The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Sep 13, 2022

On the macro front, since the US Fed Chairman Powell delivered a hawkish speech at the central bank meeting, other Fed officials conveyed their anti-inflation stance and determination.

For alloy, nickel plate inventory dropped significantly last week maid improving order book, but the demand weakened again amid rising premiums. To sum up, pure nickel supply tightened to some extent recently, offering support to nickel prices in the near term.

Shanghai nonferrous metals closed with losses as the market players were still weighing the hawkish speech from Fed Chair Powell last Friday, indicating that the tight monetary policy is needed for some time. And ECB management committee Kazaks also said the ECB should raise interest rates by at least 50 basis points in September.

On Thursday, the Ministry of Economy and Finance of Peru predicted that copper prices might drop from $3.90/lb on average this year to $3.40/lb in 2023. Peru is the second largest copper producer in the world.

On August 24, the average price of spot EMM in the main producing regions across China stood at 14,500-14,700 yuan/mt, up 100 yuan/mt from the previous trading day.

According to the customs data, China's imports of tin ore and concentrate stood at 23,064 mt in July, up 21.17% YoY. The imports totalled 151,272 mt from January to July, up 39.72% YoY.

As of last Friday, the DMC Prices stood at 20,800-21,000 yuan/mt, up 1,850 yuan/mt or 9.7%.

On August 22, spot premiums of Jinchuan nickel were 5,300-5,500 yuan/mt. The average price stood at 5,400 /mt, down 350 yuan/mt from the previous trading day.

SHANGHAI, Aug 22 (SMM) - The costs of aluminium smelters remained largely stable last week.