July sees price rises in industrial production materials

According to a report issued Monday by the National Bureau of Statistics, the prices of domestic industrial production materials turned north in July after previous drops.

Statistics from the China Logistics Information Center show that the prices of production materials in circulation rose 0.3% in July on the previous month, up 1.9% than the same period last year and registering a 3.7% increase year-on-year between Jan. and Jul.

This was mainly owing to the rebound of steel prices and price spikes of crude oil throughout global markets.

According to data on the steel markets in 22 major cities, the cumulative steel price between Jan. and Jul. averaged at 4036 yuan/ton, up 284 yuan, or 7.6% year-on-year. As at July 31, prices for wire and screw thread steel, and iron ore increased by more than 100 yuan/ton and 40 yuan/ton than those on July 16.

Also as a result of production capacity reduction in domestic copper smelting plants and price surges in international copper markets, China also witnessed copper price rises in July. The aggregate average price in the previous seven months reached 62016 yuan/ton, an increase of 4244 yuan/ton, or 7.3% year-on-year. Meanwhile, the average price for electrolytic aluminum in the same period stood at 20115 yuan/ton, up 36 yuan or 0.2% than that of the previous year.