China IoT: China's commodity price index in July was 128.6 points, down 1.3% month-on-month

The Zhitong Finance App learned that the China Commodity Price Index (CBPI) for July 2026 released by the China Federation of Logistics and Purchasing was 128.6 points, down 1.3% month-on-month and 15.5% year-on-year, according to a joint survey by the China IoT Commodity Distribution Branch and Shanghai Steel Federation.

Judging from the performance of the index, due to falling international crude oil prices, seasonal factors, and extreme weather such as strong typhoons, the index continued to decline, but maintained a large year-on-year increase, indicating that the commodity market's operating base is generally stable. The current international situation is complex and changing. The world economy is generally slowing down, and effective demand from some domestic industries is insufficient, yet new momentum continues to expand. Enterprises are generally optimistic about the future market, and the basic trend of long-term improvement in the commodity market has not changed. As the country's macroeconomic policies strengthen efficiency, countercyclical adjustment intensifies, and the effects of extreme weather subside, it is expected that the overall level of prosperity in the commodity market will gradually pick up, and it is expected that it will continue to operate smoothly and positively.

By industry: The energy price index fluctuated upward, at 107.7 points, up 2.4% month-on-month, and 11.4% year-on-year; the agricultural product price index rebounded slightly, at 95.5 points, up 0.1% month-on-month and 2.4% year-on-year; the non-ferrous price index continued to decline, at 159.2 points, down 1.1% month-on-month and 22.4% year-on-year; the mineral price index continued to decline, at 67.5 points, 1.5% month-on-month, and 5.8% year-on-year; the black price index declined slightly, at 0.98 points on month. It fell 1.6% from the ratio, The year-on-year increase was 3.8%; the chemical price index fell sharply to 115.9 points, down 5.7% month-on-month and 12.7% year-on-year.

By commodity: Among the 50 commodities monitored by the China Federation of Logistics and Purchasing, compared with the previous month, the price of 14 commodities (28%) rose, the price of 35 commodities (70%) fell, and the price of 1 (2%) commodity remained flat. The top three commodities that increased this month were coke, praseodymium oxide, and corrugated paper, which rose 7.1%, 6.4%, and 5.6% month-on-month, respectively; the top three declines were methanol, p-xylene, and lithium carbonate, which fell 13.3%, 8.1%, and 7.3%, respectively.

Comparing domestic and foreign indices: CBPI trends are consistent with last month's CPI and PPI. PPI fell 0.3% month-on-month in June; among them, the price of the means of production and the price of the means of living both fell 0.3% month-on-month. In June, CPI fell 0.3% month-on-month; among them, food prices fell 0.4% month-on-month and non-food prices fell 0.3% month-on-month. CBPI is in line with CRB and S&PGSCI, but the decline was significantly less than in the international market. The US-Iran conflict and the risk of navigation in the Red Sea and the Strait of Hormuz are driving up international oil prices and increasing commodity price fluctuations. The US announced that starting July 24, 60 economies, including China, will be subject to 10% to 12.5% tax rates in accordance with Section 301, disrupting the global commodity market. The United Nations and the World Meteorological Organization warned that the current El Niño phenomenon continues to increase and is likely to become the strongest climate event in 150 years.