Rebar Inventory Continued To Fall Rapidly In May But The Drop To Reverse

On June 13, Jinchuan nickel was at a premium of 2,500-3,000 yuan/mt, with an average of 2,750 yuan/mt, flat compared to the previous trading day.

#0 zinc in Guangdong was traded at 21065~21225 yuan/mt today.

In Tianjin, #0 zinc ingot was mostly traded at 20980~21160 yuan/mt, Zijin zinc 21000~21200 yuan/mt, and Huludao zinc 24550 yuan/mt.

According to SMM research, on March 20, the blast furnace operating rate was 89.45%, an increase of 0.3% month-on-month.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Mar 20, 2024

The price of photovoltaic glass has increased slightly this week. As of now, the price of 2.0mm single-layer coated glass is 15.8-16.5 yuan/square meter, and the price of 3.2mm single-layer coated glass is 25.5-26.0 yuan/square meter, the mainstream transaction prices are 16.0 and 25.5 yuan/square meter respectively, and the price of 2.0mm products increased slightly. Recently, as purchasing volume increased significantly in March, glass inventories have been digested quickly. Glass companies have also appropriately increased product quotations, and the market transaction price has increased.

Strong domestic installed capacity in 2023 drove the rapid growth of photovoltaic extrusion production, with a year-on-year growth of more than 60%.

SMM data shows that the national  production of copper rod produced with copper cathode in February totaled 503,900 tons, a decrease of 300,600 tons from January, and the operating rate was 39.44%, a month-on-month decrease of 23.53 percentage points.

Overnight, the U.S. trade deficit narrowed in November as domestic demand slowed, causing imports of consumer goods to reach their lowest level in a year. The U.S. Department of Commerce’s Bureau of Statistics said the trade deficit shrank 2.0% in November to $63.2 billion. It is understood that economists had previously predicted that the deficit would increase to US$65 billion. If this trend continues in December, trade may have no effect on economic changes in the fourth quarter.

Intraday LME nickel Tuesday once rose to more than $100,000/mt with a gain of over 100%.