CSLPC: China's July steel PMI declines to 42.5

China's Purchasing Managers' Index (PMI) for the steel industry declined for the second consecutive month in July, falling by 5.3 points on month to 42.5 - the lowest reading since June 2023, according to a release by the authorized index compiler CFLP Steel Logistics Professional Committee (CSLPC) on July 31.

The CSLPC cited the seasonal lull in the steel sector in summer for the fall, as high temperatures and frequent rains swept many parts of the country during the month, while the introduction of new rebar standards has also impacted domestic market sentiment. During July, China's overall steel demand weakened,