SMM October steel downstream PMI: Enterprises accelerated production pace, steel demand slightly increased

In October 2024, the SMM PMI for steel end-use sectors was 50.36, up 0.31 MoM and 0.78 YoY. Seasonally adjusted, the composite index was 49.38, up 0.76 MoM and 0.80 YoY.

Overall, PMI in the downstream steel industries remained in the expansion territory this month. Construction and infrastructure projects progressed steadily, with slight improvements in funding for ongoing projects, and some projects rushed to meet deadlines. However, the number of new projects remained low due to funding problems. The manufacturing sector continued its strong momentum from the previous month, with the effects of equipment upgrades and the trade-in policy becoming more evident. This month's composite production index was 51.50, up 0.71 MoM and 0.86 YoY. The new orders index was 49.96, up 0.17 MoM and 1.85 YoY.