The China steel PMI is now in rare territory:
The full script is below:
Judging from the steel industry PMI surveyed and released by the China IOT Iron and Steel Logistics Professional Committee, it was 38.3% in October, a decrease of 6.7 percentage points from the previous month. The steel industry is operating tightly. The sub-indices show that under the influence of the production suppression policy and the dual control of energy consumption this month, market demand has been suppressed, and steel production has continued to decline. The price of raw materials went up as a whole, and the cost of steel mills increased. The price of steel has continued to decline due to various factors, and the profits of steel mills have been affected. It is expected that in November, the steel market will continue to tighten, the supply and demand will fall, and the cost may fall, and the price may rise first and then fall.
