"the annual meeting of the SMM metal industry in 2021 is officially launched | under the dual-carbon goal, the interpretation of metal fundamentals and price research policies in 2022 is a brainstorming attack!
Minutes of SMM morning meeting
Summary of SMM Steel Morning meeting: according to SMM research, on October 20, SMM counted the blast furnace operating rate of 78%, down 1.3% from the previous week, and up 1.4% from the previous month. The policy of production restriction in the second half of October is stricter than that in the first half of October, and the production limit in winter heating season is coming, and the operating rate of blast furnace is expected to continue to decline next week. And the import mine port inventory tracked by SMM is still accumulating, and iron ore prices are still weak and volatile. In addition, according to some market participants, as coke prices began to fall, steel mills increased profit support, thus supporting mineral prices in the short term.
"Steel prices continue to fluctuate and the coke market is developing well [minutes of SMM Steel Morning meeting]
"Click to view the price of SMM steel products
Summary of SMM Cobalt Lithium Morning meeting: from November to December, the market will be tight due to the demand for lithium iron phosphate & the impact of winter supply reduction in Qinghai, and the price upward trend is still there. In terms of lithium hydroxide, at present, a large overseas factory has reduced the output of 6 series due to equipment self-examination, but it has no impact on the high nickel production line for the time being, and the demand for lithium hydroxide is still on the rise, but domestic mainstream battery factories have reduced their orders for high nickel materials. the demand for lithium hydroxide has weakened, and the price is mainly stable in the near future.
Sales of new energy vehicles are expected to exceed 3 million of battery factory inventories less likely to accept high-priced iron lithium [minutes of SMM Cobalt Lithium Morning meeting]
"Click to view the price of SMM new energy products
Review of overnight market
The US economy grew at a "moderate to moderate" pace in September and early October as a new wave of the novel coronavirus epidemic slowed and began to subside, according to the Fed's beige book released on Wednesday. Overall, the outlook for recent economic activity remains optimistic, but uncertainty has increased in some areas and optimism is more cautious than in previous months, the report said. The dollar fell on Wednesday as risk sentiment improved and investors focused on rising commodity prices and the possibility that global central banks might start raising interest rates to fend off persistently high inflation.
The US dollar fell, and the metal market, which had been silent for many days, turned red again, with the exception of aluminum, the rest of the metals recorded varying degrees of rise. Renni led the gains, surging 6.4 per cent at one point in intraday trading, the highest since May 2014, before closing slightly lower to close up 5.13 per cent. London lead hit its highest level since June 2018 to $2447 a tonne. Lunxi rose 1.51%, while Lun Aluminum was only green, closing down 0.19%.
"Click to view the price of SMM aluminum products
"Click to view the price of SMM lead products
"Click to view the price of SMM nickel products
Shanghai Nickel also rose the most in the inner market. Shanghai Nickel closed up 6.82%, and the highest intraday price of 161600 yuan / ton successfully reached a new high. Shanghai lead rose 3.53 per cent after hitting its highest level since August. Shanghai tin rose 2.97%, while Shanghai zinc and copper rose more than 1%.
"Click to view the price of SMM copper products.
"Click to view the price of SMM zinc products
"Click to view the price of SMM tin products
Black except threaded hot coil closed down, stainless steel and iron ore rose, of which stainless steel rose by 3.28%. While Shuangjiao continued to fall flat in the day yesterday, and finally loosened in the night market. By the end of the day, coke fell 4.23% and coking coal fell 8.21%.
"[overnight market] the US dollar is falling. All metals except aluminum turn red, Shanghai nickel brushes a new contract high.
U. S. stocks closed mixed on Wednesday. The Dow hit a new intraday high, the S & P rose 6 days in a row near an all-time high, and the Nasdaq closed slightly lower. The market is still evaluating the performance of a new round of corporate earnings reports. The Fed's beige book says labor and supply chain tensions have curbed economic growth, acknowledging stubbornly high inflation.
