Chinese commodity prices go up 24%

In a report released on July 14, China’s National Bureau of Statistics (NBS) said that prices of many major products rose earlier in the year. According to the report, crude oil price in July surged 24.3%, or RMB582.6 (US$85.3), over the price issued on June 20. The prices of gasoline and diesel rose by 10% from June 20 and prices of steel products continued their upward trend during the period. The prices of I-shape and special-shape steel climbed by over 8%, and prices of ordinary steel products and wires increased over 4%. The prices of chemical products, however, continued to decline from June 20. (July 15, 2009)