大宗矿产低迷拖累南非矿业生产

Core Viewpoint - South Africa's mining production experienced a year-on-year decline of 2.7% in November 2025, primarily driven by decreases in coal, iron ore, platinum group metals, and gold production [1]. Group 1: Production Changes - Coal production fell by 7.9%, contributing a decline of 2.1 percentage points [1]. - Iron ore production decreased by 7.6%, contributing a decline of 1.1 percentage points [1]. - Platinum group metals production dropped by 2.8%, contributing a decline of 0.8 percentage points [1]. - Gold production declined by 6%, contributing a decline of 0.5 percentage points [1]. - Conversely, manganese ore emerged as the largest contributor with a production increase of 17%, contributing 1.1 percentage points [2]. Group 2: Seasonally Adjusted Data - Seasonally adjusted mining production in November decreased by 5.9%, following a growth of 2.7% in October and 2% in September [3]. - For the period from September to November, seasonally adjusted mining production showed a growth of 1.6%, with platinum group metals, iron ore, and manganese ore being the largest contributors [3]. Group 3: Sales Performance - In nominal terms, mining product sales in November experienced a year-on-year decline of 0.3%, with gold, coal, and iron ore being the largest detractors [5]. - Gold sales plummeted by 27.9%, contributing a decline of 6 percentage points [5]. - Coal sales decreased by 15%, contributing a decline of 3.8 percentage points [5]. - Iron ore sales fell by 16.6%, contributing a decline of 1.7 percentage points [5]. - The largest contributor to sales growth was platinum group metals, which increased by 42.3%, contributing 9.7 percentage points [5]. - Seasonally adjusted mining product sales value decreased by 2.4% month-on-month in November, following a decline of 0.9% in October [5].