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For 2021, China’s nonferrous sector is likely to experience a patten of stabilizing after growths in the first few months, Jia Mingxing, vice president and secretary-general of the China Nonferrous Metals Industry Association, shared at a press conference on April 29.
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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry inched down by 0.8 basis point on month to 51.1 for April, though having persisted in the expansion zone since March 2020, and all the key sub-indices including production and new orders were also above 50, according to the latest release by China’s National Bureau of Statistics (NBS) on April 30.
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Shanghai- and Hongkong-listed China Molybdenum Co (CMOC) saw its net profit for this year’s January-March quarter jump by 124.8% on year to around Yuan 1 billion ($154.6 million), mainly thanks to the marked rises in copper and cobalt prices, according to the company’s Q1 report released on April 28.
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Two friends in Beijing shared their pictures taken in the deserted Shougang steelworks in Shijingshan, on the outskirts of western Beijing, through WeChat Moments recently. No one in the Chinese steel industry would have foreseen ten years before that the site could have turned into a local tourism spot with all the long-deserted blast furnaces clearly seen in the background of pictures.
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The price of high-carbon ferrochrome (FeCr) with 55% Cr content in North China’s Inner Mongolia fell to a 3.5-month low as of April 23, according to Mysteel’s assessment. Trading was thin last week as the market was waiting for the major domestic stainless steel producers to table their bidding prices for May supplies, sources said.
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China’s sizable industrial firms posted a 137% on-year gain in their gross profits over January-March, which was also up 50.2% from Q1 2019, confirming their significant improvement in their financial performance, according to the release by the country’s National Bureau of Statistics (NBS) on April 27.
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China’s price of ferromolybdenum (FeMo) remained unchanged on week at Yuan 113,000/tonne ($17,424.6/t) including the 13% VAT as of April 23, according to Mysteel’s assessment. The firmness of the price was attributed to the improved buying interest among domestic stainless mills rebuilding inventory of FeMo before the Labour Day holiday over May 1-5, a market source said on Monday.
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China’s production of the four major home appliances increased significantly in the first quarter of this year, given the low bases in the same period last year, as well as their sustained strong export business. But dampening the manufacturers’ mood was the rise in raw materials and other input costs, Mysteel Global noted.
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Indian ferrochrome scenario is faced with adverse market conditions as the spot overseas demand is very low and the domestic buyers are pushing for lower prices. Most market participants anticipate a further fall in ferrochrome prices and are waiting for the OMC auctions and next month’s Chinese tender prices to be released.
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China’s Ministry of Industry and Information Technology (MIIT) reiterated at a press conference on April 20 that the country's crude steel will be cut this year and it has been formulating execution plans, which, to some extent, cleared the mist in and out of China on whether steel output cut for 2021 is still on China's agenda.
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Chinese prices of imported chrome ore at the country’s main ports decreased again last week to a near 3.5-month low, dragged lower in the slipstream of softening ferrochrome (FeCr) prices nationwide, according to Mysteel’s latest weekly survey.
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China has the solid foundation to maintain stability in the consumer goods and industrial materials prices, Meng Wei, spokesperson of the country’s National Development and Reform Commission (NDRC), commented on April 19 at the press conference on the first-quarter domestic economic performance.
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The offering price of 60% ferromolybdenum (FeMo) in Northeast China, a key production region for the noble alloy, remained stable for the most part last week though it retreated by Yuan 1,000/tonne ($153.3/t) on week to Yuan 113,000/t as of April 16, according to Mysteel’s latest report. The price was mainly dragged down by weakened demand from China’s mills and the falling prices of moly oxide in other Asian countries.
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China’s energy production and consumption recovered fast over the January-March quarter, following the steady resumption of economic activity last quarter, new data from the National Bureau of Statistics (NBS) showed. Despite the higher energy consumption, the country made more progress in energy saving, with energy consumption per GDP unit dropping 3.1% on year against the sharp growth of 18.3% on year in China’s total GDP in Q1.
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Chinese prices of bulk commodity products including petroleum and ferrous and non-ferrous metals have no basis for long-term growth, Liu Aihua, spokeswoman of National Bureau of Statistics (NBS) stated at a press conference following the release of the country’s Q1 economic performance data on April 16.
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China’s fixed asset investment (FAI) grew 25.6% on year over January-March to approximately Yuan 9.6 trillion ($1.47 trillion), which was also up 6% from Q1 2019, and among the total, that in the property market also soared 25.6% on year or 15.9% higher than two years ago, according to the release by the country’s National Bureau of Statistics (NBS) on April 16.
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Just as expected, China’s gross domestic product (GDP) grew significantly by 18.3% on year over January-March to Yuan 24.9 trillion ($3.8 trillion), confirming that the national economy has been on the track of steady recovery, according to the data release by the country’s National Bureau of Statistics (NBS) on April 16.
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Over January-March, China’s fixed asset investment grew 25.6% on year to approximately Yuan 9.6 trillion ($1.47 trillion), among which the funding in the property market also grew 25.6% on year to Yuan 2.76 trillion, according to the release by the country’s National Bureau of Statistics on April 16. A detailed
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China's gross domestic product (GDP) approximated Yuan 24.9 trillion ($3.82 trillion) over January-March, up 18.3% on year or 10.3% from Q1 2019, according to the release from the country's National Bureau of Statistics on April 16. A detailed report will be posted soon.
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Indian ferrochrome prices fell this week as buyers retreated in anticipation of a further price fall. Meanwhile, spot demand from China is non-existent, as the buyers there are not interested in importing ferrochrome, with ample ferrochrome availability at reasonable levels. The prices for ferrochrome have been tumbling since the start of the month and it has now turned into a buyers’ market.
