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BLOG: China's PMI in expansion, steel PMI bumpy in 2021

ABSTRACT

With the second COVID-19-struck year having come to an end globally, a brief review of the performances in China's manufacturing sector and the steel industry alone over 2020-2021 shows that the Purchasing Managers' Index (PMI) for the former had been in expansion except for February 2020 and September-October 2021, while that for the latter had been in contraction except for an expansion in May 2020, which may be surprising to some market participants.
  (Note: left: China's steel industry PMI over Nov 2018-Dec 2021, source: CSLPC, right: China's manufacturing industry PMI over Dec 2020-Dec 2021, NBS)   It is rather understandable that China's manufacturing industry has been benefiting from the economic stimulating efforts not only in China but also in the other economies to counter the

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