Metal Scrap Performance in China
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Metal scraps performances in Foshan market on February 20
2024-2-20
Copper: The spot copper price in Foshan market is stable today, and the post-holiday demand has not yet started, so it is difficult for copper prices to continue their upward trend. The medium-term loan interest rate of the Bank of China is hard to stir up waves, and the market response is not as enthusiastic as expected. At present, the expectation of the Fed's interest rate cut in March has obviously failed, and most officials are tough on the stubborn inflation problem, which further delays the timetable for interest rate cut. In the short term, overseas markets are mainly affected by bearish sentiment. However, after the holiday, domestic copper prices are under the double pressure of weak premium and cautious consumption, which constitutes resistance to the rise of copper prices. In addition, the current demand side is still in a holiday state, so market consumption will remain weak in the short term. The market dynamics are dull, and it is expected that the price of copper will rise and fall in the near future.
Aluminum: Today, the price of aluminum in Foshan market continues to drop slightly, and the market transactions are cautious. During the Spring Festival, aluminum ingots accumulated obviously. As of February 18th, the inventory of electrolytic aluminum in China's main markets increased by 167,000 tons compared with that before the Spring Festival, which adversely affected the current aluminum price trend. At present, downstream consumption is sluggish and the expected return to work is delayed. Aluminum prices may continue to fluctuate weakly, but the decline is limited.
Zinc: Today, the price of zinc in Foshan market is stable, showing signs of stopping falling, but the overall trend is still weak. At present, the goods-holders in the zinc market ship smoothly, the downstream material manufacturers replenish their stocks in a small amount in case of falling prices, and the speculators in the middle wait and see cautiously, and the overall market transaction is average.
Stainless Steel: The stainless steel market got off to a good start, large steel mills fired the first gun of the New Year, and the purchase price of molten steel was greatly raised, causing jubilation in the scrap industry. At present, the trading market has been restored to the pre-holiday position, but the temporary operating rate is still insufficient, and the overall supply transaction heat needs to be warmed up. (Analyzed by LTIT)
Aluminum: Today, the price of aluminum in Foshan market continues to drop slightly, and the market transactions are cautious. During the Spring Festival, aluminum ingots accumulated obviously. As of February 18th, the inventory of electrolytic aluminum in China's main markets increased by 167,000 tons compared with that before the Spring Festival, which adversely affected the current aluminum price trend. At present, downstream consumption is sluggish and the expected return to work is delayed. Aluminum prices may continue to fluctuate weakly, but the decline is limited.
Zinc: Today, the price of zinc in Foshan market is stable, showing signs of stopping falling, but the overall trend is still weak. At present, the goods-holders in the zinc market ship smoothly, the downstream material manufacturers replenish their stocks in a small amount in case of falling prices, and the speculators in the middle wait and see cautiously, and the overall market transaction is average.
Stainless Steel: The stainless steel market got off to a good start, large steel mills fired the first gun of the New Year, and the purchase price of molten steel was greatly raised, causing jubilation in the scrap industry. At present, the trading market has been restored to the pre-holiday position, but the temporary operating rate is still insufficient, and the overall supply transaction heat needs to be warmed up. (Analyzed by LTIT)
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