SMM Forecast for China Silicon Metal Output in Q1 2023

SHANGHAI, Mar 8 (SMM) - The most-traded SHFE 2304 aluminium contract opened at 18,530 yuan/mt overnight before closing at 18,475 yuan/mt, down 195 yuan/mt or 0.89%.

Overnight, LME lead opened at $2,111/mt, and plummeted to the lowest point at $2,072.mt due to the unexpected hawkish remark from Powell, and finally closed at $2,086.5/mt, a decrease of 0.9%.

SHANGHAI, Mar 7 (SMM) - In February, the capacity utilisation rates of mines in Hebei showed an upward trend.

As far as the global lithium market is concerned, the increase in the world's known reserves could further depress the price of the metal, which of course ultimately depends on Iran's ability to produce and export lithium, which, unlike other minerals, is expensive and difficult to extract.

According to SMM research, a cold-rolled coil factory in south China started a one-week production suspension for maintenance today.

Henan Province Pollution Reduction and Carbon Reduction Synergistic Efficiency Action Plan was issued, proposing to support key industries such as steel, coking, and cement through capacity replacement,

Domestic output of didymium oxide in January 2023 stood at 5,622 mt, up 9.5% MoM. Output increased across Fujian, Guangdong, Guangxi, Jiangxi, Jiangsu and Shandong to varying degrees.

China's magnesium powder output stood at 6,000 mt in January, down 2% MoM. YTD output through January totalled 6,000 mt.

The average operating rate of Chinese magnesium ingot producers in January 2023 was 55.04%, down 2.82% on the month and 22.18% on the year.

SMM data showed that China’s industrial silicon output stood at 273,800 mt in January 2022, down 8.97% month-on-month, but up 10.44% year-on-year.