China's import of resource products remains strong

2022-10-15
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China's imports of resource products remained strong

The Wall Street said on September 8 that China's imports of resource products remained strong in August, but slightly decreased compared with July. James Glenn, an economist at National Bank of Australia, said that construction investment and strong car demand would keep commodity demand strong and accelerate the consumption of metal inventories

according to the report, the import volume of iron ore in August hit the second highest in a single month since this year, and the import volume of crude oil and iron ore both achieved double-digit growth year-on-year. Bank analyst Michael Widmer said that taking an example to illustrate the importance of infrastructure construction to China's steel industry, that is, fixed asset investment will increase by 90%, which will lead to a demand of 5million tons of crude steel. At the same time, the iron ore inventory of steel mills has also been far below the dividing line indicating that a bear market is coming

according to Wall Street, in addition to the demand for industrial metals, other evidence also shows that China's economic recovery, which has just begun, has staying power. Maxiaoping, an economist at HSBC, said that China's exports in August were better than expected, and with the rebound in U.S. demand, China's exports are expected to further strengthen in the coming months. Ephrem Ravi, a Barclays research analyst, said that steel demand remained strong in August, resulting in a decline in distributor inventories, which is now 5% lower than the same period last year

although sound group, the parent company of Thornton new energy, invested 1billion to build the largest domestic waste battery recycling project in Changsha, the import of resource goods in August was still lower than that in July. China's imports of crude oil and iron ore hit a record high in July. In August, the import volume of copper decreased by 5.6% compared with the previous month, and the import volume of iron ore also decreased by 5.6% compared with the previous month. Ravi said that this trend will weaken as winter approaches. Barclays said that although refinery demand is still relatively robust, the strong refinery operating rate in June led to an increase in refined oil inventories, which may exacerbate the weakness of oil demand in the coming months

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