"Click to view details
SMM Morning Review
SMM Tin Morning News: fundamentals, the impact of limited electricity upstream, inventory to maintain a low spot market supply tension, downstream enterprise production and future expected month-on-month growth and other factors have played a role in pushing up the trend of the bulls. On the market trend, except for the low opening, the overall trend was relatively stable last night, and the price narrow range shock funds continued to leave the market, preparing for the gradual replacement of contracts. Although the departure of funds is relatively smooth, the arrangement of prices at this high level does not rule out the possibility that bullish funds speculate on the contradiction between supply and demand in the spot and drive up prices again, creating favorable conditions for funds to leave the market and stop making profits.
"the trend is sideways to sort out the monthly layout of funds.
"Click to view the price of SMM tin products
[summary of the SMM Cobalt Lithium Morning meeting: power cuts in Jiangsu led to lower operating rates of some enterprises and battery factories were oppressed by the upward price of raw materials] recently, the prices of some raw materials such as lithium carbonate in the upstream have soared, driving the prices of lithium iron phosphate and ternary materials to rise rapidly, superimposed with recent electrolytes, and the prices of negative materials have also gone up, the overall manufacturing cost of downstream batteries has risen greatly, and large and small and medium-sized battery factories are more differentiated. Some small and medium-sized digital battery factories are overwhelmed, and production cuts occur from time to time.
"the power restriction in Jiangsu has led to the reduction of the operating rate of some enterprises, and the battery factories have been oppressed by the upward price of raw materials.
"Click to view the price of SMM new energy products
Overnight market
The Fed left its benchmark interest rate unchanged and said it could slow the pace of bond purchases soon and sharply lower its growth forecast for this year, according to a statement at its meeting on Wednesday. Half of the 18 Fed policymakers expect higher borrowing costs in 2022. After the announcement, the dollar index rose and fell alternately, closing up 0.28%.
Copper futures rose more than 3% on Wednesday, buoyed by the announcement by the debt-laden Evergrande Group that it would pay interest on its domestic bonds and ease concerns that its woes could hit the global economy. It was its first rise after falling for four trading days in a row.
"Click to view the price of SMM copper products.
Lun lead fell 1.33%, the only metal to close down overnight, falling to $2108.5 at one point, its lowest level since the end of April. The trend of lead in Shanghai was similar to that of the outer plate, falling to 14055 yuan in intraday trading, hitting a low since June 2020, close to closing slightly higher, and finally falling 1.4 per cent to 14065 yuan per ton.
"Click to view the price of SMM lead products
In the outer market, with the exception of Lun lead and Lun copper, Lunzanni rose by more than 1%, and Lunxi aluminum rose by more than 3%. The performance of domestic metals is slightly lower than that of the outer market, with Shanghai Copper up 0.66%, Shanghai Aluminum up 1.86%, Shanghai Nickel up 0.1%, and Shanghai Tin up 2.15%.
"Click to view the price of SMM nickel products
The black department rarely closed higher, and iron ore rose for the second day in a row after falling repeatedly to new lows. By the end of the day, iron ore rose 5.61%. Thread, hot coil and stainless steel also increased in varying degrees.
"Click to view the price of SMM steel products
"[overnight market] the metal rose generally | the Federal Reserve said it may slow down its bond purchases soon and the dollar will rise.
In terms of crude oil, NYMEX crude oil futures closed higher on Wednesday. U.S. crude oil inventories fell to their lowest level in three years last week, and the refining industry continued to resume production after Hurricane Ida, according to data from the U.S. Energy Information Administration on Wednesday. Tight supply and strong demand support oil prices.
In terms of precious metals, COMEX gold futures closed slightly higher on Wednesday. Gold futures prices in electronic trading rose further after the Fed's monetary policy statement, but as investors weighed Powell's speech, investor bullish sentiment weakened and gold prices fell slightly.
Today, the macro aspect focuses on the important data such as the target of the federal funds rate in September and the number of people claiming unemployment benefits for the first time in the United States.
"[macro outlook] Today, we focus on the target of the federal funds rate and the number of initial jobless claims in the United States in September.
