Chinese steel PMI gets 47.9% in Jul, down by 0.3%
According to the report from the CFLP Steel Logistics Professional Committee, China's steel purchasing managers index (PMI) decreased by 0.3% month on month in July, reaching 47.9%.
The decrease was caused by the slowing demand in the market and the slowing production activity from the enterprises. Moreover, the increasing inventory also decreased the mills' willingness to purchase.
In conclusion, the steel demand now was still lower than supply.
