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Chinese domestic aluminum prices declined over the month of June, Mysteel Global has learned, chiefly because aluminum smelters maintained production even though their profit margins are thin, while stocks still stayed high given the weak fundamentals.
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The copper futures prices on both the Shanghai Futures Exchange (SHFE) and London Metal Exchange (LME) have strengthened mainly because of the strike at the Codelco mine in Chile since June 14, though the outlook remains uncertain, according to market sources.
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China Premier Li’s recent calling for the acceleration in upgrading old residential housing in urban areas, and improving the grid network and drinking water safety in rural areas are interpreted good news to fixed asset investment and domestic steel sector may benefit too in turn, market sources shared.
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China’s copper scrap imports dropped 16.7% on year to 170,000 tonnes in May, while the country’s aluminum scrap imports increased 57.8% on year to 180,000 tonnes last month, according to the latest data released by China’s General Administration of Customs on June 23.
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Chinese production of copper cathode reached some 711,000 tonnes during May, representing a decline of 5.2% on year or some 3.9% on month, according to the latest data released by China’s National Bureau of Statistics (NBS). The May result took total production over January-May to 3.7 million tonnes, higher by 4.4% on year.
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Chinese production of air conditioners, washing machines, refrigerators, and televisions by the country’s home appliance makers continued to increase during January-May, according to the latest data released by China’s National Bureau of Statistics (NBS), with that of air-conditioners still witnessing the sharpest growth among the four, rising by 11% year on year to reach 97.46 million units during the first five months.
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China's overall fixed asset investment (FAI) grew by 5.6% on year to Yuan 21.76 trillion ($3.15 trillion) for January-May, though the five-month growth was lower by 0.5 percentage point from growth during January-April, according to the latest data released by China’s National Bureau of Statistics on Friday.
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China's fixed asset investment in general grew 5.6% on year to Yuan 21.76trillion ($3.15trillion) for January-Mayand the funding into the property market went up 11.2% on year to Yuan 4.6trillion during the period. A detailed story will be posted soon.
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China’s imports of copper concentrates and ores rose by a large 16.6% on year to 9.1 million tonnes over January-May, according to Monday’s release from China’s General Administration of Customs, with imports in May contributing some 1.8 million tonnes to the total, jumping by 11.3% month on month.
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China’s copper concentrates and ores imports grew 16.6% on year to 9.1million tonnes over January-May. A detailed report will be posted soon.
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Domestic prices of zinc ingot will continue trending down this month as most smelters have opted to maintain or even boost production given the handsome profits they are earning, thanks to the high treatment charges for zinc concentrates, Mysteel Global notes. However, demand for the metal, especially for production of galvanized coil, will remain weak.
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Hebei Puyang Iron & Steel Co, a privately-owned carbon steelmaker based in North China’s Hebei province, is planning to build a 600,000 tonnes/year nickel pig iron (NPI) plant in Indonesia, an official from the company confirmed on Tuesday.
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China’s copper prices continued trending down over the past week, undermined by lukewarm downstream demand which is weaker now than twelve months ago.
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The Purchasing Managers’ Index (PMI) for China’s manufacturing industry continued to dive in May, down another 0.7 basis point on month to 49.4, falling below the threshold of 50 according to the latest release by China’s National Bureau of Statistics (NBS) on May 31.
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As China toughens controls over the import of solid waste materials including ferrous and nonferrous metal scrap, before the end of June provincial government authorities expect to be able to issue the first import licenses to enterprises under the new system, according to Liu Youbin, spokesman for China’s Ministry of Ecology and Environment.
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China’s economy and financial system will be able to withstand the impact of the ever-escalating Sino-US trade friction, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC) confidently predicted on May 28 during an exclusive interview with Xinhua News Agency and People’s Daily.
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The price of the most traded July aluminum contract on the Shanghai Futures Exchange reached Yuan 14,265/tonne ($2,066/t) as of May 28, largely stable from the previous week with an increase of just Yuan 5/t from the settlement price on May 21. The price represented a gain of Yuan 90/t from the previous month, however.
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The rolling capacity utilization rate for May among the 71 copper rod producers Mysteel regularly checks is seen rising by 5.86 percentage points on month to 71%, according to Mysteel’s latest survey published on May 22.
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China’s production of alumina reached 6.3 million tonnes in April, representing an increase of 4.2% on year, according to the latest data from the National Bureau of Statistics.
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Chinese production of copper cathode reached some 740,000 tonnes in April, representing a small increase of 1.5% on year or some 5% on month, according to the latest data released by China’s National Bureau of Statistics (NBS). Last month’s result means that over January-April, total production was still higher by 7.3% on year at 2.98 million tonnes.
