MNI BRIEF: Key China Steel Province's PMI Up Sharply In Oct
MNI (BEIJING) - China’s largest steel producing province Hebei saw its steel industry PMI reach 50.7 in October, up from September’s 45.7 and above the 50 mark for the first time in four months, the Hebei Metallurgical Industry Association said on Monday.
Boosted by favorable policies, the steel market has become more active with a marginal improvement in terminal demand, the Association said, while noting the market still lacked an effective upward driving force overall.
Chinese steel prices in Q4 are expected to increase 10% q/q on average as manufacturing demand picks up and despite recent disappointing stimulus measures, but further data and more certainty on fiscal support is needed to ensure a sustainable rebound, local analysts recently told MNI. (See: MNI:Limited Scope For China Q4 Steel Demand Recovery– Analysts)