SMM9 March 16: this morning, the non-ferrous metals market was volatile and mixed. Shanghai Copper fell 0.56%, Shanghai Aluminum rose 0.31%, Shanghai Zinc rose 0.45%, Shanghai lead fell 0.37%, Shanghai Nickel fell 0.32%, and Shanghai Tin rose 0.22%. With regard to aluminum, Canada announced that Canada also decided not to impose retaliatory tariffs on US imports, given that the Office of the US Trade Representative had reduced the 10 per cent tariff imposed on Canadian aluminum products earlier in the day. Because aluminum products between the United States and Canada are tariff-free, the United States has reduced tariffs by 10 percent, which means eliminating tariffs. At this point, the dispute over aluminum tariffs between the two countries has come to an end. However, according to Canadian media reports, the United States has also listed conditions that require Canada to significantly reduce the total amount of aluminum products exported to the United States each month. The US announced in August that it would impose a 10 per cent tariff on Canadian aluminium imports from August 16 on the grounds that Canadian imports posed a threat to US national security. Canada subsequently expressed its opposition and announced that it would retaliate on a reciprocal basis.
In terms of nickel, the industry believes that in the face of a substantial increase in the supply of nickel ore throughout the year, Filipino mine owners have maintained strong prices. In terms of Ferro-nickel, the domestic high-nickel iron showed a price correction for the first time after it continued to rise in June. Domestic ferronickel production increased faster than expected in August, and the national nickel pig iron output is expected to decline slightly in September. In the case of stainless steel maintaining a high output in September, the overall supply of nickel raw materials is tight, and the price correction of nickel and iron is expected to be limited. However, downstream stainless steel prices fell, restricting nickel prices to continue to rise.
In terms of black, iron ore fell 3.64%, while threaded hot rolls fell more than 1%. SMM tracking data show that a total of 89 ships arrived at China's main ports from September 6 to September 12, and the incoming cargo volume is expected to be 14.64 million tons, an increase of 540000 tons over the previous period, and the arrival of Shandong's main port has increased significantly compared with the previous period. During the period, Australia's port departure significantly increased by 1.57 million tons compared with the previous period; Brazil's port departure increased by 1.07 million tons in the current period, an increase of 2.58 million tons over the same period last year, an increase of more than 42 percent, and the pressure on the iron ore supply side continued to climb.
Crude oil rose 3.95% in the previous period. Oil prices rose on Wednesday, continuing the previous day's rise as hurricanes affected US offshore oil and gas production and an industry report showed a sharp drop in US crude oil inventories. Brent crude futures rose 32 cents, or 0.79 percent, to $40.85 a barrel. Us crude oil futures rose $0.39, or 1.02%, to $38.67 a barrel. More than 25% of u. S. offshore oil and gas production and export ports were closed on Tuesday as hurricane Sally approached the gulf coast of the United states.
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