On November 5, the China Federation of Logistics and Purchasing (CFLP) released the China Bulk Commodity Price Index (CBPI) for October 2026, which came in at 137.0 points, down 0.5% month-on-month but up 21.0% year-on-year. The index was jointly surveyed by the Bulk Commodity Circulation Branch of the CFLP and Shanghai Steel Union, among other institutions.
According to the index performance, the month-on-month slight decline and the relatively large year-on-year gain were driven by a combination of external input factors, including the ongoing and repeatedly shifting situation in the Middle East and heightened volatility in international financial markets, as well as rapid increases in raw material prices in some industries and the difficulty of passing production costs downstream. Overall, the bulk commodity market has been operating steadily.
At present, external input risks remain relatively high, cost pressures from raw materials in some industries have yet to ease, enterprises still face certain difficulties in production and operations, and market demand varies across different industries. To keep the bulk commodity market running smoothly, it remains necessary to strengthen macroeconomic regulation, further expand effective demand, stabilize the supply of important energy and resources, and enhance market monitoring and risk prevention.
By sector, the chemical price index continued to climb, reaching 143.4 points, up 4.9% month-on-month and up 48.0% year-on-year. The mineral price index edged higher to 67.9 points, up 1.9% month-on-month but down 4.3% year-on-year. The energy price index saw its gain narrow to 132.0 points, up 1.0% month-on-month and up 36.4% year-on-year. The ferrous price index slipped slightly to 79.6 points, down 1.3% month-on-month but up 2.3% year-on-year. The non-ferrous price index pulled back modestly to 164.4 points, down 1.6% month-on-month but up 20.5% year-on-year. The agricultural product price index eased slightly to 93.7 points, down 2.0% month-on-month and down 1.2% year-on-year.
By commodity, among the 50 bulk commodities monitored by the China Federation of Logistics and Purchasing, 27 (54%) posted price declines in October compared with the previous month, 22 (44%) recorded price increases, and 1 (2%) remained flat. The top three gainers this month were paraxylene, polypropylene, and fuel oil, up 11.4%, 7.6%, and 7.2% month-on-month, respectively. The top three decliners were lithium carbonate, ethylene glycol, and coking coal, down 23.2%, 17.4%, and 7.9% month-on-month, respectively.
In terms of comparisons between domestic and international indices, last month's PPI and CPI moved broadly in line with the CBPI. The September PPI rose 1.2% month-on-month, with producer goods prices up 1.4% and consumer goods prices up 0.1%. The September CPI rose 0.2% month-on-month, with food prices up 0.4% and non-food prices up 0.2%. The CBPI moved in line with the S&P GSCI but diverged somewhat from the CRB. In October, the Middle East conflict persisted, international crude oil prices rose, and risks to global energy supply and transportation remained relatively high. At the same time, changes in international interest rate expectations and the U.S. dollar trend increased volatility in global metal markets. The UN Food and Agriculture Organization and the World Bank warned that blocked Black Sea shipping, El Nino, and rising energy and fertilizer prices could heighten risks in the global food market.
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