MMi Daily Iron Ore Report (August 3th)

SMM reported that the price of #1 refined nickel rose 1,400 yuan/mt on February 8.

The prices of some coal categories dipped and the cost support for coke has weakened. Falling steel prices kept steel mills cautious in purchasing coke and some of the mills continued to push for lower coke prices.

DCE iron ore futures market falling trends,and start to rebounded in the afternoon. the main contract closed 853.5 by 0.89%. some traders were negative to sell, Some steel mills tended to be wait-and-see, and purchasing enthusiasm is not high.

There will not be solid macro data this week. The one-year inflation expectations in the United States and the annualised CPI in China in January are due this week. The public speeches of Federal Reserve Chairman Powell and voting commission after the interest rate meeting will be the focus of markets.

SHANGHAI, Jul 13 (SMM) – The SMM weighted average alumina index stood at 2,957 yuan/mt from June 13 to July 11, a drop of 39 yuan/mt from a month ago.

SHANGHAI, Jun 23 (SMM) - Nickel prices have begun to correct down since June 9, falling over 4% in a single day as of CST 18:11 yesterday.

DCE iron ore was was shocked and continued downward all the day.The main contract closed at 709.5,decreased of 5.96%.

SHANGHAI, Jun 17 (SMM) - Due to less attention and investment in recent years, as well as a different technical approach than NMC battery recycling, the recycling volume of scrap LFP batteries is not as high as that of NMC batteries.

SMM offices will be closed for the Dragon Boat Festival from June 3rd to June 5th, 2022. There will be no updates on price data and market news, including SMM Morning Comments and Macro Roundup during this period.

Alumina landscape in north and south China will gradually change due to commissioning of enormous new alumina projects and transfer of aluminium capacity