Tepid Overseas Manufacturing Sector To Leave Chinese Stainless Steel Exports Under Enormous Pressure In October

The manufacturing PMI reading of destinations of Chinese stainless steel exports in September was 52%, up 0.5 percentage points MoM. Although India's PMI remained above 55, its expansion rate slowed down, lower than market expectations. Serving as the China’s largest export destination of stainless steel in 23 years, India witnessing economic growth slowdown and the implementation of countervailing policies on stainless steel welded pipes and other products may make a big dent in Chinese stainless steel exports. The manufacturing PMI in Europe and the US inched up, but was still below the 50-point mark. Given falling European economy, its manufacturing industry remained softened. It is expected that China's stainless steel foreign trade will be under pressure in October.