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May 3, 2018

Steel PMI hit one-year high, SMM survey shows

SHANGHAI, Apr 30 (SMM) – SMM’s purchasing managers’ index (PMI) for the steel industry stood at 56.23 in April after seasonal adjustment, the highest level over the past year.

The reading rose 5.09 points from that of March, and gained 6.14 from April last year.

Production in downstream industries recovered considerably in the traditional high demand season, with the construction sector registering the sharpest recovery, according to SMM’s China Steel PMI monthly report published on Friday April 27.

Most construction sites across China operated as usual in April. More new projects in south and east China, and tighter production schedules in some regions bolstered steel demand. The construction sub-index in April was 55.51 after seasonal adjustment, up 4.20 and 9.15 on a monthly and yearly basis, respectively.

The automobile sector remained promising in April, and new orders for commercial vehicles remained robust. The April reading for the sector came in at 56.19, up 3.85 from March, and up 4.18 year on year.

Production and new orders in the home appliance sector continued to expand in April, boosted by sales promotion for Labour Day. Some optimistic producers replenished inventories of raw materials. While the sub-index after seasonal adjustment dipped 2.02 from March to 50.19, it increased 21.89 from April last year.

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