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Chinese Steel PMI Rises in March

Economy, Steel

China’s steel sector Purchasing Managers' Index (PMI) gained to 42.2 in March from 36.6 in February amid signs of recovery from the coronavirus outbreak, data from the China Steel Logistics Professional Committee (CSLPC) show. Nonetheless, March’s reading was below the 47.1 recorded in January and continued to signal market contraction, with readings below 50.0 (the boundary between expansion and contraction) posted since June 2019.

Meanwhile, China’s official manufacturing PMI increased to 52.0 in March from a record low of 35.7 in February, according to the National Bureau of Statistics (NBS). March’s PMI was the highest since September 2017.