Non-ferrous metals prevent prices from falling

As steady economic growth measures continue to drive a rapid recovery in the output of raw materials upstream in the non-ferrous metals sector, downstream demand remains constrained due to seasonal slowdowns in industrial manufacturing and slow growth in end-user industries. This imbalance suggests that it will take some time for the market to see significant destocking and capacity reduction, leading to an overall supply exceeding demand scenario. With rising raw material costs and processing fees, production of non-ferrous metals has accelerated. In November, China produced 531,000 tons of refined copper, marking an 11.6% year-on-year increase—a new record high. Similarly, electrolytic aluminum output rose by 20.7% year-on-year to 1.664 million tons. Although this was slightly lower than October's historical peak, the absolute level remained strong. Zinc output also rebounded sharply in November, with a 7.3% monthly increase and a 1.6% year-on-year rise, returning to positive growth. Lead output fell by 2.8% quarter-on-quarter but still saw a 10.4% year-on-year increase. High inventory levels indicate that the entire non-ferrous metals industry is facing a stock buildup challenge. As of December 7th, LME copper inventories hit a record high of 255,200 tons since August, while previous period copper stocks remained around 200,000 tons. Copper stocks in bonded areas surged to approximately 750,000 tons due to weak demand and increased domestic exports. LME aluminum inventories stayed at a historical high of 5.18–5.2 million tons, with aluminum stocks reaching a two-year high of 460,000 tons. Social inventories also hovered around 1 million tons. LME zinc stocks hit another record high in December, rising to 1.236 million tons, while social inventories remained at a historical high of 498,000 tons. LME lead stocks increased from 250,000 tons in October to 350,000 tons, and further rose to over 360,000 tons in the following period, with lead stocks in the previous period reaching more than 56,000 tons. On the demand side, improvements have been limited, and terminal industry orders remain weak. The seasonally adjusted PMI for the non-ferrous metal rolling industry in November stood at 49.49%, down 1.37 percentage points from the previous month. Despite an overall rise in the manufacturing PMI, demand for non-ferrous metals remained sluggish. The power industry, a major consumer of copper, faced challenges due to cold winter weather, which hindered construction activities. While air conditioner production saw a slight uptick, refrigerator output remained in its off-season, and demand for copper tubes in home appliances did not improve significantly. As a result, the operating rate of copper companies dropped to 60.96% in November, down from the previous month. Although real estate activity improved in November, much of the increase was driven by developers accelerating sales and capital withdrawal ahead of the year-end. This led to off-season transactions, and it wasn’t until the actual Spring Festival next year that consumption of aluminum alloys and galvanized sheets showed any meaningful improvement. Additionally, environmental protection inspections across various regions have intensified, impacting many non-ferrous metal companies—particularly smaller enterprises involved in lead-related products such as lead-acid batteries, as well as galvanized steel producers.

Engineered Wood Flooring

Engineered Wood Flooring,Spc Flooring Cutting Tools,Spc Flooring For Libraries,Spc Flooring Sample Box

Changzhou Yingda New Material Co., Ltd , https://www.yingdaspc.com