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Copper & Copper Fabrication Monthly No.216
www.antaike.com 1
Copper & Copper Fabrication Monthly December 2014 No. 216
The Most Essential and Authoritative Source for
Chinese Metals Market
INSIDE THIS ISSUE
Supply-Demand Balance .............................................................. 2
Price Trend ................................................................................... 3
Copper Supply ............................................................................. 4
Copper Supply-Mine........................................................... 4
Copper Supply-Smelting/refining ....................................... 5
Copper Dmand ............................................................................. 7
Copper Semis ...................................................................... 7
Demand indicators .............................................................. 9
Import & Export ........................................................................... 11
Copper Market Outlook ............................................................... 14
News in Brief ............................................................................... 15
Statistics ....................................................................................... 19
Chinese Refined Copper Output by Region in 2014 ........... 19
Chinese Copper Semis Output by Region in 2014 .............. 20
Copper in Concentrate Output ............................................ 21
Chinese Imports and Exports of Cu Products in 2014 ........ 21
Copper Price and Stocks on SHFE and LME ..................... 22
Output of Major Copper-using Products and Investment .... 23
Development and Investment of Chinese Real Estates ....... 23
Copper Scrap Price on Chinese Spot Market in 2014 ......... 23
Quotation of Refined Copper by Producers & Traders ....... 24
China Metal Market Order Form ................................................. 24
Hosted by:
China Nonferrous Metals Industry Association
Published monthly by:
Beijing Antaike Information Development Co., Ltd.
Editor:Janey Ding (Ms.)
Research Team:
Wang Jun (Ms.); Yang Changhua (Mr.); Qiao Bo (Mr.);
He Xiaohui (Mr.); Zou Jiancheng (Mr.);Deng Xin (Mr.)
Wang Weiwei (Ms.)
Sales Manager: Xiaofei Yang (Ms.)
Tel: +86-10-62560921
Fax: +86-10-62562931
Website:
http://www.antaike.com, http://www.metalchina.com
Email:
[email protected]; [email protected]
Address: 2nd Floor, 12B Fuxing Road, Haidian District,
Beijing 100814, P. R. China
Disclaimer:
Whilst every effort has been made to prepare this report, Beijing
Antaike Information Development Co., Ltd. makes no warranty of
any kind in regard to the contents and does not accept
responsibility for any losses or damages arising directly, or
indirectly, from the use of this report.
All Rights Reserved:
The contents of this report are for the sole use of the client and
its employee and may not be transmitted in any form
whatsoever to third party.
©2014 Beijing Antaike Information Development Co., Ltd.
This issue was dispatched on Dec. 9, 2014.
Copyright:
The contents of this report are for the sole use of
the client and its employees and may not be
transmitted in any form whatsoever to third parties.
©2013 Beijing Antaike Information Development
Copper & Copper Fabrication Monthly No.216
2
Supply-Demand Balance
Copper Concentrate
Unit: kt copper metal 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Oct-14
Domestic production 1,248 1,407 1,540 345 392 416 142
Import 1,721 2,114 2,722 703 664 731 249
Supply 2,969 3,521 4,262 1,048 1,056 1,146 391
Demand 3,066 3,336 3,968 980 1,063 1,139 405
S/D balance -97 185 294 68 -7 7 -14
Refined Copper
Unit: kt 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Oct-14
Domestic production 5,185 5,615 6,179 1,551 1,676 1,742 610
Import 2,835 3,393 3,206 1,001 894 709 306
Export 157 269 293 56 70 68 15
Demand 7,330 7,680 8,200 2,000 2,250 2,210 750
S/D balance 533 1,059 892 496 250 173 151
Raw Material Structure
Unit: kt 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Oct-14
Refined copper production 5,185 5,617 6,179 1,551 1,676 1,742 610
From mine 3,371 3,722 4,282 1,131 1,211 1,266 441
From scrap 1,814 1,895 1,897 420 465 476 169
Source: Antaike
In October of 2014, domestic production of copper in concentrate increased by 1.43% against the
previous month, and the consumption increased by 0.75% on a monthly basis. The production was 142kt
in October, the import was 249kt, up by 0.81% against the previous month, and the consumption was
405kt. There was a shortage of 14kt in the market.
The supply surplus of refined copper increased in October, benefiting from the rising import. The
domestic output was 610kt, up by 1.67% on a monthly basis. The consumption was 750kt, up by 1.35%
MoM. The import was 306kt, up by 33.04% over the previous month, and the export was 15kt, down by
25% against the previous month. There was a surplus of 151kt.
The supply of copper concentrates increased in recent months, which helped the refined copper
production to retain basically the same with the previous month, although there was still a shortage of
copper scrap supply. The refined output from scrap in the month was 169kt, and that from copper
concentrate and imported copper blister was 441kt, accounting for 27% and 73% of the total output,
respectively.
Copper & Copper Fabrication Monthly No.216
www.antaike.com 3
Price Trend
Copper Price on SHFE&LME (Unit:RMB/t)
SHFE 3-M & Cash Month Cu Price (Unit:RMB/t),
Contango
SHFE/LME 3-M Cu Price Ratio
Copper price on LME fluctuated between
US$ 6,600/t and US$ 6,750/t. Due to the mixed
factors from domestic and foreign countries, copper
prices lost its direction. But copper price fell down
by more than 3%, which was dragged down by
strong dollar and worries about the slowing down of
inflation rate in the Eurozone and Japan that was
aroused by the international oil prices falling.
Copper price fell down to the lowest of
US$ 6,321/t.
In November of 2014, LME cash price and
three-month copper price averaged at US$ 6,701/t
and US$ 6,638/t, decreasing by 0.56% and 0.73%
on a yearly basis, and declining by 5.17% and
6.12% on a monthly basis, separately.
From January to November of 2014, LME cash
price and three-month copper price averaged at
US$ 6,899/t and US$6,866t, down by 0.97% and
6.75% on a yearly basis, separately.
In November 2014, SHFE cash price and
three-month copper price averaged at RMB 47,646/t
and RMB 46,986/t, decreasing by 0.60% and 0.87%
on a yearly basis, and declining by 6.56% and
7.52% on a month basis, separately.
Domestic copper price followed the trend on the
LME, with fluctuation range between RMB
47,000/t and RMB 48,000/t. Good support from
interest rate cut by Chinese banks disappeared
quickly. Copper price touched a new low at the end
of November. Copper price fell down to RMB
45,000/t on November 28 with a falling trend.
