SMM4, March 14: data from the General Administration of Customs show that in March this year, China's foreign trade imports and exports totaled 2.45 trillion yuan, down 0.8 percent from the same period last year, a drop of 8.7 percentage points from January to February. Of this total, exports totaled 1.29 trillion yuan, down 3.5 percent, while imports totaled 1.16 trillion yuan, up 2.4 percent. "looking at the details, the number of people confirmed by the recent global epidemic is close to 2 million, and the mine is still disturbed. The state of emergency in Peru has been extended until April 26, and operations at the Antamina mine in Peru have been suspended in order to ease the spread of the epidemic. During this period, the site will be cleaned and disinfected in preparation for a safe restart with the new staff within the next two weeks. Antamina is one of the largest copper / zinc mines in the world and also produces lead and silver, jointly owned by BHP (33.75%), Glencore (33.75%), Tektronix Resources (22.5%) and Mitsubishi (10%). Its zinc concentrate production in 2019 was 303000 metal tons; Minmetals Resources announced that it would withdraw the 2020 production guidelines for the Peruvian Las Bambas copper mine, although the transport of copper concentrate has been suspended, but the Las Bambas copper mine will continue to operate at a low load. So far, MMG has been operating normally in Australia and Congo. Last week, the Peruvian president declared an extension of the state of emergency until April 26. The, Las Bambas copper mine produced a total of 382520 tons of copper in 2019. In the morning, Lunxi rose nearly 5% in the morning to recover all the ground lost in January. According to SMM research, imported tin ore is still in a state of tension in the near future, the current tin ore end raw material quotation and shipment volume is relatively small.
Black iron ore rose 1.08, hot rolled down 0.09%, threaded flat. Steel stocks continued to decline, with China Steel Association data showing that in early April, the social inventory of 5 major varieties of steel in 20 cities was 18.03 million tons, down 1.03 million tons or 5.4 percent from the previous ten days. However, the inventory base is too much affected by the foreign epidemic, domestic steel exports are blocked, domestic inventory depends on domestic demand digestion, inventory is difficult to decline significantly. It is expected that the downward pressure of steel will still be large in the future. On the other hand, the proportion of Australian iron ore shipments to China continues to rise, while domestic demand has not increased significantly, and iron ore prices continue to be under pressure.
Crude oil fell 3.84% in the previous period. China imported 43.91 million tons of crude oil, or 10.34 million barrels a day, in March, compared with 10.47 million barrels a day in January-February, according to customs data. After the sharp fall in international oil prices, domestic refineries hoarded goods, although domestic demand for refined oil products is still low and affected by the epidemic, refinery capacity utilization has also been reduced. It is understood that China is the world's largest importer of crude oil.
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As of 11:40, HKEx had added US dollar-denominated small metal contracts:
Lead: South China lead in Guangdong market is 14280 yuan / ton, the average price of SMM1# lead is 80 yuan / ton. Henan Yuguang, Wanyang, Jinli and other smelters mainly produce long orders, and the supply is basically sold in advance this week: Hunan Shuikoushan 14300 yuan / ton, the average price of SMM1# lead up 100 yuan / ton (traders), Jiang copper 14300 yuan / ton, the average price of SMM net 100 yuan / ton, Anhui bronze crown 14400 yuan / ton, the average price of SMM net up 200 yuan / ton; Today, the supply of smelters is still relatively small, only some refineries single high water quotation, downstream procurement to recycled lead, the primary market trading is weaker than the previous month.
Zinc: Shanghai zinc mainstream transaction in 15850-15950 yuan / ton, Shuangyan transaction in 15860-15960 yuan / ton; zinc general price of 90 yuan / ton in May; Shuangyan in May 100 yuan / ton; zinc mainstream transaction in 15780-15880 yuan / ton. Shanghai zinc 2005 contract shock upward, the first trading session in the morning closed at 15810 yuan / ton, the first time in the morning, the trade market to exchange long orders, spot rising water is relatively strong, the market mainstream transactions concentrated in the SMM net average price level, follow-up quotation mainstream to the 2005 contract quoted 90 yuan / ton; Enter the second period, the spot rise is relatively stable, the mainstream of the holder reported to the 2005 contract up to 90 yuan / ton, but the high water transaction is less; zinc price trend to form a unilateral market, the holder high price active shipment, downstream on-demand procurement, the market as a whole trading is still good.
The mainstream transaction of Guangdong zinc was 15750-15860 yuan / ton, and the quotation focused on the discount of 10-20 yuan / ton to the Shanghai zinc 2005 contract. The discount of 100 yuan / ton in Guangdong stock market was 10 yuan less than that of the previous trading day. The first trading period, the initial holder relatively high price, quotation on the net price rise less, but the price rise, downstream demand is more weak, the late price is loose, but the transaction is still dominated by traders, Kirin, Mengzi, Huize, Tiefeng offer to Shanghai zinc May contract discount 10-20 yuan / ton. In the second trading period, the supply of goods in the market increased, and traders entered the market to find a large source of discount goods, but the willingness of the holder to give up the price was limited, and the overall price did not change much. Kirin, Mengzi, Huize and Tiefeng offer 10-20 yuan per ton for the May contract. Qilin, Mengzi, Huize, Tiefeng mainstream transaction in 15750-15860 yuan / ton.
The mainstream transaction in Ningbo was 1588015990 yuan / ton, the ordinary brand rose 120-140 yuan / ton to the 2005 contract, and the price difference between Ningbo and Shanghai ordinary brand remained near 30 yuan / ton yesterday. Today, market holders are more active in reporting goods and have a strong willingness to ship goods. In the first period of the morning, the market quotation focused on the ordinary mainstream brands such as Tiefeng and Xikuang, which reported a 120 yuan / ton increase in the May contract, Kirin reported a 130 yuan / ton increase in the May contract, and the Hualian brand raised 130 yuan / ton in the May contract due to less supply. The warehouse raised 130 yuan / ton on the May contract, and the transaction was better. In the vicinity of 140-150 yuan / ton for the May contract, most of the transactions were 140 yuan / ton. Generally speaking, the trading market is better today, some traders have a strong willingness to receive and deliver orders, and the actual willingness to receive goods downstream is lower. On the whole, the transaction situation in the downstream market has taken a turn for the worse.
The mainstream transaction of zinc ingots in Tianjin market was 16020-17440 yuan / ton, and that of ordinary brands was 16020-16100 yuan / ton. The contract for 2005 rose by 200 yuan / ton to 260 yuan / ton. Compared with Shanghai stock market, Tianjin market decreased from 190 yuan / ton to 140 yuan / ton. Today, Shanghai zinc shock higher, the spot market slightly lower discount quotation, the quotation is more unified, the ordinary brand red Ye lark and so on in the 05 contract rising water 220-240 yuan / ton, the fourth ring newspaper in the 05 contract rising water 200 yuan / ton, Chihong spot market almost no quotation, the high price brand Zijin to the May contract to rise the water 260 yuan / ton, today has a small amount of Shuangyan newspaper to the 05 contract to rise 220 yuan / ton. Today, due to higher futures prices, traders lower discount quotation, still maintain a high position, the main reason is still smelter shipment is not good, Chihong spot market almost no shipment, and Zijin and lark goods are not much, but today there are a small number of Shuangyan to Tianjin shipment; downstream, due to today's Tianjin market spot price rose to Wanliu above, downstream enterprises are weaker than yesterday. Overall, today's deal is weaker than yesterday's. The transaction of zinc ingot is near 1597016050 yuan / ton.
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Registration contact: Lu Qingping, SMM Iron and Steel Division
Tel: 021-51595781 / 187-1777-4590