Xinhua-SPG Port Commodity Index released in Qingdao

KUALA LUMPUR, Oct 28 -- At the 2021 Land-sea Linkage Qingdao Summit held recently, 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, according to a statement.

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 (Feb 3, 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.

In addition, for the iron ore inventory index, entry and exit index of iron ore, coke inventory index and entry and exit index of coke, Jan 1, 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.

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’.

-- BERNAMA