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China’s national price of zinc ingot (grading at least 99.995%) declined from a 22-month high of Yuan 22,364/tonne ($3,462/t) on February 22 to reach Yuan 21,640/t as of March 2, as the market responded to concerns about inflation and tightening monetary policies in the United States.
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China’s spot copper price in the domestic physical market had slipped from its 9.5-year high towards the end of February due to the growing cautiousness among the end-users in procurement, though the room for the price softening is limited with the overall market optimism in the long term, according to Mymetal’s latest weekly report.
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Domestic aluminum prices across China soared to multi-year highs over February 22-March 1, driven by market concerns about possible cutbacks at some aluminum smelters in Inner Mongolia, according to the latest report released by Mymetal, Mysteel’s nonferrous metals data collection arm.
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China’s domestic lead supply saw a quick recovery over the February 23-March 1 week after the Chinese New Year holiday slowdown the week before, according to the latest survey from Mymetal, Mysteel’s nonferrous metals data collection arm. The loosening of supply partially weighed on lead prices, survey respondents admitted, especially when demand among end-users has shown no substantial improvement of late.
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Domestic aluminum prices across China have surged over the past few days thanks to bullish sentiment and support from the metal’s own fundamentals, according to Mymetal, Mysteel’s nonferrous metals data collection arm.
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China’s national price of zinc ingot (grade at least 99.995%) hit a 22-month high of Yuan 22,364/tonne ($3,462/t) including the 13% VAT on February 22, in tandem with the uptrend in the international prices as well as being supported by the domestic market fundamentals, according to Mymetal’s latest weekly report.
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China’s domestic lead prices have strengthened after the country’s return to work following the end of the Chinese New Year (CNY) holiday on February 17, according to the latest survey from Mymetal, Mysteel’s nonferrous metals data collection arm. Respondents cited the generally bullish sentiment prevailing in the macro-financial market for the metal’s rise.
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As of February 8, China’s national price of 99.99% grade copper cathode rebounded by Yuan 1,584/tonne ($246/t) or 2.7% on week to Yuan 59,316/t including the 13% VAT, despite that spot trading had stalled in the last three working days before the Chinese New Year (CNY) holiday over February 11-17, as market remains optimistic upon the demand for the red metal with the economic recoveries this year, according to Mymetal’s latest weekly report.
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China’s domestic lead prices softened over February 1-5 as the demand had softened further with the Chinese New Year (CNY) holiday over February 11-17 approaching, according to the latest survey from Mymetal, Mysteel’s nonferrous data collection arm.
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Output of the 49 zinc smelters across China surveyed by Mymetal totalled 445,380 tonnes in January, down 6.4% on month or 4.2% on year. Mymetal’s latest survey, published on February 8, found that many smelters started maintenance due to losses and weak demand, and that their production is forecast to decline further this month.
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Domestic aluminum prices across China strengthened over the February 1-5 week, according to the latest weekly survey by Mymetal, Mysteel’s nonferrous metals data collection arm. Market fundamentals and sentiment improved, despite consumption among end-users being limited because many processers had suspended operations to start their Chinese New Year (CNY) break earlier.
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The gross profits that the 49 Chinese zinc smelters surveyed by Mymetal are currently earning on their refined metal declined further during the January 25-29 week, falling to a range between a marginal gain of Yuan 40/tonne ($6.2/t) and a loss of Yuan 150/t last week, according to Mymetal’s latest survey. Respondents said that zinc prices had tumbled while at the same time, the smelters continued to lower their treatment charges (TCs) during the period. Mymetal, Mysteel’s non-ferrous data collection arm, enlarged its survey sample from 41 to 49 from last December to better reflect the market situation.
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The recent appreciation of the US dollar and a quietening domestic market ahead of the long Chinese New Year holiday over February 11-17 have caused spot copper prices in China’s domestic market to soften recently, according to Mymetal’s weekly report. However, the report noted that constraints on the availability of imported copper cathode and concentrates, as well as the low retail stocks of the metal, may lend support to prices in the longer term.
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Domestic prices of lead in China climbed further over January 25-29 as a consequence of reduced availability, especially from secondary refined lead smelters, according to the latest survey from Mymetal, Mysteel’s nonferrous metals data collection arm. Prices rose also because end users are still stockpiling metal to ensure they can operate without interruption during the approaching Chinese New Year (CNY) holiday over February 11-17, survey respondents said.
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China’s domestic aluminium prices fluctuated over the January 20-26 week, but demand among end-users was still weak, according to the latest weekly survey by Mymetal, Mysteel’s nonferrous metals data collection arm. Consumption softened as more aluminum processers suspended operations to start their Chinese New Year (CNY) break earlier.
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Prices of copper in China’s physical and spot markets have remained rangebound of late but this may not last, according to the weekly report of Mymetal, which warns that actual demand is expected to soften yet the copper smelters are still actively producing.
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China’s national price of zinc ingot (at least 99.9995%) stood at Yuan 20,824/tonne ($3,213.6/t) including the 13% VAT as of January 25, down marginally by Yuan 45/t on week, according to Mymetal’s assessment. The price has been hovering between Yuan 20,770-20,970/t recently. The market has been quiet as some zinc producers and consumers are winding up their business in preparation for next month’s Chinese New Year (CNY) celebrations, according to Mymetal’s latest weekly report.
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Chinese production of secondary lead is declining currently, as many smelters have started to halt operations to enjoy a longer Chinese New Year (CNY) holiday break, according to the latest survey from Mymetal, Mysteel’s nonferrous metals data collection arm.
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Total aluminum stocks hold at local warehouses across China swelled further during the January 13-19 week amid lacklustre demand among end-users and because of logistics challenges, according to the latest weekly survey by Mymetal, Mysteel’s nonferrous metals data collection arm. The higher stocks continued to weigh on domestic aluminum prices over the survey week, the report noted.
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Domestic prices of spot copper in China increased on week during the January 13-19 week, but were still lower than the nine-year high level reached earlier this month, according to Mymetal’s weekly report. However, the downward correction is seen as temporary and served to moderately prop up sales and clip stock levels slightly.
