MMi Daily Iron Ore Report (Feb 19)
The physical port stock market became very active today, as traders and mills undertook some restocking. Whilst trade volumes dipped in the afternoon session on a strong DCE market.
Long steel social inventories in Guangzhou 22% higher than a year ago
As of Wednesday February 19, social inventories of long steel (including wire rods and rebar) in Guangzhou stood at 2.35 million mt, up 14.16% from a week earlier
On the SHFE, lead climbed 0.8% on the day, copper rose 0.2%, while aluminium closed flat. Tin edged down 0.02%, zinc shed 0.2% and nickel fell 0.6%
Cobalt demand to maintain solid growth despite EV makers seeking to use cobalt-free batteries
Concerns over the prospects of cobalt demand grew after Reuters reported that Tesla is in “advanced stages of talks” to use CATL’s cobalt-free, LFP batteries in cars made in its Shanghai plant
Foshan rolled out stimulus for car market amid coronavirus outbreak
More stimulus measures will be rolled out to propel the auto market this year, as China urges the efforts to stabilise demand for traditional commodities
SMM has more than 50 professional industry analysts in copper, aluminum, lead, zinc, nickel, tin and minor metals, and are committed to providing in-depth, professional, as well as timely reports and research.
Besides, over 80 steel professionals engaged in China's steel industry. They have been working on the weekly report China Steel Briefing, the monthly report China Steel PMI-Monthly, a survey of steel downstream.
