The bars represent the index level, with each category’s contribution depicted by a specific color. Metals+Cement were slowing over the past few years, in line with the underlying story of China’s moderating construction sector. Then, starting in late 2019, the pandemic accelerated the decline. Since March, the sector has shown a strong recovery, marking a local historic high in June 2020. The magnitude of swing in the Metals+Cement category is larger than the others, suggesting that the construction sector has played a large part in the turnaround of activity.
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