China’s COVID-19 epidemic is under control and downstream steel industries are on the road to recovery, states China Metallurgical News.
The ministry of commerce informed demand in the automobiles, home appliances and real estate sectors have picked up.
Automobile sales during labour day vacation in May increased in Shanghai, Chongqing and Zhejiang regions by 49.6pc, 28.5pc and 8.8pc, respectively, from the prior year. According to the China Association of Automobile Manufacturers, auto sales rose by 0.9pc in April from the year prior.
In April, China’s 100 construction firms’ sales were CNY900.23bn, an increase of 0.6pc from a year ago and by 17.2pc from the previous month.
According to China’s transport ministry, 620 infrastructure projects have resumed and resumption rate stands at 99.2pc. These also include 165 new highway and waterway projects with an investment of CNY265bn.