According to the Steel Logistics Professional Committee (CSLPC), the Purchasing Managers' Index (PMI) in the Chinese steel industry fell again in October after two months of gains. Compared to September, the index value decreased by 2.3% to 44.3 points.
CSLPC stated that as the demand for steel products decreased last month, prices went down and steelmakers had to reduce their capacity utilization. In particular, the value of the sub-index, which reflects the production volume, decreased by 9.1% compared to September and became 38.8 points.
A slow price decline is expected in November as consumption stagnates or decreases, which may lead to oversupply.
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