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China’s GDP grew 6.2% on year over January-September, still within Beijing’s 6-6.5% economic growth target for 2019, though the growth for Q3 fell another 0.2 percentage point from Q2 to 6% on year, or a new low after Q2 since China started the GDP statistics in 1992, according to the latest statistics from the country’s National Bureau of Statistics on October 18.
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China's fixed asset investment (FAI) in general grew 5.4% on year to Yuan 46.1 trillion ($6.5 trillion) over January-September, down 0.1 percentage point from that for the first eight months, while the funding in the property market maintained its growth at 10.5% on year, the same as that for January-August, according to the latest release from the country’s National Bureau of Statistics (NBS) on October 18.
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China's gross domestic products (GDP) grew 6.2% on year for the first three quarter of 2019, and its fixed asset investment grew 5.4% on year over January-September, according to the latest statistics from the National Bureau of Statistics. A detailed report will be posted soon.
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BHP has remained its copper production guidance for FY2020 (July 1 2019-June 30 2020) unchanged at 1.71 -1.82 million tonnes, and its first quarter output over July-September increased by 5% on year to 430,000 tonnes, though it was 3% lower on quarter, according to its latest quarterly production report released on October 17.
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Chinese steel market participants are divided on whether steel mills in the “2+26” cities in North China will definitely face tougher restrictions from their local authorities in the upcoming winter over November-March 2020 just because Beijing has set a higher bar for air pollution reduction, targeting to reduce the average PM2.5 density by 4% on year for the 2019 winter from last year’s 3% reduction.
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Production summary
Unless otherwise noted: percentage variance
relates to performance during the September 2019 quarter compared with the June
2019 quarter (QoQ); production and sales volumes are reported on an
attributable basis.
Source: South32, released on October 17
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[Para 1 and 2 updated based on the latest development.]
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Nickel production at Brazilian mining giant Vale during this year’s July-September quarter saw a 14.2% quarter-on-quarter increase, amid the gradual resumption of operations, according to the company’s latest quarterly report released on October 14. On the other hand, its copper production remained stable over the same period, mainly due to the strong operational performance at its Salobo complex in Brazil during the three months.
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Shandong Weiqiao Pioneering Group, China’s top and the world’s largest aluminum smelter in East China’s Shandong province is considering building a 2 million tonnes/year aluminum smelting shop in Southwest China’s Yunnan province because of the latter’s abundant hydro power supply and its geographical proximity to South and Southeast Asia, Mysteel Global has learned on Tuesday.
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China’s auto sales over the first nine months of 2019 decreased 10.3% on year to 18.4 million units, and auto production declined 11.4% on year to 18.1 million units, according to the latest statistics from the China Association of Automobile Manufacturers (CAAM) on October 14.
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China’s import and export value reached Yuan 22.91 trillion ($3.2 trillion) over January-September, up 2.8% on year, according to data released by China’s General Administration of Customs (GACC) on October 14.
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Total sales of heavy-duty trucks across China in the 14~100 tonnes class during the January-September period totalled 888,400 units, representing a slight decline of 1% on year, according to the latest data from Beijing-headquartered Commercial Vehicle World (CVWorld) published on October 9. The pace of the decline was 1 percentage point down from that during January-August.
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Stocks of primary aluminum ingot at traders in 16 major Chinese cities under Mysteel’s regular survey have been falling for six successive weeks since August 15, with the total decline reaching 133,000 tonnes or a fall of nearly 13% as of September 27 to reach 899,000 tonnes. This was also lower by another 29,000 tonnes or some 3.1% on week, with market sources mainly attributing the reduction to shrinking supply.
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The world’s dry bulk freight market with iron ore being a core cargo is expected to stay buoyant over October-December, mainly because of the replenishment demand from China for iron ore and fewer vessels on the sea, delegates at the 19th China International Steel & Raw Materials Conference shared the projection on September 26.
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China needs to switch its economic development goals from high-speed growth to high quality, said Yang Jianlong at the 19th China International Steel & Raw Materials Conference in Qingdao, East China, on September 26. Yang is Deputy Director of Research Department of Industrial Economy at the State Council’s Development Research Centre.
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The production of the four most popular electrical home appliances in China showed mixed results for August, with output of air conditioners, refrigerators and televisions continuing to decline on year while production of washing machines alone grew year-on-year, according to the latest data released by China’s National Bureau of Statistics (NBS).
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China’s production of primary aluminum in August remained essentially stable at 2.97 million tonnes, down by just 0.3% on month and 0.3% on year, according to the latest statistics released by the National Bureau of Statistics (NBS) on September 16.
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China’s national economy maintained steady progress up to August, weathering a challenging environment with a mixture of gains and small declines, according to Fu Linghui, spokesperson of the National Bureau of Statistics.
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China’s total sales of excavators and other heavy machinery over January-August jumped by 14.4% on year to 163,396 units, according to a September 12 release by China Construction Machinery Association (CCMA). For August alone, sales surged by 19.5% on year to 13,843 units, the data shows.
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China's fixed asset investment (FAI) in general grew 5.5% on year to Yuan 40.1 trillion ($5.6 trillion) for January-August, with the growth slowing down 0.2 percentage point from January to July. Investment in the property market grew 10.5% on year over the eight months, though this too was down 0.1 percentage point from January to July, according to the latest updates from China’s National Bureau of Statistics (NBS) released on September 16.
