Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

China’s industrial output rose by 9.8pc in April from the prior year but was down compared to a 14.1pc uptick in March, according to data released by the National Bureau of Statistics. The economic growth indicators moderated in April to fall short of market expectations. Part of the lower growth rate is attributable to a heavy base in April last year due to robust economic recovery from the COVID-19 pandemic.


Officials warned of uncertainties around the spread of the pandemic, globally, and the outlook for a worldwide recovery. Robust growth boosted raw material prices and stimulated industrial production and restocking in Q1, but have started to erode profits and end-user demand, believe industry participants.


In April, retail sales of consumer goods increased by 17.7pc from the prior year but was slow compared to the 34.2pc growth posted in March, indicating weak domestic consumption. Meanwhile, foreign trade rose by 37pc from the prior year, with exports up by 32.3pc and imports up by 43.1pc on continuing recovery.


The value-added of the mining industry rose by 3.2pc from the prior year while manufacturing increased by 10.3pc. The production and supply of electricity, heating, gas and water supply rose by 10.3pc. In the manufacturing sector, the value-added of equipment and high-tech manufacturing increased by 13.1pc and 12.7pc


In April, the official Manufacturing Purchasing Managers’ Index (PMI) stood at 51.1pc, above the 50pc threshold for the 14th consecutive month.

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