China’s industrial production index returns to pre-COVID level in October. The growth rate of industries rose to 6.9pc from a year ago, flat from September and similar to the growth seen in December 2019. In the Jan-Oct period, the value-added of key industries increased by 1.8pc from the prior year.

 

In October, China’s mining industry grew by 3.5pc from a year ago and rose by 1.3 percentage points from September. Manufacturing sector increased by 7.5pc, while it dipped by 0.1 percentage point from last month. Utilities rose by 4.0pc from the prior year and fell by 0.5 percentage point from September.

 

Thirty-four of China’s 41 major industrial sectors grew in October from the prior year. The ferrous metal smelting and processing industry rose by 11.2pc, while and non-ferrous metal smelting and processing industry grew by 4.7pc. 

 

Automobile manufacturing increased by 14.7pc. Manufacturing of railways, shipbuilding, aerospace and other transportation equipment fell by 0.7pc, while manufacturing of electrical machinery and equipment, computer, communication rose by 17.6.

 

In terms of volumes, steel products rose by 14.2pc to 118.48mn mt from a year ago, while 10 non-ferrous metal increased by 9pc to 5.45 million tons. Production of primary aluminium increased by 9.7pc to 3.2mn mt. Automobile production rose by 11pc to 2,481,000 units, of which 165,000 were new energy vehicles, up by 94.1pc from the prior year.

 

China’s steel production growth rate; Source: National Bureau of Statistics of China

 

China’s Automobile production growth rate; Source: National Bureau of Statistics of China

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