China steel investments decline in July
Investment in China"s steel industry declined month-on-month in July to RMB 20.4bn. This fall may — however — reflect investment of RMB 27.2bn in June, when the sector posted a 32.7% growth rate — the highest m-o-m rise in investment for the year to date, according to a recent report from China"s National Bureau of Statistics (NBS).
This year"s fixed asset investments in the industry have seen a constant rising trend. "The 19.3% growth [in the first seven months] is in line with the 2005 forecast for the investment increase across every industry — China"s overall fixed asset investment in 2005 is predicted to grow 20% yoy," Steel Business Briefing is told by one analyst.
Year-on-year, July"s fixed asset investment was 33% up from 2004; last year"s number was down — most likely — due to the impact of the spring 2004 cooling measures, he adds.
meanwhile, Chinese industrial production in July rose 16.1% yoy to RMB 581bn, the second highest on record, following June"s RMB 629bn. The figures suggest the country"s economy continues to track well, despite expectations for a slowdown, note other analysts.
This year"s fixed asset investments in the industry have seen a constant rising trend. "The 19.3% growth [in the first seven months] is in line with the 2005 forecast for the investment increase across every industry — China"s overall fixed asset investment in 2005 is predicted to grow 20% yoy," Steel Business Briefing is told by one analyst.
Year-on-year, July"s fixed asset investment was 33% up from 2004; last year"s number was down — most likely — due to the impact of the spring 2004 cooling measures, he adds.
meanwhile, Chinese industrial production in July rose 16.1% yoy to RMB 581bn, the second highest on record, following June"s RMB 629bn. The figures suggest the country"s economy continues to track well, despite expectations for a slowdown, note other analysts.