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Major Chinese steel mills returned to the market for ferromolybdenum (FeMo) over November 23-27 after a week of quietness, the reignited enthusiasm, however, showed little influence on the noble alloy price, as the latter slipped from its five-month high, according to Mysteel’s latest weekly survey.
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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry recovered by 0.7 basis point to reach 52.1 in November after the small decline in October, according to the latest release from the country’s National Bureau of Statistics (NBS) on November 30. The result shows that this weathervane of Chinese manufacturing activity has remained above the threshold of 50 connoting expansion for nine straight months and indicates that the performance recovery of the country’s manufacturing industry is accelerating, NBS said.
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China’s Purchasing Managers’ Index (PMI) for its manufacturing industry recovered by 0.7 basis point on month to 52.1 for November, or above the benchmark of 50 for the ninth month, indicating the pick-up in pace of recovery in the country's manufacturing sector, according to the latest release from the country's
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China’s four top governing organizations released a joint release on November 25, reaffirmed the country’s banning of solid wastes imports starting January 1 2021, which has created mild panic in domestic ferrous and nonferrous communities, fearing that Beijing was reversing earlier plans to liberalize imports of such scraps, though industry insiders stayed calm, reminding all of the exact definitions in the document.
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Indian ferro chrome prices are marginally lower than the previous week amidst a supply-demand mismatch. Producers with higher inventory are desperate to liquidate the stock to mitigate the cash flow crunch. Meanwhile, suppliers with stable long-term contracts in hand are firm with their offers.
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The price of South Africa-origin 40-42% grade chrome concentrates in China declined further last week amid high stock levels at ports, with the price dipping to Yuan 25.5/tonne ($3.9/t) as of November 24, representing an on-week decline of Yuan 0.25/dmtu, Mysteel’s data showed.
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The price of 60% Ferromolybdenum in Northeast China, a key production and trading hub of the noble alloy, increased for the third week in a row during the November 16-20 week, rising by another Yuan 1,000/tonne ($152.2/t) on week to reach Yuan 99,000/t including 13% VAT as of November 20, according to Mysteel’s latest weekly report. Though the price was the highest since mid-June, the succession of price gains saw buying turn slack during the survey period.
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China’s production of the four mainstream electric home appliances continued with recovery in October, with refrigerator posting the sharpest 25.8% on year gain in production, according to the latest data from China’s National Bureau of Statistics (NBS), which was mainly due to robust demand from overseas, Mysteel Global noted.
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Indian ferro chrome prices have been falling for continuous 4 weeks now. However, producers believe that the demand might rebound from China later this month or in early December, and hence are not reducing their production volumes in the Jajpur area.
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The spot price of ferrochrome (FeCr) with 55% Cr content in North China’s Inner Mongolia had declined by Yuan 50/tonne ($7.6/t) on week to reach Yuan 5,750/tonne EXW and including 13% VAT as of November 19, Mysteel’s data showed, mainly due to the weak demand.
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The offering prices of the 60% Mo ferromolybdenum (FeMo) in Northeast China, a key production and trading hub of the noble alloy in the country, increased for the second week by another Yuan 1,000/tonne ($146/t) on week to Yuan 98,000/t including the VAT as of November 13, mainly due to higher production costs, according to Mysteel’s latest weekly report.
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China’s economy has been improving steadily and despite uncertainties facing the global market, the government is confident about maintaining the consistent recovery and realizing the country’s development targets for 2020 by relying on its internal strength, Fu Linghui, spokesperson of the National Bureau of Statistics (NBS), shared at a press conference on November 16.
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China’s fixed asset investments (FAI) both overall and in the property market specifically, accelerated to last month, growing by 1.8% and 6.3% respectively over January-October, with the former 1 percentage point higher and the latter 0.7 percentage points higher than those for the first nine months, according to the country’s National Bureau of Statistics (NBS).
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China's fixed asset investment grew 1.8% on year over January-October, or 1 percentage point higher than that for the first three quarters, among which, the funding in the property grew 6.3% on year or 0.7 percentage point higher than the gain over January-September, according to the latest release by the
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Indian ferro chrome prices have fallen sharply due to low demand from both fronts - domestic and export market. Since India is a net exporter of ferro chrome, declining demand from the exports is adding to the selling pressure on the ferro chrome producers. Indian producers have allotted more quantity in the domestic market, leading to oversupply and fall in prices.
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In October, China’s auto sales persisted on the uptrend, up 0.1% on month or 12.5% on year to 2.6 million units, and among the total, new-energy vehicles (NEVs) sales grew more remarkably, jumping 13.9% on month or 104.5% on year, according to the latest data from the China Association of Automobile Manufacturers (CAAM) on November 11.
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China’s gross domestic product (GDP) may grow 2% on year for the whole 2020 should the growth for the fourth quarter approximate 6.1% on the condition that “favourable factors will outweigh the adverse ones”, Meng Chun, researcher from China’s Development Research Center of the State Council shared at the 2020 National Steel Scrap Conference on November 12 in Haikou, South China’s Hainan.
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Indian chrome ore auctions by OMC were concluded yesterday in the late evening, in which almost the entire offered quantity got booked. Below are some key highlights from the auction:
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The price of 60% ferromolybdenum (FeMo) in Northeast China, a key production and trading hub of the ferroalloy, increased by Yuan 2,000/tonne ($304.4/t) on week to Yuan 97,000/t including the 13% VAT as of November 6, as Chinese FeMo smelters were forced to raise their prices due to high production costs, according to Mysteel’s latest weekly report.
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China’s foreign trade value grew faster at 1.1% on year over January-October against the 0.7% growth for the first nine months, and both exports and imports showed the continuing improvement, with the former having increased faster by 2.4% on year and the latter narrowed the on-year decrease to 0.5% on year, the latest data from the country’s General Administration of Customs showed.
