SHFE nonferrous metals broadly fell on Thursday October 29 as coronavirus cases continue to surge in the West.
DCE iron ore futures market slightly went down today and quotations in the physical port stock market turned to be relatively firm. PBF was concluded at 857-860yuan/mt in Tangshan market, up by 3-5yuan/mt over yesterday.
Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, declined 7,000 mt from the prior week to 688,000 mt as of October 29.
Inventories of hot-rolled coils of steel sheets used to produce home appliances and cars in China continued to shrink at a fast pace this week, as demand was robust in a peak season.
SMM data showed that stocks of 6063 aluminium billet across the five major consumption areas – Foshan, Wuxi, Huzhou, Changzhou and Nanchang – in China dipped 700 mt from last Friday October 23 to 90,200 mt as of October 29. Stocks increased in Wuxi, Changzhou, Huzhou and Nanchang, while shrank significantly in Foshan.
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