Production materials sales to jump
(Xinhua)
Updated: 2006-08-06 09:17
Sales of production materials in China are expected to exceed 17 trillion
yuan (2.12 trillion U.S. dollars) in 2006, up 16 percent year on year and with
the general price level climbing by around three percent, according to a report
by the Ministry of Commerce.
The report said supply and demand of
production materials would generally remain balanced in the second half of the
year with prices staying high.
There would be a huge demand for energy
resources, especially refined oil, as well as non-ferrous metals and some
ferrous metals in the second half year, while the markets for construction
materials, automobiles and light industry would be more balanced in terms of
supply and demand.
Demand for copper would be kept in check as the price
surged with consumption predicted to edge up three percent to four million tons
in 2006 and the price would fluctuate markedly.
The report said national
demand for steel over the year was expected to jump 16 percent to 440 million
tons while the price would stay low,reflecting production overcapacity and
excess supply.
The continued heating of the economy would slow as the
government adopted a raft of macro-economic measures, including raising the
reserve requirement ratio and interest rates on savings and loans, the
regulation of the real estate market and the control of new
projects.
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