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Review of Chinese trade and prodution data for copper, aluminium and steel
- China Aluminium Network
- Post Time: 2008/5/20
- Click Amount: 646
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Chinese customs released April trade data for copper and aluminium last week. The data showed that copper product exports rallied again in April: copper raw material imports, including scrap and concentrates, picked up in April with the resumption of smelters' production after weather-related problems earlier in the year; unwrought aluminium exports, including alloy, increased in April to the highest level since December 2006 due to a higher aluminium price on the LME; and alumina imports surged in April with the resumption of aluminium production from damaged smelters.
The potential losses in metal output in China's Sichuan province following the severe earthquake last Monday have been the hottest topic in the market for the past couple of days. The majority of manufacturers around the damaged area were forced to halt operations on grounds of safety concerns, keen to avoid any further casualties. In this week's report, we look at the net effect of various metals on the output following the earthquake in Sichuan. Zinc and aluminium output have both been affected, although it appears that the scale of losses in both markets is small.
Latest data from the National Bureau of Statistics indicate that, in April, China produced 44.7mt crude steel, which was down by 0.4% from March. However, if we annualise the April crude steel production, it reached 544mtpa, a record high annualised monthly output, compared with 528mtpa set in March.
Over the past week, Chinese spot steel prices maintained their uptrend. Hot rolled coil prices recorded a 0.6% WoW gain to $712/t, ex-Vat, while cold rolled coil increased by 1.7% from last week to $858/t, ex-Vat. Rebar prices, however, softened a bit, but remained strong in US dollar terms - $683/t, ex-Vat, up $1/t from last week.
The Chinese domestic iron ore spot market remained stable during the past week, with Hebei 66.5% iron ore fine at $200/t, ex-Vat, unchanged for the past three weeks. Indian 63.5% iron ore fines, however, rose to a higher cif price of $194/t, up by $4/t from last week (higher freight rates), but remained at an fob price at $190/t.
Analyst Certification: The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst principally responsible for the preparation of this research receives compensation based on overall revenues of Macquarie Group Ltd ABN 94 122 169 279 (AFSL No. 318062 )('Macquarie') and its related entities ('the Macquarie group') and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.
Source: http://mineweb.net/mineweb/view/mineweb/en/page674?oid=53213&sn=Detail
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