LME library
Today's focus
[SMM analysis: a new round of power cuts is under way, and the inventory of electrolytic copper in Guangdong is expected to appear an inflection point in advance.] according to SMM, since September 16, industrial users in cities and counties in the Pearl River Delta of Guangdong, such as Guangzhou, Shenzhen, Dongguan, Foshan, Zhongshan, Qingyuan, Zhaoqing and Zhuhai, and even Shantou and Jieyang have also faced power cuts. A source familiar with Guangdong Electroweb told us that the shortage of electricity in Guangdong is closely related to the "power shortage". The reason why thermal power, as the main power source, does not operate normally is also related to the current coal price and supply. In the case of insufficient power supply such as thermal power, based on the principles of "protecting people's livelihood, protecting public use, protecting key points" and so on, the power supply enterprises as power transmission can only pull the gates and limit the power supply. "View details
[SMM aluminum rod processing fee daily review: both upstream and downstream limited power production aluminum rod processing fee stable operation] SMM September 22: Shandong 1A60pu aluminum rod processing fee ex-factory price 300-liter water 600yuan / ton, the average price recorded 450yuan / ton, up 50 yuan / ton compared with the pre-festival, Henan 1A60 aluminum rod processing fee is 300,400yuan / ton, the average price recorded 350yuan. "check the details.
[SMM data: China's primary aluminum imports fell sharply in August compared with the same period last year! According to the General Administration of Customs, China imported 105700 tons of raw aluminum in August 2021, including 1600 tons for tariff 76011010 and 104100 tons for tariff 76011090. Raw aluminum imports fell 41.98% month-on-month in August 2021, down 57.31% from a year earlier. "View details
"Click to view the price of SMM aluminum products
[SMM lead brief review: lead break downside power limit boost is relatively limited] within days, the main 2110 contract of Shanghai lead opened at 14455 yuan / ton, and the lead level during the initial short position increase dragged down below the intraday moving average, hitting a low of 14150 yuan / ton, and the rear short part made a profit. Lead did not fall steadily after the lead went up and explored the intraday moving average, and the lead continued to fluctuate in the later period, and the short positions continued to increase positions at the end of the day, after the lead went up and explored the intraday moving average, it was clear that the high level of 14325 yuan / ton did not fall steadily, and the lead continued to fluctuate in the later period, and the short positions continued to increase at the end of the day. Shanghai lead gradually fell, closing down 14220 yuan / ton, down 335 yuan / ton, down 2.3%, position increased 1680 lots to 75853 lots, trading volume 68096 lots. "View details
[SMM survey: the impact of power cuts in Yunnan is again attached to the latest output change table in September (9.22)] according to SMM research, a number of zinc refineries in Yunnan have been notified to limit production by about 2030%, which may last until the end of September (optimistic) or the end of October (pessimistic). Some refineries that have not yet been restricted may be limited in the later stage of the reaction. "View details
[SMM News: southwest production restrictions once again boost zinc prices short-term supply disturbance or give strong support to zinc] according to the latest research news from SMM, a number of zinc refineries in Yunnan have been notified since September 19, requiring enterprises to limit production by about 20% to 30%. Optimistically, this situation may continue until the end of September, and if pessimistic, it may continue until the end of October. Some refineries that have not yet been restricted reflect that production may be limited at a later stage. At present, the production of zinc ingots in Yunnan may be reduced at a frequency of 200,000,250 tons per day. "check the details
"Click to view the price of SMM zinc products
SMM believes that the main reasons for the strong rise in tin prices are as follows: 1. The market inventory continues to hover at a low level, and there is a shortage of goods in the spot market. In August, the import volume of tin mines was 15557 tons, a decrease of 18.27% compared with the previous month. 2. The demand performance of downstream solder enterprises rebounded in August and output increased by 10.9% compared with July. Affected by the boom in the photovoltaic industry, it is also expected to increase by 1.14% in September. 3. The market bullish funds take advantage of the short-term contradiction between supply and demand and the overall power restriction policy to drive up the price. "View details
[analysis of SMM data: China imported 350000 tons of ferronickel in August 2021, mainly due to port pressure] according to customs data, China imported 350000 tons of ferronickel in August 2021, an increase of 24.4 percent over the previous month, and 19.8 percent year-on-year increase of 2.493 million tons from January to August. Equivalent to metal volume, the total metal import volume of ferronickel in August was 52100 nickel tons, an increase of 21.65 percent over the previous month. "check the details.