From January to November of 2014, SHFE cash
price and three-month copper price averaged at
RMB49,167/t and RMB48,593/t, both declining by
7.79% and 8.53% on a yearly basis, separately.
The average copper price on the spot market
quoted by Antaike was RMB 47,959.8yuan/t in the
month, down by 278 yuan/t compared with the past.
4,000
5,000
6,000
7,000
8,000
9,000
40,000
45,000
50,000
55,000
60,000
65,000
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14
SHFE 3-M Cu-L LME 3-M Cu-R
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
40,000
45,000
50,000
55,000
60,000
65,000
Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14
SHFE 3-M Cu-L SHFE Cash Cu-L
Contango-R
6.5
6.6
6.7
6.8
6.9
7.0
7.1
7.2
7.3
7.4
Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14
SHFE/LEM Price Ratio
Copper & Copper Fabrication Monthly No.216
4
Copper Inventory of SHFE & LME
LME copper inventory experienced small
fluctuation around 160kt. Copper price only had a
limited influence on the change of inventory,
because investors put much more attention to macro
economy.
SHFE copper inventory moved around 90kt.
Buying from downstream market ever increased
when copper price fell, but buyerschanged to be
cautious because of unclear price trend. Together
with new stocking and the adjustment of price ratio
between SHFE and LME, copper inventory saw a
slight increase. News on purchasing and storage of
copper from State Reserve Bureau gave a certain
support to copper price, but need to be verified.
As a whole, current inventory had no guidance
toto the copper price trend.
Copper Supply
Copper Supply-Mine
Mine Capacity & Utilization
Source:Antaike
Copper Concentrate Production (metal
content, kt)
According to Antaike’s statistics, the capacity
utilization rate was 104% and the output of
copper-in-concentrate increased by 1.43% MoM in
October.
According to NBS, the output of
copper-in-concentrate in the first ten months was
1.568Mt, a rise of 6.2% YoY. We believe the real
figure was lower than that, which was estimated to
be 1.30Mt by Antaike. Antaike’s survey results
showed that the figures of domestic
copper-in-concentrate output issued by the NBS was
exaggerated in some regions, especially the figure in
Inner Mongolia. We thought the original figure in
Inner Mongolia was the physical weight in stead of
metal content. So Antaike adjusted the original
figures down.
0 100 200 300 400 500 600 700 800 900
1,000
Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14
kt
LME Stock SHFE Stock
60
70
80
90
100
110
124
126
128
130
132
134
136
138
Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14
Capacity(kt,Cu metal)-L Utilization rate-R
Copper & Copper Fabrication Monthly No.216
www.antaike.com 5
Source:NBS
Copper Supply-Smelting/refining
Smelting Capacity & Utilization
Source:Antaike
The utilization rate of smelting capacity averaged
at 78.8% in October, almost the same as that in
September.
Refining Capacity & Utilization
Source:Antaike
The Chinese refining capacity utilization in
October reached 72%, slightly higher than the
previous month. Domestic refined copper production
increased slightly in October against the previous
month.
-20
-10
0
10
20
30
40
50
0
50
100
150
200
250
300
Feb-11 Oct-11 Jun-12 Feb-13 Oct-13 Jun-14
Cu Conc. output in the month-L MonthlyYoY-R
65
70
75
80
85
90
320
340
360
380
400
420
440
Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14
Capacity(kt,Cu metal)-L Utilization rate-R
60
65
70
75
80
85
0
200
400
600
800
1000
Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14
Capacity(kt,Cu metal)-L Utilization rate-R
Copper & Copper Fabrication Monthly No.216
6
Refined Copper Output
Source: CNIA
Ref. Cu Output By Region in Jan-Oct
Source: CNIA
According to the data from NBS and CNIA,
refined copper output in October was 734kt in
October, up by 14.0% YoY and 2.7% MoM. The
output amounted to 6.42Mt from January to October
and increased by 11.4% on a yearly basis. According
to Antaike’s survey, the output of Chinese 11 copper
cathode producers reached 468.3kt in October,
accounting for more than 70% of Chinese total and
rising by 3.93% against the same period of 2013.
The monthly average operation rate was 100% based
on 11 sample companies in October (which was
benefited from more than 100% capacity utilization
in some sample companies in October), higher than
91.65% in October. Among them, TNMG, JCCL,
JNMC, Daye, Zhongtiaoshan and Xinye Copper Co.,
Ltd. reached their full capacities; the operation rate
of CHALCO Yunnan Copper Co., Ltd and Dongying
Fangyuan Nonferrous Metals Group was more than
80% and the lowest operation rate was only 50.66%.
Near the end of the year, most smelters lifted the
operation rate under the condition of abundant
supply of copper concentrates, which pushed the
production of domestic refined copper higher.
0
100
200
300
400
500
600
700
800
Jan Mar May Jul Sept Nov
kt
2012 2013 2014
17%
17%
15% 11%
6%
34%
Jiangxi
Anhui
Shandong
Gansu
Hubei
Others
Copper & Copper Fabrication Monthly No.216
www.antaike.com 7
Copper Demand
Copper Semis
Copper Semis Production
Cu Semis Output By Region in Jan-Sept
The output of copper semis in October reached
1.51Mt, up by 12.5% YoY and 0.9% MoM. The
output accumulated to 14.36Mt from January to
October,up by 13.5% YoY.
Zhejiang, Jiangxi, Jiangsu, Anhui and Guangdong
remain as the top five regions of copper semi
production in recent years. The output in Jiangsu
exceeded that in Jiangxi and ranked No.2.
Benefiting from cheaper labor cost, lower energy
cost and favorable government policy, the copper
fabricating industry enjoys fast development in
Jiangxi and Anhui, where growth rates reached
8.49% and 35.91% separately from January to
October. Copper semis output in Shandong
experienced great growth since 2014, seeing a
growth rate of 42.9% in the first ten months of 2014.
Copper Wire rod Capacity Utilization
Source:Antaike
Antaike did research on Chinese 16 copper rod
producers through field survey and over the phone,
covering Jiangxi, Jiangsu, Tianjin, Shandong,
Guangdong, Anhui, Yunnan, and other regions.
Among them, 16 companies imported 12 continuous
casting lines (12 SCR lines with wirerod capacity of
2.69Mtpa and 8 CONTIROD lines with wirerod
capacity of 1.965Mtpa) and one company imported
La Farg copper scrap processing line from Italy with
capacity of 120ktpa.
