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SMM Exclusive: China October Metal Production Report (October Review & November Forecast)
Nov 12, 2024 11:48
In October, SMM China's copper cathode production decreased by 8,600 mt MoM, a decline of 0.86%, but increased by 0.19% YoY, and exceeded expectations by 2,200 mt.
Prices Of High-Nickel Pig Iron Continue To Fall As Weak Market Demand Persists
This week's market data indicates a continuous decline in high-nickel pig iron prices. The weekly average price of SMM 8-12% high-nickel pig iron was 983.6 yuan per nickel point (ex-factory, including tax), down 21.6 yuan from last week. Meanwhile, the Indonesian NPI FOB index fell by 3.1 dollars per nickel point from the previous week.On the supply side, domestically, due to the impact of the rainy season keeping Philippine nickel ore prices firm, the downward trend in spot prices has weakened production incentives. However, with the improvement in average grade, metal output has slightly increased. In Indonesia, the additional supply primarily comes from the shift back to high-nickel pig iron due to decreased profits in high-grade nickel, along with the ramp-up of new capacity, potentially increasing the total volume available for China to import.
Nov 23, 2024 13:50
China's total import of FeNi was 690,900 mt, down 6.3% MoM in Oct
According to customs data, China imported 690,900 mt of FeNi in October 2024, down 6.3% MoM and down 23.7% YoY. In terms of metal content, the total nickel content in imported FeNi was 85,000 mt, down 5.8% MoM and down 26.6% YoY. Despite the increase in NPI production and exports from Indonesia, FeNi production in New Caledonia and Colombia was affected by domestic turmoil and market downturns, respectively, leading to reduced supply. It is expected that China's FeNi imports will continue to decline in the short term, while Indonesia's NPI exports will reach a historical high.
Nov 20, 2024 14:23
[SMM Analysis] After the premium of Indonesian domestic trade laterite nickel ore declined, it temporarily stabilized，and strong price support for Philippine nickel ore is coming
In Indonesia, the market conditions for laterite nickel ore are temporarily stable. Compared to last week, nickel ore premiums are basically flat, with mainstream transaction premiums stable at $17-18 per wmt.
Nov 15, 2024 21:18
High-Nickel Pig Iron Prices Continue to Plunge Amidst Weak Market Fundamentals
In this week's nickel market, the price of high-nickel pig iron continues to be under pressure with a widened decline. Specifically, the average price of SMM 8-12% high-nickel pig iron for the week was 1,005.2 yuan per nickel point (including tax, ex-factory), a decrease of 15.1 yuan per nickel point compared to last week. Meanwhile, the Indonesian NPI FOB index decreased by 3.9 dollars per nickel point compared to last week. This indicates an accelerated decline in high-nickel pig iron prices this week.
Nov 15, 2024 18:35
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