Data: China's lead import, export in Feb

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.

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.

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

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.

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.

Alumina exports totalled 102,400 mt in January-September 2021. The accumulative imports stood at 2.69 million mt in January-September, down 9.42% on the year. The net imports stood at 2.59 million mt in January-September

The most-traded SHFE lead contract fell as a whole in September, with a decrease of 3.69% in the month. The contract closed at 14350 yuan/mt as of September 30, down 550 yuan/mt from the beginning of the month.

Three-month LME lead bottomed out during China’s National Day holiday. LME lead fell to $2,060/mt on September 30 and rebounded to $2,168/mt on October 1. Then the prices fluctuated between $2,130-2,170/mt during the holiday. LME lead closed at $2,136/mt yesterday, down $0.5 or 0.02%. The open interest stood at 109,000 lots.

China produced 276,900 mt of refined lead in August, down 0.75% from July and 2.69% from a year ago.

According to customs data, China's aluminium plate/sheet and strip exports in July 2021 were 262,400 mt, an increase of 11% month-on-month and 53% year-on-year.