Total capacity of 16 copper wirerod producers
reached 4.775Mt, representing 50% of Chinese total.
Based on the survey results, 16 copper producers
produced 323kt copper wirerod in October of 2014,
with capacity utilization rate of 81.2%.
In a breakdown by regions, capacity utilization
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Jan Mar May Jul Sep Nov
kt
2012 2013 2014
17%
16%
16% 13%
10%
28%
Zhejiang
Jiangsu
Jiangxi
Anhui
Guangdong
Others
68%
60%
82%
75%
83% 78%
81% 76%
73%
81%
50%
60%
70%
80%
90%
Jan-14 Mar-14 May-14 Jul-14 Sep-14
Cu Wirerod Capacity Utilization
Copper & Copper Fabrication Monthly No.216
8
rate in eastern China was 76.1%, 3.3 percentage
points lower than the previous month. Downtream
market saw the following features: first, some
large sized companies held stable supply of raw
materials, whose capacity utilization increased;
second, sales model was changing. The proportion
rate of sales volume to traders was declining as
copper smelters tried to control risks.
Capacity in southern China was 90.3% in
October. The capacity utilization rate in the area
(JCC Guangzhou Zengcheng copper project
included in eastern China, but excluded in the area)
was pushed up by the month on month rise of output
in Tai-I Jiang Corp (Guangzhou) Co., Ltd..
The capacity utilization rate in northern China
was 70%, with 3.9 percentage points lower than that
in August. The output of copper wire rod in the area
began to decrease due to unstable raw materil supply
together with tight cash flow withwith traders.
Copper wirerod producers in the area need to
purchase raw materials from other places.
According to data from China Customs, China
imported 5.75kt copper rod (with the maximum
cross-sectional dimension>= 8 mm) in October. The
import amounted to 65.6kt from January to October,
down by 28.11% YoY. The export accumulated to
14kt from January to October, up by 160% YoY.
Copper Tube Capacity Utilization
Source:Antaike
After entering October, air conditioner
manufacturers had completed signing long term
contracts with copper tube producers. The estimated
stock of national air condtioners were 22 million
units, which means that the destocking of the big
storage was the main job for air conditioner
companies. As a result, order forms decreased by
40% against last year, even more in small sized
copper tube producers.The monthly average
operation rate of Chinese copper tube producers fell
down to 63%.
75% 72%
92% 98% 97% 95% 93%
71% 78%
63%
50%
60%
70%
80%
90%
100%
110%
Cu Tube Capacity Utilization
Copper & Copper Fabrication Monthly No.216
www.antaike.com 9
Copper Strip & Plate Capacity Utilization
Source: Antaike
Antaike did research on 10 domestic copper
strips & plates producers, which own 600ktpa of
production capacity, by field trip and over telephone
survey. According to the survey results, these
sampling companies well operated in October, with
total output slightly lower than September. The
output of sampling companies reached 35kt in
October, with comprehensive capacity utilization
rate of 62%.
With regards to the production breakdown by
regions, the comprehensive capacity utilization rate
in southern China actually ranked ahead of other
regions, approaching to 81%. Then it followed by
eastern China, whose comprehensive capacity
utilization closed to 80% in October, with 4
percentage points lower than the previou month. The
comprehensive capacity utilization rate in
northeastern China was 70% and in northern China
only 60%. The comprehensive capacity utilization
rate in central China was 47%.
.
Demand indicators
By End-using Products
Data from NBS shows a sluggish consumption
although it was in a peak consumption season based
on the output of main copper end-using products.
Most products had month on month declines except
autos and transformer. The output of auto,
refrigerator, air conditioner and power cable had
year on year increase in October, although some
products output were not in such case. From January
to October, the output of ice-box, transformer,
communication and electronic cable decreased on
yearly basis. As a whole, the consumption by
end-using sectors had no obvious improvement.
60% 58%
67%
63%
68% 70%
68%
63% 65%
62%
50%
55%
60%
65%
70%
75%
Jan
-14
Feb
-14
Mar
-14
Ap
r-1
4
May
-14
Jun
-14
Jul-
14
Au
g-1
4
Sep
-14
Oct
-14
Cu Strip&Plate Capacity Utilization
-40
-20
0
20
40
Mar-14 May-14 Jul-14 Sep-14
YoY Growth Rate of Auto
YoY Growth Rate of Power Equipments
YoY Growth Rate of AC Motor
Copper & Copper Fabrication Monthly No.216
10
Investment in Chinese Electric Power
Industry
Source: CEC
According to the statistics released on the website
of China Electricity Council (CEC), Chinese power
consumption from January to October amounted to
4,548.4 TWh, up by 3.8% on a yearly basis, 3.6
percentage points lower than the same period of
2013.
The newly added power generation capacity was
57.71 Mln Kw in the first ten months, and decreased
by 5.24 Mln Kw against the same period of 2013.
The hydro power capacity, thermal power capacity,
nuclear power capacity, wind power capacity and
solar power capacity is 16.98 Mln Kw, 28.11 Mln
Kw, 3.29 Mln kw, 7.36 Mln Kw and 1.96 Mln Kw,
respectively.
Substation capacity of the newly-added power
grid construction with more than 220 KV reached
186.82 Mln KVA and length of Ac line was 26,468
km, increasing by 15.25 Mln KVA and decreasing
by 2,993 km compared with the same period of
2013.
Chinese Property Industry
Chinese Real Estate Investment Completed
Investment in Chinese property industry was
7,722 billion yuan from January to October of 2014,
nominally up by 15.9% YoY, 0.2 percentage points
lower than that from January to September of the
year. Of that, investment in residential houses was
5,246.4 billion yuan, up by 11.1% YoY,
0.2percentage points lower than that in the first nine
months of the year, accounting for 67.9% of the total
investment in real estate.
