[SMM Thread Weekly carding] load-bearing forward, spot prices are still suppressed by supply in the short term

Domestic output of didymium oxide in January 2023 stood at 5,622 mt, up 9.5% MoM. Output increased across Fujian, Guangdong, Guangxi, Jiangxi, Jiangsu and Shandong to varying degrees.

China's magnesium powder output stood at 6,000 mt in January, down 2% MoM. YTD output through January totalled 6,000 mt.

SMM data showed that China’s industrial silicon output stood at 273,800 mt in January 2022, down 8.97% month-on-month, but up 10.44% year-on-year.

China produced 36,000 mt (Ni content) of NPI in January 2023, an increase of 2.47% month-on-month and 13.75% year-on-year. Affected by the Chinese New Year holidays in January, stainless steel mills carried out large-scale annual maintenance, so the demand for NPI was weak.

The 39 steel makers in China had planned to produce a total of 13.13 million mt of HRC in February,

mestic refined tin output in January was 11,990 mt, down 24.61% MoM and 11.77% YoY, and the combined output from January to December 2022 increased 0.42% YoY, according to SMM research. The actual output was slightly lower than expected.

The overall domestic copper cathode output in May was at a low level due to the intensive maintenance. Although two smelters in Shandong resumed production in May, the production of copper did not resume.

SMM data showed that China's high-carbon ferrochrome output rebounded in May, with a MoM increase of 6.48% to 591,500 mt, a YoY increase of 113,000 mt or 23.62%. The output in Inner Mongolia was 290,100 mt, a MoM increase of 27,900 mt or 10.64%.

China produced 54,750 mt of ternary cathode precursor in May, an increase of 4% month on month and 19% year on year.

China’s cobalt sulphate output stood at 4,642 mt in metal content in May, a month-on-month decrease of 29% and a year-on-year decrease of 9%.