Demand in Steel Downstream Sectors Continued to Weaken in February Due to CNY Holiday

SHANGHAI, Feb 28 (SMM) – The PMI for steel downstream sectors stood at 41.83 in February, down 3.74 points month on month, but up 3.06 points year on year. The seasonally-adjusted composite index stood at 52.02, an increase of 1.4 points MoM and 3.08 points YoY.

Affected by the Chinese New Year, the overall demand in the steel downstream sectors continued to weaken, the production slowed down, and the new orders decreased. The machinery, automobile, shipbuilding and home appliance sectors gradually resumed normal production after the holiday, while the construction and infrastructure sectors are expected to fully resume the work in March. The index for production stood at 36.6, down 4.84 points month on month, but up 4.3 points year on year. The index for new orders stood at 42.66, down 4.05 points month on month, but up 1.69 points year on year.