China's steel sector PMI hits new low in Jun General,  Production & Sales,  Steel Products 2022-06-30 10:11:54

The Purchasing Managers' Index (PMI) in the steel sector, an economic indicator for the industry, was logged at 36.2 in June, falling 4.6 compared with the preceding month and hitting the lowest since at least November 2018, according to data released by the China Steel Logistics Professionals Committee (CSLPC) on June 30.

This was mainly affected by the persistent tepid demand from end users, which in turn crippled steel prices and production enthusiasm.

The sub-index for new orders was registered at 25.9, down 6.5 from a month ago and making the fourth straight month of decline. It notched a new low in history. The sub-index for production declined 8.6 to 34.1 in June, data showed.

The index for production and operation activity expectation fell 2.2 to 45.2, reaching the lowest since 2022, indicating steel mills still lacked confidence for the July market.

(Writing by Emma Yang  Editing by Tammy Yang)
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