No aluminium scrap imports approved in first 4 batches of year

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 rose for the most part on Monday January 25. Copper edged up 0.07%, zinc added 0.74%, lead jumped 2.91%, nickel advanced 0.88% and tin surged 4.09%, while aluminium shed 0.17%.

Nonferrous metals on the SHFE were mostly higher on Thursday morning, and their counterparts on the LME rose across the board after stocks on Wall Street sailed to record highs as US President Joe Biden was sworn into office.

Shanghai base metals rose broadly on Wednesday January 20. Copper and zinc added 0.34%, lead rose 1.58%, nickel gained 0.14% and tin climbed 0.24%. 

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. 

LME base metals rose across the board on Monday morning, while their counterparts on the SHFE set for a mixed start.  

Nonferrous metals on the SHFE rose for the most part on Thursday morning, holding onto overnight gains, while their counterparts on the LME cruised lower mostly.

SHFE nonferrous metals closed mixed on Monday November 7. Investor sentiment improved last week around coronavirus vaccine rollouts and U.S. stimulus hopes, which fueled a record-setting session Friday on Wall Street.

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

Nonferrous metals on the SHFE were mostly lower on Wednesday morning, while their counterparts on the LME set for a mixed start.