SHANGHAI, Jan. 18 (SMM) – According to data released by the National Bureau of Statistics, China's economic growth quickened to 7.9% in 4Q 2012, and was 7.8% for the whole year of 2012.

Data displayed that China's power consumption rose 5.5% YoY to 4.9591 trillion kwhs in 2012, and electricity for industrial use was 3.6061 trillion kwhs. Power generation growth in 2012 fell sharply from 2011. The growth rate in China's power consumption was 5.5% in 2012, 6.2% lower than that in 2011. The growth rate in electricity for heavy industrial use was only 3.8% in 2012, down appreciably from 12.4% in 2011.

China's power consumption data showed that China's manufacturing industry did not experience strong rebounds in 2012. Apart from that, SHFE base metals stocks remain high, and an increasing number of downstream producers chose to suspend production with the Chinese New Year holiday nearing. As such, SMM believes that base metals will probably remain weak for the near future.