[analysis of SMM data: China imported 5.777 million tons of nickel ore in August 2021, the Philippines was the main increment] according to customs data, China imported 5.777 million tons of nickel ore in August 2021 (a mixture of dry and wet customs data), an increase of 11.4% from the previous month, and an increase of 54.2% over the same period last year, of which the Philippines imported 5.4126 million tons, an increase of 13.4% over the previous month. "check the details.
[nickel sulfate spot market week (middle) comment: the price of battery-grade nickel sulfate is lower and the downstream purchase intention is still weak] on the first trading day after the Mid-Autumn Festival, the price of battery-grade nickel sulfate is 365-37500 yuan / ton. It fell 250 yuan / ton compared with the previous trading day. Nickel sulfate quotation fell, with a small number of morning lows falling to 36000 yuan / ton. The market quotation mentality is weakening. "View details
[SMM data: stainless steel exports declined in August 2021 but imports increased by more than 30% month-on-month] according to SMM statistics, stainless steel imports in August 2021 totaled 290600 tons, an increase of 69600 tons, or 31.5%; total exports were about 437900 tons, down 65800 tons from the previous month, or 13.07%; and exports except stainless steel products and others were about 337300 tons. Look at it by category. "View details
[SMM hot rolled goods: Shanghai arrival is expected to gradually decline] SMM Steel, according to SMM statistics, this week estimated that the total market resources arrival volume of 304000 tons, month-on-month increase of 21000 tons, an increase of 7%. Look at it by market. "check the details.
[SMM electric furnace operating rate: energy consumption double control swept the eastern coastal steel enterprises this week the electric furnace operating rate dropped 14.24% compared with the previous week.] according to SMM's survey of 34 independent electric arc furnace steel mills producing building materials, the operating rate was 53.73 as of September 14, down 14.24 percentage points from last week. The price of thread has risen in this cycle (9-14-9-22). As of today, the national average price is 5692.9 yuan / ton, up 225.3 yuan / ton compared with September 14. The profits of electric furnace factories have further expanded this week. According to SMM estimates, the mainstream electric furnace factories in East China currently make a profit of about 981.9 yuan per ton of steel, up 364 yuan per ton compared with September 14. "View details
[the operating rate of SMM blast furnace: the operating rate of blast furnace decreased significantly and the thread rose stronger than hot rolling] according to the survey of SMM, the operating rate of blast furnace calculated by SMM was 76.6% on September 22nd, which decreased by 3.65% and 4.5% respectively. The operating rate of blast furnace has dropped sharply this week, due to the continuous landing of the reduction of production in Jiangsu, Shandong and other places this week, the implementation of the reduction has been strengthened, and the scope has been further expanded. Next week, the operating rate of blast furnace will remain low and fluctuate in a narrow range. "View details
[SMM data: total domestic electrolytic manganese output in August decreased 4.3% compared with the same period last year.] according to the latest release by the General Administration of Customs, SMM statistics of China's forged manganese and manganese products and unwrought manganese in August 2021; the total export of scrap and powder was 33100 tons, down 4.32% from the previous month, and an increase of 22.73% over the same period last year. Among them, the export volume of unwrought manganese, scrap and powder in August was 29440.74 tons, which decreased by 12.16% compared with the previous month. The year-on-year increase of 27.52%; in addition, the export volume of forged manganese and manganese products in August was 3705 tons, a sharp increase of 228.92% from the previous month and a decrease of 5.5% from the same period last year. "View details
[ferrosilicon, silicon and manganese both limit production to push prices higher] SMM Sept. 22: after the opening of trading this morning, manganese, silicon and ferrosilicon rose strongly, both sealed the trading limit. As of the draft, the main contract of manganese silicon futures was 10760 yuan / ton, and the main contract of ferrosilicon futures was 13048 yuan / ton. The price of ferrosilicon has maintained an upward trend since the beginning of the year, nearly doubling the price at the beginning of the year, and the price of manganese and silicon has risen 37% in just one month since the end of August. "View details
[SMM analysis: Yunnan metal silicon production reduction policy part of the impact of ground production] Yunnan production reduction policy gradually fell to the ground. Dehong silicon enterprises all stopped production on September 20, Baoshan partially stopped production, Nujiang production was temporarily normal, affected by this, Yunnan metal silicon production is expected to be 54000 tons in September, a quarter-on-month decrease of 25%. "View details
