Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 10
2025-3-10
Copper: The spot copper price in Foshan market fell slightly today, and market transactions continued to be cautious. Affected by the uncertainty of US tariff policy, LME copper fell back at a high level, which dragged down the domestic SHFE copper correction for several days. However, the weak US dollar index limited the decline. At present, the copper prices in SHFE and LME are still operating in a high price range. On the whole, the softening of US tariff policy and the cooling of the job market have greatly weakened the US dollar index and boosted the metal market. The NPC and CPPCC decided to implement a proactive expansionary fiscal policy, cut interest rates at the right time, promote high-quality industrial development and technological innovation of scientific and technological enterprises, and also boost metal prices. Domestic accumulation has slowed down, and the expectation of a 25% tariff premium of Alcoa has raised the sentiment of overseas funds. It is expected that copper prices will fall under pressure in the short term, but the space is limited.
Aluminum: Today, the aluminum price in Foshan market is stable, and the price continues to fluctuate at a high level. The two sessions released favorable measures to increase market liquidity, and the demand for entering the "Golden March, Silver April" aluminum market gradually improved, and SHFE aluminum continued to test the resistance of 21,000. At present, the social inventory of aluminum ingots and bars in China goes to the warehouse simultaneously, and we pay attention to whether the turning point has arrived. Under the expectation of peak season, the decline of aluminum prices is limited.
Zinc: SHFE zinc failed to break through the previous high, and traders were more cautious in receiving goods, mainly maintaining the existing inventory operation. The downstream material manufacturers were afraid of high, mostly waiting and seeing, with low purchasing enthusiasm and dull market transactions. The price of zinc fluctuates in the range of 23.3-24.3 thousand yuan/ton for the time being, so it is necessary to pay attention to the implementation of domestic policies and the conduction rhythm of processing fees at the end of the mine.
Stainless Steel: At the beginning of this week, nickel and stainless steel futures continued to rebound, and the spot market is facing the transaction test after the price increase. The scrap industry is concerned about the trading situation of steel strips. At present, the demand side is dominated by rigid demand, manufacturers are still optimistic, the supply of goods is tight, and buyers generally receive goods at the same price. The after-market policy boosts market confidence and is conducive to market development. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market is stable, and the price continues to fluctuate at a high level. The two sessions released favorable measures to increase market liquidity, and the demand for entering the "Golden March, Silver April" aluminum market gradually improved, and SHFE aluminum continued to test the resistance of 21,000. At present, the social inventory of aluminum ingots and bars in China goes to the warehouse simultaneously, and we pay attention to whether the turning point has arrived. Under the expectation of peak season, the decline of aluminum prices is limited.
Zinc: SHFE zinc failed to break through the previous high, and traders were more cautious in receiving goods, mainly maintaining the existing inventory operation. The downstream material manufacturers were afraid of high, mostly waiting and seeing, with low purchasing enthusiasm and dull market transactions. The price of zinc fluctuates in the range of 23.3-24.3 thousand yuan/ton for the time being, so it is necessary to pay attention to the implementation of domestic policies and the conduction rhythm of processing fees at the end of the mine.
Stainless Steel: At the beginning of this week, nickel and stainless steel futures continued to rebound, and the spot market is facing the transaction test after the price increase. The scrap industry is concerned about the trading situation of steel strips. At present, the demand side is dominated by rigid demand, manufacturers are still optimistic, the supply of goods is tight, and buyers generally receive goods at the same price. The after-market policy boosts market confidence and is conducive to market development. (Analyzed by LTIT)
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