China’s auto market slows in February

China’s auto market lost ground in February, with decreases in both production and sales.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

The country produced 1.632 million units last month, down 0.4% year-on-year, and down 28.7% month-on-month, according to data released by the China Association of Automotive Manufacturers (CAAM) late on Tuesday March 10.

Sales reached 1.593 million units over the month, a marginal decrease of 0.2% on the year, but a drop of almost one third from January.

During the first two months of the year, China’s vehicle sales amounted to 3.913 million units, while production totalled 3.919 million units, respective year-on-year rises of 4.3% and 6.2%.

The sharp monthly drop is likely due to the fewer working days in February, a Shanghai-based auto industry analyst said. “We are cautious about the outlook for the whole year, as a slowdown in economic growth and rising pollution problems are likely to weigh on the auto market,” he said.

The sluggishness in the auto industry has already affected its upstream steel market. Domestic prices for cold rolled coil and hot-dip galvanized coil – which are major steel products used by the auto sector – have been falling over the past few months, and have both hit record lows, according to latest assessments by Steel First.

In light of the slack demand from the auto industry, China’s largest auto sheet producer Baosteel has cut its CRC and HDG prices by 100 yuan ($16) per tonne and 200 yuan ($32) per tonne respectively for April delivery.

What to read next
This price is part of the Fastmarkets Scrap package. For more information on our North America Ferrous Scrap methodology and specifications please click here. To get in touch about access to this price assessment, please contact customer.success@fastmarkets.com.
The consultation, which is open until Monday April 14, seeks to ensure that our audited methodologies and price specifications continue to reflect the physical markets for steel scrap, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes all elements of our pricing process, our price specifications […]
The consultation, which is open until Monday April 14, seeks to ensure that our audited methodologies and price specifications continue to reflect the physical markets for secondary aluminium, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes all elements of our pricing process, our price specifications […]
Fastmarkets’ publication of the MB-STE-0232 Steel scrap No1 busheling, consumer buying price, delivered mill Chicago, $/gross ton is delayed by late settlement as of Tuesday March 11.
Fastmarkets typically settles these markets on or before the 10th of the month, but will be delaying publication due to delays in settlements. The markets not settled by Tuesday include: To provide feedback on this notice, please contact Amy Hinton by email at pricing@fastmarkets.com. Please add the subject heading: “FAO: Amy Hinton, re: scrap prices.” Please […]
Fastmarkets is launching assessments of the MB-AL-0407 aluminium P1020A premium, cif Mexico, and the MB-AL-0406 aluminium 6063 extrusion billet premium, cif Mexico, on Tuesday March 11, and will also launch an assessment of the MB-AL-0408 aluminium low-carbon differential P1020A, cif Mexico, on Tuesday March 25. After a consultation period, Fastmarkets is launching assessments of the three […]