-20
-10
0
10
20
30
Mar-14 May-14 Jul-14 Sep-14
YoY Growth Rate of Household refrigerator
YoY Growth Rate of Household Ice-box
YoY Growth Rate of Air conditioner
YoY Growth Rate of power generation
-10
-8
-6
-4
-2
0
0
100
200
300
400
Jan-Feb Jan-Apr Jan-Jun Jan-Aug Jan-Oct
in Power Source (bln RMB)-L
in Power Grid (bln RMB)-L
YoY Growth Rate of the whole Investment-R
-20
0
20
40
60
Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14
YoY Growth of Floor Space of Commercial houses
Completed
YoY Growth of Sales Area of Commercial Houses
Copper & Copper Fabrication Monthly No.216
www.antaike.com 11
Source: NBS
Govt Economic Data
Manufacturing PMI Readings
Source: NBS, CFLP
The official manufacturing purchasing manager's
index (PMI) slipped to 50.3 in November from 50.8
in October, but remained above the 50-point mark
that separates growth from contraction on a monthly
basis, according to data released by the National
Bureau of Statistics (NBS) and China Federation of
Logistics and Purchasing.
Another PMI reading from the HSBC, also
released on Monday, stood at 50.0 in November
after a 50.4 print in October.
Although the November PMI fell slightly, it
remained above the boom-bust line, suggesting the
manufacturing sector was generally expanding.
Import & Export
Copper Concentrate
China imported 956kt copper concentrates in
October, seeing a year on year rise of 1.27% and
month on month decline of 25.8%. The
accumulative import from January to October of
2014 reached 9.535Mt, up by 17.4% YoY. The great
month on month drop was considered normal
considering the National Day Holiday and a large
number of import in September from Mongolia.
Copper concentrates were imported by Anhui,
Shandong, Inner Mongolia, and Jiangxi etc. Anhui
imported 2.17Mt in the first ten months, accounting
for 23% of the total and ranked the No. 1 importing
region, followed by Shandong and Inner Mongolia,
which accounted for 17% and 12% of the national
10
15
20
25
30
Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14
YoY Growth
50
50
50
51
51
51
51
51
52
52
Jan-14 Mar-14 May-14 Jul-14 Sep-14
(10)
0
10
20
30
40
50
0
200
400
600
800
1000
1200
1400
Jan-14 Mar-14 May-14 Jul-14 Sep-14
Net Import of Cu Conc. (physical weight,kt)-L
YoY Growth rate-R
Copper & Copper Fabrication Monthly No.216
12
Cu Conc. Import by Destinations in Jan-Oct
total import, separately.
The suppliers of copper concentrate are Chile,
Peru and Mongolia, which contributed 2.30Mt,
1.67Mt and 1.06Mt to Chinas’ copper importin the
first ten months, accounting for 24%, 17% and 11%
of the total, respectively.
Copper Blister
Cu Blister Import by Destinations in Jan- Oct
Source: China Customs
Data from China Customs shows that the import
of copper blister and anode reached 39.14kt in
October, down by 11% on a monthly basis and
down by 30% over the same period of 2013. The
import amounted to 491kt from January to October,
down by 4.26% YoY.
Copper blister was imported by Jiangxi,
Shandong and other regions where the major copper
smelters or refineries are located. Jiangxi imported
140kt in the first ten months, accounting for 29% of
the total and ranked the No. 1 importing region,
followed by Shandong and Shanghai, which
accounted for 23% and 10% of the country’s total
respectively.
The suppliers of copper blister are still Zambia,
Chile and DRC, which contributed 199kt, 190kt and
43kt to China’s copper blister import in the first ten
months, accounting for 41%, 38% an 9% of the
total, respectively.
23%
17%
12% 8%
7%
33%
Anhui
Shandong
Inner Mongolia
Jiangxi
Gansu
Others
(40)
(20)
0
20
40
60
80
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
Jan-14 Mar-14 May-14 Jul-14 Sep-14
Net Import of Cu Blister (physical weight,kt)-L
YoY Growth rate-R
29%
23% 10%
6%
5%
27%
Jiangxi
Shandong
Shanghai
Hubei
Guangxi
Others
Copper & Copper Fabrication Monthly No.216
www.antaike.com 13
Copper Scrap
Cu Scrap Import by Destinations in Jan- Oct
Source: China Customs
The import of copper scrap was 332kt in October,
down by 7.0% YoY and down by 15.2% MoM. The
import amounted to 3.187Mt from January to
October, down by 10.2% YoY. Current supply of
copper scrap was still tight. Besides, copper price
was firm and downstream demand was weak. the
big month on month decline was not a surprise.
Copper scrap was imported by Guangdong,
Zhejiang, Tianjin, and Shandong etc.. Guangdong
imported 1.10Mt in the first ten months, accounting
for 34% of the total and ranked the No. 1 importing
region, followed by Zhejiang and Tianjin, which
accounted for 31% and 11% of the national total,
separately.
The suppliers of copper scrap are U.S, Hong
Kong and Australia, which contributed 660kt, 465kt
and 343kt to China’s total scrap copper import in
the first ten months, accounting for 21%, 15% an
11% of the total, respectively.
Refined Copper
According to data from China Customs, the
import of refined copper was 306kt in October and
experienced a year on year rise of 4.5% and month
on month rise of 5.9%. The import amounted to
2.954Mt from January to October, with a year on
year growth of 15.2%. in a breakdown by trading
method, import in the general trade was 174kt,
which increased by 34.9% on a monthly basis and
declined by 2.3% YoY. Imported refined copper in
entrepot trade through warehouses in bonded zones
was 89kt, down by 25% YoY.
The copper export was 15kt in October and rose
by 1.9% YoY or dropped by 29.2% MoM. The
accumulative export was 220kt from January to
October, down by 10.6% YoY. The transfer
frequency and volume to warehouses in the LME
reduced. With the price arbitrage between SHFE
and LME being repaired, the export was expected
-25
-20
-15
-10
-5
0
5
0
100
200
300
400
500
Jan-14 Mar-14 May-14 Jul-14 Sep-14
Net Import of Cu Scrap (physical weight,kt)-L
YoY Growth rate Import-R
35%
31%
11%
9%
4% 10%
Guangdong
Zhejiang
Tianjin
Shandong
Guangxi
Others
-40
-20
0
20
40
60
80
100
120
0
50
100
150
200
250
300
350
400
Jan-14 Mar-14 14-May Jul-14 Sep-14
Net Import of Ref. Cu (physical weight,kt)-R
YoY Growth rate
Copper & Copper Fabrication Monthly No.216
14
Cu Ref. Import by Destinations in Jan- Oct
Source: China Customs
to be stable.
Refined copper was imported by Shanghai,
Shandong, Guangdong and etc.. Shanghai, where
SHFE was located, imported 1.43Mt in the first ten
months, accounting for 49% of the total and ranked
the No. 1 importing region, followed by Shandong
and Guangdong, which accounted for 18% and 10%
of the national total respectively.
