• 14/08/2022 11:49 pm

#SMM Evening Comments (Aug 12): Shanghai nonferrous metals declined for the most part, zinc advanced 0.16%

SHANGHAI, Aug 12 (SMM) – SHFE nonferrous metals broadly fell on Wednesday August 12 as negotiations of coronavirus relief package were in a stalemate and China’s social financing scale for July missed expectations.

Shanghai nonferrous metals, except for zinc, traded lower on Wednesday August 12. Copper dropped 1.73% to lead the losses, lead weakened 1.27%, tin shed 1.08%, nickel declined 1.03%, and aluminium fell 0.49%, while zinc advanced 0.06%.

The ferrous complex all closed lower. Iron ore fell 0.89%, hot-rolled coil weakened 0.13% and rebar shed 0.55%.

An SMM survey showed that 35 steelmakers in China plan to produce a total of 10.42 million mt of hot-rolled coils and plates in August, up 6.6% from the realised output in July.

Planned output of construction steel rebar across China’s major blast furnace steelmakers is estimated to fall 3.32% from the realised production in July to 8.88 million mt in August, showed an SMM survey.

Social inventories of long steel (including wire rods and rebar) in Guangzhou decreased 0.56%, or 7,400 mt, in the week ended August 12 to 1.31 million mt, showed SMM data. The stocks were 50.75% higher than the same period last year.

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