In terms of crude oil, international crude oil futures rose on Wednesday after inventories of the largest crude oil storage in the United States hit a three-year low and national cost oil inventories fell sharply, indicating rising demand. U.S. crude oil and cost inventories fell further last week, gasoline supply hit a two-year low and inventories at the largest commercial inventory center in the United States fell to a three-year low, according to data released by the US Energy Information Administration on Wednesday. the reason is that refineries have cut back on crude oil processing due to equipment maintenance.
In precious metals, COMEX gold futures jumped on Wednesday after the dollar weakened as concerns about rising inflation and supply chain problems boosted gold's attractiveness.
In terms of macro data, today we focus on data such as the number of initial jobless claims in the United States and the preliminary consumer confidence index in the euro zone in October.
"[macro outlook] Today, we will focus on the number of initial jobless claims in the United States and the preliminary consumer confidence index in the euro zone in October.
LME inventory
Today's focus
"[live broadcast] Analysis of bigwigs: the trend of copper price in 2022, the policy of recycled copper, the change of supply, the development prospect of copper bar and plate and strip industry.
"[held today] the 2021 11th Rechargeable lead Battery Industry Summit will be held in Yichun!
[SMM survey: survey on the consumption of Guangdong copper processing industry after National Day] due to the shortage of power supply, a large number of downstream copper enterprises in Guangdong have been deeply affected by power cuts since late September, and the operating rates of various industries have generally declined. To this end, since the National Day, the government has constantly adjusted its policy to ensure supply as far as possible. thanks to the efforts of all parties, the situation of power cuts in Guangdong after the National Day has obviously improved compared with that before the National Day, so what about the situation of various copper processing industries? "View details
[SMM News: what is the short-term trend of Shanghai Aluminum Deep callback? SMM believes that there are two main reasons for the deep pullback of Shanghai Aluminum. (1) the fall in coal prices has affected. On the 19th, the National Development and Reform Commission emphasized strengthening supervision in accordance with the law and strictly investigating and dealing with capital malicious speculation in thermal coal futures. Yulin City held a special meeting on coal supply in the fourth quarter, asking Yulin state-owned enterprises to take the lead in reducing prices by 100 yuan per ton. On the 20th, the National Development and Reform Commission announced that it would implement intervention measures on coal prices in accordance with the law. Draconian policies led to a fall in coal prices and market bulls curbed concerns about the energy crisis. "check the details.
[nickel sulfate spot market week (middle) comment: battery-grade nickel sulfate procurement market transactions are rare and the price mainstream is not strong] the price of battery-grade nickel sulfate was 35500-36000 yuan / ton on Wednesday, and the nickel price fluctuated sharply in the first three days of this week. The price quotation of battery-grade nickel sulfate is still running steadily. At present, it has not yet entered the procurement node, the nickel sulfate inventory cycle in November has not yet begun, the downstream procurement intention is weak, the current nickel sulfate is a small surplus, but the upstream quotation does not show a significant downward trend under cost pressure. "View details
[Foshan stainless steel daily review: stainless steel market shipping sentiment heavy news surface sensitivity reduced] SMM 20: today, Foshan stainless steel spot market steel prices of all series are basically the same, 304cold rolling slightly reduced, the market has experienced sharp fluctuations in the price brought by the news during this period of time, the market is no longer sensitive to resuming production and suspending, repeated electric furnaces. "check the details.
