China’s March steel PMI is out and is still weak, though up from February:
- headline rose to 42.2 from 39.9;
- output rose to 39.7 from 35.2;
- new orders rose to 46.1 from 32.4;
- new export orders fell to 48.6 from 52.3;
- inventories of finished goods fell to 53.2 from 63.3, and
- inventories of raw materials fell to 40.8 from 47.0
I would couch that as some chewing through of the excess.
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