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For 2019, China’s gross domestic product grew 6.1% on year to Yuan 99 trillion ($14 trillion), with the final result coming within the central government’s targeted range for last year of 6-6.5%, according to National Bureau of Statistics (NBS) data released on the release on January 17. “Most of the tasks were fulfilled, laying a solid foundation for China to develop into a well-off society,” NBS commented.
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Fixed asset investment (FAI) in China’s manufacturing sector grew by a total of 5.4% on year during full year 2019, up 0.2 percentage point from the first eleven months, according to the latest data from the National Bureau of Statistics (NBS) released on Friday. FAI in the domestic property market increased by 9.9% on year during January-December, though this was off by a tiny 0.3 percentage point from the January-November reading, the data show.
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Members of China Smelters Purchase Team (CSPT), comprising most of the copper smelters in China, big and small, have so far taken no action of cutting their copper output into 2020 though they had vowed to do so on December 26 2019, Mysteel Global noted.
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China’s fixed asset investment (FAI) in manufacturing sector grew 5.4% on year for 2019 among which the FAI into property market up 9.9% on year, according to the latest statistics from the National Bureau of Statistics. A detailed report will be posted soon.
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China’s gross domestic product (GDP) grew 6.1% on year for 2019 to Yuan 99 trillion ($14 trillion), according to the latest statistics from the National Bureau of Statistics. A detailed report will be posted soon.
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China and the US trade tension has shown signs of easing as the two countries signed their phase-one economic and trade agreement on January 15 (Washington time) after nearly two years of trade frictions and talks, according to a news report by Xinhua News Agency on January 16.
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China’s imports of copper concentrates and ores climbed by 11.6% on year to reach 22 million tonnes last year, with the total value up 11.1% on year at Yuan 233.7 billion ($33.4 billion), according to the latest data from China’s General Administration of Customs released on Tuesday.
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China’s deliverable copper stocks in the warehouses of the Shanghai Futures Exchange and those in warehouses in four major cities contracted by a further 4,600 tonnes on week to 161,100 tonnes as of January 10, according to the weekly report from Mymetal, Mysteel’s nonferrous market data collection arm.
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China’s production and sales of automobiles in 2019 declined by 7.5% and 8.2% on year to 25.7 million units and 25.8 million units respectively, according to the latest statistics from China Association of Automobile Manufacturers (CAAM) published on January 13.
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Chinese ferromolybdenum prices have recovered so far this month, supported by active bidding as more steel mills have returned to the market to replenish products ahead of the Chinese New Year holiday break in late January, Mysteel Global learned Thursday.
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US-headquartered electric car producer Tesla delivered the first ‘Model 3’ cars made at its new factory in East China’s Shanghai to Chinese consumers on January 7, exactly one year after beginning construction on its Gigafactory, a combination car- and battery-making plant, in Shanghai’s Lingang Area.
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Since the formal merger with China Metallurgical Group Corporation (MCC) in June 2016, China Minmetals Corporation (Minmetals), a top state-owned mining investment, metals trading and engineering and construction company, posted the best-performing year in 2019 with its annual revenue up 13.4% on year to over Yuan 600 billion ($86 billion).
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China’s national average price for 99.7% aluminum ingot, out of market expectation, grew another Yuan 97/tonne ($13.9/t) on week to Yuan 14,547/t by January 3, in response to the steady domestic manufacturing sector and Beijing’s decision to further cut the cash deposits reserve requirement ratio among commercial banks starting January 6, according to the weekly report from Mymetal, Mysteel’s nonferrous market data collection arm.
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Chinese prices of high-carbon ferro-chrome (FeCr) had stabilized at a 3.5-year low as of December 31, mainly because smelters were unwilling to cut their prices further considering the cost burdens they were carrying, market sources said on Thursday.
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The People’s Bank of China (PBOC), China’s central bank, announced on January 1 that it will shave the reserve requirement ratio of financial institutions by 0.5 percentage point from January 6, in order to support the development of the real economy and to lower financing costs for Chinese enterprises.
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China’s price for 99.99% copper cathode rose by Yuan 402/tonne ($57.4/t) on week to reach Yuan 49,444/t including 13% VAT as of December 27, mainly reflecting the news that the major domestic copper smelters had decided to jointly reduce output next year, according to the latest weekly report from Mymetal, Mysteel’s nonferrous market data collection arm.
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China’s Purchasing Managers’ Index (PMI) for the country’s manufacturing industry remained at 50.2 for December, unchanged from November, according to the latest release from China’s National Bureau of Statistics (NBS) on Friday.
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OMC Chrome Ore prices have been very volatile in H2 CY19. The scenario of Ferro Chrome in the global market mostly drives the Chrome Ore prices. However, the prices of Chrome ore have been taking an interesting turn after mid-August, when the supply disruptions in Odisha created havoc among the producers of Ferro Chrome as many went out of stock. Therefore, in September the prices rose by 25% M-o-M in line with a supply shortage of the Chrome Ore in the market.
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Tsingshan group in China announced its January tender price for HC Ferro Chrome which is down by RMB 200 (USD 29) from December levels. The prices for Ferro Chrome were earlier dropped by RMB 400 (USD 57)/50 basis tons in December.
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Domestic prices of ferromolybdenum in China have remained stable over the past two weeks thanks to support of the firm raw material price and steady bid prices from steel mills, Mysteel Global has learned. As of December 24, the price of 60% ferromoly was still at Yuan 107,000/tonne ($15,314/t) including the 13% VAT, unchanged since mid-December, Mysteel’s data showed.
