Steel Market Demand to Fall Further in June

The steel industry PMI surveyed and released by the Steel Logistics Professional Committee of the China Federation of Things stood at 35.2% in May 2023, a month-on-month decrease of 9.8 percentage points, falling for three consecutive months. The changes in the sub-indexes show that the market demand continued to run weakly,and the production of steel mills declined again.

Prices of raw materials weakened across the board, and the prices of steel products dropped. The steel market is relatively sluggish. It is expected that in June, the steel market demand may continue to decline. Steel mills will be under pressure and will reduce production, the price of raw materials will remain weak. The price of steel will fluctuate at a low level.

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