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Chinese Steel Sector Contracts in April

Economy, Steel

China’s steel sector PMI, published by the China Federation of Logistics and Purchasing declined to 49.1 points in April, retreating below the 50 benchmark that separates expansion from contraction for the first time since January.

 

Meanwhile, the country’s official manufacturing Purchasing Managers’ Index (PMI) slipped to 51.2 in April, down from 51.8 in March and a six-month low, as domestic and export demand weakened, official data show. Nevertheless, this still represents the ninth consecutive month of expansion for the sector.