[SMM Analysis] August Electroplating Industry PMI Revealed, Worse than July

The final PMI for the electroplating industry in August 2024 was 49.41%, remaining below the expansion threshold. It showed a slight decline compared to July. From July to August, the electroplating industry was in its traditional off-season, resulting in a decrease in orders MoM. In July, nickel prices were at a low level, leading most electroplating manufacturers to concentrate on restocking. By August, nickel prices experienced a slight correction due to macroeconomic factors, reducing the enthusiasm for restocking among electroplating manufacturers. Entering September, it is expected that industry demand will recover after the off-season in July and August, especially in areas such as automotive parts and battery shells. Therefore, the subsequent activity level is expected to increase, with a preliminary forecast for the September PMI at 49.86%.