Chinese government's policies protect & stabilize steel prices in Nov
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Update time : 2024-11-07 15:50:33
The PMI of China's manufacturing industry in October was 50.1%, an increase of 0.3% month-on-month. As for the construction industry, business activities fell by 0.3% month-on-month, while new orders increased by 4% month-on-month.
The supply and demand of China's manufacturing industry have recovered, and coupled with the accelerated progress of infrastructure construction, fiscal expenditures have gradually expanded. In addition, China's real estate and financial bullish policies have begun to ferment, and transactions in the existing home market have rebounded.
Therefore, steel prices may have room to increase in November, but steel mills need to discipline themselves to control production capacity to avoid oversupply. Internationally, compared with the previous month, the US Markit manufacturing PMI increased by 1.2%, the US ISM manufacturing PMI fell by 0.7%, and the EU manufacturing PMI in October also increased by 1.0%.
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