According to the Wall Street Journal, China's industrial metal production fell in September from the previous month, which is in line with market expectations. Under the influence of government monetary policy tightening, orders for crude steel and copper materials decreased.
China's crude steel production in September was 56.7 million tons, which was a year-on-year increase of 16.5% but a decrease of 3.5% from the previous month. Average daily output decreased by 0.3% from August to 1.89 million tons. Compared with the monthly production data, the daily average production index can better reflect the production status of iron and steel enterprises.
The Wall Street Journal cited future asset securities that China's economic growth prospects have slowed down and the weak steel prices have affected the development of the steel industry. In the third quarter, the Chinese economy grew by 9.1% from the same period of last year, which was lower than the 9.5% in the second quarter.
According to reports, China's crude steel production hit the highest monthly and average daily peaks in May and July of this year, but has since then declined month after month.
However, according to data from Commodore, steel stocks have grown for five consecutive weeks and have now reached 14.4 million tons.
The Wall Street Journal quotes Jeffrey Landsberg, managing director of Commodore Research & Consultancy, that although crude steel production is gradually falling, the overall output is still at a higher level and it may face further downside pressure in the future.
Steel Market Intelligence said in a report that Chinese steel companies are cutting output in light of the declining spot market.
In addition, China’s copper production in September fell 7.5% from the previous month to 479,000 tons. As another industrial economic indicator, copper production hit a historical peak in August. Wang Zhoujun, an analyst at Shanghai CIFCO, believes that the depressed market price cannot mobilize the enthusiasm of production companies. In September, the spot copper price in Shanghai fell by 22.4%.
Analysts believe that due to the increase in demand for copper concentrate after the reconstruction work in Japan, the output of Chinese copper companies will further decrease.
China's crude steel production in September was 56.7 million tons, which was a year-on-year increase of 16.5% but a decrease of 3.5% from the previous month. Average daily output decreased by 0.3% from August to 1.89 million tons. Compared with the monthly production data, the daily average production index can better reflect the production status of iron and steel enterprises.
The Wall Street Journal cited future asset securities that China's economic growth prospects have slowed down and the weak steel prices have affected the development of the steel industry. In the third quarter, the Chinese economy grew by 9.1% from the same period of last year, which was lower than the 9.5% in the second quarter.
According to reports, China's crude steel production hit the highest monthly and average daily peaks in May and July of this year, but has since then declined month after month.
However, according to data from Commodore, steel stocks have grown for five consecutive weeks and have now reached 14.4 million tons.
The Wall Street Journal quotes Jeffrey Landsberg, managing director of Commodore Research & Consultancy, that although crude steel production is gradually falling, the overall output is still at a higher level and it may face further downside pressure in the future.
Steel Market Intelligence said in a report that Chinese steel companies are cutting output in light of the declining spot market.
In addition, China’s copper production in September fell 7.5% from the previous month to 479,000 tons. As another industrial economic indicator, copper production hit a historical peak in August. Wang Zhoujun, an analyst at Shanghai CIFCO, believes that the depressed market price cannot mobilize the enthusiasm of production companies. In September, the spot copper price in Shanghai fell by 22.4%.
Analysts believe that due to the increase in demand for copper concentrate after the reconstruction work in Japan, the output of Chinese copper companies will further decrease.
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