[SMM molybdenum spot KuaiBao | downstream demand still has no obvious improvement molybdenum market price fell slightly] SMM believes that at present, due to the influence of downstream demand, the overall weak operation of domestic molybdenum prices, and the downstream production restriction policy will continue in the short term, market demand is expected to be weak operation as a whole, short-term domestic molybdenum prices are unlikely to pick up. "View details
[SMM Bismuth Market follow-up report: Jiang Copper lead and Zinc bid failed] according to information learned by SMM, Jiangxi Copper lead and Zinc Metal Co., Ltd. conducted an open bidding for 100 tons of crude bismuth before the Mid-Autumn Festival. At present, there is official news that the tender failed to conclude a deal in the end, but the relevant person in charge of lead and zinc of Jiangxi Copper Industry said that the manufacturer may make some adjustments to its valuation coefficient in the near future, and after the adjustment will continue to conduct public bidding, it is very likely to bid again to the market before the National Day. "View details
"Click to view the spot quotation of SMM small Metals.
[SMM survey: policy tightens magnesium price again to break through 60, 000! On September 19, the government of Fugu County, Shaanxi Province issued a letter on asking the first batch of enterprises with double control of energy consumption in Fugu County to stop power supply, requiring Yulin Power supply Bureau to stop power supply to local metal magnesium enterprises in Fugu County starting from September 20, 2021. Compared with the requirements in the notice on ensuring the completion of the 2021 energy consumption double control target issued by the Yulin Municipal Development and Reform Commission on September 13, "reduce production by 50%, power supply departments limit power supply by 50%, and immediately stop production." after the implementation of the policy is more stringent, basically covering all magnesium production enterprises in Fugu area. at present, factories in Fugu area generally suspend quotation and the time of resumption of production is unknown. "View details
According to data released by the General Administration of Customs, China's exports of rare earth permanent magnets increased by 45.65% year on year in August 2021 to 4359.448 tons, an increase of 3.54% from the previous month, breaking through the situation of basically flat exports in the previous three months. In August, China sold 321000 new energy vehicles, up 19 percent from the previous month; exports reached 36000, up 38.5 percent from the previous month; and the increase in global demand for end products led to an increase in China's exports of rare earth permanent magnets. Affected by the global chip shortage, the supply of downstream new energy vehicles is limited., IHS Markit, Toyota, Honda and other automobile companies have released production reduction forecasts that the export of rare earth permanent magnets may decrease in September. "View details
SMM analysis: how does the rare earth market trend after the Mid-Autumn Festival? The week before the Mid-Autumn Festival, the spot market of rare earths rose and fell, with medium and heavy rare earths terbium oxide and dysprosium oxide being particularly representative. Near Friday, the market inquiry activity gradually turned cold. Some large magnetic enterprises have signed long-term agreements with upstream metal suppliers, and the supply of rare earth raw materials can be basically guaranteed. At present, most of the downstream magnetic materials enterprises say that the inventory of rare earth raw materials is tight, but in the current market of high volatility of rare earth mainstream products, the demand for inventory is very little, mostly in the mode of sales and fixed production. "check the details.
"Click to view the price of SMM rare earth industry chain products.
Important news of metals and industry
[national standing Committee: more market-oriented measures to stabilize commodity prices] Li Keqiang presided over an executive meeting of the State Council, calling for cross-cyclical regulation, stable and reasonable expectations, and stable economic operation; deliberate and adopt the new infrastructure construction plan of the 14th five-year Plan, promote domestic demand, promote transformation, and increase stamina. It is required that more market-oriented measures should be used to stabilize commodity prices and ensure the supply of electricity and natural gas in winter. To study and introduce measures to further promote consumption.
[Chilean court suspended pumping ban on BHP Billiton's Cerro Colorado copper mine] Chilean courts suspended the 90-day ban on pumping water from aquifers at BHP Billiton's Cerro Colorado copper mine on Tuesday, as the mine prepared a new operational continuity plan.
