Norilsk (also known as Nornickel), which produces 40% of the world’s nickel, said “in 2019 the global palladium market deficit is forecast at 800,000 ounces compared with 600,000 ounces in 2018, with consumption up by 500,000 ounces to 11.2 million ounces due to strong demand from autocatalyst producers,” according to a recent Reuters报告。
“（”（该）钯钯市场实际上干涸“2018年，诺诺克尔被引用如此。根据the Reuters report, the company said the “supply tightness was partly eased by the release of stocks from palladium ETFs (exchange-traded funds), which fell below 1 million ounces for the first time since 2009, and from Nornickel’s Global Palladium Fund.”
This morning in metals, we’re getting up to speed on where the tin market could be in a decade, what U.S. and Chinese trade negotiators are continuing to discuss, and where the EU car market seems to be heading (hint: it’s not good news).
Among the things trade negotiators for both countries discussed at the table recently, according to the WSJ (paywall), were a proposal to increase U.S. semiconductor sales to China to a total over six years of $200 billion (although “that increase would be generated in part by moving assembly operations of U.S. semiconductors from third countries like Mexico and Malaysia to China, allowing those products to be counted as U.S. exports rather than those of other countries”…so much for reshoring).
Ostensibly reporting from the World Economic Forum in Davos, Switzerland, where representatives from participating countries such as Vietnam are worried about high-skilled manufacturing jobs skipping over them en route from China back to the Western world, the author writes that “we’ve really missed the point giving the trade war so many column inches.”
全球铝价值链从中国的火灾中。经济合作与发展组织发布了一份报告根据美国铝业协会(aluminum Association)发布的一份报告，该组织在题为《衡量国际市场的扭曲:铝价值链》(Measuring distortion in international markets: the aluminum value chain)的报告中特别强调了中国受到不公平补贴的铝。报告开篇写道:“纵观整个价值链……上游补贴为下游活动提供了重大支持，比如铝半加工产品的生产。”“2013-17年期间，政府对[17家铝业公司]的支持总额达到700亿美元，这取决于财政支持(即优惠贷款)的估算，”报告继续写道。“尽管所有17家公司都获得了某种形式的支持，但支持高度集中:排名前5位的公司获得了所有支持的85%，其中大部分都处于价值链的冶炼阶段。”