[SMM Metal Morning reference] the US dollar weakens further and the metal rises generally | the budget blueprint of 3.5 trillion passes through customs | the export volume of silicon metal remains high in July.

SMM Morning Review

SMM Iron and Steel morning meeting summary: yesterday even iron stopped falling and rebounded, the main contract rose nearly 6.2% throughout the day; the port spot market quotation in early trading is basically stable than yesterday, with the strong operation of the market, some businesses began to raise their quotations one after another. And steel mills more "buy up do not buy down", the overall trading atmosphere of the port spot market improved yesterday.

[summary of SMM Steel Morning meeting] the sixth round of coke rally starts the black collective rally.

Each variety of early review point of view is being updated, please refresh later to check ~!

The market closed overnight.

The U.S. House of Representatives voted Tuesday to adopt a $3.5 trillion budget blueprint after pressure from the White House and assurances from Speaker Nancy Pelosi United divided Democrats, allowing President Joe Biden's core economic agenda to move forward. However, these major differences also herald difficult negotiations between Democratic lawmakers in the coming weeks. The Senate has previously set a deadline of September 15, which is a tight time frame.

The dollar weakened further on Tuesday as risk-related currencies benefited from higher commodity prices and markets put aside concerns about the spread of the Delta variant to measure data showing a strong recovery in the US economy. The metal market rallied across the board as the dollar boosted the metal market, with Lun Copper rising for the third day in a row on Tuesday, amid signs of a rebound in physical demand, but limited gains ahead of the Fed's seminar later this week. there is uncertainty in the market.

[overnight market] Metal Plus copper rose for three days in a row. Nasdaq and S & P 500 hit new intraday highs.

Sales of new homes in the United States rebounded in July from a month earlier for the first time in four months, rising 1% from June to an annualized 708000, higher than the expected figure of 697000, according to data released by the Census Bureau on Tuesday. The June figure was revised up to 701000 from 676000.

Today, we focus on the initial monthly rate of durable goods orders in the United States in July and the IFO economic climate index in Germany in August.

[macro outlook] pay attention to the initial monthly rate of durable goods orders in the United States in July

U. S. stocks closed higher on Tuesday, with the Nasdaq and the S & P 500 hitting record highs. Nathan stood at the 15000-point mark for the first time in history. Chinese stocks generally rose. Market confidence was boosted by the news that Pfizer's BioNTech vaccine had been fully approved by the FDA. Investors are waiting for the annual meeting of the Federal Reserve in Jackson Hole. The Dow was up 30.55 points, or 0.09%, at 35366.26; the Nasdaq was up 77.15, or 0.52%, at 15019.80; and the S & P 500 was up 6.70, or 0.15%, at 4486.23. The Nasdaq rose as high as 15034.89 on Tuesday, while the S & P rose to 4492.81, both hitting new intraday highs.

Crude oil futures rose 3% on Tuesday, extending the previous session's sharp rally as Mexico disrupted mass production due to a fire on an oil platform and boosted demand.

In precious metals, COMEX gold futures closed higher on Tuesday, extending Monday's rally. Gold closed above the key $1800 an ounce mark for the first time in nearly three weeks yesterday, boosted by a weaker dollar.

LME inventory

Macro focus

[central Bank: taking the promotion of common prosperity as the starting point and focus of financial work] the party committee of the people's Bank of China conveyed and studied the spirit of the 10th meeting of the Central Financial and Economic Committee and demanded that the promotion of common prosperity be regarded as the starting point and focus of financial work. We will persist in not carrying out "flooding", comprehensively use a variety of monetary policy tools, maintain reasonable and abundant liquidity, guide the rational growth of loans, and keep the growth rate of money supply and the scale of social financing basically in line with the nominal economic growth rate. keep the macro leverage ratio basically stable.

FIFA, 24 Aug (Xinhua)-- on 24 August, the Beijing regulations on Housing Leasing (draft for soliciting opinions), drafted by the Beijing Municipal Housing and Construction Commission, openly solicited opinions from the public. The draft standardizes hot issues such as the supervision of long-term rental apartments, rental loans, the release of online housing sources, and group rental housing. In particular, it is pointed out that when rents rise rapidly, the competent authorities can take measures to regulate the housing rental market. This is also the first open local housing rental regulation after the Ministry of Housing and Construction's public housing rental regulations.

