China's steel sector PMI Rose to 49.2 percent in October

In October of this year, the purchasing Managers' Index (PMI) for the Chinese steel sector was 49.2 percent, 1.5 percentage points higher than in September of this year, as announced by the China Logistics Committee (CSLC), which is part of the Chinese Federation of Logistics and Procurement (CFLP).

Moreover, in October, the new orders index was 47.6 percent, which is 2.4 percentage points higher than in September.

Improved demand in overseas markets in October had a positive impact on the new export orders index, which stood at 54.3 percent, up 7.4 percentage points from September, reaching its highest level in 20 months.

In October, the production index for the Chinese steel sector was 49.8 percent, up 4.1 percentage points from September.

In October, the index of stocks of finished steel was 51.7 percent, which is 2.3 percentage points less than in September.

In October, the index of raw materials purchases amounted to 48.8 percent, which is 0.3 percentage points more than in September.

Demand for finished steel will improve in the first half of November, while it is expected to weaken in the second half of the month as it cools. At the same time, production activity will slow down, reducing output of finished steel and supporting prices to a certain extent. It is expected that the prices of finished steel may