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    China's steel PMI steady at 46.0 in Jan

    sxcoal.com General 2024-01-31 15:47:18

    The Purchasing Managers' Index (PMI) in China's steel sector, an economic indicator for the industry, remained stable at 46 in January, according to the latest data released by the China Steel Logistics Professionals Committee (CSLPC).

     

    The figure indicates continuing seasonal weakness in the steel sector and reduced market demand amid generally low temperatures and diminishing construction activities approaching the Chinese New Year.

     

    The index for production fell 2.1 month on month to 43.7 in January, down for the second straight month. Steel production tightened with stocks piling up, impacted by the decline of enterprises' production willingness due to weakened market demand, intensified production curbs in heating season and the upcoming holiday.

     

    New order index witnessed an uptick of 0.8 to 43.8 month on month in January but remained below 45 for two months.

     

    CSLPC expects steel demand to continue to shrink in February. Raw material prices and steel production are likely to extend the decline, while steel prices are expected to be range-bound.

     

    (Writing by Riley Liang  Editing by Harry Huo)
    For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

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