Industrial Prices Decreased by 2.5% in November 2024, while Non-Ferrous Metals Surged by 11%

According to data released by the National Bureau of Statistics on Dec 9, the producer price of industrial products fell by 2.5% year-on-year in November 2024, narrowing down by 0.4 percentage points from the previous month. Specifically, oil and gas extraction prices fell 12.5 per cent year on year; The prices of oil, coal and other fuel processing industries fell by 11.6% year-on-year. Chemical raw materials and chemical products manufacturing prices fell by 5% year-on-year.

In the cumulative January-November data, producer prices fell 2.1 percent from a year earlier. Among them, oil and gas extraction industry rose 0.1 percent; The processing of oil, coal and other fuels fell 3.9 per cent year-on-year; The manufacturing of chemical raw materials and chemical products decreased by 4.1% year-on-year.

I. Year-on-year changes in industrial producer prices in November

In the ex-factory prices of industrial producers, the price of means of production fell by 2.9%, and the impact on the overall level of ex-factory prices of industrial producers was about 2.12 percentage points. In terms of breakdown, the prices of the extractive industry fell by 4.9%, the prices of the raw material industry fell by 2.9%, and the prices of the processing industry fell by 2.7%. The 1.4% drop in the price of means of subsistence has an impact on the overall level of producer prices of about 0.36 percentage points. Among them, food prices fell 1.5 percent, clothing prices fell 0.3 percent, general commodity prices rose 0.2 percent, and durable consumer goods prices fell 2.7 percent.

In the purchase price of industrial producers, the price of ferrous metal materials fell by 7.1%, the price of fuel and power fell by 6.5%, the price of chemical raw materials fell by 5.0%, the price of agricultural and sideline products fell by 3.8%, the price of building materials and non-metals fell by 2.7%, and the price of textile raw materials fell by 1.7%. Non-ferrous materials and wire prices rose by 11.0%.

Second, the change of industrial producer prices in November

In the ex-factory prices of industrial producers, the price of means of production rose 0.1%, and the impact on the overall level of industrial producer prices was about 0.10 percentage points. In terms of breakdown, prices in the extractive industry decreased by 0.1%, prices in the raw material industry increased by 0.2%, and prices in the processing industry increased by 0.1%. The price of means of subsistence remained unchanged. Among them, food prices fell 0.2 percent, clothing prices remained unchanged, general daily necessities prices rose 0.1 percent, and durable consumer goods prices rose 0.2 percent.

Among the purchasing prices of industrial producers, the prices of agricultural and sideline products went down by 0.7%, chemical raw materials by 0.6%, fuel and power by 0.4%, and textile raw materials by 0.2%. Prices of building materials and non-metals rose 1.6%, prices of non-ferrous metal materials and wires rose 1.2%, and prices of ferrous metal materials rose 0.1%.