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Trading of aluminum in China’s spot market showed some recovery over September 14-18, lending support to domestic aluminum prices over the period, according to the assessment of Mymetal, Mysteel’s nonferrous metals data collection arm.
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China’s national price of zinc ingot (grading at least 99.995%) increased Yuan 845/tonne ($124.6/t) over September 12-18 to Yuan 20,624/t including the 13% VAT as of September 18, according to Mymetal’s weekly report. Market sentiment was boosted by the release of optimistic economic data, though the fast uptick in price led to buying being restrained, it said. Mymetal is Mysteel’s non-ferrous data collection arm.
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China’s domestic price of 99.99% copper cathode rose by another Yuan 680/tonne ($100.2/t) on week to Yuan 52,166/t as of September 18, as the rapid increase in global copper prices moderately shored up market sentiment. However, the high levels of stocks continued weighing on prices, according to Mymetal’s weekly report.
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China’s domestic lead market saw prices recover over September 14-18 after five weeks of decline, though the gain was rather limited when the demand was still below the market expectation, according to the latest weekly market report by Mymetal, Mysteel’s nonferrous market data collection arm.
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As of September 15, China’s national price of 99.7% aluminum ingot fell for the third straight week by another Yuan 88/tonne ($13/t) on week to Yuan 14,624/t including 13% VAT under the mounting pressure of higher output and lower alumina prices, according to the assessment of Mymetal, Mysteel’s nonferrous metals data collection arm.
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Refined copper stocks in SHFE warehouses and those in nine key cities across China reversed down last week, dropping by 8,400 tonnes on week to 330,900 tonnes as of September 11. The decline brought an end to the steady climb in stocks since July and shows that actual demand had been picking up slightly, according to Mymetal’s weekly report.
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Inventories of zinc ingots in six major markets across China regularly surveyed by Mymetal declined by another 15,900 tonnes or 11% on week to 129,300 tonnes as of September 14, the lowest since the Chinese New Year holiday ended on February 2. Mymetal is Mysteel’s non-ferrous market intelligence unit.
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Both the domestic demand and the price of lead in China softened further over September 7-11, as both failed to find much support from each other, according to the latest weekly market report by Mymetal, Mysteel’s nonferrous market data collection arm.
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China’s national price of zinc ingot (grading at least 99.995%) declined further by Yuan 117/tonne ($17.1/t) on week during August 31-September 4, but was still at a high for this year of Yuan 20,274/t including the 13% VAT as of September 4, according to the latest survey of Mymetal, Mysteel’s non-ferrous market intelligence arm. Prices didn’t retreat significantly because buying from end-users, especially zinc alloy producers, had been picking up, market insiders explained.
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The price of 99.99% copper cathode in China decreased further by Yuan 351/tonne ($51.4/t) on week to reach Yuan 51,370/t including the 13% VAT under Mymetal’s assessment as of September 4. Demand for the metal had not recovered as significantly as expected and smelters maintained production, respondents to Mymetal’s weekly survey explained.
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China’s domestic demand for lead and its price weakened further over August 31-September 4, as the consumption of the rechargeable lead-acid batteries did not improve further while lead supply had been recovering steadily, have constantly recovered over the period, according to the latest weekly report of Mymetal, Mysteel’s nonferrous market data collection arm.
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China’s primary aluminum prices had been spiraling down over August 24-28 under the pressure of the commissioning of new aluminum capacities nationwide, according to the latest weekly report from Mymetal, Mysteel’s nonferrous metals data collection arm.
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In contrast to the uptrend in copper prices on the London Metal Exchange (LME) and on the Shanghai Futures Exchange (SHFE), copper prices in China’s physical market softened last week as actual demand stayed dull and stocks kept rising, according to Mymetal, Mysteel’s nonferrous data collection arm.
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A crackdown by the local government administering the Daqiuzhuang Industrial Area in North China’s Tianjin municipality on emitters of atmospheric pollution is seen impacting domestic consumption of zinc, at least in the short term, according to Mymetal, Mysteel’s nonferrous data and information arm.
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Domestic demand for lead in China showed some signs of softening over August 24-28, after the volume of new orders received by producers of rechargeable lead-acid batteries witnessed no further improvement, according to the weekly assessment made by Mymetal, Mysteel’s nonferrous market data collection arm. The fall-off in orders for batteries in turn partially dragged lead prices down over the period.
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As of September 7, total stocks of primary aluminum ingot in the warehouses of the Shanghai Futures Exchange (SHFE) and in 16 Chinese cities were slightly higher on week at 755,000 tonnes, 6,000 tonnes up on the previous week, according to the weekly report from Mymetal, Mysteel’s nonferrous metal data collection arm. Nonetheless, stocks remained at a rather low level, survey respondents noted.
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China’s national price of the 99.7% aluminum ingot recovered Yuan 245/tonne ($35/t) on week to Yuan 14,673/t including 13% VAT after having spiralled down over July 30-August 17, mainly on the support of higher alumina prices and low level of ingot stocks, according to the market survey of Mymetal, Mysteel’s nonferrous metal data collection arm.
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China’s price of 99.99% copper cathode increased by Yuan 2,019/tonne ($292/t) on week to reach Yuan 52,034/t including the 13% VAT as of August 21, tracking the strengthening overseas market, even though actual domestic demand remained weak, Mymetal notes in its latest weekly report.
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China’s national price of zinc ingot (grading at least 99.995%) exceeded the threshold of Yuan 20,000/tonne ($2,890/t) for the most time since August 18 last week, hitting a 14-month high of Yuan 20,553/t including the 13% VAT on August 20, before retreating slightly last Friday, according to Mymetal’s assessment. Mymetal is Mysteel’s non-ferrous market intelligence arm.
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China’s domestic lead demand was well supported by the higher rechargeable lead-acid battery output among many battery producers over August 17-21, which slowed down the retreat in the lead prices, according to the weekly assessment made by Mymetal, Mysteel’s nonferrous market data collection arm.
