Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 13
2024-3-13
Copper: Today, the spot copper price in Foshan market continues to rise slightly, and the market optimism has improved. Macro-benefits have temporarily gained the upper hand and optimistic pricing. At the same time, the "equipment renewal and trade-in" action plan put forward by the two sessions has effectively boosted the market's expectation of improved demand in the after-market and injected some confidence into the market. At present, factories and enterprises basically accept the recent fluctuation trend, and purchase according to their own actual needs. With the slow improvement of market demand, the copper in Guangdong Province has also begun to show a small premium. For the short-term copper price trend, traders are still cautiously optimistic. They believe that SHFE copper is expected to maintain a strong trend based on the short-term bullish factors. Short-term inventory changes need to be continuously concerned.
Aluminum: Today, the price of aluminum in Foshan market continued to rise slightly. At present, the domestic supply is sufficient, which limits the increase. The latest inventory data shows that the inventory has reached 887,000 tons, and it is currently in the seasonal accumulation stage. It is expected that the subsequent inventory will continue to rise. However, the rate of stock accumulation has slowed down, and the profit-making mentality of cargo holders is still strong, and the spot remains slightly discounted.
Zinc: The price of zinc continues to be on the strong side, and traders are more cautious in receiving goods, mainly maintaining the existing inventory operation. The downstream material manufacturers have a strong fear of heights, mostly wait and see, and the purchasing enthusiasm is not high, and the market transactions have not changed much. China will enter the traditional consumption peak season, but it is still in the stage of accumulated inventory, and the price of zinc is expected to rise in the short term, so it is not appropriate to be overly optimistic about the increase.
Stainless Steel: Nickel price has reached a new high, and demand is expected to increase. It is expected that nickel price will fluctuate at a high level in the short term. Recently, the strong nickel price has little stimulating effect on stainless steel, the spot market remains depressed, and the demand transaction is weak. Steel mills continue to suppress the price of scrap considering the profit margin of production, and manufacturers in the industry respond cautiously, maintaining low-price transactions, and the circulation of supply transactions slows down. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continued to rise slightly. At present, the domestic supply is sufficient, which limits the increase. The latest inventory data shows that the inventory has reached 887,000 tons, and it is currently in the seasonal accumulation stage. It is expected that the subsequent inventory will continue to rise. However, the rate of stock accumulation has slowed down, and the profit-making mentality of cargo holders is still strong, and the spot remains slightly discounted.
Zinc: The price of zinc continues to be on the strong side, and traders are more cautious in receiving goods, mainly maintaining the existing inventory operation. The downstream material manufacturers have a strong fear of heights, mostly wait and see, and the purchasing enthusiasm is not high, and the market transactions have not changed much. China will enter the traditional consumption peak season, but it is still in the stage of accumulated inventory, and the price of zinc is expected to rise in the short term, so it is not appropriate to be overly optimistic about the increase.
Stainless Steel: Nickel price has reached a new high, and demand is expected to increase. It is expected that nickel price will fluctuate at a high level in the short term. Recently, the strong nickel price has little stimulating effect on stainless steel, the spot market remains depressed, and the demand transaction is weak. Steel mills continue to suppress the price of scrap considering the profit margin of production, and manufacturers in the industry respond cautiously, maintaining low-price transactions, and the circulation of supply transactions slows down. (Analyzed by LTIT)
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