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May 2, 2018

China’s indium spot market quiet as VAT cut approaches

SHANGHAI, Apr 30 (SMM) – Trading in the indium spot market in China was lacklustre during the week ended Friday April 27 as both buyers and sellers were keen to delay deals until May when the value-added tax (VAT) cuts takes effect.

SMM assessed refined indium at 2,000-2,050 yuan/kg as of April 27, flat with a week ago as overseas buyers postponed their orders. Offers in the international market were heard at $320-350/kg, down $17.5/kg week on week.

Limited refined indium supplies were seen in the market as crude indium at low prices were rarely seen in the market and as output from smelters were already committed.

Crude indium supplies remained tight as suppliers held back before the tax cut was effective. We expect supply to tighten further as environmental limitations intensified. Spot crude indium was traded around 1,950 yuan/kg over the past week.

We expect the trading to pick up after the Labour Day holiday. Offers in the international market are likely to be flat with the levels seen in China’s market. We see spot indium prices to stay at the 2,000 yuan/kg level as crude indium prices stand still at highs in the short term.

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