The ferrous complex was stable on May 31, 2022:
The China steel PMI was, again, terrible:
Judging from the steel industry PMI surveyed and released by the China IOT Iron and Steel Logistics Professional Committee, it was 40.9% in May 2022, an increase of 0.4 percentage points from the previous month, showing that although the steel industry is still under great pressure, the industry has recovered somewhat. Judging from the changes in the sub-indexes, the overall impact of the epidemic tends to weaken, but demand continues to operate weakly, driving the price of steel to fluctuate downwards, the production of steel mills has recovered, and the inventory of finished products has rebounded. It is expected that in June, the impact of the epidemic on the steel industry chain will be further weakened, the market demand may be released faster, the production of steel plants will tend to rebound, and the prices of steel and raw materials will rise.
