QuickComment:ChinaRailwayCorporation(CRC)recentlystartedtenderingfornewequipmentorders,withtheoverallsizebelowmarketexpectationwhileinlinewithourestimate.Thetotalnewordervalueformultipleunits(MU),locomotives,freightwagonsandpassengercarriageswillbeRmb54bnin2H13,butpartoftheneworderswillbedeliveredin2014.CoreproductMUsnewordersizeis159standardsets,whichisatthebottomofmarketexpectati...
NationalcementASPwasup0.5%WoWtoRMB320/tonne.WesawcementpricesincreaseRMB10-40/tonneinZhejiang,Fujian,JiangxiandGuizhou.PricesinGuiyangwentupthemost,risingRMB40/tonnelastweek.WeexpectcementASPtopickupinSeptemberatthebeginningofhighseason.Nationalinventorylevelremainedstablelastweekat68%afterfallingfortwoconsecutiveweeks.Inventoryimprovedby1%ineasternChinato63%,thelowes...
Onawowbasis,20of32citieswithdataavailablesawvolumedecrease,withagroupmedianof-5%(vs.-6%fortheweekendedJuly29).Onayoybasis,27ofthe31citieswithdataavailablesawvolumesincrease,withagroupmedianof62%(vs.+50%).ComparedwiththeJuly2012weeklyaverage,19of33citieswithdataavailablesawvolumedecrease,withagroupmedianof-5%(vs.+3%).Relatively,Tier-1citiesinaggregateperformedstrongerthanTier-2/3citiesandS...