India’s gross domestic product (GDP) growth for fiscal year (FY) 2020 ending on 31 March 2021 is forecast to contract by 9.0% as the coronavirus disease (COVID-19) pandemic weighs heavily on economic activity and consumer sentiment in the country, according to a new report by the Asian Development Bank (ADB).
Many economic sectors in China including those of consumption, industrial production and investment showed more positive signs of returning to their normal tracks by the end of August, according to a series of highlights published individually by the country’s National Bureau of Statistics (NBS) on September 15.
China produced 3.17 million tonnes of primary aluminum in August, being up 5.5% on year or 2.3% on month, according the latest release from China’s National Bureau of Statistics (NBS) on September 15. Output has now risen for four successive months, the NBS data show, as Chinese smelters cash in on the handsome profits available on primary ingot.
As of September 15, China’s national price of 99.7% aluminum ingot fell for the third straight week by another Yuan 88/tonne ($13/t) on week to Yuan 14,624/t including 13% VAT under the mounting pressure of higher output and lower alumina prices, according to the assessment of Mymetal, Mysteel’s nonferrous metals data collection arm.
Inventories of zinc ingots in six major markets across China regularly surveyed by Mymetal declined by another 15,900 tonnes or 11% on week to 129,300 tonnes as of September 14, the lowest since the Chinese New Year holiday ended on February 2. Mymetal is Mysteel’s non-ferrous market intelligence unit.
Over January-August, China’s fixed asset investment (FAI) still declined but by just 0.3% on year against the 1.6% on-year drop for the first seven months, and the funding in the domestic property market grew much faster at 4.6% on year, confirming the steady recovery in the Chinese economy, according to the release by the country’s National Bureau of Statistics on September 15.