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China's domestic price of high-carbon ferrochrome (FeCr) showed signs of weakening after four consecutive weeks of inclines recently, as the overall market sentiment has been dampened by possible higher production from some smelters on the easing in curbing and Tsingshan Holding Group's latest announcement to roll over FeCr procurement price, Mysteel noted from the latest weekly survey on the market.
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China's total energy consumption continued growing over January-September, rising by 7.3% on year, according to data from China's National Bureau of Statistics (NBS) published on October 19. However, affected by energy use and intensity control, the growth slowed by 7.3 percentage points and 3.2 percentage points from Q1 and H1 respectively. Meanwhile, the country's energy consumption per GDP unit – or energy intensity – dropped 2.3% on year, which was wider by 0.3 percentage point from H1.
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China’s economy will continue with its recovery and the progress towards high-quality development, and the country will be capable to achieve its economic and social development targets for 2021, Fu Linghui, spokesperson of the country’s National Bureau of Statistics (NBS), shared with confidence at the bureau’s press conference on October 18.
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China’s price of ferromolybdenum (FeMo) assessed by Mysteel climbed for the second week over October 11-15, propelled upwards by the smelters’ determination to defend their prices because of high production costs, market sources said.
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For the July-September quarter, capacity utilization rate among China’s industrial enterprises averaged 77.1%, up 0.4 percentage point on year but down 1.3 percentage points on quarter, partly as ferrous and nonferrous smelting and fabrication plants and automakers posted on-year declines, according to the release by the country’s National Bureau of Statistics (NBS) on October 18.
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Over January-September, China's gross domestic product (GDP) grew 9.8% on year to Yuan 82.3 trillion ($12.8 trillion) with the GDP growth for Q3 having slowed to 4.9% on year against the 7.9% on-year gain for Q2 or the 18.3% on-year rise for Q1, though all the key economic indicators stayed within reasonable ranges until September, the country's National Bureau of Statistics (NBS) shared on October 18.
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Over January-September, the growth in China’s fixed asset investment (FAI) trended down further to 7.3% on year to Yuan 39.8 trillion ($6.2 trillion), among which, that in the property market grew a lower rate too, up 8.8% on year to Yuan 11.3 trillion, and both saw their on-year growths slow since the start of 2021, according to the release by the country’s National Bureau of Statistics (NBS) on October 18.
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Over January-September, China's gross domestic product (GDP) grew 9.8% on year to Yuan 82.3 trillion ($12.8 trillion), and for July-September, the GDP grew 4.9% on year, or being lower than the 7.9% on-year gain for the second quarter or the 18.3% on-year rise for the first quarter, according to the
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Over January-September, China’s fixed asset investment (FAI) grew 7.3% on year to Yuan 39.8 trillion ($6.2 trillion), among which, that in the property market increased 8.8% on year to Yuan 11.3 trillion, both posting slower growths than over January-August, according to the release by the National Bureau of Statistics on
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Rio Tinto's Production Summary over Jul-Sept*
*Rio Tinto share unless otherwise stated
Source:
Rio Tinto, released on October 15
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Over January-September, China’s Producer Price Index (PPI) gained pace further, up 6.7% on year, though it did not lead to a higher rise in Consumer Price Index (CPI), as the latter grew by just 0.6% on year, or the same as in the first eight months, according to the data released by the country’s National Bureau of Statistics (NBS) on October 14.
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China’s coal-fired power houses will be allowed to execute the 20% fluctuation in their charges against the base price to non-essential use starting October 15, according to an announcement by China's National Development and Reform Commission (NDRC) announced on October 12, which is just one week after the remarks by the Chinese Premier Li Keqiang at the State Council executive meeting on October 8 to help ease power supply crunch in China.
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Over January-September, China's foreign trade value grew by 22.7% on year to Yuan 28.33 trillion ($4.4 trillion), among which, exports value gained 22.7% on year to Yuan 15.55 trillion, and imports grew 22.6% on year to Yuan 12.78 trillion, according to the data released by the country's General Administration of
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The performance of China’s automotive industry declined on year for the fifth consecutive month in September, with automotive sales and production dropping by 19.6% and 17.9% on year respectively, the latest data released by the China Association of Automobile Manufacturers (CAAM) published on October 12 showed.
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China’s market for ferromolybdenum (FeMo) is showing signs of recovery following the country’s National Day holiday over October 1-7, with prices being pushed upwards by rising prices of moly oxide in the global market and the domestic smelters’ higher production costs.
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China’ State Council has agreed for coal-fired power houses to charge market rates for supplies to non-essential needs, raising by as much as 20%, though the increment for power-intensive enterprises can rely on the actual demand, ignoring the cap, according to a post by the Ministry of Industry and Information Technology on October 8 about the latest work meeting among the council members.
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The Indian ferro chrome market is now eagerly waiting for China to return from its Golden Week holidays. Major market participants remain perplexed about the increased prices in China and how the country would control the same.
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China’s State-owned Asset Supervision and Administration Commission (SASAC), has been busy during the National Day holiday over October 1-7 to liaise with domestic coal, electricity and heating suppliers to ascertain power and heating services to the households in the upcoming winter months, according to a few SASAC posts over October 1 and October 3.
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For September, China’s Purchasing Managers’ Index (PMI) for the country’s manufacturing industry fell into the contraction zone for the first time after 18 months in expansion, or down 0.5 basis point on month to 49.6, with all the five key sub-indices including production, new orders, and raw materials procurement below 50, China’s National Bureau (NBS) of Statistics shared in the report on September 30.
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The on-year growth in Chinese automakers’ total profits already slumped to a single digit by the end of August, up 5.5% on year for the first eight months against the 19.7% on-year increase over January-July, the China Association of Automobile Manufacturers (CAAM) pointed out in a post on September 28.
