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Treatment charges for processing zinc concentrates in China started to rebound last week from their 19-month low, thanks to the recovery of production at domestic zinc mines and the steady arrival of overseas supplies, according to Mymetal’s latest survey. Mymetal is Mysteel’s data collection arm for non-ferrous products.
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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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Primary refined lead ingots stocks at China’s commercial warehouses grew to a four-month high of 35,900 tonnes by July 6, up another 2,790 tonnes of 8.4% on week, as more tonnage was moved to the warehouses registered under the Shanghai Futures Exchange (SHFE), according to the survey by Mymetal, Mysteel’s nonferrous market data collection arm.
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Chinese copper prices increased to a near 15-month high and hovered there last week, mainly as the market grew concerned about supplies of both refined copper and copper concentrates, given the virus spread in South America, according to Mymetal’s weekly report. The recovery seen in the performance of the economy in China and worldwide also helped prop up prices.
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China’s domestic lead market has seen output of secondary lead climb recently as smelters take advantage of the lead price rally and increased supplies of raw materials, Mymetal’s latest survey has found. Mymetal is Mysteel’s nonferrous market intelligence provider.
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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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China’s domestic copper prices in the spot market rose over June 22-24, mainly thanks to the firm support prices received from declining refined copper stocks, as well as from the tight supplies of copper concentrates, according to the weekly report from Mymetal, Mysteel’s collection arm for nonferrous metals data.
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China’s national price of zinc ingot (≥99.995%) hit a 4.5-month high of Yuan 17,430/tonne ($2,465/t) including the 13% VAT on June 22 but by June 24 had retreated to Yuan 17,236/t, Wednesday being the last working day before China’s Dragon Boat Festival over June 25-26, according to Mymetal’s latest survey. Mymetal, Mysteel’s publication for non-ferrous products, noted that trade remained tepid amid the poor demand season.
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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities declined further over June 15-22 to 715,000 tonnes, being lower by 22,000 tonnes or 3% on week, as against the 44,000 tonnes or 5.6% on-week decrease in the prior period, according to Mymetal’s weekly report. The slowdown in the pace of the stocks retreat suggested demand had softened during the week, Mymetal says.
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China’s domestic lead prices recovered over June 15-19, enticed higher mainly by improved sentiment regarding the macro-economy and the reduction in supply from both secondary and primary refined lead smelters, Mymetal’s latest survey has found. Mymetal is Mysteel’s nonferrous market intelligence provider.
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Low prices and demand for zinc have led Chinese zinc smelters to conduct intensive maintenance recently, much earlier than the usual time of July-August, Mymetal understands from the smelters. Mymetal is Mysteel’s non-ferrous data collection arm.
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The treatment and refining charges (TC/RCs) of copper concentrates in China’s domestic market have decreased given the comparatively tight availability of concentrates, according to Mymetal’s weekly report. Smelters also restrained production last week.
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China’s national price of zinc ingot (≥99.995%) had been declining since the start of June, down another Yuan 165/tonne ($/t) on week to Yuan 16,936/t including the 13% VAT as of June 12, as suppliers and investors are acting more cautiously on the renewed concern on another round of COVID-19 outbreak in China, according to the latest weekly survey by Mymetal.
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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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Stocks of primary refined lead ingots in Chinese warehouses which usually hold the metal saw a remarkable increase of 9,330 tonnes or 54.5% on week to reach 26,450 tonnes as of June 15, according to the latest market survey from Mymetal, Mysteel’s nonferrous market data collection arm. Blamed for the leap in inventories was the continuing sluggish demand among end-users when more cheap ingots from abroad had flowed into the domestic market.
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China’s copper prices continued trending up over June 8-12 as sentiment in global financial markets remained stable, according to Mymetal’s weekly report. However, actual demand in the domestic spot market softened amid declining production and rising imports.
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China’s zinc ingot stocks were at four-month low as of June 8 after having declined rather steadily for four consecutive weeks, the latest survey from Mymetal, Mysteel’s data collection arm for non-ferrous products, showed. But the pace of the inventory decline has been slowing, as demand is softening and the supply shortages are easing.
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China’s domestic lead market has seen more finished lead become available for sale but demand from end-users – chiefly lead-acid battery producers – remains sluggish, with lead prices softening as a result, Mymetal’s latest survey has found. Mymetal is Mysteel’s nonferrous market intelligence provider.
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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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Retail stocks of refined copper across China reversed up last week after decreasing for four straight weeks as downstream demand saw signs of weakness, according to Mymetal’s weekly report. However, the disruptions to production of overseas miners caused by COVID-19 are finally being reflected in copper concentrate supplies, which served to prop up both copper prices and sentiment.
