China’s commodity price index stopped falling and rebounded month-on-month in August

CCTV News: The China Federation of Logistics and Purchasing announced on September 5 the China Commodity Price Index for August. As domestic and foreign market demand rebounded, the impact of extreme weather weakened, and the supply and demand relationship in some industries improved, the index stopped falling and rebounded month-on-month, and the year-on-year increase expanded.

China's commodity price index in August was 132.3 points, up 2.8% month-on-month and 18.4% year-on-year. Among the 50 commodities monitored by the China Federation of Logistics and Purchasing, 27 commodities saw price increases month-on-month in August. Among them, ethylene glycol, diesel and coking coal were the top increasers, with month-on-month increases of 18.2%, 10.1% and 8.9% respectively.

Looking at different industries, as equipment manufacturing and high-tech manufacturing such as new energy and high-end manufacturing continued to grow rapidly, as well as macro market expectations improved, the nonferrous price index rose by 3.2% month-on-month. Affected by tensions in the Middle East, high and volatile international oil prices, and tight supply of coking coal and other products, the energy and chemical price indexes rose by 5.7% and 3.7% month-on-month respectively.

The relevant person in charge of the China Internet of Things Bulk Branch said that the index rebounded in August from the previous month, mainly driven by the recovery of domestic and foreign market demand, the acceleration of corporate production and operation activities, and the recovery of the commodity market sentiment. Entering the peak production and construction season of "Golden September and Silver October", the bulk commodity market is expected to continue its stable and progressive development trend. However, there are currently many external uncertainties such as geopolitics and extreme weather. Some domestic industries are still facing problems such as insufficient effective demand and rapid rise in raw material prices. To consolidate the foundation for the stable and positive development of the commodity market, it is still necessary to increase countercyclical adjustments, enhance corporate confidence, and do a good job in predicting the situation and preventing imported risks.