SMM Downstream Nickel Industry PMI Stood at 48.06 in February

SHANGHAI, Mar 2 (SMM) - SMM data showed that the purchasing manager's index (PMI) for downstream nickel industries, including stainless steel, electroplating, alloy and battery, stood at 48.06 in February. A reading above 50 indicates expansion.

Composite PMI for production stood at 45.93 in February, output fell palpably as stainless steel and electroplating sectors cut the production and February has less working days

The composite PMI for production stood at 45.93 in February, and the readings came in at 48.38 for stainless steel, 48.09 for battery, and 40.27 for electroplating. Compared with January, the production PMI was largely flat month-on-month, and the output kept falling as the electroplating and stainless steel sectors saw significant output cuts. The stainless steel sector was in routine maintenance in February, while the electroplating companies took longer holidays on poor orders, and maintained production for less than half a month. In addition, there were less calendar days in February, hence the production index

Composite PMI for purchasing volume stood at 51.40 in February, post-CNY holiday restocking was postponed across the downstream except stainless steel

The composite index for purchasing volume stood at 51.40 in February. The indexes were basically in the contraction range in February as the downstream actively purchased before the Chinese New Year (CNY) holiday in January, and the demand post the holiday was postponed across the downstream except the stainless steel sector which purchased on rigid demand. The purchasing volume index stood at 52.15 for stainless steel, 45.69 for electroplating, 49.21 for alloy casting, 48.73 for battery and 48.47 for other sectors.

 dropped.