Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 23
2024-10-23
Copper: The spot copper price in Foshan market is stable today, and the market bullish sentiment is still good. From a macro perspective, the State Council Office has recently continued to exert its efforts to increase the counter-cyclical adjustment of fiscal policy, and has successively launched a package of targeted incremental policy measures to ensure the steady progress of the economy and provide macro support for the rise of copper prices. Fundamentally speaking, there is uncertainty in the supply side of the current copper market. Due to the limited recovery of the output of the smelters that were overhauled in the early stage and the tight supply of raw materials at the smelting end, some smelters chose to take the initiative to reduce production, which made the supply in the copper market expected to decline. In terms of consumption, the copper market still has some resilience, and the power grid industry is firm. These factors have played a supporting role in the copper price, and the short-term copper price continues to fluctuate intensively.
Aluminum: Today, the price of aluminum in Foshan market rose slightly. SHFE aluminum once rose above 21,000 yuan, hitting a new high in nearly four months, bringing optimism to the current aluminum market. The recent increase in aluminum prices is mainly supported by the soaring price of alumina. Since the beginning of October, the main contract price of alumina has increased by nearly 16%, with an increase of over 46% during the year, which has increased the production cost of aluminum ingots.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate in a range. Downstream manufacturers lack confidence in the after-market, continue to hold a wait-and-see attitude, and purchase in small quantities with rigid demand, with little change in market transactions. Pay attention to the actual consumption situation of policy transmission, and the zinc price is expected to rise in the medium term.
Stainless Steel: The eight-day decline of peripheral LME nickel continued to exert pressure, while domestic SHFE nickel and stainless steel continued their downward trend, and the spot market price trend weakened. The transaction of steel strip was weak, the price was loose and fell, the purchase price of molten steel was lowered by large steel mills, and the scrap industry responded quickly to keep the price down, and the manufacturers closed down across the board. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rose slightly. SHFE aluminum once rose above 21,000 yuan, hitting a new high in nearly four months, bringing optimism to the current aluminum market. The recent increase in aluminum prices is mainly supported by the soaring price of alumina. Since the beginning of October, the main contract price of alumina has increased by nearly 16%, with an increase of over 46% during the year, which has increased the production cost of aluminum ingots.
Zinc: Today, the price of zinc in Foshan market continues to fluctuate in a range. Downstream manufacturers lack confidence in the after-market, continue to hold a wait-and-see attitude, and purchase in small quantities with rigid demand, with little change in market transactions. Pay attention to the actual consumption situation of policy transmission, and the zinc price is expected to rise in the medium term.
Stainless Steel: The eight-day decline of peripheral LME nickel continued to exert pressure, while domestic SHFE nickel and stainless steel continued their downward trend, and the spot market price trend weakened. The transaction of steel strip was weak, the price was loose and fell, the purchase price of molten steel was lowered by large steel mills, and the scrap industry responded quickly to keep the price down, and the manufacturers closed down across the board. (Analyzed by LTIT)
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