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Production of air conditioners, washing machines and televisions by China’s home appliance makers all saw declines in July, while that of refrigerators remained firm, according to the latest data released by China’s National Bureau of Statistics (NBS).
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Shandong province in East China is still dealing with the damage after the Typhoon Lekima slammed the region on August 11-12, and industrial enterprises such as nonferrous smelters and steel mills have their operations affected, Mysteel Global understood from the local companies on Wednesday.
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China’s sales of excavators and other heavy machinery over January-July increased by 13.9% on year to 149,553 units, according to an August 13 release by the China Construction Machinery Association (CCMA), with July sales alone being higher by 11% on year at 12,346 units.
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Over January-July, China's fixed asset investment (FAI) in general grew 5.7% on year to Yuan 34.9 trillion ($5 trillion), among which that in property market grew 10.6% on year, both being down 0.1 percentage point and 0.3 percentage point respectively from the first half of 2019, according to latest updates from China’s National Bureau of Statistics (NBS) on August 14.
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China's fixed asset investment in general grew 5.7% on year to Yuan 34.9trillion ($5trillion) for January-July, among which the funding in the property market went up 10.6% on year to Yuan 7.3trillion during the period. A detailed story will be posted soon.
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Both sales and production of China’s new-energy vehicles (NEV) declined on year for the first time in July, down 4.7% and 6.9% respectively, after a boost in sales in June as buyers rushed to enjoy the last days of subsidies on such vehicles until June 25, according to the latest release from China Association of Automobile Manufacturers (CAAM) on August 12.
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The most traded October nickel contract on Shanghai Futures Exchange closed at Yuan 124,890/tonne ($17,730) on August 8, higher by Yuan 7,060/t or about 6% from the settlement price the previous day to hit a historical high, mainly as fears of supply shortages swept the market, Mysteel Global has learned.
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China’s imports of copper concentrates and ores jumped by 10.8% on year to 12.62 million tonnes over January-July, according to the latest release from China’s General Administration of Customs on August 8, with imports in July contributing some 2.07 million tonnes to the total, higher by a significant 41.7% month on month.
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China’s copper concentrates and ores imports grew 10.8% on year to about 12.6 million tonnes over January-July. A detailed report will be posted soon.
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Copper cathode production among the 44 Chinese copper smelters Mysteel checks increased for a second successive month in July after the 9% month-on-month decline seen in June, according to Mysteel’s latest production survey released on August 6.
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U.S. President Donald Trump said on his latest twitter post on August 1 to put 10% duties on $300 billion Chinese goods on September 1. A detailed story with Chinese market comments will be posted later.
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China’s steel market sources and economists are not at all surprised that Beijing may not take as much effort as in the first half to stimulate the property market in H2 2019, as per the signal from the recent central government meeting.
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Happily for China’s primary aluminum smelters, the oversupply of alumina in the domestic market due to increased production and strong imports has dragged alumina prices down significantly. For the smelters, the declining cost of their crucial raw material has helped expand their profits, Mysteel Global notes.
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China’s Purchasing Managers’ Index (PMI) for the manufacturing industry rebounded 0.3 basis point on month to 49.7 for July after three-months of declines, but it was still below the threshold of 50, according to the latest data from China’s National Bureau of Statistics (NBS) released on July 31.
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China Association of Automobile Manufacturers (CAAM) has revised its expectation on 2019 auto sales to a 5% year-on-year decline instead of a flat year from 2018 because of the weaker-than-expected performance in the sector in the first half, market sources confirmed on Tuesday.
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The Mirador copper mine in Ecuador, an open-cut mine financed and constructed by a Chinese consortium led by China’s major copper producer Tongling Nonferrous Metals Group Holdings Co (Tongling Group), was officially brought on stream on July 18, a Tongling official confirmed on July 26.
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China is proud of its contribution to the global economy which has seen the country’s growth account for nearly one-third of global growth over the past few years, according to Hua Chunying, the spokesperson of China’s Ministry of Foreign Affairs.
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London-headquartered Chilean copper miner Antofagasta PLC posted a sharp increase in copper production in H1, being up 22.2% on year at 387,300 tonnes, mainly thanks to higher throughput and copper grades at most of its operations, according to its Q2 production report released on July 24.
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Copper prices in both the global and domestic Chinese markets saw increases recently, encouraged by the low treatment and refining charges (TC/RC) of copper concentrates for the present July-September quarter, and more broadly, by the policies of central banks in many countries aimed at loosening money supply.
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China’s domestic aluminum smelters are enjoying a recovery in profit currently, given the decline in prices of raw materials as well as the stable price of aluminum. On the other hand, profits from refining alumina have shrunk given the surging costs of bauxite and caustic soda, Mysteel Global notes.
