China Silicon Exporters Watch from Sidelines, and Exports down in May, SMM Reports

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China rare earth ore imports recorded 14,400 mt in January-February 2022, down 13% YoY which was mainly attributed to middle and heavy rare earth.

The SHFE and LME nickel prices diverged markedly in the afternoon trading on Tuesday. The SHFE/LME nickel price ratio shrank from 7.28 to 7.07. The import loss widened to $1,000/mt.

According to General Administration of Customs China imported 8.73 million mt of bauxite in December, up 13.32% month-on-month and 16.4% year-on-year.

China imported 4.01 million mt of nickel ore and its concentrate in November, a decrease of 10% from the previous month and a year-on-year increase of 12%, According to General Administration of Customs.

The trades remained subdued, and the Yangshan copper premiums changed little. Many trading companies have closed their accounts and are busy with the year-end settlement, lacking purchasing interest for spot cargoes. Import losses fluctuated between 200-400 yuan/mt during the week against the January contract.

The domestic silicon metal market was sluggish after the National Day holiday, and the prices slumped led by oxygen-free 553# silicon. The prices of oxygen-free 553# silicon in east China stood at around 19000 yuan/mt as of November 9, falling by more than 29500 yuan/mt or 50% in merely a month.

In October steel export volume reaches 4.98 million tonnes, dropping 3.1% and 35.3% on monthly and yearly basis respectively.

Trading improved in the oxygen-free #553 silicon market as China’s National Day holiday nears, SMM finds.

Silicon plants in Zhangzhou and Sanming will also cut, or halt output with nearing of BRICS meeting.