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[Ferro-Alloys.com] China's investment in property rose 11.8% year on year to Yuan 1.31 trillion ($193.8 billion) in August and in infrastructure rose 4% to Yuan 1.35 trillion, S&P Global Platts has calculated based on the latest data released by National Bureau of Statistics Sept. 15.
Steel, aluminum and copper are key raw materials for construction in China, with the sector accounting for more than 50% of steel consumption, about 35% of aluminum consumption and 10% of copper consumption.
China's fixed asset investment, or FAI, edged down 0.3% on year to 37.9 trillion in the first eight months of 2020, the NBS data showed. The fall narrowed 1.3 percentage points from the decline in the first seven months, and the FAI for August alone was up 4.2% from the month before.
Investment in infrastructure construction edged down 0.3% on year in the first eight months, with the drop narrowing 0.7 percentage points from January-July.
Investment in rail transport investment rose 6.4% on year over January-August, which was 0.7 percentage points higher than over January-July.
Strong demand from the property sector was lending some support to long steel, aluminum and copper markets in September, market sources said.
China's aluminum and copper prices are expected to hover at high levels in the coming months on expectations of demand rising during the traditional peak season.
Source: S&P Global Platts
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