Chinese Co3O4 Market Shifted from Supply Surplus to Deficit in February

SHFE 2206 nickel contract hovered around 213,800 yuan/mt in early trading.

On May 2, local time, the US Department of Energy announced on its official website that $3.16 billion will be allocated to strengthen the development of the US electric vehicle battery manufacturing industry.

At present, the pandemic weakens the consumption, and orders of stainless steel continue to be weak and stable.

According to the Customs, China's cumulative exports of unwrought unalloyed aluminium (aluminium ≥ 99.95%) were 2,291 mt in January-March 2022.

SHANGHAI, Apr 29 (SMM) - Alumina prices remained flat recently amid a lack of price guidance from large-scale transactions.

China Passenger Car Association (CPCA) said on April 26 that despite the impact of raw material price hikes, chip supply shortages, geopolitical instability, contracting subsidies for new energy vehicles and resurging pandemic after Chinese New Year, new energy passenger car sales still achieved a result of 58,000 units in Shanghai in the first quarter of 2022.

On April 25, the average price of EMM in the main producing areas in China slightly dropped by 50 yuan/mt to 15,700-16,200 yuan/mt compared with last Friday.

Shanghai nonferrous metals closed mixed as the COVID situation in China, especially east China, eased slightly evidenced by falling confirmed cases. The efficiency of transportation picked up fractionally, allowing more spots to circulate in the market. Companies in Shanghai are also preparing to resume work.

Magnesium prices bottomed out this week. Magnesium plants were increasingly inclined to hold the prices firm after magnesium prices dropped for several days. Some downstream players that stood wait-and-see earlier began to purchase on rigid demand, supporting magnesium prices. As of Friday April 22, #90 magnesium ingot were traded at around 75,000 yuan/mt in Fugu city.

Recently, the long and short funds intertwined, while prices of iron ore futures fluctuated. Analysis of the main influencing factors is as follows.