen's new and secondhand home transactions totaled 8,878 units in June, down 11.9% MoM but up 14.2% YoY. The combined new and secondhand home transaction volume hit a new high for the same period since 2021. Among them, first-hand residential (presale + existing) online signings totaled 3,785 units, down 16.7% MoM but up 15.6% YoY; second-hand residential transfers reached 5,093 units, down 8% MoM but up 13.1% YoY. (Jin10 Data APP) US dollar aspect: As of 11:36, the US dollar index rose 0.16% to 101.33. Fed’s Hammack said: The labour market is near full employment, with good growth prospects. Inflation remains too high, and the Fed may need to consider rate hikes. Jason Pride, Chief of Investment Strategy at private wealth management and investment firm Glenmede, and Michael Reynolds, Vice President of Investment Strategy, said investors should expect the US June unemployment rate to remain unchanged at 4.3%, with non-farm payrolls increasing by about 87,000. While this represents a pullback from May’s 172,000, in the current labour market environment of “low hiring, low layoffs,” it still counts as a solid outcome. Although employment fundamentals remain largely intact, the Fed’s focus has shifted to inflation, meaning that the timing of any future easing measures will depend more on inflation pressures than on job growth itself. According to CME’s “FedWatch”: The probability of the Fed keeping rates unchanged in July is 66.3%, and the chance of a cumulative 25bp rate hike is 33.7%. For September, the probability of the Fed keeping rates unchanged is 33.1%, the chance of a cumulative 25bp hike is 50.0%, and the chance of a cumulative 50bp hike is 16.9%. (Jin10 Data APP) Data highlights: Today will see the release of US June Challenger Job Cuts, US June ADP Employment Change, US June S&P Global Manufacturing PMI (final), US June ISM Manufacturing PMI, US May Construction Spending MoM, UK June Nationwide House Price Index MoM, UK June Manufacturing PMI (final), Switzerland May Real Retail Sales YoY, France June Manufacturing PMI (final), Germany June Manufacturing PMI (final), Eurozone June Manufacturing PMI (final), Eurozone June CPI YoY (preliminary), and Eurozone June CPI MoM (preliminary), among others. In addition, Fed Chairman Warsh, ECB President Lagarde, Bank of England Governor Bailey, and Bank of Canada Governor Macklem spoke at the “Policy Panel” session of the ECB’s Global Central Bank Forum. The Davos Technology Summit is held from July 1 to 4, with the theme “Physical AI and Robotics.” It is worth noting that on July 1, the Hong Kong Stock Exchange (China) was closed for the Hong Kong Special Administrative Region Establishment Day, with both northbound and southbound trading suspended. The Toronto Stock Exchange in Canada was closed for Canada Day. Crude oil: As of 11:36, oil prices on both benchmarks edged up, with WTI up 0.42% and Brent up 0.41%. Preliminary vessel tracking data from Kpler and Vortexa showed the UAE lifted exports of crude oil and condensate to a record high in June, shortly after leaving OPEC. Rauball, a senior oil analyst at Kpler, said UAE exports of crude and condensate averaged about 3.7 million barrels per day this month, a record high and well above the pre-Middle East conflict level of 3.1 million to 3.3 million barrels per day. The UAE's previous export peak was 3.44 million barrels per day in April 2020, when Saudi Arabia and Russia triggered a brief oil price war. Emma Li, a senior oil analyst at Vortexa, said crude loadings from Abu Dhabi hit 4 million barrels per day between June 1 and 29, surpassing the pre-conflict level of 3.4 million barrels per day. Exports also rose to a record 3.7 million barrels per day, compared with 3.3 million barrels per day in the first two months of this year. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

SMM July 1: Metals market: Overnight, base metals broadly rose in both domestic and overseas markets, with only LME lead, LME nickel, and SHFE lead declining—LME lead fell 1.08%, LME nickel fell 0.55%, and SHFE lead fell 0.47%. The rest of the metals all gained. LME tin and SHFE tin surged over 2%, with LME tin up 2.58% and SHFE tin up 2.25%. LME zinc and SHFE zinc rose over 1%, with LME zinc up 1.85% and SHFE zinc up 1.4%. Gains in the remaining metals were all within 1%. Alumina main contract fell 0.25%, while cast aluminum main contract rose 0.42%. Overnight in the ferrous metals sector, most prices rose except for stainless steel. Stainless steel gained 0.92%, while iron ore fell 0.27%. Declines in other metals were modest. For coking coal and coke, coking coal edged up 0.08% and coke fell 0.15%. Overnight in precious metals, COMEX gold fell 0.42%, at one point dipping to a low of $3,955.4/oz, while COMEX silver rose 0.7%. Domestically, SHFE gold gained 0.8% and SHFE silver surged 3.43%. As of 6:44 am July 1, overnight closing prices: Macro front Domestic side: [NBS: June manufacturing PMI at 50.3%, China’s economic sentiment rebounds somewhat] National Bureau of Statistics (NBS) data showed that the June manufacturing PMI was 50.3%, up 0.3 percentage point from the previous month, returning to expansion territory. By enterprise size, large enterprise PMI was 50.7%, down 0.4 ppt from May but still above the threshold; medium-sized enterprise PMI was 50.5%, up 1.9 ppts, above the threshold; small enterprise PMI was 48.2%, down 0.3 ppt, below the threshold. Among the five sub-indexes that make up the manufacturing PMI, the production index and new orders index were above the threshold, while the raw material inventory index, employment index, and supplier delivery time index were all below the threshold. Huo Lihui, Chief Statistician of the NBS Service Industry Survey Center, commented on China’s June 2026 PMIs. The non-manufacturing business activity index for June was 50.2%, up 0.1 ppt from May, indicating a modest rebound in non-manufacturing sentiment. The services sector expanded at a faster pace. The services business activity index was 50.4%, up 0.1 ppt, showing some improvement. By sector, business activity indexes for telecommunications, broadcasting, satellite transmission services, internet software and information technology services, monetary and financial services, and insurance were all in the high-expansion territory above 55.0%, with rapid growth in total business volume. Air transport and real estate continued to operate below the threshold. The services business activity expectations index stood at 56.0%, up 0.6 ppt from May, reflecting improved corporate expectations for market development. Construction activity showed some improvement. The construction business activity index was 49.0%, up 0.2 ppt, edging up slightly. The construction business activity expectations index was 51.1%, remaining in expansion. [MIIT and eight other departments: Promote integrated planning and synchronous construction of industrial internet infrastructure and computing infrastructure such as smart computing facilities and supercomputing facilities] The Ministry of Industry and Information Technology (MIIT) and eight other departments issued a notice on the “Implementation Opinions on Promoting High-Quality Development of the Industrial Internet.” It proposes to enhance computing support. Promote integrated planning and synchronous construction of industrial internet infrastructure and computing infrastructure such as smart computing facilities and supercomputing facilities. Explore building an industrial computing network system, strengthen the dynamic coordination of multi-level computing capabilities across end, edge, and cloud, and meet the computing, network, storage, and usage needs of various entities’ business development. Rely on the integrated computing network to strengthen computing interconnectivity, improve the matching supply of intelligent and edge computing power, enhance the ability to process and deeply refine massive heterogeneous data at high speed, and deeply empower scenarios such as industrial large-model training and real-time interaction in the industrial metaverse. (Jin10 Data APP) US dollar: As of the overnight close, the US dollar index rose 0.06% to 101.17. Federal funds rate futures traders are increasingly betting that the Fed could start raising rates as soon as July. This previously unthinkable move could be disrupted by a series of economic data. The probability of a rate hike at the July policy meeting remains low, with interest-rate swaps currently pricing in about 9 basis points of tightening, implying roughly a 36% chance of a 25bp hike. Nonetheless, that probability has risen markedly; before new Fed Chairman Kevin Warsh shifted his focus to price stability, the odds were nearly zero. (From Wallstreetcn app) On the data front, the Job Openings and Labor Turnover Survey (JOLTS) report released Tuesday by the Bureau of Labor Statistics showed job openings edged up in May, but the pace of new hires pulled back. Data showed that at the end of May, total job openings across the US rose by 9,000 from the prior month to 7.594 million, above economists’ forecast of 7.3 million. The April figure was revised down from an initially reported 7.618 million to 7.585 million. The increase in openings was mainly concentrated in professional and business services and very small businesses with fewer than ten employees. The job openings rate held steady at 4.6%. Hiring declined by 45,000 to 5.17 million, with the hiring rate stable at 3.3%. US job gains have accelerated sharply for three straight months, and the market had been optimistic that the labor market was returning to a recovery path after a soft patch in 2025. However, the strong payroll gains have been largely driven by a simultaneous decline in both layoffs and quits, rather than by a pickup in hiring by businesses. (Jin10 Data) HSBC said that a sharp rally in the US dollar could be one of the biggest “pain trades” in the second half of this year. The bank expects the dollar to strengthen gradually in the first half of 2027, and warned that if the