China’s Economic News: May Steel PMI Recovers Slightly

China’s May steel PMI recovers slightly to 40.9

China’s Purchasing Managers’ Index (PMI) for the domestic steel industry scored 40.9 in May, or having reversed up by 0.4 basis point on month from a three-month decline, with pandemic-induced impact easing, while demand remained weak, finished steel prices down, steel production recovered, and steel inventories increased, the official index compiler CFLP Steel Logistics Professional Committee (CSLPC) commented in its latest release on May 31.

China industrial firms’ Jan-Apr profits up 3.5% YoY

China’s sizable industrial firms saw their gross profits gain 3.5% on year over January-April, or down by 5 percentage points from the first quarter this year, according to the latest release by the country’s National Bureau of Statistics (NBS) on May 27.

China’s steel market stable in Q1, outlook better

Despite challenges on multiple fronts, China’s steel market remained largely stable in the first three months of this year and is expected to see a recovery in steel demand in the following months, believes Qi Bin, market research department deputy director at the China Iron and Steel Association (CISA).

China’s Jan-Apr FAI up 7%, property down 3%

Over January-April, China’s fixed asset investment (FAI) increased by 6.8% on year to Yuan 15.4 trillion ($2.4 trillion), Mysteel Global noted from new data released by the country’s National Bureau of Statistics (NBS) on May 16. Within the total, that in the property market declined by 2.7% on year to Yuan 3.9 trillion.