[Ministry of Finance: 3.9979 trillion yuan of local government bonds issued nationwide from January to July] according to the Ministry of Finance, 3.9979 trillion yuan of local government bonds were issued nationwide from January to July. Of this total, 1.8583 trillion yuan was issued for general bonds and 2.1396 trillion yuan for special bonds; according to the purpose, 1.8833 trillion yuan of new bonds and 2.1146 trillion yuan of refinancing bonds were issued. By the end of July 2021, in 2020, a special bond line of 200 billion yuan had been issued for risk resolution of small and medium-sized banks, and 79.3 billion yuan had been issued, and a refinancing bond line of 612.8 billion yuan had been issued for the pilot project of hidden debt risk resolution in formed counties and districts. 609.5 billion yuan had been issued.

[Ministry of Industry and Information Technology: bringing carbon-based materials into the relevant development plan of raw material industry during the 14th five-year Plan] in response to proposal No. 1095 of the fourth session of the 13th National Committee of the Chinese people's political Consultative Conference, the Ministry of Industry and Information Technology said that in the next step, it will focus on major key technological breakthroughs and innovative application needs, further strengthen industrial policy guidance, and incorporate carbon-based materials into the relevant development plan of the raw material industry during the 14th five-year Plan. In addition, silicon carbide composites and carbon matrix composites will be included in the development plan related to industrial scientific and technological innovation during the 14th five-year Plan, so as to comprehensively break through the key core technologies, overcome the "sticking neck" varieties, and improve the quality of new carbon-based materials and other products. we will promote the upgrading of the industrial foundation and the modernization of the industrial chain.

[the central bank's "shrinking table" of nearly trillion yuan in July is caused by the reduction of reserve requirements to replace MLF] the latest data from the central bank show that, driven by the operation of lowering reserve requirements to replace MLF, the total assets of the central bank at the end of July was 38.05 trillion, down nearly 1 trillion yuan from 38.98 trillion at the end of June. The main changes include: asset-side "claims on other savings companies" fell by more than 930 billion; debt-side "other savings company deposits" decreased by about 1.42 trillion, and "government deposits" increased by about 4.39 trillion. The central bank has previously said that some of the funds released by the July cut will be used by financial institutions to repay maturing medium-term lending facilities (MLF), and some of the funds will be used by financial institutions to make up for the liquidity gap caused by the peak tax period in mid-late July.

Today's focus

[SMM Yangshan copper spot price deteriorated sharply Yangshan copper premium plummeted] affected by the further deterioration of import prices, the foreign trade copper premium fell on the 24th. In the morning, the loss on the 09 contract reached nearly 400 yuan / ton, and the superimposed LME back structure expanded rapidly, and the holders lowered their quotations one after another. "check the details.

[SMM aluminum brief review: Japanese K-line closing cross star mood stimulates aluminum price high shock] August 24 Shanghai Aluminum main position 2110 contract opened at 20420 yuan / ton in the morning, the overall shock rose during the day, reaching a high of 20485 yuan / ton. "View details

[SMM comment: whether the rebound range of lead prices for spot stocks in South China has been formed? According to the inventory survey conducted by SMM on Monday, although the total social inventory of lead ingots in China is still rising slightly on August 23, continuous destocking began to occur in Guangdong, and the total domestic social inventory accumulation is limited. In addition, as lead prices continue to fall and challenge cost support, bulk orders in the spot market have maintained a rise in prices in the past two weeks, and profits on recycled refined lead have significantly declined and narrowed. This week, the main 2109 contract in Shanghai also showed signs of stopping falling and rebounding under the macro general rise market, and the rebound in lead price seems to be looming. "View details

[a brief analysis of the export volume of refined tin and the impact of supply and demand in July] according to the customs data released in the latest issue, the export volume of refined tin in July was 2276 tons, an increase of 545.62% over the same period last year and 27.01% month-on-month. Judging from the recent data, the export volume of refined tin has been at its peak in recent years, and the export is quite smooth and profitable. However, according to SMM analysis and calculation, the profit and loss balance of refined tin exports has been reversed at the end of July, and the export profit window has been gradually closed as the outer disk weakens gradually after August. "View details

[SMM analysis of silicon metal exports remained high in July] Customs data show that China's silicon metal exports were 69000 tons in June 2021, a month-on-month decrease of 0.4 percent and a year-on-year increase of 132.7 percent. The maintenance of monthly high export volume is mainly due to the recovery of foreign consumption in the later period of the epidemic. Excluding epidemic factors, there is still a small increase in metal silicon exports in 2021 compared with 2019. "View details

[SMM stainless Steel Review SS2109 contract weak shock SS2110 or will it be a success? On August 24, SS2109 contract night trading opened at 17770 yuan / ton, rose to 17800 yuan / ton before falling under pressure, and then swung around the first line of 17700 yuan / ton until the close. After the opening of the day, it continued the night trading trend, swinging around 17700 yuan / ton and closing at 17700 yuan / ton. "View details [reprint to retain provenance-Shanghai Nonferrous net] [SMM stainless Steel Review] https://hq.smm.cn/stainless-steel/content/101577884

