Metal Scrap Performance in China
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Metal scraps performances in Foshan market on November 22
2021-11-22
Copper: Today, recycled copper prices in Foshan market continue to rebound. Low inventory and tight supply have become the focus of recent fund speculation on copper prices. At present, the spot electrolytic copper premium in South China, East China and other places has risen sharply. The spot electrolytic copper premium in East China market has exceeded 2,000 yuan/ton, while the spot electrolytic copper premium in Guangdong market has also exceeded 1,000 yuan. The huge price difference between the two places has also accelerated the consumption of electrolytic copper in Guangdong market. Copper manufacturers are actively purchasing, and the stock of electrolytic copper in Guangdong has dropped sharply to a low level of 6,500 tons. The price of recycled copper rose with the broader market, but due to poor sales of finished products of copper enterprises, it was not as active as electrolytic copper in raw material procurement. The situation of low inventory of electrolytic copper may be difficult to alleviate in the short term, and the situation of high premium of copper may continue to be maintained, but the range is expected to narrow.
Aluminum: Today, the aluminum price in Foshan market continues to rise, and the "explosion incident" ignited the aluminum market. Coupled with the full release of risks after the continuous sharp drop and the stimulation of increased settlement demand at the end of the month, the funds paid attention to the metal market again, and the aluminum rebounded sharply to above 19,000, while the cargo holders continued to follow the increase, while the aluminum-using factories and enterprises basically maintained on-demand procurement or a small increase in positions.
Zinc: Today, the zinc price in Foshan market continues to rebound. However, due to the rising trend of zinc, the wait-and-see atmosphere in the market is renewed. Traders are more cautious in receiving goods, basically maintaining low inventory operation, and asking for goods only after receiving orders. Downstream manufacturers are worried about the zinc price in the market outlook, mostly waiting to see, only needing a small amount of procurement, and the market transaction is dull. Zinc price is expected to fall step by step.
Stainless Steel: The price of stainless steel in Foshan market continues to rebound today. Spot stainless steel has gradually stopped falling, confidence in the scrap industry has been improved, manufacturers are actively taking advantage of low replenishment, and the bargaining price of buyers continues to rise slightly. At present, the scrap market is a rebound, and the trading situation of steel strip in the market outlook and the production cost of steel mills are still the key concerns. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market continues to rise, and the "explosion incident" ignited the aluminum market. Coupled with the full release of risks after the continuous sharp drop and the stimulation of increased settlement demand at the end of the month, the funds paid attention to the metal market again, and the aluminum rebounded sharply to above 19,000, while the cargo holders continued to follow the increase, while the aluminum-using factories and enterprises basically maintained on-demand procurement or a small increase in positions.
Zinc: Today, the zinc price in Foshan market continues to rebound. However, due to the rising trend of zinc, the wait-and-see atmosphere in the market is renewed. Traders are more cautious in receiving goods, basically maintaining low inventory operation, and asking for goods only after receiving orders. Downstream manufacturers are worried about the zinc price in the market outlook, mostly waiting to see, only needing a small amount of procurement, and the market transaction is dull. Zinc price is expected to fall step by step.
Stainless Steel: The price of stainless steel in Foshan market continues to rebound today. Spot stainless steel has gradually stopped falling, confidence in the scrap industry has been improved, manufacturers are actively taking advantage of low replenishment, and the bargaining price of buyers continues to rise slightly. At present, the scrap market is a rebound, and the trading situation of steel strip in the market outlook and the production cost of steel mills are still the key concerns. (Analyzed by LTIT)
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