PMI of the steel industry fell by 2.5 percentage points

According to the latest data released by the China Internet of Things, the PMI of the steel industry in April was 45.4%, a drop of 2.5 percentage points from the previous month. The sub-indices show that the growth rate of steel mill orders has slowed down. The new order index is 44.4%, a decrease of 2.7 percentage points from the previous month, but the new export order index is above 50%, which is 51.7%, an increase of 8 percentage points from the previous month. Demand has slowed slightly, but output has also fallen simultaneously, with a production index of 47%, a drop of 4.3 percentage points from the previous month. The inventory index is declining steadily, and the product inventory index is 34.4%, which is below 40%. Overall, steel prices are still supported in the market outlook.