SMM steel downstream sectors PMI in expansion territory in April

The PMI for steel downstream sectors stood at 50.17 in April, down 1.17 points MoM and 0.11 points YoY. The seasonally-adjusted composite index came in at 48.37, up 0.91 points MoM and 0.49 points YoY.

Overall, the steel downstream industry operated steadily this month, with the pace of construction and production accelerating. However, rainy weather in South China and other places disrupted the progress of construction and production and extended the delivery time of suppliers. The overall new orders fell slightly MoM, while those of shipbuilding and infrastructure held stable. It still takes time for the trade-in policy to have an effect on enterprises and downstream. The index for production stood at 51.00, down 1.74 points MoM but up 0.10 points YoY. The index for new orders stood at 49.67, down 1.98 points MoM but up 0.16 points YoY.