China Magnesium Products Export Data for April 2024

This week, the prices of recharging polysilicon and dense polysilicon were 61-70 yuan/kg and 58-67 yuan/kg respectively this week. Prices basically remained stable.

Prices of the most active silicon contract are likely to move rangebound next week (July 7-13). The SMMI index rose 0.4% on a weekly basis as of Wednesday. The most-traded silicon metal futures contract rose before falling this week.

SHANGHAI, Jul 7 (SMM) – SMM data showed aluminium ingot social stocks in China’s eight major markets totalled 525,000 mt as of July 6, up 19,000 mt from July 3 and 3,000 mt from a week ago, but 198,000 mt less than a year ago.

SHANGHAI, Jul 7 (SMM) – SMM data showed aluminium billet social stocks in China’s major markets dropped 10,200 mt from a week ago to 136,100 mt as of July 6, but were still near a three-year high compared to the same period of previous years.

SHANGHAI, Jul 4 (SMM) – The most-traded SHFE 2308 aluminium contract opened at 18,090 yuan/mt overnight, with its low and high at 18,045 yuan/mt and 18,125 yuan/mt before closing at 18,100 yuan/mt. It rose 65 yuan/mt or 0.36%.

Last week, spot quotes fell before rallying. Due to the Chinese Dragon Boat Festival holidays, there was an accumulation of finished product inventory at smelters. After the holidays, smelters liquidated stocks at lower prices, lowering spot premiums in Shandong to zero.  Meanwhile, buying on the dip drove large volumes of sales at some smelters, resulting in tight supply in the second half of the week.

A recent report by the European Steel Association (Eurofer) said apparent steel consumption within the EU could grow by 5.4% in 2024.

SHANGHAI, Jun 15 (SMM) –SMM data showed that China's titanium dioxide output stood at 300,000 mt in May, down 10.7% MoM and 10.7% YoY.

The People’s Bank of China (PBOC) conducted a seven-day reverse repurchase of 2 billion yuan and lowered the rate by 10 basis points to 1.9% on June 13, the first reduction in the rate since August 2022. 

The China Association of Automobile Manufacturers pointed out that the current downward pressure on the Chinese economy continues to increase.