Metal Scrap Performance in China
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Metal scraps performances in Foshan market on May 19
2022-5-19
Copper: Today, the price of secondary copper in Foshan market has dropped slightly, and market transactions tend to be cautious. The economic decline and the strong US dollar index suppressed LME copper to fall back to above $9,200, while SHFE copper remained above $71,000, and overall, its resilience remained strong. Some analysts believe that the current epidemic situation is under control, Shanghai is making efforts to promote the resumption of business and production, and there is support from non-ferrous metals in the short term. In the medium and long term, the Fed raises interest rates, the industrial product valuation is on the high side, and there is pressure above the copper price. On the spot, the sales of electric copper continued to rise at a high premium, and the secondary copper products were reluctant to be sold at a low price. However, the copper factory enterprises worried about the market outlook and basically purchased on demand. However, the overall tight domestic copper supply supported the price, and it is expected that the short-term copper price will fluctuate mostly.
Aluminum: Today, the price of aluminum in Foshan market rebounded slightly. Recently, most aluminum manufacturers mainly purchase aluminum on demand. However, the high price of recycled aluminum makes traders' purchasing direction focus on aluminum ingots, which is also conducive to their digestion. The national social inventory of aluminum has remained close to 1 million tons. Based on the above factors, it is expected that the short-term aluminum price trend will still be dominated by repeated range fluctuations.
Zinc: Today, the price of zinc in Foshan market is stable. The price of zinc fluctuated at a low level in the past month, and smelters and cargo-holders shipped normally. When the price of zinc dropped this time, traders made appropriate replenishment on dips, and the trading activity increased. Downstream manufacturers kept purchasing on demand, and overall market transactions increased.
Stainless Steel: Recently, the steel mills' price reduction crushed the confidence of the stainless steel market, but the price drop still failed to recover the improvement of the transaction, and the market gradually exuded a pessimistic bearish atmosphere. Considering the cost and profit of steel mills, purchasing waste materials further lowers the price, the enthusiasm of manufacturers in the industry continues to decline, and the market continues to be weak. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market rebounded slightly. Recently, most aluminum manufacturers mainly purchase aluminum on demand. However, the high price of recycled aluminum makes traders' purchasing direction focus on aluminum ingots, which is also conducive to their digestion. The national social inventory of aluminum has remained close to 1 million tons. Based on the above factors, it is expected that the short-term aluminum price trend will still be dominated by repeated range fluctuations.
Zinc: Today, the price of zinc in Foshan market is stable. The price of zinc fluctuated at a low level in the past month, and smelters and cargo-holders shipped normally. When the price of zinc dropped this time, traders made appropriate replenishment on dips, and the trading activity increased. Downstream manufacturers kept purchasing on demand, and overall market transactions increased.
Stainless Steel: Recently, the steel mills' price reduction crushed the confidence of the stainless steel market, but the price drop still failed to recover the improvement of the transaction, and the market gradually exuded a pessimistic bearish atmosphere. Considering the cost and profit of steel mills, purchasing waste materials further lowers the price, the enthusiasm of manufacturers in the industry continues to decline, and the market continues to be weak. (Analyzed by LTIT)
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