Latest Update in the China Magnesium Market

According to SMM survey on the domestic major aluminium processing enterprises, their operating rates will vary during the National Day holiday, depending on their orders. Most of the small and medium-sized enterprises will close for 3-7 days for the holiday, while larger ones will take a shorter or even no break.

This is a roundup of China's metals weekly inventory as of September 30.

SMM offices will be closed for the National Day holiday from October 1 to 7, 2022. There will be no updates on price data and market news, including SMM Morning Comments and Macro Roundup during this period.

DCE iron ore futures rose by 0.07% today, the main contract closed 721.5.Few transactions in the market.

Shanghai nonferrous metals closed mostly with gains on the last trading day ahead of the National Day holiday. The higher-than-expected Chinese manufacturing data boosted the demand outlook for the world's largest metal consumer, while the London Metal Exchange (LME) may remove more brands of metal produced by Russian companies from the exchange's deliverable list, also a bullish call.

According to SMM statistics, as of September 30, the social inventory of silicon metal in Huangpu port, Kunming, and Tianjin port totalled 120,000 mt, an increase of 1,000 mt on the week.

As of September 30, aluminium prices fell 370 yuan/mt or 2.0% from a week ago to 18,340 yuan/mt. The average prices of aluminium extrusion scrap and aluminium tense scrap follow suit by dropping 300-400 yuan/mt and 200-300 yuan/mt respectively.

SMM research showed that the bonded zone inventory stood at 4,300 mt this week.