[SMM stainless steel spot information: stainless steel spot price collective drop spot transaction deviation] SMM October 20: today, non-ferrous metals generally weakened, stainless steel SS2111 contract fell to 20, 000 yuan near the support narrow shock. And the spot market, on the one hand, affected by the downward mood of the market, on the other hand, the market transaction deviation, and Wuxi Dongfang Steel City began to cut power, processing enterprises are in a state of shutdown, the market is even more deserted. "View details
[SMM blast furnace operating rate: pressure production obvious supply and demand double weak steel price wide shock] according to SMM research, October 20, SMM statistics of the blast furnace operating rate of 78%, a month-on-week decline of 1.3%, a month-on-month increase of 1.4%. The policy of limiting production in the second half of October is stricter than that in the first half of October. The limit of production in winter heating season is coming. It is expected that the operating rate of blast furnace will continue to decline next week. "View details
[SMM Analysis: sort out whether China's real estate industry has entered a cold winter by the Evergrande incident] since the beginning of this year, there have been a lot of rumors about the capital chain of Evergrande Group. Evergrande's interim results report for 2021 shows that as of the end of June, China Evergrande's interest-bearing liability is 571.78 billion yuan, of which the interest-bearing liability due within one year is 240 billion yuan, and the cash and cash equivalents balance is 86.77 billion yuan. The cash-to-debt ratio is only about 0.3. As the real estate market cooled in the second half of the year, Evergrande's payback was affected, the tight capital chain finally broke down, and problems swarmed in. "View details
[SMM analysis: Silicon-manganese exports decreased by 65.48% month-on-month increase of 22.68%] according to the latest release by the General Administration of Customs, SMM statistics on silicon-manganese imports and exports in September 2021: Silicon-manganese imports and exports: Silicon-manganese imports were 1432 tons, an increase of 15.11%, a year-on-year increase of 52.19%; ferrosilicon exports were 6369.36 tons, a decrease of 65.48%, and a sharp increase of 109.79% over the same period last year. According to SMM statistics, the export volume of ferrosilicon from January to September was 60114.89 tons, and the import of ferrosilicon from January to September was 39288.93 tons. "View details
[SMM analysis: crude steel output significantly decreased in September, the future silicon and manganese supply tight situation or ease the price can still be firm] according to the National Bureau of Statistics, crude steel output in September was 73.75 million tons, down 11.4% from the previous month, and 21.2% lower than the same period last year. Crude steel output from January to September was 805.89 million tons, an increase of 2% over the same period last year; Steel output in September was 101.95 million tons, down 6.3% from the previous month, 14.8% lower than the same period last year. Steel output from January to September was 1.02035 billion tons, an increase of 4.6% over the same period last year; pig iron output was 65.19 million tons, down 8.9% from the previous month; 16.1% less than January to September pig iron production was 671.07 million tons, a decrease of 1.3% over the same period last year. "check the details.
[SMM data: total domestic electrolytic manganese exports increased 3.6% month-on-month in September compared with the same period last year.] according to the latest release by the General Administration of Customs, SMM statistics of China's forged manganese and manganese products and unwrought manganese in September 2021; the total export of scrap and powder was 34300 tons, a slight increase of 3.624.32% compared with the same period last year, and a sharp increase of 45.32% over the same period last year. Among them, unwrought manganese in September; the export volume of scrap and powder was 30178 tons, a slight increase of 2.5% over the previous month. Exports of forged manganese and manganese products increased by 47.5% over the same period last year to 4167.62 tons, up 12.49% from the previous month and 31.39% from the same period last year. "View details
[SMM Daily Review: metal silicon downstream and traders rigid demand for stock] downstream and traders mainly issued orders after inquiry, and the market turnover increased slightly during the week compared with before and after the National Day, but due to no large orders released by domestic downstream enterprises and foreign users for the time being, a small number of transactions are difficult to reverse the downward trend of silicon prices. Traders said that at present, it is impossible to predict the price bottom line according to the cost algorithm, and the follow-up market trend is still unclear, which is mainly based on rigid demand for the time being. "View details
