July 2 spot price of zinc SMM

Today, the spot prices of all series of stainless steel products in Foshan stood flat today. The average price of the 300 series product was around 18,000 yuan/mt. The market received a large number of goods last week, while the demand failed to keep up. The downstream users continued to purchase on rigid demand after the prices rebounded slightly yesterday.

The most-traded SHFE aluminum contract opened at 21,190 yuan/mt, with the highest and lowest prices at 21,505 yuan/mt and 21,115 yuan/mt respectively, and closed at 21,450 yuan/mt in the overnight trading, up 350 yuan/mt or 1.51%.

The average price of Ni 1.5% Philippine laterite nickel ore stood at $82/wmt last week, flat on the week.

This is a roundup of news in the steel industry for last week.

The falling prices of coal and other energy sources have dragged down the metals prices across the board. The SS 2112 contract fell to 18,375 yuan/mt this morning and stabilised to stand at 19,005 yuan/mt at noon.

Copper prices will continue to fluctuate rangebound in the short term. SHFE copper prices are expected to move between 68,500-71,000/mt this week, and LME copper will trade between $9,250-9,650/mt.

The average price of SMM 8-12% high-grade NPI was 1,390 yuan/mtu (ex-factory including tax) as of August 20

SHFE nonferrous metals broadly rose for the most part on Wednesday June 23 with investors awaiting key Purchasing Managers' Indexes from the euro zone.

The National Food and Strategic Reserves Administration will release copper, aluminium, zinc and other national reserves in batches. Such action is targeted to non-ferrous metal processing and manufacturing enterprises, and public bidding should be implemented.

SHFE nonferrous metals broadly closed higher across the board on Tuesday June 22, triggered by the Fed's updated inflation projections and a shortening of its interest rate hike schedule.