CSLPC: China's steel PMI drops further in December

China's Purchasing Managers' Index (PMI) for the steel industry dropped for the second consecutive month to register 46.3 in December, according to the latest release from the CFLP Steel Logistics Professional Committee (CSLPC) published on December 31. The lower index reflects the weakening of the industry in December, mainly as a consequence of the seasonal slowdown in winter, the report pointed out.

The sub-index for new steel orders retreated to 45.4 in December from November's 48.9, staying in the contraction zone for five months straight, according to the CSLPC release. Domestic demand contracted moderately in December as most outdoor construction activity across China, especially in Northeast China, has mostly stopped now