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China Steel Industry PMI Hit 47.9 in Janaury 2012

Friday, 24 February 2012 | 12:26
As per reports, Cai Jin, Vice President of China Federation of Logistics & Purchasing (CFLP), revealed that they will officially publish PMI index for China steel industry from now on.
For January 2012, the index came to 47.9, below the prosperous line.
Since 2012, China steel industry PMI index will jointly released by National Bureau of Statistics (NBS) and CFLP. Actually, when the PMI comes above 50%, it indicates that the manufacturing industry is expanding while below 50%, suggesting shrinking trend.
Cai Jin pointed out that the steel industry PMI index for January reflected that China steel industry is experiencing adjustment and the recovering climate is gathering.
He also acclaimed that the reason for putting forward PMI index of steel industry lie in its basic and prominent role among other raw materials.
Source: Steel Home
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