The value added of the manufacturing sector increased by %6.1 year on year in August, while the mining sector decreased by %1.4. The value added of electricity, heat, gas and water production and supply increased by %4.9. Equipment manufacturing increased by %12.1, while high technology manufacturing increased by %16.7.
From a steel market perspective, the acceleration in China’s industrial activity provides a positive signal for overall manufacturing demand, while weakness in investment and domestic demand persists. Fixed asset investment decreased by %7.2 year on year during the first eight months, while manufacturing investment decreased by %2.3. The decline in real estate development investment reached %19.9.
Strong growth was also recorded in foreign trade. The total value of China’s imports and exports of goods increased by %19.8 year on year to CNY 4.65 trillion in August. Exports increased by %18.6, while imports increased by %21.7. Total goods trade increased by %17.6 during the first eight months.
The NBS stated that production and supply in the economy continued to increase steadily, while noting that the imbalance between strong supply and weak demand persisted. This outlook indicates that both strong production activity and domestic demand conditions will need to be closely monitored in China’s steel market.
In August, producer prices for industrial products in China increased by %3.8 year on year and by %0.4 month on month. During the first eight months, producer prices for industrial products increased by %2.0 year on year.
Comments
No comment yet.