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China has massively increased the tonnage of foreign metal scrap it will allow to enter the country under the latest import quota allocation, this year’s twelfth batch, according to the latest bulletin released by China Solid Waste and Chemicals Management, the country’s import window for ferrous and nonferrous scrap.
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Chinese nickel pig iron (NPI) prices continued to stabilize over the past week thanks to the support of higher nickel concentrate prices and tight supplies of this ferroalloy in the domestic market, which offset some pressure from stainless producers for sales price reductions, Mysteel Global learned.
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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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Among the four major electrical home appliances manufacturing in China, that of air-conditioner declined the most by 17.2% on month to 15.3 million units for August, though the volume was still 0.5% higher on year, according to the latest data from China’s National Bureau of Statistics (NBS), though market sources remained optimistic on higher production for the last quarter of 2020.
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China’s year-to-date power consumption grew in August, with the volume rising by 0.5% on year to 4.77 trillion kWh over January-August, according to new data from the National Energy Administration (NEA). The cumulative eight-month rise brought an end to the sustained drop since early this year, the data show.
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India’s gross domestic product (GDP) growth for fiscal year (FY) 2020 ending on 31 March 2021 is forecast to contract by 9.0% as the coronavirus disease (COVID-19) pandemic weighs heavily on economic activity and consumer sentiment in the country, according to a new report by the Asian Development Bank (ADB).
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Many economic sectors in China including those of consumption, industrial production and investment showed more positive signs of returning to their normal tracks by the end of August, according to a series of highlights published individually by the country’s National Bureau of Statistics (NBS) on September 15.
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Chinese nickel pig iron (NPI) prices were stable over the past week after rising for the prior two months, as domestic smelters were reluctant to lower their offering prices given that nickel concentrate prices remain firm, despite the pressure of falling stainless prices, Mysteel Global notes.
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China produced 3.17 million tonnes of primary aluminum in August, being up 5.5% on year or 2.3% on month, according the latest release from China’s National Bureau of Statistics (NBS) on September 15. Output has now risen for four successive months, the NBS data show, as Chinese smelters cash in on the handsome profits available on primary ingot.
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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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Over January-August, China’s fixed asset investment (FAI) still declined but by just 0.3% on year against the 1.6% on-year drop for the first seven months, and the funding in the domestic property market grew much faster at 4.6% on year, confirming the steady recovery in the Chinese economy, according to the release by the country’s National Bureau of Statistics on September 15.
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Over January-August,China’s fixed asset investment (FAI) still declined on year but narrowed to0.3%, and the funding in the domestic property market grew faster by4.6%on year, according to the latest release from the country's National Bureau of Statistics. A detailed report will be posted soon.
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Production and sales of automobiles in China both witnessed on-year rises for the fifth successive month in August, mainly thanks to the stabilizing economy and a series of policies aimed at stimulating purchasing, according to the latest release from the China Association of Automobile Manufacturers (CAAM) on September 10. Market sentiment also largely improved last month, the association noted.
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China’s reliance on overseas bauxite for its own alumina production may grow to over 80% from over 50% at present, Wen Jinde, a 36-year industrial veteran and the chief engineer of Topsun International Industrial Ltd, according to a interview by the China Nonferrous News.