[analysis of the prospects for the Development of hundreds of millions of Mineral Resources in Afghanistan under Taliban Control] the former Afghan government estimates that the country's mineral resources are worth more than $3 trillion, or $95000 per capita. At present, more than 1400 mineral deposits have been discovered in the country, including iron, ferrochromium, copper, lead, zinc, nickel, lithium, rare earth, beryllium, gold, silver, platinum and palladium. Specifically, Afghanistan has about 60 million tons of copper, 2.2 billion tons of iron ore (840,11.50,1.39%) stone, 1.4 million tons of lanthanum, cerium, neodymium and other rare earth elements, 400 million tons of coal reserves and 30 million tons of copper, gold and molybdenum deposits.
The Indian Aluminium Association has called on the Indian Coal Company to immediately restore its coal supply to the country's aluminum companies, and local electrolytic aluminum companies have begun to reduce their operating load due to the lack of coal power. Earlier, Coal India announced that it would reduce coal supply in the non-electric sector.
[Tianshan Aluminum: the company's current unlimited electrolytic aluminum production plan] some investors asked on the investor interactive platform: the whole country is limiting production and controlling energy consumption. Does your company also have a production limit plan? Tianshan Aluminum (002532.SZ) said on the investor interactive platform on September 22nd, "Hello, dear investors, the company is currently planning unlimited production of electrolytic aluminum."
[000807.SZ Co., Ltd.: due to the double control policy of power restriction and energy consumption, the output of electrolytic aluminum for the whole year is expected to drop to about 2.36 million tons.] on September 16, Yunnan Aluminum Co., Ltd. issued an announcement that since May 2021, due to the shortage of power supply, industrial enterprises in Yunnan Province have implemented orderly electricity consumption, and the electricity load of the company and its subordinate enterprises has been greatly reduced. Up to now, due to the limited influence of electricity, the company has reduced its electrolytic aluminum production capacity by about 770000 tons. At the same time, the 380000 tons production capacity of the second phase of the Ludian Earthquake project for post-disaster recovery and reconstruction of hydropower and aluminum (referred to as "Hydropower and Aluminum Project II"), which has been completed by the company's holding subsidiary Yunnan Yunaluminum Haixin Aluminum Co., Ltd. (hereinafter referred to as "Yunnan Aluminum Haixin"), has also failed to put into operation as planned. Recently, the company learned that the relevant local departments issued a notice on resolutely doing a good job in the double control of energy consumption, requiring "to continue to do a good job in the production management and control of the green aluminum industry to ensure that the average monthly output of green aluminum enterprises from September to December is not higher than that of August." The implementation of this policy will lead to a significant reduction in the company's electrolytic aluminum production from September to December 2021 compared with the production plan formulated at the beginning of 2021, and the annual electrolytic aluminum production is expected to drop to about 2.36 million tons in 2021. The orderly use of electricity and the reduction of output will have a great impact on the company's key technical indicators, product costs and economic benefits.
[Jiaozuo Wanfang: the impact of the flood will reduce the company's aluminum production by about 70,000 tons in 2021.] Jiaozuo Wanfang said on the interactive platform that the company is currently in the process of resuming production in an orderly manner and is expected to fully resume normal production in mid-November. According to the company's preliminary estimate, affected by the flood, the company's output of aluminum products in 2021 will be reduced by about 70,000 tons.
[China's lead production rebounded in August smelters took turns to limit production] China's lead production in August was 594000 tons, up 1.7 per cent from the previous month and up 1.7 per cent from a year earlier, according to the National Bureau of Statistics. China's lead production totaled 4.706 million tons from January to August, up 15.9 per cent from a year earlier.
[Canadian mining company Tektronix Resources downgrade refined zinc production forecast] Foreign News on September 21st, Canadian mining company Tektronix Resources Co., Ltd. (Teck Resources Ltd.) It cut its annual forecast for refined zinc production, saying its business was affected by wildfires in British Columbia. The company expects refined zinc production in 2021 to be between 28.5 and 290000 tons, down from 29 to 300000 tons. The output of refined zinc in the third quarter is expected to be 7.2-75000 tons.
