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Recent data from China’s National Bureau of Statistics (NBS) showed that the country continued to optimize its energy structure over January-September, as the proportion of coal in all energy consumed nationwide declined by another 0.5 percentage point on year during the first three quarters.
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China has relaxed restrictions that for years have blocked nonferrous scrap from entering the country except under strict conditions. Beginning November 1 2020, metal scrap such as copper, aluminum and brass can be freely imported, according to an October 19 announcement from the Ministry of Ecology and Environment (MEE).
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Chinese prices of nickel pig iron (NPI) continued to strengthen over the past week, mainly reflecting better sentiment among domestic NPI smelters. Their mood improved thanks to the support prices gained from the firm raw materials costs and the potential demand for NPI from stainless steelmakers, Mysteel Global learned.
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China’s domestic price of primary aluminum continues to fluctuate at relatively high levels, with the national price of 99.7% aluminum ingot as assessed by Mymetal rising to a three-month high of Yuan 15,007/tonne ($2,248/t) including 13% VAT and on delivery as of October 19. A day later though, the price eased back to Yuan 14,906/t. Mymetal is Mysteel’s nonferrous metals data collection arm.
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Copper prices in China’s physical markets continued increasing over the October 12-16 week, as downstream demand for the metal has remained firm so far this month, according to Mymetal’s weekly survey. Spot market stocks have declined as a result.
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China’s national price of 50% zinc ingot assessed by Mymetal reversed down by Yuan 207/tonne ($31/t) on week to Yuan 19,664/t as of October 16, as increasing supply against lukewarm demand is imposing downward pressure on prices, according to Mymetal’s latest weekly report. Mymetal is Mysteel’s market intelligence of non-ferrous products.
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BHP, a top copper producer worldwide, produced 413,000 tonnes of copper (metal contained) over July-September, down 4% on year but stable on quarter, according to the company’s quarterly report published on October 20. The Australian miner is maintaining its production guidance for its fiscal year 2021 (July 2020-June 2021) despite the impact of COVID-19.
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China’s domestic prices of primary and secondary lead softened further over October 12-16 on the remaining weak demand, the stirred market sentiment, and higher stocks of primary refined lead, Mymetal, Mysteel’s nonferrous market data collection arm, noted from its latest weekly survey.
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Note:
South32’s financial year
runs from July to June.
Unless otherwise noted:
percentage variance relates to performance during the September 2020 quarter
compared with the June 2020 quarter (QoQ); production and sales volumes are
reported on an attributable basis.
Source: South32, released
on October 19
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With the steady progress achieved in China’s national economic recovery in the past three quarters, especially with a 4.9% on-year growth in the gross domestic product (GDP) for the third quarter, the trend is expected to persist in the last quarter, Liu Aihua, spokesperson of the country’s National Bureau of Statistics shared at a press conference on October 19.
