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Zinc ingot inventories across six major Chinese markets have been swelling over the past month, with stocks increasing during and after the Chinese New Year holiday over January 24-February 2 to reach 249,800 tonnes as of February 17, a high since March 30 2018, as consumption remained slack while production has been largely normal, Mymetal’s latest survey showed. Mymetal is Mysteel’s nonferrous data collection arm.
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China’s domestic copper prices stayed firm during the past two weeks after prices witnessed significant declines following the Chinese New Year holiday (January 24-February 2), mainly because market players expected smelters to restrain production, according to a weekly report from Mymetal, the nonferrous market data collection arm of Mysteel.
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Social Aluminum ingot stocks in China piled up to its seven-month high of over 1 million tonnes as of February 10, as the market has remained quiet amid the continuing battling against the Novel Coronavirus Pneumonia (NCP) outbreak, showed the latest survey by Mymetal, Mysteel’s nonferrous metals data collecting arm.
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Retail stocks of aluminum ingot across China increased faster over the period of January 14-20 as most downstream fabricators and traders had left the market for their Chinese New Year holidays, according to Mymetal’s weekly report. Mymetal is Mysteel’s nonferrous market data collection arm.
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China’s spot copper market was quiet over the week of January 13-17 due to Chinese New Year holiday approaching later this month, according to Mymetal’s weekly report. However, copper prices saw tiny rises, which market sources attributed to the positive signals seen in the global economy. Mymetal is Mysteel’s nonferrous market data collection arm.
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The approach of the Chinese New Year holiday (CNY) over January 24-30 saw both supply and demand in China’s lead market soften during the period January 13-17, according to Mymetal, Mysteel’s nonferrous market data collection arm.
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China’s zinc prices rebounded last week with the national average price for zinc ingot (≥99.995%) rising by Yuan 216/tonne ($31.3/t) on week to Yuan 18,677/t including the VAT as of January 10, according to Mymetal’s latest price assessment, but trading receded notably after the prices increased. Mymetal is Mysteel’s sister publication for non-ferrous products.
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Prices of lead ingot across China reversed up over the January 6-10 week amid the relatively short availability of tradable resources in the market, especially of secondary lead, according to the weekly survey conducted by Mymetal, Mysteel’s nonferrous market data collection arm.
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Retail inventories of aluminum ingot across China increased further during the period of January 7-13, according to Mymetal’s weekly report, largely because demand has softened – with fabricators starting their Chinese New Year (CNY) holidays in advance – and because deliveries of ingots in some regions were disrupted by heavy snowfalls recently, the report said. Mymetal is Mysteel’s nonferrous market data collection arm.
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China’s national average benchmark price for the lead ingot with the grade at 99.994% has been back to the downtrend since December 31, having fallen by Yuan 300/tonne ($43/t) or 2% to reach Yuan 14,900/t on January 8 amid the less-than-expected pre-holiday replenishments among downstream users, according to the weekly survey from Mymetal.
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China’s zinc price reversed down over December 23-27 after its three-week climb to hit a 38-month low amid bearish market sentiment, caused by rising stocks and zinc production against weak demand from end-users.
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China’s average price for 99.7% aluminum ingot climbed to Yuan 14,522/tonne ($2,079/t) including the 13% VAT on December 26, a new high since late September 2018, and though the price declined slightly to Yuan 14,450/t as of December 27, it was still higher by another Yuan 31/t on week. However, prices will likely to see downward corrections in the near future, according to the latest weekly report from Mymetal, Mysteel’s nonferrous market data collection arm.
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Chinese domestic prices of lead bounced from their more than three-year low over the December 23-27 week amid limited supplies from secondary lead smelters, according to data from Mymetal, Mysteel’s nonferrous market data collection arm.
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Zinc ingot stocks across six Chinese markets have increased after six weeks of consecutive declines, rising by 6,400 tonnes from December 20 to 108,400 tonnes as of December 23, according to Mymetal’s latest survey. Mymetal is Mysteel’s data collection arm for non-ferrous products.
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China’s average price for 99.7% aluminum ingot moved up by Yuan 437/tonne ($62.4/t) on week to Yuan 14,419/t including 13% VAT as of December 20, mainly thanks to the ongoing de-stocking of ingots, according to the weekly report from Mymetal, Mysteel’s nonferrous market data collection arm.
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Deliverable copper stocks in the warehouses of the Shanghai Futures Exchange and those in warehouses in the four major cities tracked regularly by Mymetal, reversed up by 12,000 tonnes or some 9% on week to 147,300 tonnes in total as of December 20. Bleak demand from downstream consumers was the main reason, according to Mymetal’s weekly report.
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Zinc ingot inventories across six major Chinese markets declined again last week, thinning by another 4,600 tonnes or 4% on week to reach 103,500 tonnes as of December 16 and moving closer to the intra-year low of 101,000 tonnes reached on January 2, according to data from Mymetal, Mysteel’s nonferrous market data collection arm. Zinc stocks have declined continuously for over five weeks since November 8, the data show.
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China’s price for 99.99% copper cathode averaged Yuan 48,959/tonne ($6,994/t) as of last Friday, with the substantial Yuan 1,636/t rise on week seen as a result of better market sentiment, according to Mymetal’s latest weekly report. Mymetal is Mysteel’s publication reporting non-ferrous news and prices.
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Stocks of primary aluminum in the warehouses of the Shanghai Futures Exchange and those in warehouses in the 16 major cities under Mymetal’s weekly survey decreased for a fifth week over December 10-16, declining by another 41,000 tonnes or about 6.4% on week to reach 602,000 tonnes as of December 16, according to Mymetal’s weekly report.
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China’s zinc ingot inventories across six major Chinese markets declined further to 108,100 tonnes as of December 6, approaching this year’s low of 101,000 tonnes on January 2, mainly due to comparatively active buying, Mymetal’s latest survey showed. Mymetal is Mysteel’s data collection arm for nonferrous market.
