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Domestic prices of ferromolybdenum across China remained stable over the past week, mainly thanks to the support the ferroalloy has received from the firm price of moly concentrate, Mysteel Global has learned.
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China Premier Li’s recent calling for the acceleration in upgrading old residential housing in urban areas, and improving the grid network and drinking water safety in rural areas are interpreted good news to fixed asset investment and domestic steel sector may benefit too in turn, market sources shared.
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Chinese production of air conditioners, washing machines, refrigerators, and televisions by the country’s home appliance makers continued to increase during January-May, according to the latest data released by China’s National Bureau of Statistics (NBS), with that of air-conditioners still witnessing the sharpest growth among the four, rising by 11% year on year to reach 97.46 million units during the first five months.
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Domestic prices of ferromolybdenum across China declined further over the past week as the market turned quiet, due to less demand from steel mills and traders, Mysteel Global learned Wednesday. Prevailing sentiment in the domestic market remains wait-and-see.
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Domestic prices of ferrotungsten across China have continued to drop amid the lingering bearish sentiment in the market, with that for 80% W ferrotungsten losing another Yuan 2,000/tonne ($289/t) month on month to reach a 22-month low of Yuan 154,000/t including the 13% VAT as of June 13, according to Mysteel’s database.
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China's overall fixed asset investment (FAI) grew by 5.6% on year to Yuan 21.76 trillion ($3.15 trillion) for January-May, though the five-month growth was lower by 0.5 percentage point from growth during January-April, according to the latest data released by China’s National Bureau of Statistics on Friday.
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China's fixed asset investment in general grew 5.6% on year to Yuan 21.76trillion ($3.15trillion) for January-Mayand the funding into the property market went up 11.2% on year to Yuan 4.6trillion during the period. A detailed story will be posted soon.
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Low bid prices from domestic steel mills have placed great pressure on China’s ferromolybdenum market and have dragged down spot-market prices of this ferroalloy over the past week, market insiders said Thursday.
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China’s imports of copper concentrates and ores rose by a large 16.6% on year to 9.1 million tonnes over January-May, according to Monday’s release from China’s General Administration of Customs, with imports in May contributing some 1.8 million tonnes to the total, jumping by 11.3% month on month.
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China’s copper concentrates and ores imports grew 16.6% on year to 9.1million tonnes over January-May. A detailed report will be posted soon.
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The Purchasing Managers’ Index (PMI) for China’s manufacturing industry continued to dive in May, down another 0.7 basis point on month to 49.4, falling below the threshold of 50 according to the latest release by China’s National Bureau of Statistics (NBS) on May 31.
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The volume of bids for ferromolybdenum tabled by Chinese steelmakers is likely to retreat substantially in May from last month’s record high of 11,400 tonnes, a fact that has shaken the sentiment of China’s ferromolybdenum market, Mysteel Global learned Tuesday.
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China’s economy and financial system will be able to withstand the impact of the ever-escalating Sino-US trade friction, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC) confidently predicted on May 28 during an exclusive interview with Xinhua News Agency and People’s Daily.
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China’s ferrotungsten price has been trending down since early April, undermined by thin demand and bearish sentiment, with that for 80% W ferrotungsten losing another Yuan 3,000/tonne ($436/t) month on month to reach Yuan 156,000/t including the 13% VAT as of May 15, according to Mysteel’s database.
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China’s fixed asset investment (excluding rural households) over January to April grew by a healthy 6.1% on year to Yuan 15.57 trillion ($2.3 trillion), though growth over the four months slowed by 0.2 percentage point compared with January-March, according to new data from China’s National Bureau of Statistics released on May 15.
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China's fixed asset investment in general grew 6.1% on year to Yuan 15.57trillion ($2.3trillion) for January-April and the funding into the property market went up 11.9% on year to Yuan 3.4 trillion during the period. A detailed story will be posted soon.
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China’s ferromolybdenum market has finally rebounded, with the price of 60% ferromoly climbing by Yuan 3,000/tonne ($437/t) or 2.5% from the end of April to touch a four-month high of Yuan 123,000/t including 13% VAT as of May 13, according to Mysteel’s database.
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Inspectors from the local government of North China’s Shanxi province have begun investigating complaints that alumina plants in the province are responsible for serious leaks from sludge dumps that are causing pollution. Thus, market sources fear alumina supplies could be significantly affected.
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China will raise the tariffs on some of the $60 billion worth of the US goods to a maximum of 25% starting June 1, according to an announcement from Customs Tariff Commission of the State Council on the evening of May 13 Beijing time.
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China’s nonferrous metals sector enjoyed generally steady operations in this year’s first quarter, with nonferrous prices recovered and profitability throughout the industry improving, China’s Ministry of Industry and Information Technology (MITT) said in its quarterly review released on May 8 citing the stronger performances in March in particular.
