China’s steel sector PMI rises in Sept

Friday, 30 September 2022 10:43:50 (GMT+3)   |   Shanghai

In September this year, the purchasing managers index (PMI) for the Chinese steel sector was at 46.6 percent, up 0.5 percentage points compared to August, as announced by the China Steel Logistics Committee (CSLC), which is part of the China Federation of Logistics and Purchasing (CFLP).

In September, the production index for the Chinese steel sector stood at 47.9 percent, 0.5 percentage points higher than that recorded in August as rumors indicate that crude steel output in the coming year will be based on outputs in 2022, and so steel enterprises have been seeking to increase their output levels in the current year.

In September, the new order index stood at 45.3 percent, 2.2 percentage points higher than in August, while still remaining relatively low.

Meanwhile, in September, the raw material purchase price index stood at 42.9 percent, 1.1 percentage point lower than August.

As for October, finished steel prices will likely move up as demand from downstream users will improve. However, temperatures in northern China will likely decrease rapidly from mid-October, which will exert a negative impact on demand for steel in that part of the country.

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