Chinese manufacturing output surges in July: Caixin PMI

• Tuesday, August 4, 2020
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[Ferro-Alloys.com] 

Output and new orders in China's manufacturing sector expanded at the fastest rate for 9½ years in July, providing further evidence of a steady rebound from the Covid-19 outbreak.

 

The manufacturing sector purchasing managers' index (PMI) published by private-sector Chinese firm Caixin rose to 52.8 last month, up by 1.6 percentage points from June. A reading above 50 indicates an expansion in the sector.

 

Output and new orders rose by the most since January 2011 as customer demand strengthened. The steady rebound came despite new Covid-19 outbreaks in some parts of China and flooding in the south of the country, and followed record high crude imports and refinery runs in June.

 

The output sub-index increased for a fifth consecutive month, with many companies reporting stronger customer demand amid a further recovery in market conditions following the Covid-19 outbreak, Caixin said.

 

The raw material index expanded for the second month in a row to the highest level since March 2018. The finished goods inventory index was in the contraction range for the third month in a row, reflecting rising demand for goods.

 

Source: Argusmedia

 

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