China Magnesium Ingot Exports Fell 13.6% MoM in April

Global coal shipments added 7.4% WoW to 30.228 million mt last week.

According to Customs data, June 2023 saw China's aluminium plate/sheet and strip exports drop to 224,500 mt, a 3% MoM and 34% YoY reduction.

China imported 12,700 mt of refined zinc in March, up 170.37% on the month but down 40.09% on the year. The imports totalled 19,300 mt in the first three months of 2023, down 53.75% YoY, while total exports of refined zinc during the same period stood at 2,400 mt. This pointed to net imports of 16,900 mt.

Last week, the SHFE/LME zinc price ratio rose to 8.15, driven by some infrastructure projects in the pipelines in the medium term and oversupply overseas. While overseas supply did not fully recovered in the first quarter, overseas demand has continued to weaken. In addition, although the pace of domestic zinc destocking has slowed down, the absolute inventory is still at a low level.

As of last Friday, Yangshan copper premiums with a quotation period in May stood at $17-32/mt under warrants during May 8-12, with the average up $2/mt from a week earlier. Those stood between $40-55/mt under bill of lading with a quotation period in June, with the average up $7/mt. As of May 12, the SHFE/LME copper price ratio stood at 7.88, and import profit stood at 118/mt.

The General Administration of Customs of China announced today the import and export data for April. In US dollar, China's imports in April fell by 7.9% year-on-year, while exports in April increased by 8.5% year-on-year. China's trade surplus in April was $90.21 billion.

The United States imported 2.614 million mt steel in March 2023, an increase of 14.2% compared with February, the highest since July 2022.

China copper semis imports are estimated at 41,300 mt in March, up 39.1% MoM but down 6% YoY. The imports totalled 99,700 mt in January-March, down 18.8% YoY.

Germany's crude oil imports rose 8.5% in 2022 as Europe's largest economy recovers from the Covid-19 pandemic, official data showed on Monday. The spending on crude purchases rose sharply as prices soared. Statistics released by the Federal Office for Economic Affairs and Export Control (BAFA) show that despite the sanctions resulting from the Russia-Ukraine war, Russia remains Germany's largest supplier, but its share fell from 34.1% in 2021 to 25.4%.

On the whole, China's aluminium scrap imports in November fell steeply on a monthly basis, which was driven by weaker demand of downstream enterprises and rising aluminium prices.