China's bulk commodity price index stood at 109.9 points in April, reflecting a 3.1-percent month-on-month drop and a 4.7-percent year-on-year decline, according to industry data released on Monday.
By sector, the price index for non-ferrous metals saw a sharp decline, while the index for mineral products dipped slightly. The ferrous metals index continued to fall, but the agricultural products index rose month on month for the fourth consecutive month, the data from the China Federation of Logistics and Purchasing (CFLP) showed.
Analysts attribute the rise in agricultural products index to heightened consumer demand during the five-day May Day holiday, as well as short-term supply constraints in soybeans and other crops caused by U.S. tariff hikes. Notably, soybean and apple price indexes rose by 3.1 percent and 3 percent month on month, respectively. Mid-month index changes showed that government policies also played a role. Following the April 25 economic work meeting held by the Political Bureau of the Communist Party of China (CPC) Central Committee, price indexes for 31 bulk commodities, including fuel oil and rebar, began to stabilize and rebound by April 30, lifting the indexes for non-ferrous, ferrous metals, and chemicals from their monthly lows.
Compared with international markets, China's bulk commodity price index experienced a much smaller decline in April, highlighting the advantage of China's super-large market and the resilience of the bulk commodity market, which can effectively resist external shocks and ensure the stable operation of the economy, analysts noted.
China's bulk commodity price index down 3.1 pct m-on-m in April
China's bulk commodity price index down 3.1 pct m-on-m in April
