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China’s production of air conditioners, refrigerators and washing machines witnessed rises in 2019, mainly thanks to the stable demand tracking the domestic property market and to increasing demand for China-made appliances from abroad, according to the latest data from China’s National Bureau of Statistics (NBS).
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BHP’s copper production posted a year-on-year increase of 7% during the first half of the company’s 2020 fiscal year ending December 31, with total output reaching 885,000 tonnes. However, for now the company is maintaining its copper production guidance for the full 2020 business year (ending June 30, 2020) unchanged at 1.71-1.82 million tonnes, according to its latest quarterly production report released on January 21.
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Retail stocks of aluminum ingot across China increased faster over the period of January 14-20 as most downstream fabricators and traders had left the market for their Chinese New Year holidays, according to Mymetal’s weekly report. Mymetal is Mysteel’s nonferrous market data collection arm.
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China’s spot copper market was quiet over the week of January 13-17 due to Chinese New Year holiday approaching later this month, according to Mymetal’s weekly report. However, copper prices saw tiny rises, which market sources attributed to the positive signals seen in the global economy. Mymetal is Mysteel’s nonferrous market data collection arm.
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The approach of the Chinese New Year holiday (CNY) over January 24-30 saw both supply and demand in China’s lead market soften during the period January 13-17, according to Mymetal, Mysteel’s nonferrous market data collection arm.
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For 2019, China’s gross domestic product grew 6.1% on year to Yuan 99 trillion ($14 trillion), with the final result coming within the central government’s targeted range for last year of 6-6.5%, according to National Bureau of Statistics (NBS) data released on the release on January 17. “Most of the tasks were fulfilled, laying a solid foundation for China to develop into a well-off society,” NBS commented.
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Fixed asset investment (FAI) in China’s manufacturing sector grew by a total of 5.4% on year during full year 2019, up 0.2 percentage point from the first eleven months, according to the latest data from the National Bureau of Statistics (NBS) released on Friday. FAI in the domestic property market increased by 9.9% on year during January-December, though this was off by a tiny 0.3 percentage point from the January-November reading, the data show.
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Members of China Smelters Purchase Team (CSPT), comprising most of the copper smelters in China, big and small, have so far taken no action of cutting their copper output into 2020 though they had vowed to do so on December 26 2019, Mysteel Global noted.
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China’s fixed asset investment (FAI) in manufacturing sector grew 5.4% on year for 2019 among which the FAI into property market up 9.9% on year, according to the latest statistics from the National Bureau of Statistics. A detailed report will be posted soon.
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China’s gross domestic product (GDP) grew 6.1% on year for 2019 to Yuan 99 trillion ($14 trillion), according to the latest statistics from the National Bureau of Statistics. A detailed report will be posted soon.
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China and the US trade tension has shown signs of easing as the two countries signed their phase-one economic and trade agreement on January 15 (Washington time) after nearly two years of trade frictions and talks, according to a news report by Xinhua News Agency on January 16.
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Alcoa Corporation, a global producer of bauxite, alumina and aluminum, expects its aluminum shipments to rise this year as it believes global aluminum demand will increase, according to the company’s latest Q4 and full-year 2019 results published on January 15 local time. But the Pennsylvania-headquartered firm expects a supply surplus too, it admitted.
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Production Summary
Note: South32’s financial year runs
from July to June.
Unless otherwise
noted: percentage variance relates to performance during the half year ended
December 2019 compared with the half year ended December 2018 (HoH) or the
December 2019 quarter compared with the September 2019 quarter (QoQ);
production and sales volumes are reported on an attributable basis.
Source:
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North China’s Inner Mongolia Autonomous Region plans to promote the utilization of its abundant reserves of coal containing a high percentage of aluminum in Jungar Banner in the region’s southwest to bolster primary aluminum production, according to a notice released by official government website last week.
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China’s zinc prices rebounded last week with the national average price for zinc ingot (≥99.995%) rising by Yuan 216/tonne ($31.3/t) on week to Yuan 18,677/t including the VAT as of January 10, according to Mymetal’s latest price assessment, but trading receded notably after the prices increased. Mymetal is Mysteel’s sister publication for non-ferrous products.
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China’s imports of copper concentrates and ores climbed by 11.6% on year to reach 22 million tonnes last year, with the total value up 11.1% on year at Yuan 233.7 billion ($33.4 billion), according to the latest data from China’s General Administration of Customs released on Tuesday.
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China’s deliverable copper stocks in the warehouses of the Shanghai Futures Exchange and those in warehouses in four major cities contracted by a further 4,600 tonnes on week to 161,100 tonnes as of January 10, according to the weekly report from Mymetal, Mysteel’s nonferrous market data collection arm.
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Prices of lead ingot across China reversed up over the January 6-10 week amid the relatively short availability of tradable resources in the market, especially of secondary lead, according to the weekly survey conducted by Mymetal, Mysteel’s nonferrous market data collection arm.
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Retail inventories of aluminum ingot across China increased further during the period of January 7-13, according to Mymetal’s weekly report, largely because demand has softened – with fabricators starting their Chinese New Year (CNY) holidays in advance – and because deliveries of ingots in some regions were disrupted by heavy snowfalls recently, the report said. Mymetal is Mysteel’s nonferrous market data collection arm.
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China’s production and sales of automobiles in 2019 declined by 7.5% and 8.2% on year to 25.7 million units and 25.8 million units respectively, according to the latest statistics from China Association of Automobile Manufacturers (CAAM) published on January 13.
