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Chinese steel mills in key steelmaking hubs in North China are bracing themselves for possible emergency curbs for the next four days beginning Friday after the Ministry of Ecology and Environment (MEE) forecast a deterioration in air quality over urban centres from around December 12.
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China’s zinc ingot inventories across six major Chinese markets declined further to 108,100 tonnes as of December 6, approaching this year’s low of 101,000 tonnes on January 2, mainly due to comparatively active buying, Mymetal’s latest survey showed. Mymetal is Mysteel’s data collection arm for nonferrous market.
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Deliverable copper stocks in the warehouses of the Shanghai Futures Exchange and those in warehouses in the four major cities tracked regularly by Mymetal, thinned by a further 14,300 tonnes on week to 135,400 tonnes in total as of December 6, mainly thanks to the rise in sales fuelled by stronger copper-fabricator demand.
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China’s aluminum price had been holding firm over December 3-9, partly as aluminum stocks with the traders in 16 major Chinese cities under Mymetal’s weekly survey posted the fourth week of contraction during the period, down another 43,000 tonnes on week to 643,000 tonnes as of December 9, according to Mymetal’s weekly aluminum report.
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China’s foreign trade surplus in Yuan enlarged 34.9% on year to Yuan 2.6 trillion ($369.4 billion) over January-November, though the trade surplus in the U.S. dollar increased 28.4% on year to $377.6 billion, according to a release by China’s General Administration of Customs on December 8, both, however, being lower than the 42.3% or 34.9% for the first ten months.
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China’s imports of copper concentrates and ores climbed by 12.7% on month to 2.2 million tonnes during November, according to the latest release from China’s General Administration of Customs. Last month’s volume took the January-November total to 20.1 million tonnes, also higher by 10.2% on year.
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China’s national average price for refined zinc ingot fell further for the fourth week by Yuan 96/tonne ($/t) on week to Yuan 18,647/t including the 13% VAT as of November 29, although zinc consumption in steel galvanizing and zinc alloys stayed steady last week, according to Mymetal, Mysteel’s nonferrous market data collection arm.
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Aluminum stocks with the traders in 16 major Chinese cities under Mymetal’s weekly survey declined further for the third week over November 26-December 2, down significantly by another 68,000 tonnes or about 9% on week to 686,000 tonnes as of December 2, mainly because of the better trading while the increase in output was not as fast as expected, according to market sources.
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The spot treatment and refining charges (TC/RCs) charged by China’s domestic copper smelters widened to $53-60/tonne as of November 29 from the $57-60/t on November 22, both being lower than the 2020 annual TC/RCs at $62/t, as copper concentrates supply remained tight, according to Mymetal’s latest weekly survey.
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China’s Purchasing Managers’ Index (PMI) for the country’s manufacturing industry returned to the expansion zone in November after having hovered in contraction area for six months earlier on, or rebounding 0.9 basis point on month to 50.2, the latest release from China’s National Bureau of Statistics (NBS) on Saturday.
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Earlier than usual, China’s Ministry of Finance (MOF) disclosed on November 27 to grant China's local authorities a total of Yuan 1 trillion ($142.4 billion) quota for the issuance of government bonds for specific uses, which is part of efforts to stabilize the national economy in 2020, clarifying that this is just “part of the whole parcel”.
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East China’s Shandong province will idle and scrap some 2 million tonnes/year of primary aluminum smelting capacity so that Shandong Weiqiao Pioneering Group, purportedly the world’s largest aluminum smelter, can proceed with plans formalised last month to build a 2 million tonnes/year primary smelter in Southwest China’s Yunnan province. Weiqiao had signed a formal agreement with Yunnan local government on October 15, as Mysteel Global reported.
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Zinc ingot inventories in the six major cities and provinces of China under Mymetal’s weekly survey declined another 11,600 tonnes or 8.5% on week over November 15-21, as supply had been relatively steady but buying by both traders and downstream users had been increased, according to market sources.
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Lead ingot stocks at traders and SHFE warehouses in six major markets across China decreased by 3,300 tonnes or 9% on week to 33,250 tonnes as of November 25, mainly as the rather low levels of lead prices had moderately stimulated consumers’ buying interest, market sources told Mymetal on Tuesday. Mymetal is Mysteel’s nonferrous market data collection arm.
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China’s national average price for 99.7% grade primary aluminum ingot recovered by Yuan 135/tonne ($19.3/t) on week to reach Yuan 14,044/t including 13% VAT as of November 25, according to Mymetal’s latest price report. The prices received a boosted from the steady contraction of aluminum stocks across the country which are now at their lowest level in nearly three years. Mymetal is Mysteel’s publication reporting non-ferrous news and prices.
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The national average price for 99.99% copper cathode across China remained generally stable over the week to November 22 at Yuan 46,911/tonne ($6,671/t) including the 13% VAT, higher by a tiny Yuan 3/t on week, according to Mymetal’s latest weekly study. Mymetal is Mysteel’s publication reporting non-ferrous news and prices.
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China’s production of primary aluminum declined in October to touch a new low since March, mainly as operations at several major smelters were disrupted over the month. However, market sources expect that output will recover this month and throughout the remainder of this quarter, Mysteel Global has learned.
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China’s three major copper smelters have reached an agreement on November 20 with Freeport-McMoRan (Freeport), a leading copper mining company in the world on the 2020 copper concentrate treatment and refining charges (TC/RCs) at $62/t or a new low since 2013, market sources commented.
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China’s production of the four major home appliance showed diverged results again in October, with output of air conditioners witnessing a decline of 2.1% on year or by a large 25.3% on month, according to the latest data released by China’s National Bureau of Statistics (NBS).
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Zinc ingot stocks at traders in six major markets across China decreased by 12,900 tonnes or 8.6% on week to 137,100 tonnes as of November 15 due to limited arrivals and active buying from downstream users after prices had fallen to a “rather low level,” market sources told Mymetal on Tuesday. Mymetal is Mysteel’s nonferrous market data collection arm.