The suppliers of refined copper are Chile, India
and Australia, which contributed 1.02Mt, 275kt and
257kt to China’s refined copper import in the first
ten months, accounting for 34%, 9% an 9% of the
total, respectively.
Copper Market Outlook
Domestic refined copper production was expected to be influenced by annual overhaul with the coming of the
year end, with slight decrease of the whole output but still at a high level. The consumption will basically
stable in November, with a good expectation but not worth much. The supply will be higher than the demand,
still with a big surplus.
The Supply/Demand Balance for Refined Copper, unit: kt
Nov. 2014
Production 630
Net import 270
Supply 900
Consumption 750
S/D balance 150
Source: CNIA, China’s Customs, Antaike;
49%
17%
11%
10%
5% 8% Shanghai
Shandong
Guangdong
Zhejiang
Jiangsu
Others
Copper & Copper Fabrication Monthly No.216
www.antaike.com 15
News in Brief
Zijinshan Copper Mine
SX-EW Plant produces
150kt SX-EW copper
Zijinshan Copper Mine SX-EW Plant produced 15,044.92 tonnes of
SX-EW copper, which broke through 150kt for the first time and increased
by 32.48% against the same period of 2013. Zijinshan Copper Mine
SX-EW Plant achieved great economic benefits from the treatment of
copper-bearing acid drainage.
Yilong Group to build
30ktpa copper semis
project
Henan Yilong Group signed cooperation agreement with Chinalco
Shanghai Copper and China Nonferrous Metals Processing Technology
Co., Ltd, in order to build 30ktpa copper and alloy tube, rod, wire and rod
project mainly used in electronic power, thermal power, petrochemical
industry, water desalination, shipbuilding, transportation and air
conditioning etc. industries.
Luoyang Longji Copper Science and Technology Ltd. will be jointly
built for the project in Yichuan County, Luoyang City of Henan Province.
JCCL's net profit down
by 5.89% YoY
Jiangxi Copper Co., Ltd. (JCCL or 600362. SH) issued its financial
results for the first nine months of 2014. The report indicates that operating
revenue increased by 11.74% during the reporting period against the same
period of 2013. Net profit reached 2.3 bln yuan, down by 5.89% YoY.
JCC, as parent company of JCCL, is located in Guixi City, Jiangxi
Province. JCC produced 1.12Mt copper cathode and 830kt copper semis in
2013.
JV gets the bidding
qualification for railway
products
Ganzhou Jiangwu La Farga high-speed Railway Copper Materials Co.,
Ltd. (short for JV) ‘s railway copper alloy products got the Ascertainment
Certificate from China Railway Corporation and related relevant
departments, which means the company will be qualified to supply whole
series of railway products to China Railway Corporation and related
relevant departments.
The Company is located in the Econ & Tech Development Zone of
Ganzhou City in Jiangxi Province, China. The Company is jointly invested
with a total investment of USD 15 million and registered capital of USD
7.6 million, by La Farga Group(Spain), Jiangxi Rare Earth & Rear Metals
Tungsten Group and Beijing Prosoar Company. The major products are
high-speed railway use copper, copper alloy and other high-tech materials.
Copper & Copper Fabrication Monthly No.216
16
Now the capacity of the JV is 20kt per year for the railway catenary
(contact wire, messenger wire, and dropper).
Minmetals: Chinese
copper import in the
upcoming years will
decrease gradually
According to Mr. Gu Liangmin, General Manager of trading business
unit of Minmetals Nonferrous Metals Co., Ltd, who delivered a speech in
Metal Bulletin Shanghai Copper Forum on Nov 20th 2014, China will
gradually reduced its import of refined copper in the coming years due to
the gradual growth of domestic refined copper output and the decrease of
demand for financing copper. He indicated that it is quite difficult for the
copper financing activities to recover to the level before Qingdao Port bank
loan scandal. He also said Chinese nonferrous metals industry is
experiencing a fast capacity elimination process as Chinese local
government will not pursue the economic expansion as the only target.
Hefei Customs’s
Director Visits Tongling
Nonferrous to further
improve trading facility
Mr. Xiaoli, Director of Hefei Cutoms of Anhui Province and companies
visited Tongling Nonferrous Metals Group Holding Company Ltd.
(Tongling Nonferrous). Mutual parties exchanged ideas on the enterprise’s
production, import and export, processing trade etc.
Delegates from Tongling Nonferrous introduced that Tongling
Nonferrous will secure the annual production target by every means and
has kept the import and export value of the Group Company grow.
Mr. Xiao introduced that Hefei Customs will deep the building of
special customs, upgrade its service concept and innovate its service
content in order to contribute to the local economy.
As the Yangtze River Economic Zone Customs transaction integration
reform will be put into practice, Hefei Customs will actively take part in
this reform. Tongling Nonferrous will enjoy the improvement of customs
clearing efficiency and more convenient trading facility in an open and just
import and export environment.
Tongling Nonferrous to
deepen reform in blend
ownership of the
company
According to a source who is familiar with Anhui Tongling Nonferrous
Metals Co., Ltd. (Tongling Nonferrous or the Company, 000630.SZ), the
Company will deepen its reform in the blend ownership of the Company.
The Company’s majority shareholder, Tongling Nonferrous Metals Group
Holding Company Limited (the Group) is considering introducing strategic
investors to reduce the percentages of the state-owned shareholding in the
Company. Currently the Group is keeping contact with related enterprises
including enterprises in Tongling City and enterprises in other industries.
But up to now there is no final decision being made.
First lead-free copper
semis project settles
down in Xinjiang
The project of 190ktpa lead-free copper series products was formally
settled down in Fukang Industrial Park, which was the first lead-free
copper processing project in Xinjiang. The project, with total investment of
RMB 120 million, was jointly invested by Xinjiang Taixin New Materials
Copper & Copper Fabrication Monthly No.216
www.antaike.com 17
Co., Ltd. and Xinjiang Wuxin Copper Co., Ltd.. The project includes
120ktpa lead-free brass casting billet line, 6kt lead-free brass bar line and
1ktpa lead-free brass wire line, with estimated sales income of RMB 1
billion after completion.
Taiyuan Chunlei
Copper's C19210
copper strip production
technology passes
evaluation
Taiyuan Jinxi Chunlei Copper Co., Ltd (Taiyuan Chunlei Copper) ’s
C19210 copper strip production technology passed evaluation by experts.
