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Outlook for new steel orders weakens
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THE outlook for new steel orders in China over June deteriorated from May, according to a survey by global commodity information provider Platts.
Platts China Steel Sentiment Index showed a headline reading of 42.2 out of a possible 100 points in June. The June index tumbled 26 points from May’s 68.2, falling below the 50 threshold after three consecutive months of strong expectations for new steel orders.
A CSSI reading above 50 indicates an increase, and a reading below 50 indicates a decrease.
“Market sentiment is extremely pessimistic at the moment due to continued weak demand from domestic end-user segments, such as manufacturing and property construction,” said Paul Bartholomew, Platts analyst on steel and steel raw materials. “This is expected to put downward pressure on flat steel prices, such as hot rolled coil, over the next month despite slightly higher iron ore input costs.”
The outlook for new domestic steel orders dropped 27 points from the previous month to 43.2, while export order expectations softened further by 14 points to 43.9. The outlook for crude steel production in June also entered negative growth territory, dropping 7.6 points to 44.4.
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