Jan imports of copper scrap shrink 11.5% on year

This is a roundup of China's metals weekly inventory as of July 2.

The fluctuation band of aluminium scrap taint was 300 yuan/mt last week, while that of aluminium scrap tense was 200 yuan/mt. Poor sales at secondary aluminium producers pressured aluminium scrap prices. Import restrictions kept supply of aluminium scrap tense tight. Aluminium scrap prices will remain under downward pressure and the price difference between primary aluminium and aluminium scrap will continue to expand before the completion of the next pricing cycle of secondary aluminium in early April.

SHFE nonferrous metals declined broadly on Friday January 22. Copper fell 0.61%, zinc slumped 2.51%, lead shed 0.66% and nickel weakened 1.13%, while aluminium edged up 0.1% and tin rose 1.83%. 

Shanghai base metals traded mixed on Friday morning as traders monitored the European Central Bank's latest meeting and the beginning of Joe Biden's presidency. Meanwhile, their counterparts on the LME also set for a mixed start.

SHFE nonferrous metals closed higher across the board on Friday December 25.

China imported 47,000 mt of aluminium scrap in October, down 40.4% on the month, and down 21.5% on the year, and imports totalled 680,000 mt in the first ten months of 2020, down 48% from the same period last year, the latest customs data showed. 

Shanghai base metals and their counterparts on the LME cruised lower for the most part on Monday morning as the US dollar rebounded slightly.  

Leo Yi, senior analyst at SMM, explained the challenges posed by the new solid waste law to China’s aluminium scrap supply and operations at secondary aluminium producers

SHFE nonferrous metals rose for the most part on Monday November 23 as investors continued to watch for coronavirus developments.

Nonferrous metals on the SHFE were mostly higher on Friday morning, and their counterparts on the LME also rose for the most part.