[SMM molybdenum spot KuaiBao: molybdenum mines have successively sold the domestic molybdenum market to wait and see] since the price reduction of large mines in Northeast China, Jilin, Jiangxi and other mines have successively followed the drop in volume. A few days ago, due to inventory pressure and worries about the future market, the overall inventory discharge attitude of molybdenum mines is more positive, and the increase in supply may have a negative impact on the future molybdenum concentrate market. "View details
[SMM comment: praseodymium-neodymium oxide price tends to rise and the risk of loss in upstream enterprises increases] on Wednesday, the transaction price of praseodymium-neodymium oxide reached 630000 yuan / ton, the account transaction price of praseodymium-neodymium oxide metal reached 780000 yuan / ton, the cash transaction price reached 770000 yuan / ton, a small amount of transactions in the market was at 760000 yuan / ton price, the supply of praseodymium neodymium oxide was difficult to find, and the production costs such as superimposed auxiliary materials, graphite Praseodymium-neodymium metal generally exists the phenomenon of cost upside down in metal factories, and the cost of processing one ton of praseodymium-neodymium oxide Affected by the rise in electricity charges, the upside-down degree of metal factories in the south is more serious than that in the north. "View details
[SMM Daily Review: praseodymium-neodymium oxide transaction price reached 630000 yuan / ton inquiry activity increased significantly] October 20, the rare earth market continues to rise today, the prices of many varieties are higher than yesterday, inquiry activity increased significantly this week. Today, the trading price of SMM praseodymium-neodymium oxide has risen to 630000 yuan / ton, and there are few quotations on the market; the cash transaction price of praseodymium-neodymium metal today is 770000 yuan / ton, and the account price is 78-785000 yuan / ton. All the auctions on the sparse exchange were completed, with praseodymium and neodymium metal trading at 765900 yuan per ton for 5 tons and 765400 yuan per ton for 15 tons. "View details
"Click to view the price of SMM rare earth products.
Important news of metal industry
[people familiar with the matter: LME begins investigation into copper trading] according to people familiar with the matter, (LME), the London Metal Exchange, has sent emails to members since the beginning of August asking for more details about customers' activities of trading copper warrants. The email was sent by LME's market regulator asking members and customers about the business reasons for trading copper warehouse receipts. LME copper stocks had fallen to their lowest level since 1974.
[China's imports of refined copper increased slightly in September] according to data from the General Administration of Customs, in September 2021, China imported a total of 245300 tons of refined copper (refined copper cathodes with unwrought copper content > 99.9935% and other unwrought refined copper cathodes), an increase of 3.81% from the previous month and a decrease of 51.51% from January to September, a cumulative decrease of 29.16%.
[Nanshan Aluminum New Battery foil Project put into production] according to SMM, October 17, 2021, Nanshan Aluminum Corporation 21000 tons of high-performance power battery foil project was officially put into production. Nanshan Aluminum has realized the batch supply of power battery foil since 2017. In recent years, Nanshan Aluminum has taken the lead in developing 12 μ m double-sided optical high-performance power cell foils with tensile strength > 230Mpa and elongation > 3%, and has gradually begun to supply 10 μ m double-sided photopower cell foils with diversified mechanical properties to the market.
[customs: 254468 tons (physical tons) of imported zinc concentrate in September 2021] according to the latest customs data, the imported zinc concentrate in September 2021 was 254468 tons (physical tons), a month-on-month decrease of 49555 (physical tons) or 16.3%, a decrease of 3.92% compared with September 2020. From January to August of 2021, the total import of zinc concentrate reached 2.721617 million (physical tons), a decrease of 8.62% over the same period last year.
[Ganfeng Lithium: indirectly holds 100% stake in Litio and its Mariana Lithium Salt Lake Project] Ganfeng Lithium: plans to acquire its 8.58% stake in Litio from International Lithium through Ganfeng of the Netherlands, a wholly owned grandcompany. The transaction consideration is US $10 million of the company's own capital and exempts the past development loans and interest of Ganfeng International, a wholly owned subsidiary of the company, to the international lithium industry, with a total transaction amount of US $13.1782 million. The transaction has been completed recently, and the company indirectly holds a 100% stake in Litio and its Mariana Lithium Salt Lake project.
