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Chinese raw materials industry reports 5.3% growth in 4 months

China Mining quoted the Ministry of Industry and Information Technology said China's raw material industries reported a 5.3% growth in industrial output over the past four months, buoyed by the government's stimulus package and growing domestic demand. MIIT statistics showed in April alone, the industrial output grew 7%. The nonferrous metal industry began to make profits because market prices were rising. From January to April, 71 major manufacturers reported a net loss of CNY 490 million. But they registered profits of CNY 1.73 billion in March and CNY 1.65 billion in April.

The construction materials industry grew too. In past four months, the country's cement output rose 13%YoY. The growth was 3.1 percentage points larger than that of a year ago. Growth was also reported in the chemical industry with the output up 10.6% in April, a second month to score a double digit growth. But the steel industry, trapped by overcapacity and oversupply was in the red. The first four months saw 40% of the 72 major producers reported a net loss of CNY 5.18 billion.

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