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The China Steel Logistics Committee (CSLC), a division of the China Federation of Logistics and Purchasing (CFLP), declared that in April of this year, the purchasing managers index (PMI) for the Chinese steel sector was 47.9%, 3.7 percentage points higher than that recorded in March of the same year.
In addition, the new order index was 3.0 percentage points higher in April at 47.4% than it was in March. Specifically, there was an improvement in the demand for wire rod and rebar, which led to a decrease in inventories. In April, the new export order index stood at 53%, above 50% for two consecutive months.
In the given month, the production index for the Chinese steel sector stood at 49.7%, 12 percentage points higher than in March, while still below 50.0%, indicating that production activities have been on the low side. In April, the index of raw material purchase prices stood at 55.9%, 33.5 percentage points higher than in March. Following the weak performance in the previous two months, iron ore prices bottomed up in April amid improved demand.
In the given month, the inventory index for finished steel stood at 34.9%, 3.5 percentage points lower than in March, reflecting rapid inventory consumption and the reduced pressure on market players. As for May, production activities of steel will increase as some blast furnaces will gradually resume production.
However, the hotter weather in May will exert a negative impact on construction activities and result in reduced demand for rebar and wire rod, which will drag down finished steel prices. It is thought that steel prices may see bigger declines than raw material prices in May.
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