SHANGHAI, Oct. 11 (SMM) –
On October 10, SHFE copper and aluminum closed down 0.89% and 0.07%，respectively, while SHFE lead and zinc registered a 0.28% and 0.37% increase. Precious metals tumbled, with SHFE gold down 1.02% and SHFE silver falling by 2.12%.
Spot copper suppliers held offers flat with previous two days. As the SHFE/LME copper price ratio rose further, allowing more opportunities for copper imports, holders of imported standard-quality copper cut offers. Prices for hydro-copper increased due to limited supply, enabling its price gap with standard-quality copper to narrow. Downstream producers built up stocks in small amounts, leaving transactions unimproved.
Rare earth market held steady with quotations unchanged from October 9. Downstream consumers reported weak demand, leaving transactions muted. Most market players only stayed out of the market.
The Ministry of Industry & Information Technology (MIIT) released the first list of companies quality the Entrance Requirements for Lead-Acid Battery Industry October 10. Six companies – Camel Group Xiangyang Storage Battery, Wuxi Pufa Power Supply, Jiangsu Weisheng Power, Jiangsu Suzhong Battery Science & Technology, East Penn International (Wujiang) Battery Co., and Jiangxi Chaowei New Energy Technology – were shortlisted.
These battery enterprises have been certified in environmental protection review and approved by local Industry & Information Technology Offices and the MIIT. The list will be available to the public before October 23.
Six companies, including Camel Group, were among the first list of enterprises qualify regulations for environmental protection released by the Ministry of Environmental Protection (MEP) in April this year. However, Jiangsu Zhechang Power, Jiangsu Jinchangxing Electrical Source, Henan Chaowei Power Supply, and Hubei Xiongtao Power Supply Technology, which were also among the MEP’s April list failed to qualify the Entrance Requirements.
According to the China Nonferrous Metals Industry Association, China’s secondary metals industry this year is characterized by falling output, weak prices, declining scrap imports, lower efficiency at smelters, limited investment in new projects, accelerating technology upgrade, and more favorable industry policies.
The average price of secondary metals dropped by 9% in the first nine months this year. The falling prices for secondary metals and higher costs for importing scraps left fewer profits for secondary nonferrous metals enterprises.