Metal Scrap Performance in China
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Metal scraps performances in Foshan market on January 9
2025-1-9
Copper: The spot copper price in Foshan market rose slightly today, and the market trading is still cautious. The National Development and Reform Commission (NDRC) announced at the the State Council policy briefing held on January 8th that the categories of home appliances enjoying the trade-in subsidy have been expanded from 8 categories last year to 12 categories, and each product can enjoy a maximum subsidy of 20% of the sales price. This move has further enhanced market confidence, which is a very favorable signal for the copper market and indicates a good demand prospect. Although it is currently in the off-season of the industry, the spot premium has increased steadily, and the demand for reserve stocks at the end of the year continues, and the increase in domestic copper stocks is quite limited. The traders pay close attention to the enhancement of purchasing intention before the Spring Festival, and it is expected that there may be a stocking tide before the Spring Festival to provide support for copper prices.
Aluminum: Today, the price of aluminum in Foshan market is stable. The trading atmosphere in the domestic aluminum market continues to be affected by factors such as the decline of alumina and the weakening of corporate consumption before the Spring Festival, and the overall situation is weak. At present, most aluminum factories and enterprises purchase on demand, and pay close attention to the decline of alumina. The current aluminum premium in Guangdong is narrowing, and it is expected that domestic aluminum will fluctuate mostly in the short term between 200 and 300.
Zinc: Spot zinc price fell below the low level in November. Traders turned optimistic about the short-term zinc trend, and accordingly actively improved the purchase. The purchasing intention of downstream materials manufacturers improved, and market transactions improved.
Stainless Steel: Nickel and stainless steel futures rallied after hitting a low, futures rallied with the spot, the market sounded a long-lost rising sound, the trading atmosphere of steel strip improved, and the scrap industry also tended to follow suit. Some buyers actively raised their purchases, and the transaction price rallied. ( Analyzed by LTIT)
Zinc: Spot zinc price fell below the low level in November. Traders turned optimistic about the short-term zinc trend, and accordingly actively improved the purchase. The purchasing intention of downstream materials manufacturers improved, and market transactions improved.
Stainless Steel: Nickel and stainless steel futures rallied after hitting a low, futures rallied with the spot, the market sounded a long-lost rising sound, the trading atmosphere of steel strip improved, and the scrap industry also tended to follow suit. Some buyers actively raised their purchases, and the transaction price rallied. ( Analyzed by LTIT)
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