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Chinese Steel Sector PMI Eases in June

Economy, Steel

China’s steel sector Purchasing Managers’ Index (PMI) decreased by 1.6 points on the month to 49.3 in June, according to the China Steel Logistics Professional Committee (CSLPC), amid a slowdown in steel industry recovery. Steel production rose rapidly in June however, a slowdown in demand from the construction sector, notably in South China where there have been heavy rains and flooding, weighed on this month’s reading, with a mark below 50.0 indicating contraction.

Meanwhile, the country’s official manufacturing PMI gained to 50.9 in June from 50.6 in May, data from the National Bureau of Statistics (NBS) show, marking a fourth consecutive month of expansion after plummeting to 35.7 in February due to the coronavirus outbreak.