Tuesday, December 16, 2008

Industrial growth, steel production fall

Industrial production in China grew by 5.4% in November, down from 8.2% growth recorded in October, the Wall Street Journal reported. It was the slowest growth level for a non-holiday month since records began in 1994. The drop in industrial production growth hit steel makers, pushing Chinese crude steel output down 12.4% from November 2007, 18 percentage points below October's figure. However, the China Iron and Steel Association noted that prices of steel products used in construction remained steady in late November. Electricity output also took a hit during the month, falling 9.6% from the year before.

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