Data: China's zinc import, export in Jan

The Three-month LME nickel opened at $24,405/mt on Tuesday and gained 2.29% to close at $25,055/mt. While the most traded SHFE nickel contract opened at 180,000 yuan/mt, with an intraday increase of merely 0.87%. If US actually imposes sanctions on Russia, the NORNICKAL nickel plate that were previously exported to US may flow into China.

Shanghai base metals mostly closed with gains on Thursday night. LME metals performed similarly on Thursday.

In the SHFE market, the downstream users gradually took holidays last week for the CNY. At the same time, the downstream purchases weakened significantly as the zinc prices rose above 25,000 yuan/mt, and the restocking for the CNY was about to end.

Exports of steel stood at 4.36 million mt in November and totalled 61.88 miillion mt From January to November, up 26.7% year-on-year. The imports of steel stood at 1.42 million mt in November and totalled 13.27 million mt from January to November, down 29.6% YoY. China imported 10.50 million mt of iron ore and concentrates in November and 1.04 billion mt from January to November, down 3.2% YoY.

Shanghai nonferrous metals closed with mixed performance as the hawkish rhetoric from US Federal Reserve Chair Powell supressed the market, while the November Caixin PMI in China was relatively positive than before.

Imports of cobalt intermediate products were 5,166 mt in metal content in October (calculated at 27% grade), down 30% MoM.

Shanghai base metals basically trended lower on Monday morning amid risk aversion sentiments after the discovery of a super strong variant of COVID-19 was discover last Friday. Meanwhile, their counterparts on LME all cruised higher.

According to customs data, China’s ferromolybdenum and molybdenum oxide exports in October 2021 were 3,178 mt, an increase of 8.35% from September.

Shanghai nonferrous metals closed with mixed performance. Zinc surged amid supply fears after Glencore said that it is shutting down some zinc production capacity in Europe due to high energy prices, and the steeply rising ferrous products also boosted the SHFE board.

Ferro-silico-manganese imports stood at 8,356 mt in October, up 483.52% MoM and 457.07% YoY; the exports registered 7,129.7 mt, up 11.47% MoM and 105.64% YoY. Its exports total 93,090.53 mt from January to October, and the imports stood at 21,799 mt.