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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry recovered by 0.7 basis point to reach 52.1 in November after the small decline in October, according to the latest release from the country’s National Bureau of Statistics (NBS) on November 30. The result shows that this weathervane of Chinese manufacturing activity has remained above the threshold of 50 connoting expansion for nine straight months and indicates that the performance recovery of the country’s manufacturing industry is accelerating, NBS said.
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China’s Purchasing Managers’ Index (PMI) for its manufacturing industry recovered by 0.7 basis point on month to 52.1 for November, or above the benchmark of 50 for the ninth month, indicating the pick-up in pace of recovery in the country's manufacturing sector, according to the latest release from the country's
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China’s four top governing organizations released a joint release on November 25, reaffirmed the country’s banning of solid wastes imports starting January 1 2021, which has created mild panic in domestic ferrous and nonferrous communities, fearing that Beijing was reversing earlier plans to liberalize imports of such scraps, though industry insiders stayed calm, reminding all of the exact definitions in the document.
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Chinese domestic prices of nickel pig iron (NPI) are buckling a little under the pressure of a quiet spot market. As of November 25, the price of 8-15% grade NPI in East China’s Jiangsu province had decreased by another Yuan 90/mtu ($13.7/mtu) on week to a 3.5-month low of Yuan 1,030/mtu including delivery and 13% VAT, according to Mysteel’s data.
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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 production of the four mainstream electric home appliances continued with recovery in October, with refrigerator posting the sharpest 25.8% on year gain in production, according to the latest data from China’s National Bureau of Statistics (NBS), which was mainly due to robust demand from overseas, Mysteel Global noted.
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Chinese domestic prices of nickel pig iron (NPI) weakened further over the past week, with the price of 8-15% grade NPI in East China’s Jiangsu province declining by another Yuan 40/mtu ($6.1/mtu) on week to reach Yuan 1,120/mtu including delivery and 13% VAT as of November 17, according to Mysteel’s data.
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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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China’s economy has been improving steadily and despite uncertainties facing the global market, the government is confident about maintaining the consistent recovery and realizing the country’s development targets for 2020 by relying on its internal strength, Fu Linghui, spokesperson of the National Bureau of Statistics (NBS), shared at a press conference on November 16.
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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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China’s fixed asset investments (FAI) both overall and in the property market specifically, accelerated to last month, growing by 1.8% and 6.3% respectively over January-October, with the former 1 percentage point higher and the latter 0.7 percentage points higher than those for the first nine months, according to the country’s National Bureau of Statistics (NBS).
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China's fixed asset investment grew 1.8% on year over January-October, or 1 percentage point higher than that for the first three quarters, among which, the funding in the property grew 6.3% on year or 0.7 percentage point higher than the gain over January-September, according to the latest release by the
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China’s domestic nickel pig iron (NPI) prices have retreated from the previous one-year high this week, as the market sentiment has soured on thin sales of the ferroalloy and the pressure from the weakness in the stainless steel sector, Mysteel Global learned.
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In October, China’s auto sales persisted on the uptrend, up 0.1% on month or 12.5% on year to 2.6 million units, and among the total, new-energy vehicles (NEVs) sales grew more remarkably, jumping 13.9% on month or 104.5% on year, according to the latest data from the China Association of Automobile Manufacturers (CAAM) on November 11.
