A major Chinese stainless steel plant cut production on environmental issues

SMM estimates that China’s production of electrolytic manganese to rebound 41.89% from February to 93,000 mt in March, as the daily average supply has exceeded 3,600 mt as of March 19. The increase in supply will likely keep near-term manganese prices subdued as demand in China and overseas has not recovered considerably.

China has increased export tax rebates on almost 1,500 products, including stainless steel strip and wire, to offset the fallout from the fast-spreading COVID-19 pandemic. The Ministry of Finance said on Tuesday that rebate on 1,084 products, including porcelain sanitary ware, would increase to a rate of 13% from Thursday March 20, while another 380 products would see the rebate rise to a rate of 9%.

Linyi Yichen Nickel Chrome Alloy’s stainless steel new materials project, which is designed with an annualised capacity of 500,000 mt, has commenced construction in February and the phased I capacity will commission by end-October. 

SHFE nonferrous metals, except for zinc, closed higher on Tuesday

China’s imports of stainless steel rose 55.33% from Jun to 73,900 mt in Jul

Production of stainless steel in China edged up 0.03% from Mar to stand at 2.34 million mt in Apr

Stocks shrank some 16,000 mt from mid-April, to stand at 264,800 mt as of Apr 26

Trades thinned on Wednesday Aug 22 as demand weakened after transactions from most long-term contracts ended

Purchasing price for its Sept tender settled at $2,509/mt cfr over the weekend, down some 11% from Aug

Aluminium fluoride prices in the Chinese market have been holding steady since the beginning of this month