09 February 2012 10:07 [Source: ICIS news]
The country’s vehicle production in January totalled 1.3m units, a 27.5% year-on-year drop and down by 23.2% month on month, the CAAM said.
Passenger car sales in the month declined by 23.8% on year and 15.2% from December 2011 to 1.16m units, with production falling by 24.3% year on year and 22.8% from the previous month to 1.05m units.
The CAAM said the sharp decline in car sales was primarily caused by the Lunar New Year holiday on 22-28 January, when buying activity weakened during the festive season.
Car production and sales data are indicators of base oil demand and plastic consumption in manufacture of car parts.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections