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Despite the hit that the domestic and global economies suffered from the spreading COVID virus last year, Chinese white goods manufacturers managed to maintain comparatively stable production and sales throughout 2020, thanks in part to increasing overseas demand, new official data shows.
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The price of 60% ferromolybdenum (FeMo) in Northeast China, a key production hub for the ferroalloy, reversed down from an eight-month high on January 8, declining by Yuan 500/tonne ($77.2/t) on week to Yuan 104,000/t including the 13% VAT as of January 15, according to Mysteel’s assessment. The market was firmly in wait-to-see mode last week amid uncertainties brought about by the resurgence of the COVID-19 epidemic and with the Chinese New Year (CNY) holiday less than four weeks away.
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China’s gross domestic product grew 2.3% on year for the whole of 2020, exceeding Yuan 100 trillion ($15.4 trillion) for the first time ever and approximating Yuan 101.6 trillion， and all the key sectors also performed better than excepted, Mysteel Global noted from the latest release by the country’s National Bureau of Statistics.
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China’s fixed asset investment (FAI) continued to grow in the last month of 2020, and the whole year’s total FAI grew 2.9% on year, up 0.3 percentage point from the gain in the first eleven months, among which the funding in the property market grew more substantially by 7% on year for 2020, or 0.2 percentage point more than the rise for the first eleven months, according to latest release by the country’s National Bureau of Statistics (NBS).
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Indian
ferrochrome prices increased further by INR 5,000/t owing to a surge in
demand from China. Ferrochrome prices in China are continuously
increasing by around RMB 100/t each day on account of increasing captive
production cost. Higher electricity tariff is becoming detrimental to
the domestic producers and is making imports
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China's gross domestic product (GDP) grew 2.3% on year for the whole 2020, with the growth for the fourth quarter scoring 6.5% on year, or higher than the 4.9% on year for the third quarter, and the performance of the major sectors had been better than expected, according to the
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China’s fixed asset investment grew 2.9% on year during full year 2020, or 0.3 percentage point higher than that for the first eleven months, among which, the funding in the property grew 7% on year or 0.2 percentage point higher than the gain over January-November, according to the latest release
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China’s foreign trade value hit a record of Yuan 32.16 trillion ($4.97 trillion) for the whole 2020, higher by 1.9% year, while the country’s contribution to global trade reached 12.8% over January-October, according to the official data from the World Trade Organization, also a record high, shared Li Kunwen, the spokesperson of China’s General Administration of Customs on January 14.
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The auto production among China’s 15 major automakers declined 27.4% on year to 523,000 units over January 1-10, according to the latest data from China Association of Automobile Manufacturers (CAAM) on January 14, which was mainly due to the growing shortage of auto semiconductors and the manufacturers’ relaxation on output at the start of the year, according to market sources.
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Despite the massive economic disruption caused by the COVID-19 contagion last year, automotive sales across China only declined 1.9% on year in 2020, according to the latest release from the the China Association of Automobile Manufacturers (CAAM) on January 13, and it was in line with the association's latest estimation of a 2% on-year drop at most by in mid-December 2020.
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OMC
chrome ore auctions concluded today and bids were received close to the
base price despite the sharp rise seen in ferrochrome prices amid hefty
Chinese demand. Key findings from the auction are as below:
The
bids did not exceed the base price by much as the buyers are aware that
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The price of 60% ferromolybdenum (FeMo) in Northeast China, a key production region for this noble alloy, touched its eight-month high of Yuan 104,500/tonne ($16,151/t) including the 13% VAT as of January 8, or up Yuan 4,500/t on week, mainly due to further rises in higher moly concentrates prices, according to Mysteel’s latest weekly survey.
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The price of 60% ferromolybdenum (FeMo) in Northeast China, a key production region for the alloy, comes off its seven-month high in the last week of 2020, though it still hovered relatively high above the threshold of Yuan 100,000/tonne (15,472/t), mainly due to active buying over the past two weeks and high production costs, according to market sources.
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China’s Purchasing Managers’ Index (PMI) for the domestic manufacturing industry reversed down by 0.2 basis point from the year’s high in November to 51.9 in December, but it stayed in the expansion zone for the tenth straight month or the second high for 2020, indicating that China’s manufacturing industry have been recovering steadily, according to the latest release from the country’s National Bureau of Statistics (NBS) on December 31.
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China’s Purchasing Managers’ Index (PMI) for the domestic manufacturing industry eased by 0.2 basis point on month to 51.9 for December, but having been above the benchmark of 50 for the tenth month, indicating the steady recovery in the country's manufacturing sector, according to the latest release from China's National
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China’s Purchasing Managers’ Index (PMI) for the steel industry reversed down by 3.4 basis points on month to 45.8 for December, with both demand and supply having shown signs of cautiousness in the last month of 2020, according to the latest release from the CFLP Steel Logistics Professional Committee. A
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In the 14th Five-Year Plan period (2021-2025), China will endeavor to build up a stronger and more resilient economy by stabilizing and upgrading its manufacturing, enhancing the self-reliance in the value chain of various industrial sectors, growing the enterprises with competitiveness, and building the new information technology infrastructure and environment, according to a post by the country’s Ministry of Industry and Information Technology (MIIT) on December 29.
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Higher production costs led the price of 60% ferromolybdenum (FeMo) in Northeast China, a key production region for the alloy, to continue climbing last week. The price hit a near seven-month high of Yuan 10,300/tonne ($1,577.3/t) on December 22 and stayed at the threshold of Yuan 10,000/t until December 25, both including the 13% VAT. Buying became active last week after two quiet weeks, according to Mysteel’s latest weekly report.
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In releasing the new import and export tax rates for 2021 on December 23, China’s Ministry of Finance (MoF) has adjusted the duties on 883 items effective from January 1, 2021, while keeping export taxes unchanged on the 107 items newly taxed last year. In the MoF’s announcement, few of the entries related to ferrous and non-ferrous products, Mysteel Global noted.
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China’s white goods manufacturers were kept busy again in November, mainly thanks to higher export volumes when demand overseas resumed after pandemic disruptions and when makers abroad were unable to keep pace with the rise in orders, Mysteel Global noted.
