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China’s national average price of 99.7% aluminum ingot surged by another Yuan 301/tonne ($43/t) on week to Yuan 14,383/t including 13% VAT as of July 6, a recent six-month high, as retail stocks of aluminum ingots continued to shrink, according to Mymetal’s weekly report. Mymetal is Mysteel’s nonferrous metal data collection arm.
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Better demand from China’s domestic aluminum smelters saw the country’s alumina price strengthen by another Yuan 17/tonne ($2.4/t) on week to Yuan 2,353/t including 13% VAT as of June 29, or back to the level in early April, according to the market survey of Mymetal, Mysteel nonferrous metal data collection arm.
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Chinese production of air-conditioners declined by 14.7% on year to 19.4 million units during May, according to the latest data from China’s National Bureau of Statistics, with the May result taking total production over January-May to some 78 million units, lower by 23.1% on year, the NBS data show. However, the pace of the decline had slowed marginally from the 24.8% decrease charted over the first four months.
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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities declined further over June 8-15, though at a slower pace of 44,000 tonnes or 5.6% on week from the 8.6% on-week contraction in the prior week, mainly due to more imports and fewer orders from overseas customers, according Mymetal’s survey.
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Better than expected, China’s auto sales rose on year and on month for the second successive month in May after a 21-month continuing drop, up 14.5% on year or 5.9% on month to 2.2 million units, mainly due to the government’s preferential policies and robust demand for trucks for infrastructure construction, according to the release from the China Association of Automobile Manufacturers (CAAM) on June 11.
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China’s sales of excavators for both domestic and overseas customers for May had rose on year for the third successive month, up 68% on year, as end-users had been booking in anticipation of more construction projects in the coming months, according to the latest statistics from the China Construction Machinery Association (CCMA) on June 9.
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China’s national average price of 99.7% aluminum ingot which Mymetal assesses climbed by a remarkable Yuan 205/tonne ($29/t) on week to Yuan 13,669/t including 13% VAT as of June 8, according to Mymetal’s weekly survey. Mymetal, Mysteel’s nonferrous metal data collection arm, attributed the rise to the fast pace of destocking in the domestic market.
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Several Chinese auto sector-related associations expect data for May to show that sales rose last month as the delayed demand from early this year continued to stimulate sales, Mysteel Global notes. Market sources even suggested that sales of commercial vehicles might grow faster than those of passenger cars, thanks to the firm demand from the construction industry. But steel industry insiders counsel caution in light of rising autosheet stocks.
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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and in 16 Chinese cities under Mymetal’s weekly survey contracted by another 50,000 tonnes or 5.5% on week to 860,000 tonnes as of June 1. This was less than the 84,000 tonnes on-week decline in the prior week, a result of the slowing of domestic demand and still-sluggish global market.
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The combined gross profit of enterprises in China’s auto industry surged 29.5% on year during April, according to the latest release by China’s National Bureau of Statistics (NBS) on May 27. The sector received a moderate boost from the rise in sales last month – reflecting the lift in demand that had been delayed by the battle against COVID-19 – but market sources warn that the handsome profits would be difficult to repeat.
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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities under Mymetal’s weekly survey reduced further by 84,000 tonnes or 8.5% on week or 29% on year to 910,000 tonnes as of May 25, as domestic demand from aluminum fabricators and processors had been steady.
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Market feedback on notices just released by China’s National Development and Reform Commission (NDRC) on boosting home appliance sales and improving the recycling system for old appliances show the country’s determination to support the white goods sector and accelerate the pace of ‘green’ development.
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China’s production of air-conditioners dropped by 24.8% on year over the first four months of 2020, though the pace of the decline slowed marginally from the 27.9% decrease seen during January-March, according to the latest data from China’s National Bureau of Statistics (NBS). Demand for the units has not fully returned, and concerns about retreating global demand and hovering high stocks saw makers continue to restrain production, market sources said.
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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange and 16 Chinese cities under Mymetal’s weekly survey continued to contract during May 11-18, dipping by 86,000 tonnes or 8% on week to 994,000 tonnes, due to the still robust demand from aluminum fabricators and processors. Mymetal is Mysteel’s nonferrous data collection arm.
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Sales among China’s eleven major auto manufacturers declined by a large 19.9% on month or by 13.9% on year to 351,000 units over May 1-10, according to statistics from the China Association of Automobile Manufacturers (CAAM) published on May 13. The decline in sales indicated that actual demand for new vehicles remains soft, Mysteel Global noted.
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Primary aluminium stocks in the warehouses of the Shanghai Futures Exchange and 16 Chinese cities under Mymetal’s weekly survey contracted for the fifth straight week, down another 126,000 tonnes or 10.4% on week to about 1.1 million tonnes as of May 11, as demand remained strong recently.
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After witnessing on-year declines for 21 successive months, automotive sales in China finally had a reprieve in April, with sales last month increasing by 4.4% on year to 2.1 million units, according to the latest release from the China Association of Automobile Manufacturers (CAAM) on May 11. The rises were mainly thanks to the delay in demand over the past few months and to government stimulus policies, industry watchers say.
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Deliverable copper stocks in the warehouses of the Shanghai Futures Exchange and those in warehouses in the nine major Chinese cities for the copper industry declined by another 37,200 tonnes on week to reach 356,000 tonnes as of April 24, according to Mymetal’s data. Last week’s fall was steeper than the prior week’s 26,700 tonnes decline, Mymetal notes.
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China’s national average price for 99.7% aluminum ingot surged by another Yuan 353/tonne ($50.4/t) on week to reach Yuan 12,578/t including 13% VAT as of last Friday, mainly thanks to the efforts of domestic smelters to trim production. Lower stocks of primary ingot in retail markets helped, however.
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The closing price of the most-traded rebar contract on the Shanghai Futures Exchange (SHFE) for October dipped by another Yuan 38/tonne ($5.4/t) on week to Yuan 3,343/t by the end of daytime trading on Friday, as domestic futures-market sentiment remained generally cautious.