[SMM stainless steel spot information stainless steel spot price slightly raised transaction atmosphere improved] according to market reflection, due to the rising atmosphere on the 23rd, the spot market transaction improved slightly, and the transaction was OK. On the afternoon of the 23rd, there was a small increase in low prices, but near the end of the month, some merchants are still mainly shipping at a stable price, and the price volatility is relatively small. "View details

[SMM analysis of high-carbon ferrochromium price high cost can give price support] since July, the price of high-carbon ferrochromium has frequently broken through the all-time high, once standing at a high of 11000 yuan / 50 base tons. In addition to the imbalance between supply and demand, the production cost of high-carbon ferrochromium has also continued to rise to 7680 yuan / ton, giving some support to the price of ferrochromium. "View details

[SMM Analysis of double Coke brilliant Steel where to go] Steel prices continue to rise today, due to the recent strong rise in double coke, leading to a collective rise in black series, while recent transactions have improved compared with the previous period. On the supply and demand side, the average output of hot rolls in the last four weeks is 3.2 million tons, compared with 3.3 million tons in the same period last year, a decrease of 100000 tons compared with the same period last year; current inventory 4 million tons, last year 3.9 million tons, inventory increased by 100000 tons; current consumption 3.2 million tons, last year 3.3 million tons, down 100000 tons from the same period last year. "View details

In the second half of 2020, Mongolia has become China's largest source of coking coal imports. (there is a shortage of quarantine qualified coal drivers in Mongolia.) in the second half of 2020, Mongolia has become China's largest source of coking coal imports. After Aug. 23, China's coke and coking coal futures continued to rise again on the 24th, reaching an all-time high, while Gan Qimao, a place name unfamiliar to the public, was repeatedly mentioned. Today, Bayinbilige, director of the Party and Government Comprehensive Office of the Ganqimodu Port Management Committee, confirmed that due to the repeated positive results of Mongolian coal drivers in novel coronavirus's test results, coal vehicles have been suspended from customs clearance, but he also stressed that at present, the port is still normally open and has not been closed, and vehicles transporting copper mines can still pass through customs normally.

SMM Iron and Steel Co., Ltd., according to SMM statistics, this week estimated that the total market resources arrival volume is 251000 tons, a month-on-month decrease of 30, 000 tons, a drop of 11%. Look at it by market. "check the details.

[the scope of power limitation continues to reduce the operating rate of electric furnace rose 0.61% month-on-month this week.] according to SMM's survey of 34 independent electric arc furnace steel mills that produce building materials, the operating rate as of August 24 was 71.76%, up 0.61% from last week. "View details

[SMM Coke spot Daily Review Coke Enterprises have launched the sixth round of increase] SMM August 24 Coke News: today, the coke market in Shanxi is running strongly, and some coke enterprises in Linfen, Shanxi Province have already launched the sixth round of increase, which is expected to hit the ground in an all-round way this week. The increase of coke this time is still due to the continuous rise in the price of coking coal. Although the price of coke has risen for five rounds, the price of coking coal has risen no less. "check the details.

[SMM bismuth indium market tracking report: Yuguang Group today launched a public tender for 300 tons of refined bismuth and 20 tons of refined indium] according to an interview with SMM, Yuguang will conduct a market-wide public tender for 300 tons of refined bismuth and 20 tons of refined indium from today, and the results of the tender will be announced on August 27th, that is, this Friday. "View details

According to customs data, China imported 56.768 tons of antimony ingots in June 2021, up 116% from May. In June, China exported 636.574 tons of antimony ingots, up 14.99 percent from the previous month. "View details

[SMM Molybdenum spot KuaiBao Molybdenum Mine sharply raised prices to drive the domestic molybdenum market hot] at present, due to the previous rising prices, the domestic transaction score has become weaker, but the large price difference with the international molybdenum price forms a certain support for the domestic molybdenum price, and it is still difficult for the molybdenum price to fall, and it is expected that it will be mainly stable in the short term. "View details

Important news of metals and industry

[Yunnan Copper: net profit in the first half of the year 250 million yuan down 10.78% compared with the same period last year] Yunnan Copper disclosed its semi-annual report that the company's operating income for the first half of 2021 was 59.324 billion yuan, an increase of 47.16% over the same period last year; net profit was 252 million yuan, down 10.78% from the same period last year; and basic earnings per share was 0.15 yuan. In the first half of the year, the company produced 43800 tons of copper concentrate, down 10.1 percent from the same period last year; 646300 tons of cathode copper, up 4.8 percent from the same period last year; 11.67 tons of gold, up 24 percent from the same period last year; and 333.49 tons of silver, up 8.78 percent from the same period last year.

