Today, Shanghai aluminum shocks fell slightly after the opening bell, the contract 1005 closed at 16775 points in the afternoon, down by 90 points or 0.53%, trading at 16740-16870. Lighten up their holdings of more than 2300 hand, and the trading volume was in sharp decline. The spot market, the Yangtze A00 aluminum transaction priced 16,280-16,320 RMB/T, up by 40 RMB/T; Shanghai A00 aluminum ingot transaction 16,280-16,320 RMB/T, up by 15 RMB/T; Guangdong Nanchu A00 transaction of aluminum ingot 16,240-16,400 RMB/T, up by 50 RMB/T.

on the surface, even though aluminum at home and abroad were facing the pressure of excess, and the better market sentiment and the recovering economy played a boost. However, the current aluminum faced the biggest uncertainty coming from macro-economy. Anything about the related contraction were likely to suppress the news of the renewed decline in aluminum prices. Thus, the aluminum is expected to remain high oscillation posture before the entire global economy is expected to clear.

Today, the domestic parts of scrap aluminum Quoted stably; pricing was basically the same as the previous session. A small amount of trading was in the market. Goods holders held firm quotations with a clear intention of selling. Demand for the downstream businesses was slow, mainly in the inquiry part and waiting and seeing attitude. Latest Market Price: Shred Tense 13,150 RMB/T, Shred Taint 12,950 RMB/T.

Taken together, the current negative factor for aluminum was mainly the adequate supply of inventory, China’s primary aluminum inventories raise further, but not the stock market in the short-term was on focus. Aluminum was temporary balance; the overall market outlook will continue to follow the trend of the rebounded metal market. Increased cost of domestic electricity profit is an important factor in the market bullish.

(1RMB=0.1465USD) Source: www.worldscrap.com

However, trading was slow ahead of crucial U.S. payrolls data expected to show a big loss of jobs due to major snowstorms last month.

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Three-month copper on the London Metal Exchange rose $80 to $7,450 a tone, up 3.5 percent on the week, due to big gains fuelled by initial supply worries after a massive weekend quake hit top producer Chile.

Chinese Premier Wen Jiabao, said the country would stick to an appropriately easy monetary stance and an active fiscal policy to counter the lingering impact of the global credit crunch.

Analysts say the move suggests demand from China will stay strong as it feeds its economy targeted to grow 8 percent this year.

Shanghai’s benchmark third-month copper gained 430 yuan to close at 59,750 yuan ($8,753) a tonne, posting a 3 percent weekly gain.

Copper stocks at warehouses monitored by the Shanghai Futures Exchange dropped a small 858 tonnes from the previous week to 148,620 tonnes, the exchange said.

That compared to a 28 percent jump the prior week which brought inventory to 149,478 tonnes, the highest level since late September 2002.

Shanghai copper’s premium over LME copper has dwindled to about 250 yuan on Friday from around 1,000 yuan a week ago.

LME copper prices are up just 1 percent this year after surging more than 140 percent in 2009 largely on Chinese demand which some analysts say should stay sturdy to support robust growth as recovery elsewhere in the world remains shaky.

Motor copper $7,329
#1 Bare Bright $7,871
Shred Taint $1,843
Shred Tense $1,872
#1 Nickel $21,571
Shred Zinc $1,979
304 SS Sabot (18-8) $1,886
Lead $1,914
HMS $360
AOO Al Ingot $2,286
Shred SS (Ni = 7.8~8.0%) $1,957
Steel-making Pig Iron $399
Casting Pig Iron $421

Motor copper $7,143
#1 Bare Bright $7,686
Shred Taint $1,857
Shred Tense $1,886
#1 Nickel $21,786
Shred Zinc $1,992
304 SS Sabot (18-8) $1,843
Lead $1,914
HMS $360
AOO Al Ingot $2,300
Shred SS (Ni = 7.8~8.0%) $1,914
Steel-making Pig Iron $399
Casting Pig Iron $421

Source www.worldscrap.com

(1RMB=0.1465USD)

Motor copper $7,329
#1 Bare Bright $7,871
Shred Taint $1,857
Shred Tense $1,900
#1 Nickel $20,286
Shred Zinc $2,271
304 SS Sabot (18-8) $1,829
Lead $2,029

HMS $347
AOO Al Ingot $2,421
Shred SS
(Ni = 7.8~8.0%)
$1,900
Steel-making Pig Iron $386
Casting Pig Iron $423

Courtesy www.worldscrap.com

According to the report of China’s Custom, Chinese steel and iron ore imports dropped comparing to July. However, the total steel and iron ore imports from January to August increased by volume compared with the same period of 2008.

Steel import in August was 1.59 million tons, down by 8.6 percent comparing to July and the total imports from January to August was 11.47 million tons, up by 3.7 percent from 11.06 million tons.

Meanwhile, iron ore import was 49.68 million tons in August, dropping by 14.4 percent and the total iron ore imports from January to August was 4.049 billion tons, declining by 31.9 percent comparing to the same period of 2008.

China’s Wuhan Steel to lower Oct steel prices

Wuhan Iron and Steel Co., China’s third largest steelmaker, said it cut the its steel price for October for major steel products by up to RMB 400 per ton as it foresees the domestic demand drop slightly. Wuhan Steel, has cut some CR steel products by 300 RMB per ton and some steel plates price remain unchanged.  China’s steel price has reached 10-month high in early August; however, the market signals slow as the iron ore prices down and steelmakers to slash their prices. Baosteel said it would cut major steel products by 6%.

Source www.yieh.com