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As of July 30, the most-traded copper, nickel and aluminum contracts on the Shanghai Futures Exchange (SHFE) all showed on-week rises when the daytime trading session ended. The Shanghai prices were tracking in step with the price movements of the same metals on the London Metal Exchange, Mysteel Global noted.
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China’s nominal economic growth is very likely to slow down after the COVID-19 years, mainly because of the changes in China’s population structure and the deceleration in investment growth, Xu Xiaoqing, chief economist of DH Fund Management Co shred on July 28 at the 5th China Steel Derivatives International Conference 2021 (CSDIC) in Shanghai.
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Spot prices of primary and second lead across China increased over July 19-23, according to Mymetal, Mysteel’s nonferrous metals market intelligence arm, mainly in response to changes in futures prices, market watchers said.
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The price of 8-15% grade nickel pig iron (NPI) in East China’s Jiangsu reached Yuan 1,415/mtu ($218.1/mtu) including delivery and the 13% VAT as of July 28, higher by another Yuan 65/mtu on week, according to Mysteel’s assessment. The rise was also the price’s fifth on-week gain and helped renew its seven-year high, Mysteel Global notes. Market watchers attributed the continuous growth in NPI prices to tightened supply, robust demand and the domestic smelters’ higher production costs.
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China’s stainless steel industry will experience transformation throughout its whole supply chain in the coming years, all triggered by Beijing’s commitment to reducing carbon footprints, Yang Bo, chief analyst of Xiamen Xiangyu Group Corp (XMXYG Corp), shared in Shanghai at the stainless steel seminar of the 5th China Steel Derivatives International Conference 2021 on July 27.
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Liu Youbin, spokesperson for China’s Ministry of Ecology and Environment (MEE) reiterated at a press conference on July 26 that producers from the other carbon-emitting industries including steelmaking, cement and other construction materials will join the country’s power houses in nationwide carbon emission quota trading once the conditions are met.
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For the first half of 2021, China’s sizable industrial firms saw their gross profits surge by 66.9% on year or 45.5% higher than the corresponding period of 2019, according to the latest release by the country’s National Bureau of Statistics (NBS) on July 27, reflecting the strong recovery in demand and their overall performance, and bulk commodities sectors did post higher gains.
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China’s total electricity generation capacity from all forms of energy is forecast to increase by 7.7% on year this year to reach 2.37 billion kW, according to a report by China Electricity Council on July 23. Within the total, by year’s end the portion fuelled by non-fossil energy will reach 1.12 billion kW, exceeding coal-fired electricity capacity at 1.1 billion kW, the council predicts.
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The most-traded Chinese copper and nickel contracts on the Shanghai Futures Exchange (SHFE) closed higher on week when the daytime trading session ended on July 23, while the SHFE’s most traded aluminum contract closed lower on week.
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China’s national price of 99.7% primary aluminum ingot under Mymetal’s assessment continued to hover high over July 15-21, first climbing to Yuan 19,380/tonne ($2,996/t) on July 16 before easing to Yuan 19,086/t by July 21 to close the week Yuan 15/t down.
