The Purchasing Managers' Index (PMI) of steel sector in China gained 4.3 month on month to 48.6 in February, according to the China Steel Logistics Committee (CSLC), mainly driven by a recovery of post-holiday domestic demand and increase of foreign orders.
The index of new orders in China's steel sector increased 8.3 from the preceding month to 43.3 in February. The sub-index of export orders rose for the fourth straight month to 61.4, data showed.
Production index gained 6 to 54.7 last month amid quick resumption of production activities after the Lunar New Year holiday, as many migrant workers didn't return hometown for holiday.
The index of finished steel stocks declined 10.6 month on month to 38.1 in February, amid traders' replenishment. The purchase volume index increased 6.9 to 51.5 last month.
Raw material stock index stood at 46.4, rising 4.1 compared with January. Purchase price index for raw material declined 4.8 to 63.7, yet remained above the 60 mark for the fourth consecutive month.
(Writing by Emma Yang Editing by Harry Huo)
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