China's bulk commodities market posted a solid month-on-month rebound in August, driven by recovering domestic and global demand and a waning impact from extreme weather, according to data released by the China Federation of Logistics and Purchasing (CFLP) on Saturday.
The bulk commodity price index stood at 132.3 points in August, marking a 2.8-percent increase from the previous month and an 18.4-percent rise compared to the same period last year.
Among the 50 key bulk commodities monitored by the federation, 27 recorded month-on-month price gains. Ethylene glycol, diesel, and coking coal led the surge, climbing 18.2 percent, 10.1 percent, and 8.9 percent, respectively.
Sector-wise, the price index for non-ferrous metals rose 3.2 percent month on month, fueled by the sustained and rapid growth of equipment and high-tech manufacturing, alongside improved macroeconomic expectations.
The price index for energy and chemicals respectively jumped 5.7 percent and 3.7 percent due to geopolitical tensions in the Middle East, high volatility in international oil prices, and tight supplies of key materials such as coking coal.
A person in charge of the CFLP's bulk commodities department noted that the bulk commodities market is expected to maintain a steady upward trajectory in September and October as the industry enters the traditional peak season for production and construction activities.
However, the federation cautioned that the market still faces significant headwinds. External uncertainties, including geopolitical tensions and extreme weather events, remain elevated. Domestically, some sectors continue to grapple with insufficient demand and the rapid increase of raw material costs.
China's bulk commodity price index rises in August on demand recovery