C19210 strip series have stable product performance, high precision, good
plate shape, and low surface residual stress, which can meet domestic
demand and replace the imported similar products.
Taiyuan Jinxi Chunlei Copper Co., Ltd was invested in 2010 as a project
of 50ktpa high precision copper strip by Jiangxi Copper for a purpose of
achieving industrial upgrading, which was officially put into operation in
October 2012. The company’s products are widely used in new areas and
high-tech field, such as electronics, electronic power, communication,
transportation, environment protection and green sources. Jinxi Copper
Company has two copper processing companies, which are Shanxi Chunlei
Copper Co., Ltd with 50ktpa copper strip capacity and Taiyuan Jinxi
Chunlei Copper Co., Ltd with 50ktpa high precision copper strip capacity.
Minmetals signs a
US$600 million term
loan with 12 foreign
banks
China Minmetals Corporation hold US$600 million term loan facility
signing ceremony on November 26, 2014, with12 foreign banks. China
Minmetals Corporation is an international metals and mining corporation
committed to providing high-quality services globally. It primarily engages
in exploration, mining, smelting, processing and trading for metals and
minerals, and is also engaged in finance, real estate, and mining and
metallurgic technology, with business scope covering 28 nations and
regions in the world.
Longji Copper's 30ktpa
copper semis project
settles down in Yichuan
County
Luoyang Longji Copper Co., Ltd (Longji Copper)’s 30ktpa copper and
copper alloy wirerod project settled down in Yichuan County, Luoyang
City of Henan Province. The project, with total investment of RMB 404.56
million, mainly supply copper tube, wirerod and etc, products to power
plants and for the usage of petroleum, ships and cars. Luoyang Longji
Copper Co., Ltd is jointly established by Henan Yilong Science &
Technology Industrial Co. Ltd, Chinalco Shanghai Copper Co. Ltd and
Luoyang Research and Design Institute for Non-ferrous Metals Processing.
Yintan's copper cathode
output reaches 865kt in
Jan-Oct
The income of copper industry related main business reached RMB 248
billion in Yingtan City of Jiangxi Province from January to October. The
output of copper cathode was 865kt and copper semis amounted to 1.90Mt
from January to October.
Yingtan produced 1.06Mt copper cathode and 2.046Mt copper semis in
2013, which accounted for 86% and 60% of that in Jiangxi, and 15% and
Copper & Copper Fabrication Monthly No.216
18
18% of Chinese total. The total capacity of copper cathode in Jiangxi has
exceeded 1.20Mt in 2013.
Luoyang Copper
develops ultra-thin and
ultra-wide copper plate
Chinalco Luoyang Copper Co., Ltd. (Luoyang Copper) developed
copper plate at the size of 0.2mm*1,000mm and has started mass
production.
Luoyang Copper, acquired by Chinalco in 2005, has 180ktpy capacity of
copper strips & plates. Newly-built high precision electronic copper strip
capacity is 100ktpa. Its annual capacity of nonferrous metals fabrication
products is 240ktpa.
Nonferrous metal
industry in Jiangxi sees
a further loss in
Jan-Aug
According to the Commission of Industry and Information Technology
of Jiangxi Province, there are 693 above–scale companies (with annual
revenue above 5 million yuan) engaging in nonferrous metals, with 76
companies facing growing losses from January to August of 2014. The
losses were expanded by 8.6% YoY. Among them, 253 companies engage
in copper, with 19 companies suffering losses.
Copper & alloy project
is settled down in Baoji
The Northwest Machine Co. Ltd planned to build one copper and copper
alloy project in Baoji City of Shaanxi Province. The project, with total
investment of RMB 1 billion, was jointly invested by Northwest Machine
Co. Ltd and Shanghai Base Trading Co., Ltd. The project was proposed to
produce LED car light, Pv cable, high temperature superconducting
materials and etc. First stage of the project is expected to produce 40kt
copper semis, 15kt oxygen-free copper after completion.
The Northwest Machine Co., Ltd. is transformed from the Northwest
Machine Factory. It is the leading enterprise of research and manufacture
electronic special equipment. It was found in 1940 and located in Xi’an
High-tech Development Area.
Investment in
nonferrous metal
industry slows down
Investment in the fixed asset of nonferrous metal industry increased by
5.3% YoY from January to August of 2014, but with 14.4 percentage
points lower than the same period of previous year and with 11.2
percentage points lower than the growth of national investment in fixed
assets from January to August of 2014. Among them, the growth rates of
investment in mining and smelting projects continued to fall, while
investment in rolling and processing projects increased continuously. But
the growth rate for the period from January to August of 2014 experienced
a decrease against the same period of 2013. Breakdown by investment
units, proportion of private investment reached 84.1%. The overall
investment structure for the nonferrous metal industry was further
optimized.
Copper & Copper Fabrication Monthly No.216
www.antaike.com 19
Profit of nonferrous
metal industry
improved
The overall profit level was improved in nonferrous metal industry, but
there were great difference between different metals. Aluminium smelters
suffered the biggest loss. Enterprises engaging in copper, nickel and cobalt,
tin, magnesium, antimony, silver, tungsten and molybdenum achieved
profit growth.
Factors behind the improved profit level for the whole nonferrous metal
industry are as the follows: first, a series of “mini stimulus” and “steady
growth” policies issued by Chinese government had worked; second,
prices of most nonferrous metals rose on a monthly basis in July and
August. Electricity costs for primary aluminum fell in some regions. The
treatment charges of imported copper concentrates recovered. Private
enterprises pushed up the whole industrial profit. Besides, management
level improved while the growth of administration cost fell back
The first 14 batches of
import quota of used
motors reach 7.04Mt in
2014
According to the National Center of Solid Waste Management, the
Ministry of Environmental Protection, P.R.C., the 14th batch of imported
used motors under the approved quota mainly for recycling copper
(Customs SN: 7404000010) was 150.6kt in 2014. By now, the first 14
batches of approved import quota of used motors mainly for recycling
copper accumulatively reached 7.04Mt in 2014.
There are 12 authorized customs responsible for the clearance of these
batches of used motors mainly for recycling copper. Of them, import
volume in Xingang, is the largest, with 72.8kt.
The first 14 batches of
approved import quota
of copper scrap reach
3.81Mt in 2014
According to the National Center of Solid Waste Management, Ministry
of Environmental Protection, PRC, the14th batch of import copper waste
and scrap (Customs SN: 7404000090) under the approved quota was
37.3kt. By now, the first 13 batches of approved import quota of copper
scraps accumulatively reached 3.81Mt in 2014.
