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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry slid for the third month in February, easing by 0.7 basis point on month to 50.6, with the country’s National Bureau of Statistics (NBS) attributing the on-month decline mainly to the Chinese New Year (CNY) holiday over February 11-17. Despite the dip, the national PMI has nonetheless remained in the expansion zone for the twelfth month, according to Bureau’s latest release on February 28.
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Chinese prices of nickel pig iron (NPI) have grown strongly after the Chinese New Year holiday over February 11-17, mainly thanks to positive sentiment in the domestic market bolstered by support from higher raw materials costs and expectations for a recovery in demand, Mysteel Global learned.
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Domestic aluminum prices across China have surged over the past few days thanks to bullish sentiment and support from the metal’s own fundamentals, according to Mymetal, Mysteel’s nonferrous metals data collection arm.
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Domestic sales of passenger cars in China this month are expected to reach 1.2 million units, some 44.9% lower on month, according to the latest release from the China Passenger Car Association on February 22. The CPCA said the Chinese New Year holiday over February 11-17 had interrupted sales, leading to the decline in sales.
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China’s national price of zinc ingot (grade at least 99.995%) hit a 22-month high of Yuan 22,364/tonne ($3,462/t) including the 13% VAT on February 22, in tandem with the uptrend in the international prices as well as being supported by the domestic market fundamentals, according to Mymetal’s latest weekly report.
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China’s domestic lead prices have strengthened after the country’s return to work following the end of the Chinese New Year (CNY) holiday on February 17, according to the latest survey from Mymetal, Mysteel’s nonferrous metals data collection arm. Respondents cited the generally bullish sentiment prevailing in the macro-financial market for the metal’s rise.
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Chinese copper prices in the domestic futures and spot markets both gained nearly 6% from last Friday to each refresh nine-year highs as of February 22, new data shows. The increase extended the price uptrend that began in early February and occurred mainly thanks to the prevalent optimism for long-term copper fundamentals, and to tight supplies of imported copper and copper concentrates, according to Mymetal, Mysteel’s nonferrous metals reporting arm.
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On February 18, the first working day after the Chinese New Year (CNY) holiday, China’s spot copper price shot up to a new high since September 2011 on February 18, mainly on the backup of the continuing price strengthening in the global market, the return of the Chinese investors, and China’s overall market optimism on infrastructure- and energy-related industrial goods such as steel and copper.
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Home is where parents are in the Chinese culture. But for this year’s Chinese New Year celebrations, many Chinese working in cities or in other countries away from their places of birth will probably have to bear the separation from their parents for CNY for the first time this year, and all for a common reason – the COVID-19 virus. For the unluckier ones, this might even be the second time they’ll miss their annual family get-together.
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As of February 8, China’s national price of 99.99% grade copper cathode rebounded by Yuan 1,584/tonne ($246/t) or 2.7% on week to Yuan 59,316/t including the 13% VAT, despite that spot trading had stalled in the last three working days before the Chinese New Year (CNY) holiday over February 11-17, as market remains optimistic upon the demand for the red metal with the economic recoveries this year, according to Mymetal’s latest weekly report.
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China’s sales and output of automobiles jumped by 29.5% and 34.6% respectively on year last month, the China Association of Automobile Manufacturers (CAAM) released the latest numbers on February 9, attributing the robust performance to the remaining solid demand for vehicles and at the same time low base numbers for January 2020.
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China’s domestic lead prices softened over February 1-5 as the demand had softened further with the Chinese New Year (CNY) holiday over February 11-17 approaching, according to the latest survey from Mymetal, Mysteel’s nonferrous data collection arm.
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Output of the 49 zinc smelters across China surveyed by Mymetal totalled 445,380 tonnes in January, down 6.4% on month or 4.2% on year. Mymetal’s latest survey, published on February 8, found that many smelters started maintenance due to losses and weak demand, and that their production is forecast to decline further this month.
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Domestic aluminum prices across China strengthened over the February 1-5 week, according to the latest weekly survey by Mymetal, Mysteel’s nonferrous metals data collection arm. Market fundamentals and sentiment improved, despite consumption among end-users being limited because many processers had suspended operations to start their Chinese New Year (CNY) break earlier.
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Vale, a global leading miner headquartered in Brazil, produced 360,100 tonnes of copper in metal for 2020, or down 5.5% on year, mainly due to the interruption of the COVID-19 on its operations, though some sites performed better than the others on average, according to the company’s latest Q4 report released on February 3.
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The gross profits that the 49 Chinese zinc smelters surveyed by Mymetal are currently earning on their refined metal declined further during the January 25-29 week, falling to a range between a marginal gain of Yuan 40/tonne ($6.2/t) and a loss of Yuan 150/t last week, according to Mymetal’s latest survey. Respondents said that zinc prices had tumbled while at the same time, the smelters continued to lower their treatment charges (TCs) during the period. Mymetal, Mysteel’s non-ferrous data collection arm, enlarged its survey sample from 41 to 49 from last December to better reflect the market situation.
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The recent appreciation of the US dollar and a quietening domestic market ahead of the long Chinese New Year holiday over February 11-17 have caused spot copper prices in China’s domestic market to soften recently, according to Mymetal’s weekly report. However, the report noted that constraints on the availability of imported copper cathode and concentrates, as well as the low retail stocks of the metal, may lend support to prices in the longer term.
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Chinese prices of nickel pig iron (NPI) are expected to remain stable over the near term, as the domestic market quietens further ahead of the Chinese New Year holiday over February 11-17, Mysteel Global learned.
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Domestic prices of lead in China climbed further over January 25-29 as a consequence of reduced availability, especially from secondary refined lead smelters, according to the latest survey from Mymetal, Mysteel’s nonferrous metals data collection arm. Prices rose also because end users are still stockpiling metal to ensure they can operate without interruption during the approaching Chinese New Year (CNY) holiday over February 11-17, survey respondents said.
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The Purchasing Managers’ Index (PMI) for China’s manufacturing industry eased for the second month in January by another 0.6 basis point on month to 51.3, or in the expansion zone for the eleventh month, though the pace of expansion slowed down, as the resurgence of the COVID-19, Zhao Qinghe, senior statistician of the country’s National Bureau of Statistics (NBS) was quoted explaining in the release on January 31.
