China’s Oct steel PMI recovers to 45.8, demand to grow

The Purchasing Managers’ Index (PMI) for China’s steel industry for October scored 45.8, still in the contraction zone, but it recovered from a four-month decline, up 1.9 basis points on month, which was interpreted as signs of stabilization, the index compiler - the CFLP Steel Logistics Professional Committee (CSLPC) – shared in the release on October 31.

Among the key indicators, the country’s steel demand and production inclined last month, and both the production cost and inventories posted declines on month, CSLPC noted, adding, “in November, the demand may still be well supported, and steel exports may remain stable, though steel production may ease on month. China’s domestic steel demand may still