CSLPC: China's steel PMI recovers in January

After dropping for two months, China's Purchasing Managers' Index (PMI) for the steel industry recovered slightly in January to register 49.9, according to the latest release from the CFLP Steel Logistics Professional Committee (CSLPC) published on January 31. The result represented a large 3.6% jump from December and just fell short of pushing the reading over the 50 threshold connoting growth, Mysteel Global notes.

The sub-index for new steel orders recovered to 50.2 in January from December's 45.4, coming back to the expansion zone after five months, according to the CSLPC release. Although most outdoor construction activity has slowed down or fully halted due to low temperatures and the upcoming Chinese New Year break,