China crude steel, copper production slower in May

Growth in China’s production of crude steel and copper slowed in May from the previous month, signaling weaker confidence in the construction and manufacturing sectors, The Wall Street Journal reported. Crude steel output rose 2.5% year-on-year and 1.1% month-on-month in May to 61.23 million metric tons, data from the National Bureau of Statistics showed. On a daily average estimate, however, crude steel production in May fell 2.5% compared with April to 1.97 million tons. Copper production fell 1.4% from the previous month, its second consecutive month of decline, though on an annual basis production was up 5% to 484,000 tons. Tire production, a key indicator for the auto industry, bucked the trend, rising 2.8% annually and 3% from April to reach 76.6 million units. Overall industrial production growth accelerated to 9.6% in May from 9.3% in April.