March steel PMI shows slow recovery of market demand and weak operation of the steel industry

On March 31st, according to the investigation and release of the steel industry PMI by the China IoT Steel Logistics Professional Committee, it was 44.2% in March 2024, a decrease of 1.8 percentage points compared to the previous month, indicating that the steel industry continues to operate weakly. The changes in sub indices show that after the end of the Spring Festival holiday, the recovery of demand in the steel industry market has been slow, with a slight decline in production, leading to a decrease in raw material procurement, an overall decrease in raw material prices, and a continuous decline in steel prices. It is expected that in April, the demand for steel in the market will recover weakly, and steel production may rebound to some extent. The prices of raw materials and steel will fluctuate weakly.