Chinese automotive production jumped by 71.6% annually in March to 2.462 million units, providing strong support for upstream metal prices.
The China Association of Automobile Manufacturers (CAAM) attributed the strong recovery in automotive output to the government's efforts to control the Covid-19 pandemic.
Output was also 63.9% higher than that in February, indicating steady growth in industrial operations after the Chinese New Year holiday in February.
Vehicle sales totaled was 2.526 million units in March, up by 74.9% year on year and up by 73.6% month on month, CAAM data released on April 9 showed.
CRC prices up on demand recovery
A Shanghai-based steel trader said his company was winning more deals for cold-rolled coil in the past month because most downstream companies have enhanced production rates after the weeklong Spring Festival in mid-February.
The auto sector was one of...