12 MARCH 2015AlCircle.com
China shows the slowest aluminium production growth since 2009
Edited by : AL CIRCLE
1 min read
Chinese aluminium production in the first two month of 2015 showed a growth of 6.8% compared to last year and has been the slowest start to a year since 2009. Bloomberg had forecasted the growth this year would be around 7.7%. The latest data was released by the National Bureau of Statistics on Wednesday in Beijing.
Due to irregular trade during the week-long Lunar New Year holidays, the industrial data including output, retail sales and fixed asset investments are combined for the month of January and February. The Lunar holidays occur at differing dates each year and started on Feb 18 this year.
“The data shows demand for January and February was weak, but it also reflects production cuts,” said Helen Lau, a Hong Kong-based analyst at Argonaut Securities. “There is still room for the government on easing and stimulus.”
Aluminium showed improvement with aluminium for three-month delivery rose 0.1% on LME to $1,763.50 a ton while LME price rose by 0.6% before the data.
Chinese exports continue to grow with the stronger U.S. economy making a viable trading ground while imports have fallen owing to the weak domestic demand of the metal.
Due to irregular trade during the week-long Lunar New Year holidays, the industrial data including output, retail sales and fixed asset investments are combined for the month of January and February. The Lunar holidays occur at differing dates each year and started on Feb 18 this year.
“The data shows demand for January and February was weak, but it also reflects production cuts,” said Helen Lau, a Hong Kong-based analyst at Argonaut Securities. “There is still room for the government on easing and stimulus.”
Aluminium showed improvement with aluminium for three-month delivery rose 0.1% on LME to $1,763.50 a ton while LME price rose by 0.6% before the data.
Chinese exports continue to grow with the stronger U.S. economy making a viable trading ground while imports have fallen owing to the weak domestic demand of the metal.
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