Outlook for new steel orders weakens
Print Edition
THE outlook for new steel orders in China in May weakened from April despite hopes of higher prices for flat steel products, according to the latest survey by global metals information provider Platts.
The Platts China Steel Sentiment Index showed a headline reading of 68.2 out of a possible 100 points in May, falling 6.5 points from April’s 74.7, with the outlook for domestic steel orders weakening, while hopes for export orders fell below the 50 threshold.
The crude steel output reading of 52.0 indicated the market expects output in May to remain in a similar range to last month. The CSSI reflects hopes of market participants for the month ahead. A CSSI reading above 50 shows growth.
“What’s notable in this latest index is the near reversal in expectations for prices of long and flat steel products compared with last month,” said Paul Bartholomew, Platts’ analyst for steel & steel raw materials.
“Optimism around construction steel (longs) prices seen in April is deteriorating but the recovery in iron ore prices and some demand improvement are supporting the outlook for flat steel products.”
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