China ferrous metal mining prices expand 3.7% in Jun

SHANGHAI, Jul 10 (SMM) – Producer prices for China’s ferrous metal mining sector expanded 3.7% from a month ago and 18.5% from a year ago, the National Bureau of Statistics (NBS) said on Wednesday 10.

The readings came in at 2.2% month on month and 14.2% year on year in May.

NBS official Dong Yaxiu attributed the rise to greater demand for iron ore and tightness in supply.

Ferrous metal mining producer prices rose 9.6% year on year in January-June, compared to 7.9% in January-May.

The ferrous metal smelting and rolling processing sector, however, saw its producer prices drop 1.3% on the month and 0.5% on the year last month, as a sharp increase in steel production kept the market well-supplied.