On the evening of September 17, Ganfeng Lithium Industry announced that it plans to build a high-purity lithium salt project and a comprehensive recycling project for retired batteries in Xuanhan County, so as to further expand the production scale and market share of the company's lithium salt products and battery recycling business.
[Tianqi Lithium Industry responds to the impact of power cuts in Jiangsu: normal operation of Zhangjiagang Lithium Carbonate production Base] A few days ago, many enterprises were forced to stop production due to power cuts in many places in Jiangsu. Tianqi Lithium Industry has a battery-grade lithium carbonate production base with a capacity of 20,000 tons in Zhangjiagang, Jiangsu Province. against the background of soaring lithium salt prices, the operation of the production base has been highly concerned by the market and investors. In this regard, Tianqi lithium industry related people responded, "the company's above production base is currently in normal operation."
[Yan'an Bikang: subsidiary will supply Lithium hexafluorophosphate to New Zeus] Yan'an Bikang announcement, holding subsidiary 99 Jiujiu Science and Technology and New Zeus signed a "long-term Strategic Cooperation Agreement". The two sides negotiated to determine the supply and purchase of lithium hexafluorophosphate products. Jiujiu Science and Technology commitment: under the premise that the products meet the requirements of product technical parameters and the price is competitive in the market, the supply will be no less than 3600 tons in 2022 and not less than 4800 tons in 2023.
[Anhui Provincial Energy Bureau: emergency notice on doing a good job in orderly electricity consumption] the municipal electric power departments and power supply companies: recently, due to factors such as the continuous shortage of power coal and the frequent occurrence of unit anomalies in the province, there will be a gap between power supply and demand in the province. On September 22nd, it is estimated that the maximum power load in the province is 36 million kilowatts, and there is a gap between power supply and demand of about 2.5 million kilowatts, and the supply and demand situation is very tight. In order to ensure the stable operation and reliable power supply of Electroweb in the province, it is decided to start the orderly power consumption plan of the province from September 22nd. According to the situation of the gap, all cities are asked to start an orderly power consumption plan in their own area.
[Fujian Province deploys to curb the blind development and double control of energy consumption of the "two high" projects] on the 19th, a video conference on curbing the blind development of the "two high" projects and double control of energy consumption was held in Fujian Province. deploy Fujian Province to curb the blind development of the "two high" projects and double control of energy consumption in the next stage. The meeting demanded that the industrial and credit system of the province should focus on curbing the blind development of the "two high" projects and accomplishing the task of double control of energy consumption, comprehensively investigate the "two high" projects under construction, tap the potential of the stock "two high" projects, and strictly control the new "two high" projects. strive to achieve the goal of dual control of energy consumption in 2021; It is necessary to focus on the goal of reducing the intensity of energy consumption, strengthen the decomposition and implementation of subject responsibilities and tasks, pay close attention to key areas, key industries and key enterprises, and quickly formulate and implement special work plans to maintain the high-pressure situation of double control of energy consumption. It is necessary to accurately study and judge the impact of the "two high" projects on economic growth, the extension of the industrial chain and the "double control" of energy consumption, make overall plans for the development and layout of the "two high" projects in this region, and strictly implement the examination and approval system for energy conservation.
[Xi Jinping: China will strongly support the green and low-carbon development of energy in developing countries and stop building new overseas coal power projects] President Xi Jinping attended the general debate of the 76th UN General Assembly by video in Beijing on the 21st and delivered an important speech entitled "strengthen confidence to overcome difficulties and build a better World". Xi Jinping stressed that we should improve global environmental governance, actively deal with climate change, and build a community of human and natural life. We will speed up the transformation of green and low carbon and achieve green recovery and development. China will strive to achieve carbon peak by 2030 and carbon neutrality by 2060, which will require hard work, but we will do our best. China will strongly support the green and low-carbon development of energy in developing countries and will no longer build new overseas coal-fired power projects.
