Via China’s NBS come fading PMIs, no doubt in part owing to virus disruptions. The falling new orders in construction are a worry for iron ore.
In January , China’s Manufacturing Purchasing Managers Index ( PMI ) was 51.3% , down 0.6 percentage points from the previous month , and was above the threshold for 11 consecutive months, indicating that the manufacturing industry continues to expand, but the pace has slowed.
In terms of enterprise scale, the PMI of large and medium-sized enterprises was 52.1% and 51.4% , down 0.6 and 1.3 percentage points from the previous month , but both were higher than the threshold; the PMI of small enterprises was 49.4% , up 0.6 percentage point from the previous month . Still below the critical point.