[Sichuan Neng Investment and Ningde era signed Strategic Cooperation Agreement] October 18 news, in order to implement the national "double carbon" strategy and promote the development of new energy industry, Sichuan Neng Investment and Ningde era held a strategic cooperation signing ceremony on October 18. Zhang Changjun, chief economist of Sichuan Neng Investment Corporation, presided over the ceremony. Mou Jun, deputy general manager of Sichuan Neng Investment Corporation, and qu Tao, assistant chairman of the board of directors of Ningde era and general manager of Zhan Investment Project, signed strategic cooperation agreements on behalf of both sides.
[national Energy Administration: actively promote the combination and multiple development of new energy power generation projects] the General Department of the State Energy Administration issued a notice to actively promote the combination and multiple development of new energy power generation projects. 1. Electroweb enterprises are invited to take effective measures to ensure timely grid connection for wind power and photovoltaic power generation projects that have the conditions for grid connection in accordance with the principle of "merging as much as possible". 2. Electroweb enterprises are requested to strictly implement the priority power generation system, strengthen scientific dispatching, optimize the operation mode of the system, realize the multi-generation of new energy power generation projects, and further improve the power supply capacity in accordance with the principle of "multi-generation and full generation". Third, all units are requested to strengthen overall planning and coordination, speed up the construction of supporting grid projects for wind power and photovoltaic power generation projects, and fully link up with the construction of new energy power generation projects to ensure the commissioning of Synchronize. "View details
[Guo Shuqing: do not engage in "across-the-board" and "sports" carbon reduction] Guo Shuqing, chairman of the Banking and Insurance Regulatory Commission: the carbon peak before 2030 means that China will maintain the rigid growth of fossil energy consumption for some time in the future. It is necessary to proceed from reality and promote the realization of the goal of "double carbon". Actively explore low-carbon, zero-carbon and other new energy, carbon capture, storage technology research and application, but can not be divorced from reality, let alone blindly follow the trend. Smooth transition, do not engage in "across-the-board" and "sports" carbon reduction.
[national standing Committee: cracking down on coal market speculation in accordance with the law and reasonable control of urban night scene brightening] Li Keqiang presided over an executive meeting of the State Council. The meeting pointed out that ensuring the safety and warmth of the people, especially those affected by the disaster, is a clear requirement of the CPC Central Committee and the State Council. It is predicted that the temperature in the north this winter is lower than that in the same period of the normal year. The meeting decided that, first, it is necessary to ensure heating in the northern region, especially in the northeast. Make every effort to ensure the production and transportation of coal for heating. Crack down on speculation in the coal market in accordance with the law. Second, it is necessary to ensure the use of gas for heating in key areas in the north. Third, we should give full play to the role of coal, electricity, oil and gas transportation guarantee mechanism. It is necessary to reasonably control the lighting of urban night scenes and promote energy conservation.
[Shaanxi Development and Reform Commission: continue to release effective coal production capacity] Zhang Xiaoguang, director of Shaanxi Provincial Development and Reform Commission, presided over a special meeting on energy supply to study and deploy work related to energy production and supply this winter and next spring. At present, the National Development and Reform Commission has assigned the task of ensuring the supply of 39 million tons of coal for power generation and heating in 14 provinces of Shaanxi, and all the tasks signed with the demand side outside the province have been completed on time. The meeting stressed that it will continue to release effective coal production capacity. Organize all kinds of coal mines in production to make production succession arrangements in advance, and make every effort to stabilize coal production and supply on the premise of ensuring safety. Ensure that the available days of thermal coal inventory of power generation enterprises in the province is more than 7 days.
Development and Reform Commission: linkage supervision of the spot market during the strengthening period. Efforts should be made to investigate abnormal transactions and malicious speculation, and all key coal ports should take the initiative to provide illegal clues such as malicious hoarding and price hikes to the regulatory authorities, and restrict their transport, loading and unloading of transactions that obviously exceed a reasonable level, and spare no effort to maintain the order of the coal market. Efforts should be made to strengthen penetrating supervision of the futures market, sort out and investigate abnormal transactions, strictly investigate and deal with malicious capital speculation in accordance with the law and expose it to the public, so as to effectively maintain market order and create a good capital market environment.
