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Spot prices of primary and second lead across China increased over July 19-23, according to Mymetal, Mysteel’s nonferrous metals market intelligence arm, mainly in response to changes in futures prices, market watchers said.
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The price of 8-15% grade nickel pig iron (NPI) in East China’s Jiangsu reached Yuan 1,415/mtu ($218.1/mtu) including delivery and the 13% VAT as of July 28, higher by another Yuan 65/mtu on week, according to Mysteel’s assessment. The rise was also the price’s fifth on-week gain and helped renew its seven-year high, Mysteel Global notes. Market watchers attributed the continuous growth in NPI prices to tightened supply, robust demand and the domestic smelters’ higher production costs.
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China’s stainless steel industry will experience transformation throughout its whole supply chain in the coming years, all triggered by Beijing’s commitment to reducing carbon footprints, Yang Bo, chief analyst of Xiamen Xiangyu Group Corp (XMXYG Corp), shared in Shanghai at the stainless steel seminar of the 5th China Steel Derivatives International Conference 2021 on July 27.
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Liu Youbin, spokesperson for China’s Ministry of Ecology and Environment (MEE) reiterated at a press conference on July 26 that producers from the other carbon-emitting industries including steelmaking, cement and other construction materials will join the country’s power houses in nationwide carbon emission quota trading once the conditions are met.
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For the first half of 2021, China’s sizable industrial firms saw their gross profits surge by 66.9% on year or 45.5% higher than the corresponding period of 2019, according to the latest release by the country’s National Bureau of Statistics (NBS) on July 27, reflecting the strong recovery in demand and their overall performance, and bulk commodities sectors did post higher gains.
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China’s total electricity generation capacity from all forms of energy is forecast to increase by 7.7% on year this year to reach 2.37 billion kW, according to a report by China Electricity Council on July 23. Within the total, by year’s end the portion fuelled by non-fossil energy will reach 1.12 billion kW, exceeding coal-fired electricity capacity at 1.1 billion kW, the council predicts.
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The most-traded Chinese copper and nickel contracts on the Shanghai Futures Exchange (SHFE) closed higher on week when the daytime trading session ended on July 23, while the SHFE’s most traded aluminum contract closed lower on week.
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China’s national price of 99.7% primary aluminum ingot under Mymetal’s assessment continued to hover high over July 15-21, first climbing to Yuan 19,380/tonne ($2,996/t) on July 16 before easing to Yuan 19,086/t by July 21 to close the week Yuan 15/t down.
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Copper prices in China’s physical market eased over July 14-21, according to the weekly report from Mymetal, Mysteel’s nonferrous metals market research arm.
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BHP, a leading ferrous and nonferrous mining company in the world, has signed a long-term nickel supply deal with the world’s largest electric car manufacturer Tesla for the latter’s battery production, BHP shared on July 22.
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Shortly after the first release of copper, zinc and aluminum reserves through an open auction on July 5-6, China’s National Food and Strategic Reserves Administration (NFSRA) will release the second batch of reserves of these metals via the same means on July 29, the National Development and Reform Commission shared in three posts through its WeChat account on July 21.
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Positive domestic market sentiment led Chinese prices of nickel pig iron (NPI) to strengthen further over the past week, with Mysteel’s assessed price of 8-15% grade NPI in East China’s Jiangsu province hitting a seven-year high of Yuan 1,350/mtu ($208/mtu) including the delivery and 13% VAT as of July 20, gaining another Yuan 80/mtu on week.
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The flooding and the severe rain in some cities of Henan, central China, have seriously disrupted trading, and logistics services among the local metallurgical community including metals and steel though their production has been operating as per normal with only one accident reported at a local aluminium alloy plant, market sources shared.
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Over January-June, China’s production of all the four mainstream white goods still grew on year though at a slower pace of 5.6-33.5% against the 10.2-37.3% on-year growths for the first five months of 2021, as their June output fell on month, Mysteel Global noted from the latest data released by China’s National Bureau of Statistics (NBS) on July 19.
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China’s power supply has been under serious test since the start of 2021, firstly in winter because of the extremely cold weather in some regions together with the surging power consumption in many industrial sectors as a result of heavy government spending and fixed asset investments to cushion the domestic economy from the blow of the COVID-19.
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Note:
South32’s financial year runs from July to June.
Unless otherwise noted: percentage variance relates to performance
during the financial year ended June 2021 compared with the financial year
ended June 2020 (YoY) or the June 2021 quarter compared with the March 2021
quarter (QoQ); production and sales volumes are reported on an attributable
basis.
Source: South32,
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HBIS Group (HBIS), a top-tier steel mill with all the core steelmaking facilities in North China’s Hebei province, is joining with South Korea’s largest steelmaker POSCO in a joint venture to produce and sell automotive steel sheet in Hebei’s Tangshan city, according to the official posts released by the two companies.
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Production Summary
(1) Wet basis.
(2) Reflects export primary production, secondary production sold into export markets and production sold domestically at export parity pricing from South Africauntil the demerger of the South Africa thermal coal operations effective on June 4 2021, and attributable export production (33.3%) from Colombia (Cerrejón).
(3) Reflects nickel production
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BHP's Production by Product over April-June
Note: All guidance is subject to further potential impacts from COVID-19 during the 2022 financial year.
Source: BHP, released on July 20
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China’s consumption of all types of energy increased 10.5% on year over January-June, reversing up from the 0.2% on year drop during H1 last year when the coronavirus was raging nationwide. For H1 this year, the percentage of clean energy in all energy consumed edged up by 0.4 percentage point on year, while that for coal declined 0.3 percentage point on year, according to a recent post by the National Bureau of Statistics (NBS).
