Steel Demand Picks up as Production Resumes after the Chinese New Year Holiday

SHANGHAI, Mar 1 (SMM)－The PMI for steel downstream sectors stood at 53.17 in February, up 7.14 points on the month and 11.34 points on the year. After seasonal adjustment, the composite index stood at 60.99, an increase of 10.45 points month-on-month and 10.58 points year-on-year. In February, employees resumed work after the Chinese New Year holiday ended. Construction and infrastructure projects in the north were hindered by the cold weather, while others have basically resumed normal progress. The new orders have also improved month-on-month. The index for production stood at 55.26, up 13.00 points month-on-month and 18.66 points year-on-year. The new order index was 53.03, up 4.23 points MoM and 10.36 points YoY.