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Crude Oil Market
International crude oil tumbled sharply on August 3. Brent crude plunged around 4% to USD 83.6/barrel, WTI crude dipped below USD 81/barrel. The sharp correction came after the US suspended military strikes against Iran and launched diplomatic negotiations, easing extreme geopolitical anxiety over the Strait of Hormuz shipping blockade that drove oil prices up over 20% in July.
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Ocean Freight Impact
With bunker fuel costs cooling down from the historic peak last month, shipping carriers gradually adjusted excessive war-risk surcharges and emergency freight premiums. Container space availability is improving, and we maintain our efficient shipment arrangement: inspection finished → direct delivery to port → immediate container loading without idle time, helping clients lock in favorable current freight cost.
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Steel Raw Material & Pipeline Cost
Driven by falling crude and iron ore price correction, domestic steel billet, steel pipe raw material costs have softened marginally after the previous rally. For petroleum pipelines, water transmission pipelines and matching pipe fittings, we can stabilize order cost for ongoing overseas mining, oil & gas and water conservancy projects.
