The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on March 20, 2020

According to a statement by Jiangsu’s ecology and environment department released on February 27, the project, located in Jianhu Shanggang Industrial Park, will be developed in two stages.

Nickel ore inventories across all Chinese ports decreased 670,000 wmt in the week ended March 20 to 10.66 million wmt, compared to a decline of 550,000 wmt in the previous week, showed SMM data.

SMM estimates that China’s production of electrolytic manganese to rebound 41.89% from February to 93,000 mt in March, as the daily average supply has exceeded 3,600 mt as of March 19. The increase in supply will likely keep near-term manganese prices subdued as demand in China and overseas has not recovered considerably.

China has increased export tax rebates on almost 1,500 products, including stainless steel strip and wire, to offset the fallout from the fast-spreading COVID-19 pandemic. The Ministry of Finance said on Tuesday that rebate on 1,084 products, including porcelain sanitary ware, would increase to a rate of 13% from Thursday March 20, while another 380 products would see the rebate rise to a rate of 9%.

SHFE nonferrous metals extended declines across the board on Thursday, in a broad sell-off amid renewed fears about the hit to global demand from the coronavirus. Copper fell to its daily limit for the second consecutive day, losing 9% on Thursday, as the metal is seen by investors as a gauge of economic health. Scheduled output controls at some copper mines failed to lend support to the prices. 

Transactions of spot copper in Shanghai were stagnant on the morning of Thursday March 19 as financial market volatility and worries about the crippling impact of the coronavirus kept consumers on the sidelines. 

The higher profits, however, have not prompted steelmakers to shift their molten iron to produce rebar at the expense of HRC, given current greater inventory pressure of rebar and uncertainties around the strength of the price rally. As of March 17, the profit gap has expanded to 126 yuan/mt, up from 10-30 yuan/mt in early March, with the national average prices of rebar rising over 100 yuan/mt in the month to March 17. 

Dalian iron ore futures rose more than 3% to its highest in nearly eight months in Wednesday afternoon trade, on growing concerns about supply as nations across the world enacted measures to contain the spread of COVID-19 pandemic. The most active iron ore contract on the Dalian Commodity Exchange for May delivery hit an eight-month peak of 692 yuan/mt in afternoon trade, before it erased the majority of those gains.

China produced 33.96 million mt of steel rebar in January-February, down 2.2% from a year earlier amid the impact of the coronavirus outbreak, according to the latest data from the National Bureau of Statistics (NBS).