Iron ore inventory across 10 major Chinese ports built up

Shanghai nonferrous metals closed mostly with losses in day trading.

SHANGHAI, May 16 (SMM) - In April 2023, the monthly average price of Ni1.5% medium-grade laterite nickel ore was $52/wmt CIF, down from March.

SHANGHAI, May 16 (SMM) - Aluminium prices rose initially and then pulled back in the period of April 9-May 9, with the monthly average up 267 yuan/mt MoM to 18,665 yuan/mt.

Spot quotes in north China inched higher before rallying last week. Spot copper was quoted with discounts of 230-50 yuan/mt, or an average discount of 140 yuan/mt last Friday, flat from two Fridays ago.

SMM reported that #1 copper cathode traded with premiums of 50-90 yuan/mt against SHFE 2305 copper contract on May 5, and with premiums of 0-80 yuan/mt over the contract on May 12 Spot premiums fell initially and then rose last week, affected mainly by SHFE copper prices and the price spread between the SHFE front-month and next-month contracts.

The dysprosium oxide prices ballooned.

Quotes of battery-grade nickel sulphate were 32,900-33,500 yuan/mt last Friday.

On the evening of May 10, the seasonally adjusted US CPI annual rate for April recorded 4.9%, lower than the forecast and previous readings of 5%.

Last year, there were media reports that Argentina, Bolivia and Chile were working to promote the establishment of a "Lithium Triangle OPEC" similar to the Organization of the Petroleum Exporting Countries (OPEC) to reach a "price agreement" in the event of lithium price fluctuations. Chile's plan to nationalize lithium mines, if implemented, would advance the plan.

According to preliminary statistics from the China Passenger Car Association, from April 1 to April 30, the retail sales of passenger vehicles reached 1.652 million, a year-on-year increase of 58% and a month- on-month increase of 4%.