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Chinese steel mills in key steelmaking hubs in North China are bracing themselves for possible emergency curbs for the next four days beginning Friday after the Ministry of Ecology and Environment (MEE) forecast a deterioration in air quality over urban centres from around December 12.
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The domestic price of ferromolybdenum in China retreated slightly over the past week, declining by Yuan 1,000/tonne ($142/t) on week to Yuan 108,000/t including the 13% VAT as of December 11, according to Mysteel’s database, as bidding prices from steelmakers slid with the slowdown in trading activity.
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China’s aluminum price had been holding firm over December 3-9, partly as aluminum stocks with the traders in 16 major Chinese cities under Mymetal’s weekly survey posted the fourth week of contraction during the period, down another 43,000 tonnes on week to 643,000 tonnes as of December 9, according to Mymetal’s weekly aluminum report.
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China’s foreign trade surplus in Yuan enlarged 34.9% on year to Yuan 2.6 trillion ($369.4 billion) over January-November, though the trade surplus in the U.S. dollar increased 28.4% on year to $377.6 billion, according to a release by China’s General Administration of Customs on December 8, both, however, being lower than the 42.3% or 34.9% for the first ten months.
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The Switzerland-headquartered mining company Glencore will supply up to about 30,000 tonnes of cobalt hydroxide in pure metal to South Korea’s SK Innovation over 2020-2025 to meet the latter’s need to produce more electric vehicle (EV) batteries amid the anticipation on the prosperity in the global EV market, Mysteel Global notes from the company releases.
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China’s imports of copper concentrates and ores climbed by 12.7% on month to 2.2 million tonnes during November, according to the latest release from China’s General Administration of Customs. Last month’s volume took the January-November total to 20.1 million tonnes, also higher by 10.2% on year.
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China’ ferromolybdenum market recovered again over the past week thanks to the support of firm raw material prices, with the price of 60% ferromoly reaching Yuan 109,000/tonne ($15,452/t) including the 13% VAT as of December 4, gaining Yuan 5,000/t week on week, according to Mysteel’s database.
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Chinese prices of high-carbon ferro-chrome dipped further to a near 38-month low as of December 3, mainly due to Tsingshan Group slashing its FeCr bid price for this month, market sources said on December 4. Tsingshan, headquartered in East China’s Zhejiang province, is China’s and the world’s largest stainless producer, Mysteel Global notes.
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China’s national average price for refined zinc ingot fell further for the fourth week by Yuan 96/tonne ($/t) on week to Yuan 18,647/t including the 13% VAT as of November 29, although zinc consumption in steel galvanizing and zinc alloys stayed steady last week, according to Mymetal, Mysteel’s nonferrous market data collection arm.
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The spot treatment and refining charges (TC/RCs) charged by China’s domestic copper smelters widened to $53-60/tonne as of November 29 from the $57-60/t on November 22, both being lower than the 2020 annual TC/RCs at $62/t, as copper concentrates supply remained tight, according to Mymetal’s latest weekly survey.
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China’s Purchasing Managers’ Index (PMI) for the country’s manufacturing industry returned to the expansion zone in November after having hovered in contraction area for six months earlier on, or rebounding 0.9 basis point on month to 50.2, the latest release from China’s National Bureau of Statistics (NBS) on Saturday.
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Earlier than usual, China’s Ministry of Finance (MOF) disclosed on November 27 to grant China's local authorities a total of Yuan 1 trillion ($142.4 billion) quota for the issuance of government bonds for specific uses, which is part of efforts to stabilize the national economy in 2020, clarifying that this is just “part of the whole parcel”.
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The steady decline in Chinese prices of high-carbon ferro-chrome (FeCr) every month since late September, mainly due to the weak demand from domestic stainless makers, has brought the price to a new 29-month low, market sources said on Thursday.
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Chinese ferromolybdenum prices have stabilized over the past week after the price of 60% ferromoly lost Yuan 2,000/tonne ($285/t) last Thursday to reach Yuan 107,000/t including the 13% VAT, the level it was at, as of Tuesday, according to Mysteel’s database.
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China’s national average price for 99.7% grade primary aluminum ingot recovered by Yuan 135/tonne ($19.3/t) on week to reach Yuan 14,044/t including 13% VAT as of November 25, according to Mymetal’s latest price report. The prices received a boosted from the steady contraction of aluminum stocks across the country which are now at their lowest level in nearly three years. Mymetal is Mysteel’s publication reporting non-ferrous news and prices.
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Chinese ferromolybdenum prices have rebounded quickly over the past week after hitting a 23-month low, with the price of 60% ferromoly soaring to Yuan 109,000/tonne ($15,508/t) including the 13% VAT as of November 19, up Yuan 11,000/t week on week, according to Mysteel’s database.
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China’s production of the four major home appliance showed diverged results again in October, with output of air conditioners witnessing a decline of 2.1% on year or by a large 25.3% on month, according to the latest data released by China’s National Bureau of Statistics (NBS).
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The national average price for 99.99% copper cathode across China headed down during the November 11-15 week, losing Yuan 444/tonne ($63/t) on week to reach Yuan 46,908/t including 13% VAT as of November 15, according to Mymetal’s latest weekly study.
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China’s National Development and Reform Commission (NDRC) has shed more light on a series of subtle and indirect economic stimulus efforts being pondered at its monthly press conference on November 15 in Beijing, and China’s steel market has sourced great support from these, as many of them relate to steel consumption.
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China’s fixed asset investment (FAI) in general grew 5.2% on year to Yuan 51.1 trillion ($7.3 trillion) over January-October, and the growth in the funding in the property sector was recorded at 10.3%, according to the latest release from the country’s National Bureau of Statistics (NBS) on November 14.
