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China Mar Commodity Price Index Rises 4% MoM, Up 14.5% YoY
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Data released by the China Federation of Logistics and Purchasing showed that Chinas Commodity Price Index (CBPI) rose to 129.9 in March, up 4% MoM and increasing 14.5% YoY. The rise was mainly driven by a steady rebound in post-holiday corporate production and improved release of market demand, with both supply and demand showing positive changes, further consolidating the foundation for a recovery in the commodity market. Amid continued tensions in the Middle East and a sharp increase in international crude oil prices, energy and chemical price indices in mainland China surged in March, rising 16.5% and 21.8% MoM, respectively. As domestic demand gradually recovered after the holiday and logistics freight rates for iron ore imports increased, the ferrous metals price index edged up MoM. Supported by higher international fertilizer prices and rising demand for biofuels, the domestic agricultural product price index increased 2.8% MoM. Among the 50 commodities closely monitored by the China Federation of Logistics and Purchasing, 38 commodities (76%) recorded price increases in March compared with the previous month, while 12 commodities (24%) saw price declines. The top three gainers in March were diesel, methanol and ethylene glycol, while praseodymium-neodymium oxide, electrolytic zinc and coking coal posted the largest declines. Zhou Xu, Vice President of the Commodity Trading Market Circulation Branch of the China Federation of Logistics and Purchasing, said the sharp increase in the commodity price index last month reflected a rebound in mainland Chinas commodity market sentiment, the gradual emergence of policy effects, and the continued geopolitical tensions in the Middle East. However, he noted that external uncertainties and instabilities remain intertwined, and some industries are facing relatively high pressure from rising production costs. In light of the new situation, industrial enterprises need to strengthen assessment and management of external imported risks, broaden sources of raw materials and alternative resources, and enhance their capability to withstand and respond to market risks. (ta/w) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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