[SASAC: vigorously promoting professional integration in rare earths, logistics and other fields] Peng Huagang, spokesman for the State Council's SASAC, said that the next step will be to take marketization as the principle and actively and steadily guide central enterprises to do a good job in restructuring in accordance with the law. On the one hand, in the strategic restructuring of central enterprise groups, we focus on implementing national strategies such as supply-side structural reform, innovation-driven development, and building a manufacturing power, and according to the needs of industrial development, in accordance with the principle of "mature one household, promoting one household", steadily promote the reorganization and integration of central enterprises, and actively cultivate and timely establish new central enterprise groups in related fields. On the other hand, in terms of professional integration, we should take business strength and refinement as the goal, take advantageous enterprises as the main body, take the reform of the industry system in related fields as an opportunity, through free transfer, paid acquisition, joint-stock cooperation, and so on, vigorously promote the professional integration of rare earths, logistics and other fields, effectively enhance the competitiveness of enterprises through the optimal allocation of resources, and build world-class enterprises with global competitiveness.
[the export volume of silicon metal maintained a small increase compared with the same month in September compared with the same month last year.] Customs data show that in September 2021, China's export volume of silicon metal was 72000 tons, an increase of 6% from the previous month and 32% from the same period last year. The cumulative export volume of silicon metal from January to September in 2021 was 605000 tons, an increase of 40% over the same period last year.
[trends in overseas mines] Brazil's Vale (Vale) released a production and marketing report for the third quarter of 2021. In terms of production, Vale produced 89.42 million tons of iron ore powder in the third quarter of 2021, an increase of 18.1% from the previous month and 0.8% from the same period last year. In the third quarter of 2021, Vale pellet production was 8.34 million tons, an increase of 4.1 per cent from the previous month and a decrease of 2.6 per cent from the same period last year. Sales: in the third quarter of 2021, sales of iron ore fines and pellets totaled 75.88 million tons, up 1.4% from a month earlier and 2.2% from a year earlier. Target production: due to stable operations and the planned resumption of production of some mines, Vale's target production will remain unchanged at 315 to 335 million tons in 2021. Vale will reduce the supply of 4 million tons of high-silicon and low-profit products, although the target production will remain unchanged in 2021, but may be closer to the lower end of the target production; if the current situation remains the same, Vale will reduce the production of 1200-15 million tons of high-silicon and low-profit products in 2022.
Indonesian President Joko said on Tuesday that the country was planning to "hit the brakes" on exports of all commodity raw materials to attract investment in local resource processing and create jobs. Indonesia has banned the export of a variety of raw ores, such as nickel, tin and copper, to encourage downstream industries, including the production of electric car batteries and aluminum processing. "We really want to put on the brakes on raw material exports because there is no added value and no job creation," he said, adding that the policy would affect "all commodities". Indonesia is the world's largest exporter of palm oil, thermal coal and tin.
[national Grid Jilin Electric Power: scientific arrangement of Electroweb operation mode and rational arrangement of power outage operation plan] since mid-October, Jilin Electric Power Co., Ltd. of the State Grid has taken many measures to scientifically organize maintenance operations, "consult" power facilities, "feel the pulse" power safety, ensure the reliable operation of power facilities and reliable power supply, and go all out to do a good job of keeping warm and keeping warm in winter. At the same time, the company scientifically arranges the operation mode of Electroweb and arranges the power outage operation plan reasonably. Aiming at the operation items such as the treatment of critical and serious defects of equipment and the treatment of hidden dangers of equipment, load transfer and zero-point operation are adopted to minimize the impact of power supply on customers.
