China's bulk commodity market contracted in February with a key industry index declining amid the outbreak of the novel coronavirus disease (COVID-19).
The China Bulk Merchandise Index, a gauge of domestic bulk commodity market activities, stood below the boom-or-bust line of 100 percent at 80.6 percent in February, down from 102.9 percent in January, according to the China Federation of Logistics and Purchasing (CFLP).
In breakdown, the sales sub-index came in at 63.3 percent in February, down 37.9 percentage points from January, while the sub-index for supply dropped 31.1 percentage points month on month to 74.5 percent.
The CFLP attributed the decline to the disruption of logistics and the halt of production and sales caused by the epidemic.
The market is expected to see downward pressure in March and likely to improve in the second quarter as production gradually resumes and market confidence restores, the CFLP said.