According to the steel industry PMI surveyed and released by the China Federation of Iron and Steel Logistics Professional Committee, it was 40.4% in August 2024, a decrease of 2.1 percentage points compared to the previous month, indicating that the steel industry continued to weaken.               

The changes in sub indices showed that the off-season characteristics of the steel industry were still quite obvious, the downward trend in market demand had continued, steel production had been reduced, steel mill inventories continued to increase, raw material prices were running at a low level, and steel prices had bottomed out and rebounded.

It is expected that in September, driven by the expected peak demand season, market demand will rebound, steel production will increase slightly, and raw material and steel prices will both rise.

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