April 2024 steel PMI shows that the supply and demand pattern is recovering in stages, and the steel industry is stabilizing

Gold Ten Futures, April 30, China's Internet of Things Steel Logistics Professional Committee survey, released the steel industry PMI, in April 2024 was 47.9%, an increase of 3.7 percentage points, indicating that the steel industry has stabilized. Sub-index changes show that steel demand has recovered in April, steel mill production has stabilized, and the supply and demand pattern has recovered in stages. Raw materials have risen significantly, and steel prices have also bottomed out. It is expected that in May, market demand may be weak, and the supply side has a certain recovery foundation. The contradiction between supply and demand that has eased slightly may become prominent again.