[the impact of double control of energy consumption continues to expand, and steel enterprises in many provinces reduce production on a large scale.] according to SMM research, the impact of the double control policy on energy consumption has been expanding recently, and the production of steel enterprises in many places has been affected. prior to the large-scale reduction and suspension of production by steel enterprises in Jiangsu, the average daily impact of crude steel is as high as 115000 tons. As of today, power production restrictions continue to be tightened in Guangdong, Guangxi, Zhejiang, Shandong, Anhui and other provinces: the average operating rate of electric furnace steel enterprises in the two regions is less than 50%. A number of electric furnaces and rolling mills in Zhejiang have been forced to stop production. In Shandong, steel companies that cut production and stop production continue to increase in recent days. At present, in the eastern coastal area, with the exception of northeast Fujian, the impact of double control of energy consumption in most provinces is expanding, which is expected to last until the end of September, and the related impact SMM will continue to track.
[Zheng Shangsuo imposes trading limit on some contracts of thermal coal futures] Zheng Shangsuo announced that starting from the night trading on September 23, 2021, the maximum number of non-futures company members or clients who open positions in thermal coal futures 2201, 2202 and 2203 contracts in a single day is 100lots.
[Zheng Shang Institute: adjust the standard of transaction fees for some contracts of ferrosilicon futures and manganese silicon futures] Zheng Shangsuo announced that recently, there are many uncertain factors affecting the ferrosilicon and manganese silicon markets, and prices fluctuate greatly. All member units are requested to earnestly strengthen investor education and risk prevention, and remind investors to participate in futures trading rationally in compliance. In addition, Zheng Shangsuo announced that according to the study, starting from September 24, 2021, the transaction fee standard for ferrosilicon futures 2201 contract and manganese silicon futures 2201 contract will be adjusted to 9 yuan per hand, and the intra-day trading fee standard for closing the current position will be adjusted to 9 yuan per hand.
[Shuangliang Energy Saving: subsidiary signed a total of 135000 tons of polysilicon material procurement contract] Shuangliang Energy Saving announcement, a wholly owned subsidiary Shuangliang Silicon material (Baotou) signed a procurement contract with Xinte Energy, Xinjiang New Special Crystal Silicon Hi-Tech and Inner Mongolia New Special Silicon material on September 22nd; the company will purchase 82200 tons of polysilicon material from January 2022 to December 2026, with an estimated total amount of about 17.468 billion yuan. On the same day, the subsidiary signed a procurement contract with Jiangsu Zhongneng Silicon Industry to purchase 52750 tons of polysilicon from September 2021 to December 2026, with an estimated purchase amount of 11.209 billion yuan.
Macro focus
[the Fed said it may slow down its bond purchases soon.] the Fed kept its benchmark interest rate near zero on Wednesday local time, but said it could raise rates earlier than expected. at the same time, it has sharply lowered its forecast for US economic growth this year. The Fed statement said it may soon slow the pace of bond purchases. "if things go roughly as expected, the committee believes that the pace of asset purchases may slow soon," the statement said. " But there is no indication when this will happen. Investors expect the Fed to announce a reduction in bond purchases in November and officially begin in December, according to a recent survey.
[Powell: bond purchases will end around mid-2022] Federal Reserve Chairman Powell said that he will gradually reduce bond purchases, ending around mid-2022; if progress continues, the reduction in bond purchases may soon be guaranteed; the wording of the statement means that the reduction in bond purchases may be met at the next meeting at the earliest; most FOMC members support the timing and speed of bond withdrawals. It also said that substantial progress has been made in inflation and that the timing of code reduction has no direct signal significance for interest rate hikes.
[Powell: if inflation remains high in 2022, the Fed may meet the conditions for raising interest rates.] Federal Reserve Chairman Powell said that the test of raising interest rates was still adopted by the Federal Open Market Committee in September last year. If inflation remains high in 2022, the Fed may be in a position to raise interest rates. It also said that the Fed is far from meeting the conditions for raising interest rates and needs to tighten the standards for trading by Fed officials, and that the recent trading turmoil will lead to changes in the Fed, including tightening rules and standards.
[the US House of Representatives passes a bill to prevent the government from suspending the debt ceiling] the US House of Representatives passed a bill on Tuesday (September 21) local time that would prevent a government shutdown and suspend the debt ceiling. thus taking a step towards preventing a possible economic disaster. The House of Representatives voted to send the debt ceiling and expediency bill to the Senate, but Republicans vowed to block the bill on the debt ceiling in the Senate.