There are 6 authorized customs responsible for the clearance of these
batches of imported copper waste and scrap. Of them, import volume in
Ningbo, Zhejiang Province, is the largest, with 11kt.
Statistics
Chinese Refined Copper Output by Region in Jan-Oct 2014
Unit: ton 2011 2012 2013 Oct.14 Jan-Oct YoY Jan-Oct %
Chinese total 5,196,900 5,823,533 6,838,752 732,746 6,420,024 11.40
Tianjin 22,203 10,225 6,043 5,343 49,972 50.84
Hebei 123,657 135,785 152,589 10,686 116,067 -8.75
Shanxi 87,785 98,134 88,564 16,509 111,148 62.63
Copper & Copper Fabrication Monthly No.216
20
Unit: ton 2011 2012 2013 Oct.14 Jan-Oct YoY Jan-Oct %
Inner Mongolia 176,305 187,825 245,436 28,381 230,821 17.98
Liaoning 115,837 61,565 55,176 1,114 15,746 -70.91
Heilongjiang 2,925
1,471 105.00 705.00 -49.82
Shanghai 113,781 92,208 87,952 8,219 78,325 10.76
Jiangsu 324,165 331,589 296,862 24,926 249,612 -0.93
Zhejiang 311,492 293,661 262,167 24,193 243,240 15.51
Anhui 618,529 605,849 1,211,366 111,293 1,069,341 10.14
Fujian 1,935 89,752 211,696 19,992 187,120 2.35
Jiangxi 975,156 1,163,723 1,202,456 114,604 1,120,769 6.94
Shandong 754,587 910,493 826,672 96,285 938,646 15.26
Henan 112,757 158,010 171,154 25,990 178,078 32.43
Hubei 352,034 368,173 502,465 50,808 410,537 3.77
Hunan 15,090 21,583 85,127 1,528 19,319 -20.66
Guangdong 36,913 96,780 125,409 10,881 100,316 -1.43
Guangxi
377 23,953 102,188
Chongqing 10,390 8,729 38
Sichuan 4,108 10,944 8,477 1,567 18,702 165.84
Guizhou
Yunnan 390,259 449,184 480,168 46,748 413,603 5.81
Shaanxi 4,015 944 812 90 883 44.05
Gansu 625,406 708,579 779,565 92,987 702,010 8.04
Qinghai
291 358 29 383 53.01
Ningxia
Xinjiang 16,721 19,507 36,233 16,514 62,492 114.34
Jilin 850
Tibet
120
Source: CNIA
Chinese Copper Semis Output by Region in October 2014
Unit: ton 2011 2012 2013 Oct.14 Jan- Oct YoY Jan- Oct %
Chinese total 10,281,453 11,539,596 14,987,033 1,508,032 14,359,230 13.46
Beijing 14,809 9,856 8,050 761 6,656 9.55
Tianjin 128,429 144,783 248,362 40,028 684,626 17.28
Hebei 73,019 49,290 268,395 9,564 64,614 -68.80
Shanxi 62,516 32,000 68,000
Inner Mongolia 264,427 460,878 385,339 10,699 110,174 71.24
Liaoning 149,981 193,544 215,330 12,048 200,351 5.61
Jilin 879
Heilongjiang
2,537
583 -74.89
Shanghai 379,300 267,205 295,651 22,948 256,341 2.43
Jiangsu 1,556,153 1,745,264 2,214,008 255,099 2,258,951 7.12
Copper & Copper Fabrication Monthly No.216
www.antaike.com 21
Unit: ton 2011 2012 2013 Oct.14 Jan- Oct YoY Jan- Oct %
Zhejiang 1,890,659 2,147,524 2,497,106 257,729 2,417,004 16.95
Anhui 1,260,028 1,428,091 1,729,518 218,958 1,961,488 35.91
Fujian 98,859 196,347 226,233 13,068 159,801 -11.48
Jiangxi 1,564,687 2,088,921 2,641,012 272,163 2,291,407 8.49
Shandong 286,765 354,686 596,142 70,589 710,043 42.89
Henan 416,927 442,717 578,464 51,757 494,086 7.60
Hubei 106,468 211,310 246,592 7,935 161,905 -26.00
Hunan 216,979 307,060 451,438 18,284 296,563 -11.49
Guangdong 1,379,758 1,025,250 1,549,971 177,424 1,509,425 16.55
Guangxi 49,090 60,943 86,261 6,187 53,045 2.56
Chongqing 76,263 116,098 129,761 11,880 138,660 32.47
Sichuan 91,971 28,009 44,348 4,882 48,965 32.51
Guizhou
1,614 0 4,837 265.55
Yunnan 19,219 72,644 166,922 18,832 177,913 28.69
Shaanxi 11,857 11,543 9,792 1,390 10,932 19.22
Gansu 135,300 45,266 208,091 15,736 222,012 26.30
Qinghai 44,311 98,555 114,799 9,155 111,076 -0.04
Ningxia
360 156 1,324 278.42
Xinjiang 2,797 1,811 2,939 759 6,449 4.25
Note: 1. Figures are provided by CNIA.
Copper in Concentrate Output
Unit: kt in metal content YTD YTD YoY
2011 1,298 14.7
2012 1,624 17.3
2013 1,773 6.3
14-Feb 239 12.8
14-Mar 418 13.6
14-Apr 571 10.4
14-May 837 6.1
14-Jun 881 8.9
14-Jul 1,046 7.6
14-Aug 1,215 5.7
14-Sept 1,398 6.3
14-Oct 1,568 6.2
Chinese Imports and Exports of Cu Products in October 2014
Commodity(Unit: ton) Code/Category Qty in Oct 2014 Qty in Jan-Oct 2014 YoY Jan-Oct %
Import
Refined Cu 7403.1111-7403.1900 305,772 2,954,403 15.20
Cu ores and conc. 956,312 9,534,511 17.42
Copper & Copper Fabrication Monthly No.216
22
Commodity(Unit: ton) Code/Category Qty in Oct 2014 Qty in Jan-Oct 2014 YoY Jan-Oct %
Cu scraps 331,943 3,186,821 -10.19
Copper blister/anode 39,139 490,578 -4.26
Cu alloy 3,635 39,410 -18.32
Cu semis 7406.1010-7412.2090 48,329 503,202 -6.78
Powder 216 2,512 14.84
Bar, rod, section 5,826 60,634 5.33
Wire 11,490 123,962 -16.95
Sheet & strip 11,282 106,006 1.05
Foil 18,221 195,444 -7.26
Tube 1,295 14,644 -3.16
Other products 7413.0000-7419.9999 2,215 24,096 -9.40
Export
Refined Cu 7403.1111-7403.1900 14,875 219,530 -10.55
Cu scraps 24 612 -47.65
Cu alloy 8 193 35.58
Cu semis 7406.1010-7412.2090 39,367 426,828 4.74
Powder 281 3,164 6.76
Bar, rod, section 753 6,680 1.63
Wire 3,058 27,408 44.94
Sheet & strip 2,552 26,511 19.48
Foil 12,532 134,269 -6.41
Tube 20,191 228,796 7.21
Other products 7413.0000-7419.9999 5,252 54,784 23.92
Note: 1. Figures are provided by China Customs.
