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China’s national price of zinc ingot (99.995%) had climbed to a new 17-month high as of November 20 of Yuan 21,419/tonne ($3,250/t), up by Yuan 1,058/t on week and following the prior week’s short-term decline, according to Mymetal’s latest weekly report. The price was mainly supported by some positive news on the macro-economic front and by increasingly tight supplies of zinc concentrates, but ingot buyers were on the alert and showing resistance to the higher prices.
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China’s domestic lead prices continued to recover over November 16-20, with the national average price of primary refined lead ingot (at least 99.994%), for example, rising by another Yuan 185/t ($28.1/t) on week to Yuan 14,885/tonne including the 13% VAT as of November 20, according to Mymetal assessment.
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China’s domestic aluminium prices strengthened further over November 16-20, refreshing the three-year highs, as stocks of primary aluminium ingots in the spot market had been persistently hovering low, according to the latest weekly survey by Mymetal, Mysteel’s nonferrous metals data collection arm.
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Prices of many base metals have shown signs of strengthening both in and out of China on the further improvement in demand and in market confidence, and the country’s national price of 99.99% copper cathode had been strengthening since November, reaching a new high since January 2018, Mysteel Global noted.
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China’s national price of zinc ingot (99.995%) came off a 17-month high of Yuan 20,735/tonne ($3,156/t) on November 10 to settle at Yuan 20,361/t as of November 13. Both prices include the 13% VAT. Domestic zinc demand has been losing steam so far this month, exerting downward pressure on prices, according to Mymetal’s latest weekly report. Mymetal is Mysteel’s information service for nonferrous products.
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The national price of 99.99% copper cathode in China touched a new high since mid-June 2018 on November 16 of Yuan 53,241/tonne ($8,109/t), or up Yuan 1,046/t or 2% on week, Mysteel’s data showed, mainly thanks to the sustained decrease in stocks as well as positive economic data in China.
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China’s national price of 99.7% aluminum ingot as assessed by Mymetal surged to a three-year high of Yuan 15,608/tonne (2,372/t) on November 13 amid bullish market sentiment and the continuing decline in retail stocks, according to Mymetal, Mysteel’s nonferrous metals data collection arm. The nationwide price had gained another Yuan 545/t on week, the data shows.
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The four-week decline in output among the 30 secondary refined lead smelters across China surveyed by Mymetal came to an end over November 9-15, with production rising by 2,730 tonnes or 6.1% on week to 47,260 tonnes, according to Mymetal data. Some producers were willing to lift their output, now that their margins have recovered thanks to the climb in primary lead prices over the period.
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The four-week decline in output among the 30 secondary refined lead smelters across China surveyed by Mymetal came to an end over November 9-15, with production rising by 2,730 tonnes or 6.1% on week to 47,260 tonnes, according to Mymetal data. Some producers were willing to lift their output, now that their margins have recovered thanks to the climb in primary lead prices over the period.
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The price of 99.99% copper cathode in China strengthened by a further Yuan 498/tonne ($75/t) on week to Yuan 52,161/t as of November 10, Mymetal’s data showed. Behind the climb were mainly the sustained demand for copper, the decline in stocks, and a dearth of imports – that window being kept closed amid higher global prices.
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China’s national price of zinc ingot (99.995%) surged to Yuan 20,750/tonne ($3,143/t) on November 9, a new high since June 19 2019 or up Yuan 424/t on day, according to the assessment of Mymetal, and this was mainly due to the strengthening in the stocks and commodities markets, as the industrial fundamentals have remained largely the same.
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The domestic price of primary aluminum across China over November 2-6 topped the Yuan 15,000/tonne ($2,266/t) level amid buoyant market sentiment for the light metal and a decline in retail stocks, according to Mymetal, Mysteel’s nonferrous metals data collection arm.
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Domestic lead prices in China are under increasing pressure amid the current downturn in demand against relatively sufficient supply, Mymetal noted from its latest weekly survey. Mymetal is Mysteel’s nonferrous market data collection arm.
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China’s national price of zinc ingot (grading at least 99.995%) fluctuated last week before eventually dipping by Yuan 54/tonne ($8.1/t) from a one-month high of Yuan 20,270/tonne ($3,025.4/t) on October 23 to reach Yuan 20,216/t including the 13% VAT as of last Friday, according to Mymetal’s latest weekly report. The decline reflected the increasing number of uncertainties in the global market environment.
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Steady demand last week led China’s copper stocks to decrease again, which gave a further lift to spot prices, according to Mymetal’s latest weekly report. But market watchers remain concerned about the ongoing rise in production among domestic smelters which is weighing on sentiment.
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China’s price of primary aluminium dipped over October 26-30, sparking a recovery in spot market trading of the light metal, with many traders taking on some quantities at lower prices, according to Mymetal, Mysteel’s nonferrous metals data collection arm.
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China’s domestic secondary refined lead smelters have been trimming output further over the past week under the pressure of lossmaking, which seemed to have helped the metal price recover, Mymetal, Mysteel’s nonferrous market data collection arm, noted from its latest weekly survey.
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China’s national price of zinc ingot with 99.995% purity assessed by Mymetal rose by a total of Yuan 606/tonne ($90.4/t) on week to reach one-month high of Yuan 20,270/t including the 13% VAT as of last Friday, mainly following the increase in dollar-based zinc metal prices following the recent devaluation of the US dollar, according to Mymetal’s latest market report. Mymetal is Mysteel’s market intelligence service for non-ferrous products.
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China’s price of primary aluminum continued to hover high over October 19-23 as fundamentals were still relatively healthy, with demand showing no major change, according to Mymetal, Mysteel’s nonferrous metals data collection arm.
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Copper stocks in China’s spot market declined further last week, while prices moved up amid steady demand throughout the month of October, according to Mymetal’s weekly report. But the climb in prices caused some market concerns as well, the report found.
