CSLPC: China's September steel PMI recovers to 45

In September, China's Purchasing Managers' Index (PMI) for steel industry recovered from a three-month decline, up by 3.2 basis points on month to 45, though still in the contraction zone since June 2020, as domestic steel production fell but demand recovered, and steel prices increased, the official index compiler - CFLP Steel Logistics Professional Committee (CSLPC) - shared in the release on September 30.

As for October, "China's steel production may fall further, domestic steel demand may still recover but at a slower pace, steel prices may continue with the uptrend, and there may be room for raw materials prices to strengthen,”CSLPC anticipated. Beijing will be resolute with its lower steel output for 2021,