[the Suplant union at Codelco's Andina copper mine refused to contract to extend the strike.] Suplant union workers at Codelco's Andina copper mine rejected management's latest wage proposal, extending the shutdown at Chile's central copper mine. Vasquez, president of the Suplant union, said that of the 86 workers who voted on Monday, 75 chose to go on strike and 11 accepted the offer.

[most unions at Codelco's El Teniente copper mine rejected the contract agreement.] late Thursday, most of the five workers' unions at Codelco's flagship El Teniente mine rejected labor contracts offered before the formal negotiation period. The union members of the vast deposit, which produced 443200 tons of copper in 2020, began early negotiations with the company a few weeks ago, but have not yet accepted a deal to replace the current contract, which expires at the end of October.

[KGHM Polska Mied HM copper sales rose 6 per cent year-on-year to 57700 tons in July] the July copper sales of KGHM Capital Group were 57700 tons, an increase of 6 per cent over the same period last year. The company announced a 93% increase in copper sales at, Sierra Gorda Copper Mine in July this year, plus parent company and KGHM International Ltd. Sales fell slightly, resulting in a 6% increase in performance.

Chinalco: alumina production in the first half of the year was 8.25 million tons, up 14.3% from the same period last year; primary aluminum production was 1.96 million tons, up 5.5% from the same period last year.

[Huafeng Aluminum: first-half net profit of 240 million yuan, up 177% over the same period last year] Huafeng Aluminum released its semi-annual report for 2021, saying that the company's operating income in the first half of the year was about 3.108 billion yuan, an increase of 82.72% over the same period last year. The net profit belonging to shareholders of listed companies was about 239.8 million yuan, an increase of 177.13% over the same period last year. The net profit after deducting non-recurring profits and losses belonging to shareholders of listed companies is about 231 million yuan, an increase of 200.02% over the same period last year; basic earnings per share is 0.24 yuan per share.

[southwest Aluminum signed a tripartite strategic cooperation framework agreement with Zhongke Jiuwei and North Huachuang] on August 20, SWA signed a tripartite strategic cooperation framework agreement with Zhongke Jiuwei and North Huachuang in Nanchong. This indicates that the three parties will strengthen strategic cooperation and speed up the development and application of semiconductor aluminum alloy materials.

Four years of successful counterattack! The total installed capacity of iron lithium super ternary in July exceeded that of last year from January to July. It took Lithium Iron Phosphate four years to recapture the "half of the country" that once belonged to it. Data from the Power Battery Application Branch show that in July this year, the installed capacity of power batteries for new energy vehicles in China was about 12.09GWh. Among them, the installed capacity of lithium iron phosphate battery is about 6.21GWH, accounting for 51.4%; the installed capacity of ternary battery is about 5.84GWH, accounting for 48.3%; and the total installed capacity of lithium manganate and lithium titanate is about 0.3%.

[Hainan Mining: plans to build a battery-grade lithium hydroxide project with an annual production capacity of not more than 1.065 billion tons (phase I)] on August 23, Hainan Mining announced that the company intends to invest no more than 1.065 billion yuan in the construction of the 20, 000-ton battery-grade lithium hydroxide project (phase I) project of Hainan Xingzhihai New Materials Co., Ltd. It is reported that the construction cycle of the project is expected to be one and a half years, including the procurement and transportation of raw material spodumene to the completion of the battery-grade lithium hydroxide production line with an annual production capacity of 20,000 tons.

[Bureau of Statistics: coking coal (main coking coal) prices rose 9.8% month-on-month in mid-August] according to data from the National Bureau of Statistics, according to the monitoring of the market prices of 9 categories and 50 important means of production in the field of national circulation, compared with the first ten days of August in mid-August, the prices of 29 kinds of products rose, 15 kinds decreased, and 6 kinds remained the same. Among them. The price of coking coal (main coking coal) was 2525 yuan / ton, up 9.8% from the previous month; the price of coke (secondary metallurgical coke) was 2880.1 yuan / ton, up 8.8% from the previous month; and the price of live pig (outside three yuan) was 14.9 yuan / kg, down 2.6% from the previous month.

