Aluminum |
Copper |
Steel |
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Aluminum |
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SHFE prices rallied during the pandemic, as global demand remained elevated. However, prices have come off the March highs. |
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China’s aluminum production remains near all-time highs. |
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Even before COVID’s resurgence and subsequent lockdowns, exports were on the rise. They have increased in late 2021 and into 2022. |
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Copper |
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During the pandemic, SHFE copper rallied alongside aluminum. Copper prices have been more resilient than aluminum and remain near recent highs. |
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Despite a slowing economy, Chinese copper production continues to climb. |
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Seasonally unwrought copper exports normally jump in March; however, this year’s increase was higher than usual in both volume and percentage. |
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Steel |
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Unlike copper and aluminum, Chinese steel production dropped tremendously during the pandemic. Production is recovering but is still nearly 10% off pre-COVID highs. |
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China’s steel exports are bouncing off recent lows. |
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