Metal Scrap Performance in China
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Metal scraps performances in Foshan market on March 29
2023-3-29
Copper: Today, the copper price in Foshan market has dropped slightly, and the market has a strong wait-and-see attitude. In particular, SHFE copper failed to sprint the 70,000 mark many times, and the market caution has warmed up. Recently, with the easing of the market's anxiety about the spread of banking events in Europe and the United States, coupled with the loose expectations of the Federal Reserve's monetary policy, non-ferrous metals have stepped out of a wave of rebound in risk appetite with good domestic fundamentals. However, from the current market point of view, there is still pressure for copper prices to rise further, and the price has slightly adjusted back to around 69,000 yuan. In terms of electrolytic copper, the demand of copper market has not improved significantly, and most copper manufacturers still maintain on-demand procurement. In terms of recycled copper, the phenomenon of price depression by factories and enterprises is more prominent, and it is difficult for middlemen to hold prices and the transaction is deadlocked.
Aluminum: SHFE aluminum has been oscillating above 18,000 yuan recently, and the trend is relatively strong. Under the circumstance that the macro-negative temporarily fades, the improvement of fundamentals and continuous going to the warehouse give the aluminum price a rebound momentum. At present, the industry is generally optimistic about the demand of aluminum market in the second quarter, so it is relatively active in purchasing. Aluminum ingots in Guangdong continue to raise the price of aluminum, and it is expected that the short-term aluminum price will fluctuate strongly.
Zinc: The macro risk weakened, the price of zinc rose slightly, and the market fear of high emerged. Most merchants mainly waited and saw, the purchasing enthusiasm was not high, and the inventory was digested. The asking price of the goods holders was firm, the two sides were deadlocked, and the overall market transaction was average. Changes in domestic and foreign policies and related economic data will still be one of the factors that will dominate zinc prices in the future, so it is advisable to be cautious.
Stainless Steel: the price of nickel oscillated and rebounded, which has limited stimulus to the current stainless steel, and the futures are still unstable and declining, and the price drop pressure is transmitted to the spot market. The price of steel strip continues to fall, the manufacturers in the scrap industry are not confident in raising prices and purchasing, and the general transaction bargaining remains stable. Affected by rainy weather, the circulation of waste materials is more tense, which obviously supports the low price. (Analyzed by LTIT)
Aluminum: SHFE aluminum has been oscillating above 18,000 yuan recently, and the trend is relatively strong. Under the circumstance that the macro-negative temporarily fades, the improvement of fundamentals and continuous going to the warehouse give the aluminum price a rebound momentum. At present, the industry is generally optimistic about the demand of aluminum market in the second quarter, so it is relatively active in purchasing. Aluminum ingots in Guangdong continue to raise the price of aluminum, and it is expected that the short-term aluminum price will fluctuate strongly.
Zinc: The macro risk weakened, the price of zinc rose slightly, and the market fear of high emerged. Most merchants mainly waited and saw, the purchasing enthusiasm was not high, and the inventory was digested. The asking price of the goods holders was firm, the two sides were deadlocked, and the overall market transaction was average. Changes in domestic and foreign policies and related economic data will still be one of the factors that will dominate zinc prices in the future, so it is advisable to be cautious.
Stainless Steel: the price of nickel oscillated and rebounded, which has limited stimulus to the current stainless steel, and the futures are still unstable and declining, and the price drop pressure is transmitted to the spot market. The price of steel strip continues to fall, the manufacturers in the scrap industry are not confident in raising prices and purchasing, and the general transaction bargaining remains stable. Affected by rainy weather, the circulation of waste materials is more tense, which obviously supports the low price. (Analyzed by LTIT)
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