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Highest China Steel Sector PMI Since March 2016

Economy, Steel

China’s steel sector Purchasing Managers’ Index (PMI) climbed sharply to a 16-month high of 57.2 in August, up from 54.9 in July, according to the China Federation of Logistics and Purchasing, as surging steel prices supported robust output at mills. There was a more modest 0.3 point monthly increase in the country’s manufacturing PMI in August to 51.7, the thirteenth consecutive month the index has remained above the 50 benchmark that separates expansion from contraction, according to the National Bureau of Statistics.