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China’s automotive output and sales posted year-on-year growth in May amid measures to promote consumption during the May Day holiday and due to a low base a year earlier, the China Association of Automobile Manufacturers (CAAM) said
Car manufacturers in China produced 2.33 million units in May, up by 9.4% from a month earlier and 21.1% higher year on year. Meanwhile, sales increased by 10.3% month on month and by 27.9% year on year to 2.38 million units, according to CAAM data released on Friday June 9.
The whole auto sector has been recovering moderately since April though pressure persists. The consumption promotions measures adopted by many regions in China during the May Day holiday contributed to the market recovery. Output and sales in May 2022 were also low as a result of restrictions to control the spread of Covid-19, CAAM said.
Electric vehicle (EV) production rose in May, with output of pure EVs, hybrid EVs and fuel-cell EVs increasing by 53% from a year earlier to 713,000 units in May.
China’s EV sales rose by 60.2% year on year to 717,000 units in May.
Cold rolled steel (CRC) prices rise from six-month low
Fastmarkets’ weekly price assessment for steel CRC, domestic, ex-whs Eastern China was 4,440-4,490 ($623-630) yuan per tonne on Friday June 9.
That is down from 4,450-4,500 yuan per tonne on May 12, but up from 4,320-4,380 yuan per tonne – a low not seen since December 2022 – on May 26.
Increased expectations for stimulus measures from the Chinese government and banks’ recent cuts to deposit interest rates contributed to the recent rally in Chinese steel prices, but the absence of a substantial improvement in downstream demand and limited reduction in production have limited upside potential for steel prices, market participants said.
CRC inventories held by traders in 21 major Chinese cities totaled 1.19 million tonnes by the end of May, marking the lowest level so far this year and down by 80,000 tonnes (6.3%) from a year earlier, according to data from the China Iron & Steel Association.
Leading Chinese steelmakers including Baoshan Iron & Steel said on June 9 that they would keep their CRC base prices unchanged month on month for July’s domestic bookings, after a cut of 200 yuan per tonne for June.
“Domestic sales have improved from April and May,” a mill source in northern China said in early June.
But a trader in eastern China said around the same time that he did not see a significant improvement in spot CRC trading, with downstream users remaining cautious. fastmarkets
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