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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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China’s ferromolybdenum price continued to strengthen over the past week but at a slower pace since the domestic market has been relatively quiet recently as prices have remained high. As of August 12, the domestic price of 60% ferromoly had jumped by Yuan 1,000/tonne ($142/t) on week to nearly a nine-month high of Yuan 137,000/t including the 13% VAT, according to Mysteel’s database.
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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 domestic price of 60% ferromolybdenum in China refreshed its eight-month high to reach Yuan 136,000/tonne ($19,306/t) including the 13% VAT as of August 5, jumping by another Yuan 3,000/t on week, according to Mysteel’s database.
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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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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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China’s price of 60% ferromolybdenum hit its eight-month high of Yuan 133,000/tonne ($19,327/t) including the 13% VAT as of July 29, mainly because of the rather strong moly concentrate price and at the same time better demand from domestic steel mills, market sources shared.
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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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China’s ferromolybdenum price has rebounded over the past week, mainly thanks to the support it received from rising production costs among smelters and the better bid volumes being tabled by steelmakers, Mysteel Global learned.
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The most-traded October nickel contract on the Shanghai Futures Exchange posted a seven-day consistent and substantial surge over July 10-17, up a total of Yuan 13,290/tonne ($1,926/t) over the period or up Yuan 6,570/t from Wednesday’s settlement price to close the day-time trading at Yuan 117,090/t on July 18, as the market is rather concerned on supply from Indonesia and Philippines.
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Production of air conditioners, washing machines, refrigerators, and televisions by China’s home appliance makers performed strongly in this year’s first half, according to the latest data released by China’s National Bureau of Statistics (NBS) on July 16, with that of air conditioners seeing the sharpest year-on-year increase among the four of 10.2% to reach 119.8 million units during the six months.
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China’s GDP achieved a 6.3% year-on-year growth for the first half of 2019 to Yuan 45.1 trillion ($6.6 trillion), which was within Beijing’s economic growth target of 6-6.5% for this year, though the Q2 GDP growth was 0.2 percentage point lower than that for Q1, according the latest release from the country’s National Bureau of Statistics (NBS) on July 15.
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China’s average capacity utilization rate in all industries nationwide remained largely unchanged during the April-June quarter at 76.4%, up 0.5 percentage point on quarter, though 0.4 percentage point lower than one year ago, according to the latest data released by China’s National Bureau of Statistics (NBS) on July 15.
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China's fixed asset investment (FAI) grew by 5.8% on year to Yuan 29.9 trillion ($4.3 trillion) for January-June, up 0.2 percentage point from that for January-May, while the FAI in the property market grew 10.9% on year in H1, 0.3 percentage point lower than the first five months, according to the latest data released by China’s National Bureau of Statistics on July 15.
