China’s industrial output in steel sector down just 2% in Jan-Feb

Monday, 16 March 2020 10:59:47 (GMT+3)   |   Shanghai
       

In the January-February period this year, value-added industrial output in the ferrous metal smelting and rolling sector in China recorded a 2.0 percent decrease year on year, indicating a big change compared to the 10.7 percent rise recorded in December last year, due to the Chinese New Year holiday and the production halts and disruptions of traffic and transportation caused by the coronavirus, as announced by China's National Bureau of Statistics (NBS).

At the same time, China's overall value-added industrial output decreased by 13.5 percent year on year in the January-February period, while the overall value-added industrial output decreased by 26.63 percent month on month in February alone, according to the same source. Accordingly, steel consuming industries were forced to cut production by much bigger margins than steel producers.

In the January-February period this year, of the 41 industrial sectors in China, only two witnessed year-on-year increases in value-added industrial output, while the remaining 39 saw year-on-year declines. Outputs in the mining and manufacturing sectors decreased by 6.5 percent and 15.7 percent, respectively, shifting from year-on-year rises of 5.6 percent and 7.0 percent recorded in December.

Following the resumption of production in China, the value-added industrial output will likely improve in the coming months. 


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