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CSLPC Showing China Steel Industry PMI Dropped to 47.6

Date:09/01/2017   View: 453   Tags: Steel PMI Drop

 China''s steel industry Purchasing Managers Index (PMI) dropped to 47.6 in December 2016, showed data from the Steel Logistics Professional Committee (CSLPC) on January 1.
That was lower than November''s 51.0 and also below the 50-point boom-bust line after two straight months'''' rise, indicating a downturn in the steel industry, mainly affected by weak demand, increased stockpiles at steel mills, and less support from raw material prices.
In December, the steel industry output sub-index was 44.9, dropping 3.9 from 48.8 in November, the lowest monthly reading since July, which reflected further decline of domestic steel output in the near future.
Meanwhile, the new orders and new export orders sub-indices were both below the 50-point mark that separates growth from contraction, standing at 47.8 and 44.0, respectively, down 8.1 and 6.2 from November.
During December 2016, the inventory sub-index for the country''''s steel industry bottomed out to 49.6, from November''''s seven-month low of 45.1.
Besides, the purchase price sub-index plunged 16.5 to 60.9 in December, while it was still above the 50-point boom-bust line for the tenth consecutive month.
However, steel producers were still actively stocking up steelmaking materials, given considerable profits for now.
Experts anticipated steel prices to slide under pressure, as demand from downstream sectors may weaken approaching the Spring Festival, while daily output of crude steel is likely to maintain for the sake of profits.

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