Crude steel output across major mills in China averaged 2.05 million mt per day in the first 10 days of May.

Sellers of spot copper cathode cut offers on the morning of Friday May 8 as they were keen to cash in while a further rally in copper futures sidelined downstream consumers. 

While production expands, inventory pressure at steel plants continued to reduce on the back of growing consumption, and this may provide upward momentum in near-term steel prices. 

Inventories of hot-rolled coils of steel sheets used to produce home appliances and cars in China fell for an eighth straight week this week, as demand remained robust. SMM data showed that HRC stocks across social warehouses and steelmakers decreased 2.31% in the week ended May 7 to 4.45 million mt. That was smaller than a 4.6% fall in the previous week due to the Labour Day holiday and improved arrivals.

Stringent coronavirus containment measures imposed by world authorities in March began to take their toll on supply of imported copper scrap in China, which accounts for about 60% of copper scrap consumption in the country, showed the latest SMM survey.

Demand remained subdued in China’s cobalt market last week while a handful of consumers purchased as required. The market may find some near-term support from the extended national lockdown of South Africa, which will last until end April and aim to curb the COVID-19 pandemic.  

The state-owned China Southern Power Grid company has planned to accelerate its investment in new energy vehicle charging facilities in the coming years, as part of the move to develop "new infrastructure" projects for boosting sustainable growth of the economy. 

The US will continue to levy countervailing duties on carbon and certain alloy steel wire rod from China, according to the final determination on the first five-year sunset review on the CVD order by the Department of Commerce released on March 30.

The work resumption rate for businesses in Wuhan, Hubei province, the epicentre of the COVID-19 in China, has increased to 85.4%, with the resumption rate for workers reaching 40.4%, said local authorities on Wednesday April 1. 

Trades of spot copper in Shanghai moderated from the previous day on the morning of Wednesday April 1 as downstream consumers and traders hesitated over the elevated premiums and futures prices and slowed purchases.