2. All Imports/exports of commodity are in physical weight.
Copper Price and Inventories of SHFE and LME
Cu Contract 2011 2012 2013 14-Sep 14-Oct 14-Nov
SHFE
(yuan/t)
Cash Month
Average 66,052 57,348 51,448 49,188 47,935 47,646
High 75,400 63,880 52,600 51,490 49,000 48,520
Low 51,000 53,430 50,240 48,210 47,170 46,760
3-Month
Average 65,792 57,318 51,404 48,519 47,399 46,986
High 76,290 63,880 52,770 50,780 48,530 47,660
Low 50,760 52,380 50,000 47,290 46,310 45,990
Cu Stocks (kt) 93 207 126 86.3 95.8 88.3
LME(US$/t)
3-Month
Average 8,827 7,946 7,196 6,841 6,687 6,638
High 10,190 8,711 7,416 7,052 6,836 6,773
Low 6,635 7,280 6,938 6,650 6,650 6,342
Cash Month Average 8,823 7,949 7,203 6,872 6,552 6,701
Cu Stocks (kt) 371 371 366 152.6 162.6 164.3
Copper & Copper Fabrication Monthly No.216
www.antaike.com 23
Output of Major Copper-using Products and Investment in Power industry
Product Unit 2012 2013 2014
Annual Annual YoY% Jan-Oct YoY%
Auto Mln 20.6 23.9 18.4 20.7 9.0
Power equipments Mln kw 136.2 127.4 -4.8 125.3 10.5
AC motor Mln kw 256.9 279.1 6.9 243.3 5.9
Household refrigerator Mln units 84.3 93.4 10.6 80.3 0.8
Household ice-box Mln units 19.1 20.8 9.4 15.4 -3.9
Air conditioner Mln units 132.8 143.3 11.6 134.0 13.3
Transformer Mln KVA 1,431.30 1,523.20 6.6 1,387.0 -33.6
Telecommunication cable Mln double km 46.2 43.3 -7 40.0 -3.6
Power cable Mln Km 40 41.9 4.8 46.0 26.9
Power Generation Bln Kwh 4,818.80 5,245.10 7.6 4,523.4 4.2
Power investment **
Power source Bln yuan 377.2 371.7 -1.5 245.7 -7.6
Power grid Bln yuan 369.3 389.4 5.4 295.7 0.03
Total investment Bln yuan 746.5 761.1 2 541.4 -3.6
Sources: National Bureau of Statistics (NBS); copper semis from CNIA; power investment from China Electricity Council and National
Energy Administration.
Development and Investment of Chinese Housing Sector
2011 2012 2013 Jan-Oct 2014
Floor Space Started (mln sq.m.) 1,901 1,773 2,012 1,476
Floor Space Completed (mln sq.m.) 892 994 1,014 639
Sales area of Commercial Houses (mln sq.m.) 1,099 1,113 1,306 885
Investment Completed (bln yuan) 6,174 7,180 8,601 7,722
Copper Scrap Price on Chinese Spot Market in November 2014
Tax excluded Unit:yuan/t High Average low
#1 Cu 97% 43,650 43,405 42,950
#2 Cu 94~95% 41,250 41,005 40,550
Used transformer (Cu 94~95%) 40,850 40,805 40,350
Brass (Cu 59~60%) 30,450 30,230 29,950
Used motor (Cu 8%) 5.050 5,025 4,950
Notes: 1.the data is reported by Guangzhou Nanhai Nonferrous Metals Spot Market (Guangzhou), located in Guangdong Province, South China.
Copper & Copper Fabrication Monthly No.216
24
Quotation of Refined Copper by Producers & Traders
Company( Unite:
RMB per ton) Early Oct. Mid Oct. Late Oct. Early Nov. Mid Nov. Late Nov.
North China Trading
(Tianjin) Company 48,800 48,000 48,900 48,700 48,300 47,200
Zhongtiaoshan
Nonferrous Metals
Company
49,500 49,000 49,000 49,000 49,000 48,700
Guangdong Nanchu
Warehousing
Management
Company
48200-48400 47550-47750 48150-48350 47900-48100 47900-48100 46900-47100
Shuikoushan
Nonerrous Metals
Group
49,000 47,800 48,500 48,500 48,000 47,100
Chendu Smelting
Company 48,515 47,700 48,420 48,090 48,040 47,040
Daye Nonferrous
Metals Company 48600-48800 48600-48800 48200-48400 48000-48300 47900-48000 47600-47900
Baiyin Nonferrous
Metals Company 48200-48400 47600-47800 48200-48400 48300-48500 47900-48100 46900-47100
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Primary Aluminum □ US$2,300/copy Tungsten □ US$1,200/copy
Aluminum Fabrication □ US$2,000/copy Titanium □ US$1,700/copy
Refined Copper & Raw Materials
□ US$2,000/copy Molybdenum □ US$1,700/copy
Copper Fabrication □ US$2,000/copy Rare Earth □ US$1,700/copy
Copper & Copper Fabrication Monthly No.216
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Lead □ US$2,000/copy Silicon □ US$1,200/copy
Zinc □ US$2,000/copy Magnesium □ US$1,700/copy
Gold □ US$1,200/copy Indium □ US$1,200/copy
Silver □ US$1,700/copy Cobalt □ US$1,700/copy
PGMs □ US$1,700/copy Antimony □ US$1,200/copy
Antaike also provide customized studies of Chinese non-ferrous metals on your requests!
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