[the ECB will discuss increasing conventional QE after the end of the emergency anti-epidemic bond purchase program] European Central Bank governing Council Muller said the ECB would discuss increasing conventional QE after the end of the emergency anti-epidemic bond purchase program (PEPP). The ECB should be able to end its emergency anti-epidemic bond-buying program, (PEPP), in March.
[NDRC: interpretation of the Plan for improving the double Control system of Energy consumption intensity and Total amount ") the implementation of dual control of energy consumption intensity and total energy consumption (hereinafter referred to as energy consumption double control) is an important institutional arrangement for the CPC Central Committee and the State Council to strengthen the construction of ecological civilization and promote high-quality development, and is an important starting point to promote the realization of the goal of carbon peak and carbon neutralization. Recently, with the consent of the State Council, the National Development and Reform Commission issued the "Plan for improving the double Control system of Energy consumption intensity and Total quantity" (Development and Reform (2021) No. 1310, hereinafter referred to as "the Plan"). "View details
Terminal information
[organization: chip crisis intensifies delivery waiting time reaches a record 21 weeks] the time required for chip-hungry companies to receive orders for delivery was extended to 21 weeks in August, indicating that the chip shortage, which is affecting car production and hampering the growth of the electronics industry, is worsening. According to Susquehanna Financial Group research, chip delivery time in August increased by six days from the previous month to about 21 weeks. This is already the longest waiting time since the company began tracking data in 2017.
According to several foreign media reports, Infineon's 12-inch wafer power semiconductor plant in Ferraher, Austria, officially opened on Friday local time, with a total investment of 1.6 billion euros, making it one of the largest semiconductor projects in Europe. It is reported that the plant has been under construction since November 2018 and was put into production in early August this year, three months ahead of schedule, and the first batch of wafers will be shipped this week. The first phase of production capacity mainly produces power management chips in the field of automotive, data center and renewable energy power generation, and production capacity will continue to climb in the next four to five years. The new plant is expected to generate annual sales of 2 billion euros for Infineon.
[CAA: commercial vehicle production and sales dropped sharply in August 2021 compared with the same period last year] according to the statistics of the China Association of Automobile Manufacturers, in August 2021, commercial vehicle production and sales completed 229000 and 247000 respectively, down 27.5% and 20.9% respectively from the previous month; the year-on-year decline was 46.2% and 42.8% respectively, which continued to expand significantly by 13% and 12.6% respectively compared with July. Compared with the same period in 2019, the production and sales of commercial vehicles decreased by 23.1% and 19% compared with the same period last year, and the growth rate has changed from positive to negative compared with July.
[Guoxuan Tech: 210Wh/kg Lithium Iron Phosphate Battery will be mass produced by the end of this year] the lithium iron phosphate battery with energy density of 210Wh/kg announced by Guoxuan Tech in January this year, its product line has been completed, is currently in the stage of commissioning, and plans to achieve mass production by the end of this year. Recently, Xu Xing, executive vice president of Guoxuan General Institute of Hi-Tech Industry and Research, did not disclose this news.
[the spot shortage of cars in the "Golden Nine and Silver Ten" car market is generally postponed] September and October every year is the traditional peak sales season in China's auto market, which is known as the "Golden Nine Silver Ten". However, since October last year, the global shortage of automotive chips has become more and more serious. compared with previous years, after many new cars have been booked, the pick-up time has generally been delayed, at least a few months, or as much as a year. In addition, the car market also appeared the phenomenon of price increase. The general manager of a 4S store in Beijing said the store was not in stock, with an average increase of 20,000 yuan. It is understood that due to the shortage of chips, many car companies around the world have lowered their production and marketing targets one after another, and it is expected that global car production will be reduced by more than 20% this year.
[BMW and Daimler have been sued for refusing to tighten carbon targets] according to foreign media reports, BMW and Daimler have refused to tighten carbon targets and refuse to completely stop cars that use fossil fuels by 2030. Deutsche Umwelthilfe (DUH), a German non-governmental environmental group, filed a lawsuit against BMW and Daimler on the evening of Sept. 20, the first time a German citizen has sued a private company for exacerbating climate change.
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