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China Steel PMI Falls to 36.6 in February due to Coronavirus Impact-The 21st China (Guangzhou) Int’l Spring Industry Exhibition
3/16/2020 彈簧展- Spring Industry Exhibition-Spring expo |
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CFLP Steel Logistics Professional Committee announced that China’s Steel Purchasing Managers Index fell 10.5 basis points from January to 36.6 in February, impacted by the coronavirus, downstream demand weakened, pushing up finished steel inventories. The sub-index for steel production in February was 15.4 basis points lower from January at 31.3. The sub-index for raw materials inventories dropped to 29.2, illustrating the rapid drawdown of stocks when procurement became difficult. Meanwhile, the sub-index for new orders at steel mills in February was 32.7, down 11.1 basis points from the month before. Shrinking end-user demand and postponed construction activity lead to lower new orders. The sub-index for steel inventories went up 12.2 basis points from January to 57.5 in February.
It said “Looking ahead into March, steel demand is likely to start recovering, but accumulated steel stocks will pressure steel prices.”
彈簧展-2020第二十一屆廣州國際彈簧工業展覽會-全球最大彈簧展會-巨浪展覽
-The 21st China (Guangzhou) Int’l Spring Industry Exhibition
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