China's manufacturing strength could attract more steel exports: traders

• Tuesday, June 2, 2020
• Source:ferro-alloys.com

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• Keywords:China, PMI

[Ferro-Alloys.com] China's two leading manufacturing purchasing managers' indices, or PMIs, were both in growth territory in May, potentially ensuring that China remains a target for exports of hot-rolled coil in the near term, market sources said June 1.

 

The PMI published by the National Bureau of Statistics softened slightly to 50.6 points in May from 50.8 in April, while the May PMI released by Chinese media company Caixin strengthened to 50.7 from 49.4 in April. A PMI reading above 50 indicates expansion and below it, contraction.

 

China's domestic HRC mill margins averaged $36.27/mt in May, up from $11.28/mt in April and the strongest monthly average since January, S&P Global Platts data showed.

 

Source: S&P Global Platts

 

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