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January steel industry PMI index rose 49.7% qoq, up 2.1 perc

Views: date:2017-12-15
In January 2017, the PMI for the steel industry was 49.7%, a 2.1% increase from the previous month, indicating a slight improvement in the steel industry as macroeconomic stabilization and recovery warmed up. However, for two consecutive months, the index was in the contraction zone of less than 50%, reflecting the seasonal contractions in steel production and business activities contracting. Among the major sub-indices, the production index rebounded slightly but remained in a contraction range for three consecutive months. The new orders index and backlogged orders index rose again to the expansion range. The finished goods inventory index and purchase price index dropped slightly, while the index of production and operation activity Rose to nearly five-month high. PMI shows that the current domestic steel industry supply and demand situation continues to improve, steel companies order well organized, steel stocks decline, generally optimistic about the market outlook, the domestic steel price is still expected to rise after the Spring Festival turbulence.
 
In January 2017, the steel industry production index rebounded to bottom at 48.6%, up 3.7% from the previous month. Although the previous two-down streak ended, it has been below the 50% mark for three consecutive months. At the same time, production-related purchasing activities showed a clear trend of expansion. The monthly purchasing index soared 2.6 percentage points to 52.9%. The index of imported raw materials rebounded 5.8pps to 56.9%, the highest level since May 2016, and was in an expansion range for four consecutive months. The raw material stock index for the month rose for three consecutive quarters At the highest level in nearly nine months, it was up 0.8% from the previous month at 53.1%. Judging from the changes of the four indices, with the continuous rise of steel prices, profitability of steel mills continues to improve, enthusiasm for production has risen, optimistic outlook is expected, and raw material purchasing enthusiasm of mills is obviously raised.
 
In January 2017, the new order index in the steel industry rebounded to an expansion of 50.3% again, up 2.5 percentage points from the previous month. Reflect the obvious rise in market demand for procurement, steel orders well organized. From the export point of view, the new export orders index rebounded 2.2 percentage points to 46.2% this month, but still contracting range, indicating that the late strength of steel exports in China is limited, the overall or maintain a relatively steady trend. January 2017, the steel industry finished product inventory index was 45.9%, down 3.7 percentage points from the previous month, for four consecutive months in the contraction range. Show benefited from steady output growth and order pick-up, smooth production and marketing of steel companies, steel mills have been more clearly digested, steel mills pricing status also continue to improve. In January 2017, the steel industry purchase price index lasted last month's decline, but the decline was limited, down 2.0 ppts to 58.9%. The index has been in an expansion range of over 50% for the eleventh consecutive month, indicating that the steel Plant costs remain high.