SMM steel downstream PMI in contraction territory in February as the Chinese New Year holidays disrupted both construction and manufacturing activities

Published: Feb 27, 2024 15:45

Source: SMM

Save

The PMI for domestic steel downstream sectors stood at 43.31 points in February, down 3.34 points MoM and 9.87 points YoY.

The PMI for domestic steel downstream sectors stood at 43.31 points in February, down 3.34 points MoM and 9.87 points YoY. The seasonally-adjusted composite index stood at 49.95, down 0.18 points MoM and 10.68 points YoY.
On the whole, the operating rate of downstream industries dropped significantly due to the Chinese New Year holidays. After the holiday, manufacturing companies such as shipbuilding and automobiles resumed work quickly, while the construction industry resumed work slowly, and the resumption time in north and south China varied greatly due to impact of bad weather. The production index stood at 35.8, down 8.85 points MoM and 19.46 points YoY. The index for new orders stood at 45.59, down 0.87 points MoM and 7.43 points YoY.

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Mar 20, 2026 18:34

SiMn Exports Pulled Back MoM in February, While Imports Remained at Zero [SMM Analysis]

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s SiMn exports were 1,965.37 mt in February 2026, down 22.61% MoM. Cumulative exports in January-February totaled 4,500 mt, up 11.73% YoY. China’s SiMn imports were 0 mt in February 2026, flat MoM from January. Cumulative imports in January-February were 0 mt, down 100% YoY. By regional import and export structure, SiMn exports were mainly destined for Indonesia.

Mar 20, 2026 18:34

Mar 20, 2026 18:32

Off-Season Demand Coupled With the Chinese New Year Effect Led to a Significant Decline in China's SiMn Exports in January [SMM Analysis]

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s SiMn exports were 2,539.52 mt in January 2026, down 50.55% MoM and down 31.84% YoY. China’s SiMn imports were 0 mt in January 2026, down 100% MoM and down 100% YoY. By import and export regional structure, SiMn exports were mainly destined for Indonesia.

Mar 20, 2026 18:32

Mar 20, 2026 18:30

Ferrous Metals Expected to Continue Holding Up Well Amid the Middle East Conflict and Long-Term Contract Negotiations [SMM Steel Industry Chain Weekly Report]

This week, ferrous metals fluctuated at highs, with raw material ore and coking products outperforming steel. Against the backdrop of the escalating conflict in the Middle East, ore and coking products held up well, supported by higher shipping costs and transmission from coal and coke as energy substitutes. In the second half of the week, supply and demand data for hot-rolled coil and rebar were released. The increase in rebar inventory slowed markedly; however, hot-rolled coil demand was lower than the same period last year, and the pace of post-holiday recovery was relatively slow, leaving steel as a whole with limited upward momentum, while futures retreated after rapid rise. In the spot market, trading in the Chinese market was average this week.....

Mar 20, 2026 18:30