Steel Scrap Prices to Grow

Recently, SHFE tin fluctuated and fell. After falling for three consecutive days, SHFE tin prices stopped falling and fluctuated today. As of noon, LME tin prices rose slightly by 0.22%.

On the macro front, the US Powell's unexpectedly hawkish stance has increased market concerns about the US economy falling into recession, with overseas central banks following suit in raising interest rates and tightening market liquidity. In China, the Central Economic Work Conference pointed out that the recent focus is on the overall improvement of economy.

LME and SHFE base metals closed with gains. As investors took profits ahead of the weekend and US Fed officials delivered speeches on the market outlook, the US dollar pared some of its previous gains and closed down 0.14%, which was bullish for metal prices. In China, the measures for covid control have been adjusted across the country.

LME and SHFE base metals closed mostly in the negative zone as the macro sentiment was relatively bearish on linger recession fears.

On October 13, the NPI market inquiries were active.

SHANGHAI, Sep 30 (SMM) - Copper, aluminium and nickel prices on the LME soared following news that the exchange was considering a consultation on whether the trading in Russian metals should be banned.

On September 28, spot prices of stainless steel in Wuxi and Foshan markets were stable.

At the Automotive New Materials Summit Forum in the Fourth Quarter of 2022—Automotive Large Integrated Die-Casting Industry Development Forum, Tang Rensong, assistant general manager of Ningbo LK Technology Co., Ltd., introduced the current integrated die-casting unit products and their practical applications in detail.

Compared with August, the price of SMM A00 aluminium (Foshan) in September rose.

The prices of secondary refined lead and SHFE lead prices remained low last week, but according to some companies, the costs of smelters declined slightly as the prices of battery scrap fell.