The Final Reading of PMI for Nickel Wire and Nickel Mesh Industry Stood at 49.86 as the Orders were Less Than Expected

SHANGHAI, Dec 30 (SMM) - The final reading of PMI for nickel wire and nickel mesh industry was 49.86, stayed in the contraction range. In December, the PMI for nickel wire and nickel mesh industry did not improve significantly. According to SMM research, the new orders of nickel wire and nickel mesh declined significantly compared with previous years as the operating rates of downstream enterprises fell amid the increase in confirmed COVID cases after the domestic pandemic prevention and control policy was relaxed. In addition, the overseas orders also did not increase significantly due to the weak macro front. Meanwhile, the supplier delivery time index declined due to the insufficient transportation capacity amid the deteriorating domestic pandemic situation. It is expected that in January, 2023, the impact of the pandemic may decrease. And the raw materials inventory index may increase as enterprises will restock to remain normal production during the Chinese New Year. Therefore, it is expected that the PMI for nickel wire and nickel mesh industry in January, 2023 may be better than this December.