[at the Henan Coal Storage and Distribution Trading Center, the National Development and Reform Commission stressed that it would severely crack down on the spot coal market to drive up prices.] on October 20, the main responsible comrades of the Finance Department of the National Development and Reform Commission led a team to Hebi Park of Henan Coal Storage and Distribution Trading Center for investigation. During the research period, the main responsible comrades of the Department of Finance and Finance conveyed the spirit of the important instructions of the leading comrades of the State Council on resolutely curbing and regulating hoarding and speculation in accordance with the law, and stressed that doing a good job in the spot market supply of coal for power generation and heating is related to the warm winter of the people and the smooth operation of the economy. while enhancing the government's energy reserve capacity, we should earnestly strengthen the management of the coal spot market and severely crack down on acts of driving up prices and disturbing the market economic order. We will focus on cracking down on capital speculation in the coal spot market and expose it to the public, and urge the relevant market entities to operate in accordance with the law and regulations, so as to promote the stable and healthy development of the coal spot market.
Macro focus
[Fed governor Waller: the Fed should start to scale back asset purchases after the November meeting] Fed governor Waller said the Fed should start scaling back asset purchases after the November meeting, and inflation is expected to return to 2% next year. But "very worried" about upside risks. It said the Fed's decision to scale back its bond purchases had been reflected in market prices and should not strain financial conditions and supported ending the program in mid-2022 in order to raise interest rates if necessary. If inflation stays at 5% by 2022, fed policymakers will raise their expectations of raising interest rates more quickly.
[federal Reserve: regional Fed chairmen believe that the rise in COVID-19 confirmed cases brings economic risk] the Fed said that regional Fed chairmen believe that the rise in COVID-19 confirmed cases brings economic risk, and 12 regional Fed chairmen do not seek to change the discount rate. The Fed chairmen believe that economic activity in most industries is stable.
[federal Reserve Governor Bowman: early retirement during a pandemic may limit economic development] Federal Reserve Governor Bowman said that early retirement during a pandemic may limit economic development. the lack of child care services may continue to hinder women's participation in the labor market, which may also be a drag on the US economy. He said that the current situation is that inflation is likely to last longer than expected a few months ago.
[European Central Bank hawkish member Weidmann leaves office when the future of quantitative easing is up in the air] the departure of ECB governing board Weidman after more than a decade marks the withdrawal of one of the ECB's most hawkish decision-makers. it comes at a critical time for the ECB. the bank is discussing its post-epidemic bond-buying plan, Weidman will remain involved in the December decision, and officials are expected to draw conclusions on what to do next. It comes at a time when the new German government is formed, and if the new government fails to agree on a new candidate by the end of the year, the vice president of the Bundesbank will take over the post of Weidmann.
[national standing Committee: preventing commodity prices from rising downstream and increasing the costs of small and medium-sized enterprises] Li Keqiang presided over an executive meeting of the State Council, calling for further policy support for the rescue of small and medium-sized enterprises. The meeting pointed out that protecting small and medium-sized micro-enterprises is not only to protect jobs, but also conducive to increasing supply and stabilizing prices. It is necessary to pertinently increase the efforts to help enterprises out of hardship. We will prevent commodity price increases from spreading downstream to increase the costs of small and medium-sized enterprises, study preferential policies such as periodic tax cuts and fee reductions, and encourage local governments to provide rent, water and electricity tariff relief and other support, so as to help enterprises tide over the difficulties and enhance their competitiveness.
[central Bank Governor Yi Gang: the upward pressure on PPI is expected to ease by the end of this year.] Central Bank Governor Yi Gang said at the G30 international banking seminar in 2021 that the rising prices of raw materials such as energy and metals are an important reason for the rapid rise in PPI. PPI is expected to remain high in the coming months, but upward pressure is expected to ease by the end of the year. The decline in food prices, especially pork prices, is an important reason for China's relatively modest CPI growth. Although the overall performance of China's economy is good, we still face some challenges, including coping with the downward pressure of economic growth, keeping the macro leverage ratio basically stable, and some small and medium-sized banks facing operational difficulties. and to prevent individual enterprises in specific industries from facing the risk of default due to poor management and blind expansion, and so on. These problems do not yet pose a systemic risk and we will pay close attention to them.
