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Futures prices of most non-ferrous metals including copper, aluminum, zinc and nickel on the Shanghai Futures Exchange lost ground this week on macro-economic factors, both in the domestic and global markets, which investors believed reflected a gradual slowing economy, market sources said.
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China’s economic growth was largely stable over the first three quarters of 2018, with the gross domestic product (GDP) at Yuan 65.1 trillion ($9.4 trillion), up 6.7% on year, according to the latest figures from the National Bureau of Statistics (NBS) released on October 19.
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China’s ferromolybdenum price has rebounded after the one-week National Day holiday break earlier this month, partly thanks to improving market sentiment amid the environmental facility inspections in North China’s Liaoning province, Mysteel has learned.
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The 60% Mo ferromolybdenum price in
Northeast China remained steady over the week of September 25-30, little disturbed with the imminent National Day holiday on October
1-5, down merely 0.8% or Yuan 1,000/tonne ($146/t) on week to Yuan 130,000/t
including 16% VAT as of September 30, market
sources noted.
“The moderate price decline was mainly
because
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China’s Purchasing Managers’Index (PMI) for the manufacturing industry reversed down 0.5 basis point on month to 50.8 for September but still staying above the benchmark 50 for the 26th successive month, indicating a continuing expansion, according to the latest release by China’s National Bureau of Statistics on September 30.
The slow-down
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Beijing’s shift of its focus onto detailed air pollution
control guidelines for the “2+26” cities over October 1-March 31 2019, which
differs from the specific and detailed blanket control over polluting
industries including steel on their capacities,will by no meanssuggest “the loosening in control or lower severity
in essence from the 2017 winter”, according
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Ganfeng Lithium Co, China’s largest lithium producer headquartered in East China’s Jiangxi province, has secured a three-year deal to supply lithium hydroxide to Tesla’s battery producers including Panasonic, a Ganfeng official confirmed on September 26.
The supply deal will account for Ganfeng’s 20% lithium hydroxide capacity, according to a company
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China’s Customs Tariff Commission of the State Council will impose a 5% or a 10% tariff on another batch of the US-origin products valuing $60 billion starting September 24 in the response to the US’ latest announcement to impose a 10% tariff on additional Chinese goods valuing $200 billion on
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Chinese domestic prices of ferromolybdenum continued to
decline over the week of September 11-17, mainly pressured by the decline in
the number of bids tabled by steelmakers and the low prices of the few bids that
the mills proffered, according to market sources.
Over the past week, the 60% FeMo price in Northeast China
lost
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China’s fixed asset investment (excluding rural households) grew by 5.3% on year to Yuan 41.5trillion ($6.1trillion) during January to August this year, according to the latest data released by China’s National Bureau of Statistics on September14. Though FAI spending continues to increase, the NBS data show the growth rate slowing
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China’s price of ferrotungsten with 80% W
content fell to its new low since December 21 2017 of Yuan 172,000/tonne ($25,144/t),
or down another Yuan 2,000/tonne over the past two weeks, as the demand remained
dismal, according to Mysteel’s survey.
The weakness in ferrotungsten market is unlikely
to improve in the short term, according to
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Production and sales of automobiles in China continued to drop in August
but at a sharper pace compared with same month last year, declining by 4.4% and
3.8% on-year respectively, according to the latest data from China Association
of Automobile Manufacturers (CAAM) on September 11.
In August, China’s auto output registered 2 million
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Chinese domestic prices of ferromolybdenum started to
retreat over the week of September 4-10, ending the rally which began two weeks
previously, Mysteel has learned from the market.
Over the past week, the 60% FeMo price in China’s
Northeast region reversed down by Yuan 4,000/tonne ($583/t) or nearly 3% week
on week to Yuan 134,000/t
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China is making changes to the export tax system applied to a total of 397 products including finished steel and non-ferrous metals products, according to a notice from the country’s Ministry of Finance, with some items attracting rebates for the first time while others will have their existing rebates increased.
From
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The rally witnessed in domestic Chinese prices of ferromolybdenum continued over the past week, with Mysteel’s 60% FeMo price gaining another Yuan 3,000/tonne ($439/t) week on week to reach Yuan 138,000/t including 16% VAT as of September 3.
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Domestic prices of ferromolybdenum have rebounded over the past week, with Mysteel’s 60% FeMo price rising by Yuan 6,000/tonne ($882/t) or 4.7% on week to Yuan 135,000/t including 16% VAT as of August 28.
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Shanghai-listed China Molybdenum Co, the country’s top molybdenum producer, holds a positive view of China’s market for ferromolybdenum for the current half of this year, according to its 2018 semi-annual report released on August 28.
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China’s price of ferrotungsten with 80% W content fell by another Yuan 1,000/tonne ($145/t) on week to Yuan 174,000/t including 16% VAT as of August 23, an eight-month low since December 22 2017, mainly because of tepid buying interest from downstream users, market watchers said.
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Domestic prices of ferromolybdenum have slid further over the past week, with Mysteel’s 60% FeMo price slipping by Yuan 2,000/tonne ($290/t) or 1.5% on week to Yuan 128,000/t including 16% VAT as of August 21. However, the pace of the decline has slowed, market watchers noted, mainly because demand remains generally healthy.
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Domestic prices of ferromolybdenum in China have slid over the past week, with Mysteel’s 60% ferromolybdenum price slipping by Yuan 8,000/tonne ($1,176) or 6% on week to Yuan 130,000/t including 16% VAT as of August 14. Only a week earlier on August 7, the price had hit a 6.5-year high of Yuan 138,000/t.
