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China will totally ban the imports of 16 waste solid materials for steel, nonferrous metals and plastics recycling starting December 31 and December 31 2019 respectively, according to the latest release from the newly-formed Ministry of Ecology and Environment on April 19.
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China's stainless market strengthened with the 304/2B 2mm cold-rolled stainless coil price in Wuxi, East China's Jiangsu province, up Yuan 200-300/tonne ($32-48/t) day on day to Yuan 15,000-15,150/t including the 17% VAT as of April 19, mainly because of the nickel price surge on the London Metal Exchange (LME) on Wednesday night.
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East China's Shandong province has managed to retain all of its advanced but unapproved electrolytic aluminum capacity in a swap scheme where most obsolete pot lines with government approval were dismantled instead, according to a recent report by the China Economic Herald.
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Market concerns about a global shortage of nickel sent the London Metal Exchange's 3-month nickel price soaring to $15,000-15,050/tonne as of April 18, jumping about 8.3% on day. Investors were spooked the LME's suspension of two Nornickel brands on April 17, even though this had been flagged way back on October, Mysteel notes.
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China's capacity utilization rate across heavy industrial sectors increased 0.7 percentage point year on year to 76.5% for the first quarter of 2018, according to the latest data from the country's National Bureau of Statistics.
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BHP produced 1.29 million tonnes of copper and 83,817 tonnes of zinc in the first nine months of its 2018 financial year ended March, up 37% and 43% year on year respectively, according to the Melbourne-based company's latest quarterly production report released on April 19. Australia-headquartered companies generally follow the country's July-June financial year, Mytsel notes.
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Tongling Nonferrous Metals Group Holdings Company, headquartered at Tongling city in Central China's Anhui province, aims to produce 1.3 million tonnes of cathode copper this year, up by a slight 59,500 tonnes or 4.7% on the smelter's actual output in 2017.
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The most active zinc contract on the Shanghai Futures Exchange (SHFE) dived to an 8-month low of Yuan 23,250/tonne (or $3,702/tonne) on Thursday night, weighed down by sluggish downstream demand and rumored sales by China's State Reserve Bureau (SRB), the country's commodity stocks manager.
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China's imports of copper ores and concentrates in March rose by 149,000 tonnes or 10.3% on month to 1.6 million tonnes, according to the latest data released by China's General Administration of Customs on April 13. The total was down 29,000 tonnes or 1.8% on year, however.
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China's aluminum price will catch up with the rest of the world but in a while due to its existing high stocks and the supply shortage in the global market has yet instill its impact into China, Mysteel understands from the market.
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China Nonferrous Metal Mining Group (CNMC) has officially started work on its Lualaba copper smelting project in the Democratic Republic of Congo (DRC) in central Africa, holding a ceremony on March 28, according to a recent company statement. State-owned CNMC aims to commission a plant hosting a capacity in blister copper of 120,000 tonnes/year in 2020, it said.
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Global prices of primary aluminium continued to surge on Tuesday, as a keynote speech by China's President Xi Jinping appeared to ease trade war tensions between China and the United States.
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Shanghai-listed Western Mining Co, a leading non-ferrous producer headquartered in Xining city in West China's Qinghai province, achieved a profit of Yuan 261 million ($42 million) for 2017, up by a large 161.2% year on year, according to the company's annual report released on March 28. Its business this year will be helped by the commissioning of a new 100,000 tonnes/year copper smelter set for May.
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Chinese non-ferrous metal smelters posted profits totaling Yuan 17.8 billion ($2.8 billion) over January and February, down 11.9% on year, according to the latest statistics released by China's National Bureau of Statistics (NBS) on March 27.
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Henan Yuguang Gold & Lead Co, Asia's largest electrolytic lead smelter, aims to promote secondary lead production this year as the company foresees great potential growth for China's secondary lead industry, the company annual report on March 24 showed.
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Zijin Mining Group (Zijin), the leading Chinese gold and copper miner, produced 37.48 tonnes of gold and 208,000 tonnes of copper during 2017, down 12% and 34.2% on year respectively. The company's zinc output, however, climbed 8% or 20,000 tonnes on year to 270,000 tonnes, according to Zijin's annual report released on March 24.
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China's reaction to the US tariffs measures announcement has been guarded and so far, limited, but the Chinese authorities are 'looking at all options' including the possibility of reducing the purchase of US treasuries. The U.S. debt to China was US$1.17 trillion as of January 2018. It accounts for 19% of the US$6.26 trillion in Treasury bills, notes, and bonds held by foreign countries vs 16% held by Japan.
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The US President Trump announced his intention to impose a 25% tariff on up to US$50bn on Chinese imports, affecting 1,300 products mostly in the technology sector. The new measures follow a so-called 301 investigation led by U.S. Trade Representative Robert Lighthizer into China's potentially unfair trade practices with the U.S.
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Hong Kong-listed China Zhongwang Holdings, China's top aluminum alloy producer and fabricator, achieved a 33.1% year-on-year increase in its 2017 profit to reach Yuan 3.87 billion ($610 million), according to the company's performance report for 2017 released on March 23.
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Aluminum Corporation of China Limited (Chalco), China's largest producer of alumina and aluminum, produced 12.8 million tonnes of alumina and 3.61 million tonnes of aluminum in 2017, up 6.48% and 22.37% year on year respectively, according to its 2017 annual report published on March 23. The company enjoyed a 274% jump in net profits on year to Yuan 1.38 billion ($222 million) which it attributed to cost cutting and increasing domestic aluminum prices.
