News and Events

Auto production totalled 3.276 million units in September, up 16.4% m-o-m. Meanwhile, sales stood at 3.226 million units, up 12.9% m-o-m. Auto sales accelerated in September, aided by incentives such as trade-in subsidies. Fears regarding the potential discontinuation of some of these programmes -- due to limited funding with local administrations -- also likely prompted a rush among buyers. However, rising sales and production may not necessarily be a sign for cheer, as price competition has severely narrowed profit margins of automakers. This has likely been a drag on steel market activity.