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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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Mysteel’s price of 42% grade South African chrome ore at Tianjin port, North China, reversed down though by just Yuan 0.25/dmtu or 0.8% from June 28 to Yuan 31.25/dmtu ($4.5/dmtu) as of July 3, as the Chinese ferrochrome (FeCr) smelters will not pay higher when the domestic steel mills bid lower for FeCr supplies in July, market source said on Tuesday.
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China’s prices of imported chrome ore recovered slightly as of June 28 from June 19, as demand from domestic ferrochrome (FeCr) smelters was high, with traders at ports even firming their prices, Mysteel’s weekly survey showed. On the other hand, domestic FeCr prices continued to decline over the week, reflecting the softening stainless steel market.
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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 prices of both ferrochrome (FeCr) and imported chrome ore declined over June 15-19, mainly as the domestic stainless steel mills had been reluctant to procure the ferroalloy at high prices when the domestic stainless prices had been softening, according to Mysteel’s weekly survey.
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Chinese prices of ferrochrome (FeCr) were generally steady over the week of June 8-12, as fewer deals were concluded during the period given that most domestic stainless mills had already bought FeCr for June production, according to Mysteel’s weekly survey. On the other hand, the smelters had reinforced their prices due to the increased cost of chrome ore.
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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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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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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and in 16 Chinese cities under Mymetal’s weekly survey contracted by another 50,000 tonnes or 5.5% on week to 860,000 tonnes as of June 1. This was less than the 84,000 tonnes on-week decline in the prior week, a result of the slowing of domestic demand and still-sluggish global market.
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The price of South Africa-origin 42% grade chrome ore at North China’s Tianjin port, stayed unchanged over the week at its 13-month high of Yuan 33.5/dmtu ($4.7/dmtu) as of May 29, as China’s domestic ferrochrome (FeCr) smelters were cautious in procuring high-priced raw material, according to Mysteel’s latest weekly survey over May 25-29.
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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities under Mymetal’s weekly survey reduced further by 84,000 tonnes or 8.5% on week or 29% on year to 910,000 tonnes as of May 25, as domestic demand from aluminum fabricators and processors had been steady.
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The price of South Africa-origin 42% grade chrome concentrates at North China’s Tianjin port rose further to Yuan 33.5/dmtu ($4.7/dmtu) as of May 22, up by Yuan 2.75/dmtu on week to reach its highest point since last April 12, Mysteel’s database showed. Prices of the chrome concs have been propelled higher by the continuous increase of ferrochrome (FeCr) prices and by market jitters about unstable concentrates supplies from overseas, according to Mysteel’s weekly survey.
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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange and 16 Chinese cities under Mymetal’s weekly survey continued to contract during May 11-18, dipping by 86,000 tonnes or 8% on week to 994,000 tonnes, due to the still robust demand from aluminum fabricators and processors. Mymetal is Mysteel’s nonferrous data collection arm.
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After holding steady for nearly three weeks, the price of South Africa-origin 42% grade chrome concentrates at North China’s Tianjin port rose last week to Yuan 30.75/dmtu ($4.3/dmtu) as of May 15, up by Yuan 0.25/dmtu from May 9 and its highest point since last October 21 , Mysteel’s database showed. Propelling the prices up were higher offer prices from South African miners, according to Mysteel’s weekly survey.
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Primary aluminium stocks in the warehouses of the Shanghai Futures Exchange and 16 Chinese cities under Mymetal’s weekly survey contracted for the fifth straight week, down another 126,000 tonnes or 10.4% on week to about 1.1 million tonnes as of May 11, as demand remained strong recently.
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Chinese prices of high carbon ferrochrome (FeCr) rose further to hit a five-month high over May 6-9, as the bid prices of domestic stainless steel mills for May were up by Yuan 200-250/tonne ($28.2-35.3/t) on month, according to Mysteel’s latest weekly survey.
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Deliverable copper stocks in the warehouses of the Shanghai Futures Exchange and those in warehouses in the nine major Chinese cities for the copper industry declined by another 37,200 tonnes on week to reach 356,000 tonnes as of April 24, according to Mymetal’s data. Last week’s fall was steeper than the prior week’s 26,700 tonnes decline, Mymetal notes.
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China’s national average price for 99.7% aluminum ingot surged by another Yuan 353/tonne ($50.4/t) on week to reach Yuan 12,578/t including 13% VAT as of last Friday, mainly thanks to the efforts of domestic smelters to trim production. Lower stocks of primary ingot in retail markets helped, however.
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The recent recovery in Chinese prices of ferrochrome (FeCr) and imported chrome ore continued over the April 20-24 week ahead of domestic stainless mills tabling their bid prices for May, according to Mysteel’s latest weekly survey. The market was factoring-in supply tightness of chrome ore during the COVID-19 outbreak in South Africa.
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China’s ferrochrome price has continued with the recovery recently on the support of higher imported chrome ore price, as the supply tightness of the latter persisted amid the lockdown in South Africa over March 27-May 1, market sources shared.