Terminal information
[multi-city house prices accelerated decline in September experts said that "the property market has clearly entered a cooling cycle." the latest data released by the National Bureau of Statistics show that multi-city house prices are falling at an accelerated pace. On October 20, the house price data of 70 cities released by the National Bureau of Statistics showed that the overall prices of new and second-hand houses in 70 cities fell in September. At the same time, the number of cities with rising new and second-hand housing continued to decrease, while falling cities further increased. Among them, the number of cities with rising new commercial housing decreased to 27, while the number of falling cities was 36, an increase of 16 cities over the previous month, while the number of cities with second-hand housing falling was 52, an increase of 18 cities over the previous month.
Luo Junjie, spokesman for the Ministry of Industry and Information Technology, said that in the next step, the Ministry of Industry and Information Technology will accelerate the recycling of power batteries of new energy vehicles from the aspects of regulations, policies, technology, standards, and industry, focusing on the following aspects: first, speed up the promotion of legislation on the recycling of power batteries, improve regulatory measures, and increase binding force. The second is to improve the recycling system, strengthen online and offline collaborative traceability supervision, and urge relevant subjects to implement traceability management responsibilities. The third is to strengthen technological innovation, break through the existing technical bottlenecks such as the consistency of decommissioned batteries and automatic disassembly, and continue to promote the release of a number of national and industry standards. Fourth, deepen pilot demonstration, innovate business models, speed up the construction of demonstration projects for echelon utilization such as power supply, and continue to cultivate backbone enterprises for echelon utilization and recycling.
[Ministry of Industry and Information Technology: further strengthen the construction of safety system of new energy vehicles to improve the safety level of power batteries] the guidance on further strengthening the construction of safety system of new energy vehicles (draft for soliciting opinions) requires that the safety level of power batteries be improved. Enterprises should actively carry out design coordination with power battery suppliers, continuously optimize the safety matching and thermal management strategies between vehicle and power battery, and clarify the safety boundary of power battery use. improve the safety protection capability of power batteries under the conditions of collision, vibration, extrusion, abnormal charge and discharge, etc.
[Foxconn wants to produce electric cars in Europe, India and Latin America] Liu Yangwei, chairman of Taiwan technology giant Foxconn, said on October 20 that the company is considering producing electric cars in Europe, India and Latin America, including "indirect" cooperation with German carmakers, according to foreign media reports. Foxconn, also known as Foxconn Group, aims to become a major player in the global electric vehicle market and has reached agreements with US electric car start-up Fisker and Thai energy group PTT PCL.
[car association: overall retail sales fell 11% year-on-year in the first two weeks of October] figures from the car association show that retail sales in the first week of October reached an average of 35000 vehicles a day, down 3% from a year earlier and up 8% from the first week of September this year. Retail sales in the second week of October averaged 46000 vehicles a day, down 19% from a year earlier, and the performance was relatively weak. It is up 15% from the second week of September. In the first two weeks of October, the overall decline was 11% compared with the same period last year, and the trend of retail sales was relatively flat. The transformation of consumer policy reduces household costs and is conducive to the recovery of the car market. Consumer demand for vehicles continues to pick up. As a result, the sales of low-intelligent models, especially the old joint venture models, can further pick up.
[the loss of global automobile production due to lack of core has reached 9.625 million vehicles] according to the latest estimate of AutoForecast Solutions, due to the global shortage of chips, the global loss of automobile production has reached 9.625 million, of which North America has the largest loss of 3.006 million vehicles, followed by Europe, with 2.721 million vehicles, and China has lost 1.846 million vehicles.
[auto chip manufacturer Renesa Electronics sent another price increase letter] after Infineon and ST, it was recently reported in the market that Renesas Electronics will raise prices again on January 1, 2022. According to the price increase letter, due to the substantial increase in wafer, back-end, testing, packaging and raw material costs, in order to maintain supply and long-term production, Renesa decided to increase the pricing of most products and newly acquired Dialog products, the price increase will officially take effect on January 1, 2022, which did not disclose the specific rate of product price adjustment.
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