[the prices of some rare earth oxides listed in the South on August 23 continue to fall] A few days ago, the latest listing prices of medium and heavy rare earth oxides were announced in the south, and the prices of some rare earth oxides continued to fall. Among them, samarium oxide, erbium oxide, ytterbium oxide, yttrium oxide, scandium oxide and lutetium oxide were the same as last week. The average listing price of gadolinium oxide, terbium oxide, dysprosium oxide and holmium oxide were reduced by 3000 yuan / ton, 400000 yuan / ton, 50, 000 yuan / ton and 20, 000 yuan / ton respectively.

[SMM bismuth indium market tracking report: Yuguang Group today launched a public tender for 300 tons of refined bismuth and 20 tons of refined indium] according to an interview with SMM, Yuguang will conduct a market-wide public tender for 300 tons of refined bismuth and 20 tons of refined indium from today, and the results of the tender will be announced on August 27th, that is, this Friday.

Terminal information

[SEMI: July North American semiconductor equipment shipments increased 49.8% year-on-year at $3.86 billion] SEMI (International Semiconductor Industry Association) released its latest shipping report, showing that North American semiconductor equipment manufacturers shipped $3.86 billion in July 2021, up 4.5% from the final figure of $3.69 billion in June 2021 and 49.8% from $2.57 billion in the same period in 2020. Cao Shilun, global marketing director of SEMI and president of Taiwan, said that shipments from North American semiconductor equipment manufacturers showed strong growth in the second half of 2021.

[American companies such as Intel and Jepp, which closed the city in Vietnam, said that a large number of partners had transferred orders to China and other countries.] the epidemic in Vietnam is heating up, Ho Chi Minh City is closed, and American businessmen such as Intel and Jepp, a major electronics manufacturing service manufacturer, are worried about the impact on local production and investment. Mr Jepp said many business partners had moved orders to other countries such as China and Singapore as a result of the closure.

[chip shortage could aggravate the epidemic in Malaysia has forced Italian Semiconductor and Infineon to close local factories] the number of novel coronavirus cases in Malaysia is surging, which is likely to exacerbate the shortage of semiconductors and other components that have plagued carmakers for months. In recent years, Malaysia has emerged as an important center for chip testing and packaging, with Infineon, NXP and STMicroelectronics all setting up factories in the country. At present, the epidemic in the country is heating up sharply, endangering plans to lift the blockade and resume full capacity production. The seven-day average of new cases per day has exceeded 20, 000, compared with just over 5000 at the end of June. According to informal guidelines, if more than three workers are infected with the virus, the factory must be completely closed for two weeks for sanitary disinfection. The Delta strain is so contagious that it is difficult to stop. "this could damage production in Infineon and other factories with thousands of employees," said Samuel Tan, an analyst at Kenanga Investment Bank Bhd Semiconductor. Local companies are announcing such closures through the exchange. Italian Semiconductor and Infineon have had to close their factories.

[Ministry of Industry and Information Technology: will further improve the management system for the recycling of power batteries for new energy vehicles] in its reply to proposal No. 1257 of the fourth session of the 13th National Committee of the Chinese people's political Consultative Conference (CPPCC), the Ministry of Industry and Information Technology said that the Ministry of Industry and Information Technology will further improve the management system for the recycling of power batteries of new energy vehicles and speed up the release of urgently needed national standards such as echelon utilization requirements, product labels and Discharge specifications.

[global car production was cut by nearly 500000 vehicles last week due to lack of cores] according to foreign media reports, Toyota announced production cuts last week as the epidemic continued to spread and chip capacity tightened, leading to a sharp increase in global car production cuts. According to the latest data from AutoForecast Solutions ((hereinafter referred to as AFS), the cumulative reduction in global car production reached 6.442 million as of Aug. 22, an increase of about 482000 over the previous week.

[Volvo suspended production at its Gothenburg plant again due to lack of core] Geely's Volvo said on Aug. 23 that it would suspend production at its plant in (Torslanda), Toslanda, on the outskirts of Gothenburg, Sweden, next week due to a shortage of semiconductor chips. In the past year, the shortage of chips has had a serious impact on the global automobile industry, and many large car companies have been forced to change their production plans, resulting in delays in the release and delivery of vehicles. So far, a number of automakers have cut their production targets.

Recently, Yiwei Lithium Energy and Fuergy Technology have signed cooperation agreements with Grimmei one after another to improve the recycling of decommissioned and waste power batteries. it will also further enhance the supply and guarantee capacity of the key raw materials needed by the two power battery companies. On August 9, Yiwei Lithium and Grimme signed a Memorandum of Cooperation on directional Recycling of 10000 tons of recycled Nickel products. According to the memo, Yiwei Lithium can supply scrapped nickel-containing power batteries and battery waste to Grimme, which will supply recycled nickel products to Yiwei Lithium Energy.