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Domestic orders for steel to be subdued
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CHINESE steel firms expect new domestic orders to remain subdued in January although prices may improve for both long and flat steel products, said global commodity data provider Platts.
Platts’ China Steel Sentiment Index for January edged up 1.62 points from December to 24.45 out of a possible 100 points. January’s reading was the fourth straight month it has stayed below the 50 level.
A reading above 50 signals growth and one below 50 means a contraction.
The outlook for new export orders in January improved by almost 10 points from December to 34.03, while expectations for new domestic orders were flat versus last month at 23.62.
“The index results indicate a disconnect between expectations for new steel orders and the outlook for price levels,” said Paul Bartholomew, Platts expert on steel and raw materials. “Market participants are more upbeat about prices since they began to improve from mid-December, but they are less confident about domestic and overseas demand.”
Hopes for steel inventories held by Chinese traders rose 10.98 points from December to 55.92 in January.
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