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Purchasing Managers Index for China‘s Steel Section Rises to 51.0

Date:01/12/2016   View: 539   Tags: PMI China Steel

In the past November, the PMI, Purchasing Managers Index for China's steel industry rose to 51.0, compared with 50.7 in the previous month, showed data from the China Federation of Logistics and Purchasing (CFLP) on December 1.

That was a new high since May of the year, indicating resilience in the steel industry. The steel market has been supported by declining operating rate at steel mills, good sales and relatively low stocks.

In November, the steel industry output sub-index was 48.8, dropping 1.9 from 50.7 in October, after four months' consecutive reading above the 50-point mark that separates growth from contraction.

Operating rate at domestic steel mills fell recently affected by climbing cost, constrained supply of steelmaking materials, as well as strengthened environmental regulations.

As of November 25, the operating rate at 163 surveyed steel mills stood at 76.52%, falling 0.28% on week; and the profit margin slid 6.13% from the previous week to 47.24%.

Experts anticipated the downturn of crude steel output to continue in December during traditional maintenance season.

Meanwhile, the new orders sub-index reached 55.9, compared with 54.6 in the previous month, also the highest since May this year.

Separately, the inventory index for the country's steel industry dropped 3.3 from October for the second straight month to a seven-month low of 45.1 in November.

As of November 10, steel products stocks at China's key steel mills stood at 12.91 million tonnes, falling 6.92% from ten days ago and 14.07% from the year-ago level.

Besides, the purchase price index continued to increase from 68.3 in October to 77.4 in November, the highest level in recent seven months and a new record high since February 2011, indicating higher prices of steel-making materials.

Purchasing Managers Index for China‘s Steel Section Rises to 51.0

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