China’s Jan auto output gain bolsters metal raw materials prices

China’s auto output and sales gained year on year in January due to the government’s continuous efforts to control the Covid-19 pandemic, which helped support the prices of metal raw materials, Fastmarkets understands.

The country produced 2.388 million units of vehicles in January, up by 34.6% from a year ago, China Association of Automobile Manufacturers (CAAM) data shows.
China’s automotive sales rose by 29.5% year on year to 2.503 million units in the same month, CAAM data shows.
“Such growth was thanks to the government’s continuous efforts to curb the Covid-19 pandemic, with the performance in the auto sector much better than the same period of last year,” CAAM said.
“Based on that, the price of many raw materials used in auto making have been gaining amid the demand recovery,” a Shanghai-based steel trader said.

Market participants told Fastmarkets that China’s auto output and sales had dipped month on month in January, however, amid a global shortage of computer chips -...

Published

Susan Zou

Carrie Shi

Miranda Song

Sally Zhang

February 23, 2021

12:00 GMT

Shanghai, Beijing