Over 85% of companies in Wuhan have resumed business 

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.

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

Nonferrous metals on the SHFE and LME both fell broadly on Thursday morning, extending losses, as surging global COVID-19 cases triggered more restrictions and stoked concerns about economic recovery.

Shanghai base metals fell for the most part on Friday morning, while their counterparts on the LME set for a mixed start, as the US dollar rebounded and hopes for a US stimulus package before the Nov. election dimmed.

Global zinc concentrate market is very likely to be in a tight balance in 2020, compared to a slender surplus last year, as the production recovery from the Covid-19 crisis progresses slowly.

China’s imports of steel products soared last month as coronavirus containment measures dealt a hefty blow to foreign demand and pulled prices overseas lower. Data published by China’s General Administration of Customs on Tuesday showed that China imported 1.14 million mt of steel products in March, up 26.3% from a year earlier. Total imports in the first three months of 2020 came in at 3.18 million mt, with a year-over-year increase of 9.7%.

Chinese silicon plants may face difficulties to resume production as scheduled in the wet season starting from June as the global widespread COVID-19 has disrupted the supply chain and led to a shortage of raw material wood charcoal. SMM learned that most silicon plants have conducted maintenance and tried to secure feedstock for the preparation of resumption.

Prices of rebar may continue to struggle against the headwind of slower-than-expected recovery of downstream demand as manpower issues constrain the construction progress even as the resumption rate of work for building and infrastructure projects has climbed to 86.05% as of March 25, showed an SMM survey. 

Risks of disruptions to global copper scrap supply chain are growing as world authorities put drastic measures, including travel restrictions and border shutdowns, to stop the spread of the COVID-19 pandemic. Malaysia, the biggest copper scrap supplier to the top metals consumer China and the regional hub for non-ferrous metal scrap recycling in Southeast Asia, has announced a nationwide lockdown, which will remain in place until at least the middle of April.

China's ternary precursor market will likely face continued headwinds of falling export orders for digital batteries and delays in recovery of new energy vehicle demand, as the global spread of the coronavirus has yet to show signs of slowing. This is expected to expand the downside room in ternary precursor prices this week.