Fed signals a stronger readiness to tighten policy than the market expects, and if geopolitical tensions flare up again, the dollar could see an “explosive” rally. Risks have increased since the Fed’s June meeting, when policymakers focused on inflation and offered little forward guidance. That shifted market attention back to interest-rate differentials and helped the dollar strengthen against major currencies over the past two weeks. “A stronger dollar will certainly cause pain, but we think the ‘pain trade’ in FX will be an explosive dollar rally,” analysts including Paul Mackel wrote in a June 29 note. (Bloomberg) According to CME FedWatch: The probability of the Fed holding rates unchanged in July is 66.3%, while the probability of a cumulative 25bp hike is 33.7%. For the September meeting, the probability of rates remaining unchanged is 33.1%, a cumulative 25bp hike stands at 50.0%, and a cumulative 50bp hike at 16.9%. (Jin10 Data APP) Macro side: Today will see the release of China’s June RatingDog manufacturing PMI, US June Challenger job cuts, US June ADP employment change, final reading of US June S&P Global manufacturing PMI, US June ISM manufacturing PMI, US May construction spending m/m, UK June Nationwide house price index m/m, final UK June manufacturing PMI, Switzerland May real retail sales y/y, final French June manufacturing PMI, final German June manufacturing PMI, final Eurozone June manufacturing PMI, preliminary Eurozone June CPI y/y, and preliminary Eurozone June CPI m/m. In addition, Fed Chairman Kevin Warsh, ECB President Christine Lagarde, Bank of England Governor Andrew Bailey, and Bank of Canada Governor Tiff Macklem will speak at the “Policy Panel” event at the ECB Global Central Bank Forum. The Davos Tech Summit will be held July 1-4, with the theme “Physical AI and Robotics.” It is noteworthy that on July 1, the Hong Kong Exchange is closed for Hong Kong Special Administrative Region Establishment Day, with Southbound and Northbound trading shut. The Toronto Stock Exchange in Canada is closed for Canada Day. Crude oil: Overnight, oil prices fell in both markets, with US oil down 1.02% and Brent down 0.65%. The US Energy Information Administration (EIA) reported in its monthly data released Tuesday that US crude oil production climbed to a record 13.93 million barrels per day in April, driven by the Iran war boosting oil prices and producers ramping up output. EIA data showed that output increased by 216,000 bpd in April, with New Mexico hitting a record 2.37 million bpd. Texas crude production edged up 36,000 bpd to 5.83 million bpd, the highest since last November. Texas and New Mexico share the Permian Basin, which accounts for about half of total US crude output. The third-largest producing state, North Dakota, saw output rise to 1.13 million bpd, also the highest since last November. (From Wallstreetcn app) American Petroleum Institute (API) data showed that last week, US API crude inventories fell by 6.072 million barrels, after a 765,000-barrel draw the prior week. API Cushing crude inventories rose by 503,000 barrels, compared with a draw of 982,000 barrels the previous week. API gasoline inventories fell by 2.106 million barrels (vs. a build of 1.238 million barrels the prior week), while distillate inventories rose by 2.922 million barrels (vs. a build of 1.447 million barrels the prior week). (From Wallstreetcn app) Russia’s crude oil exports are surging to record highs, causing a buildup of crude at sea, while the price of crude, Moscow’s main source of revenue, is falling sharply. According to tanker tracking data compiled by Bloomberg, Russia’s average daily seaborne crude exports rose to 4.13 million barrels in the four weeks through June 28. That is the highest since the Russia-Ukraine conflict erupted in 2022; before the conflict, a large portion of Russian oil was sent to Western Europe via pipelines. The export surge means Russian oil inventories at sea have increased by about a third since mid-April lows, and cargoes are starting to accumulate off the coast of Egypt and Singapore, suggesting Moscow may face increasing difficulty in placing all its volumes. The rise in exports comes as Ukraine continues to attack Russian refineries, which may force crude that cannot be processed domestically to be exported. (Jin10 Data APP)

Russian President Vladimir Putin said on June 28, during a meeting on securing the domestic fuel market, that systematic measures are needed to increase fuel supply and maintain economically justified prices. Putin noted that large refineries are operating at full capacity, the potential of small and medium‑sized enterprises has also been mobilized, and previously reserved fuel has been released onto the domestic market. According to a report from the Russian Energy Ministry, the country's gasoline reserves currently stand at 1.7 million tonnes, almost unchanged from the same period last year. Putin added that the necessity of a comprehensive ban on diesel exports is under consideration.